The current economic crisis is having a significant impact in areas far from Wall Street.
North Carolina State University experts can provide key insights into the crisis’ impacts on everything from farmers and agriculture to this year’s elections and international relations.
Dr. Arnold Oltmans, associate professor of agricultural and resource economics at NC State, can discuss the impact of credit on agriculture. “Uncertainty in the credit markets is important, because if credit markets tighten up from normal levels it could make it difficult for farmers to renew the operating lines of credit that are necessary to plan and run their businesses in 2009,” he says. “At least the agricultural sector in the United States as a whole is entering this economic storm in much stronger financial condition - incomes are high, debt levels are low, equity is high relative to historical norms - than most other economic sectors. How well agriculture will weather the storm, however, is beyond prediction at this point since no one knows for sure where this is going or how deep the impact is going to be.” Oltmans can be reached at 919/515-4546 or arnie_oltmans@ncsu.edu.
Dr. Andrew Taylor, professor and chair of political science at NC State, is an authority on the White House, Congress and public policy who can provide key insights into how the economy will impact both the presidential and congressional races. “The financial crisis and Washington’s effort to alleviate it have made the economy the central issue in this year’s presidential and congressional elections,” Taylor says. “Both presidential candidates are navigating a political minefield as they try to assure voters they can bring stability to markets while not bailing out the fat cats. Members of Congress feel the pull and tug of their leadership and constituents as November draws near.” Taylor can be reached at his office 919/515-8618, on his cell 919/389-6154 or via e-mail at andrew_taylor@ncsu.edu.
Dr. Steven Greene, associate professor of political science at NC State, studies elections and voting behavior - including partisanship and public opinion. “The more the focus is on the economy, the more this is to the benefit of Obama. Voters trust him on economic issues more than McCain. Furthermore, with the failure of the recent legislation, John McCain’s attempt to portray himself as a savior of the process is not exactly panning out. John McCain was already facing a steep uphill struggle, and the dramatic political/economic turmoil only makes it tougher for him.” Greene can be reached at his office 919/513-0520, by cell phone (after 9 a.m. and before 9 p.m.) at 919/757-6384 or via e-mail at steven.greene@ncsu.edu.
Dr. Richard Warr, an associate professor of finance at NC State, can talk about how the markets are reacting to the current crisis. “In many ways the current crisis is a perfect storm of many factors, but the primary problem is liquidity, or lack of it,” Warr says. “Any solution should focus on reducing the illiquidity in the market, strengthening commercial bank’s balance sheets and encouraging lending, particularly to businesses.” Warr can be reached at 919/513-4646 or richard_warr@ncsu.edu.
Dr. Michael Walden, William Neal Reynolds Distinguished Professor of Agricultural and Resource Economics at NC State, is an expert on consumer economics, economic outlook and public policy. “Most economists think a Great Depression type downturn is out of the question. We’re a bigger, stronger, and more resilient economy than 70 years ago,” Walden says. “But also, fixing the financial system won’t automatically cause unemployment to drop and incomes to rise. The housing market must first be balanced, and that will still take time - probably at least a year. Walden can be reached at 919/515-4671 or michael_walden@ncsu.edu.
Dr. Mitzi Montoya, Zelnak Professor of Marketing Innovation at NC State, can talk about why it is important to continue to invest in marketing even during difficult economic situations. “There is a different sort of competition for people’s discretionary dollars during difficult times,” Montoya says. “It is also important to remember that some segments are less impacted by economic downturns, particularly the teens and ‘tweens.” Montoya can be best reached by e-mail at montoya@ncsu.edu or by mobile phone at 919/810-8283.
Dr. Robert Handfield, Bank of America Distinguished Professor of Supply Chain Management at NC State, is available to speak about the impact the economy is having on the global supply chain. “A number of Fortune 500 companies have recently discussed the impact they’ve felt as a result of their customers not being able to access capital for investment in their business, which is directly reducing revenue. Some of these companies are also having difficulties gaining access to short-term business loans to drive their own business needs.” Handfield can be best reached by e-mail at robert_handfield@ncsu.edu or by mobile phone at 843/367-4641.
Mark Nance, lecturer in political science at NC State, is an expert on international relations in Europe who can address international concerns related to the financial crisis. One possible result of the current turmoil, Nance says, is that “to the degree that European firms buy into large, influential American concerns, the American economy will be more directly influenced by those companies. This would likely have both positive and negative consequences over time: negative from the short-term interests of the United States if the goal is to maintain both maximum influence in the world economy and maximum autonomy. It seems probable, however, that it would create the need for more transnational regulatory systems.” Nance can be reached at 919/515-3729 or mark_nance@ncsu.edu.
Dr. Robert Clark, professor of economics at NC State, studies the economics of aging, and pension and retirement policies. Clark can be reached at 919/515-4568 or robert_clark@ncsu.edu.