Seated in leather chairs on top of a rich, Persian rug, Penn's greatest economic and political minds casually discussed some not-so-casual issues last night in the Zellerbach Theatre.
As part of the Inaugural David and Lyn Silfen University Forum, last night's event - "After the Fall: A World Transformed?" - focused on the financial crisis. The forum was moderated by University President Amy Gutmann and included a panel of professors from the School of Arts and Sciences, Wharton and Penn Law.
The event marks the beginning of a series of panels that will address pertinent national and worldwide issues. The Forum is the result of a $12 million gift from Lyn Silfen and her husband David, senior director of the Goldman Sachs Group.
Panelists included Political Science professor Jennifer Amyx, Economics professor Harold Cole, Political Science professor of and Fox Leadership professor Donald Kettl, Finance professor Richard Marston and Corporate Law professor David Skeel. They answered questions on topics ranging from the cause of the financial crisis to the effectiveness of the bailouts.
From the standpoint of his or her particular specialty, each panelist contributed a professional opinion to help shed light on the issues.
"This crisis represents an extraordinary opportunity for Penn to bring together outstanding faculty from economics, politics, law and finance to share their insights with our entire Community," Gutmann said in a press release.
The panelists discussed the chronological development of the crisis and targeted the main issues that President Barack Obama will face.
They emphasized the importance of a market system with less risk and minimal regulation.
They also argued over the usefulness of comparing Franklin Roosevelt's first 100 days in office to Obama's. Cole declared comparisons to the Great Depression "ridiculous," adding that they should compare the situation to more recent post-war recessions.
When asked to estimate how long the crisis will last, the answers given ranged from nine months to a few years. All of the panelists agreed, however, that the job market will lag behind any upturn of the economy.
College senior Aaron Werner said he found the forum "very interesting and very informative. It was clear that the panel had a great depth of knowledge."
However, some said the panel did not address their needs as students.
Noah Weiss, a senior in the College, said he wished the panelists had gone into greater depth regarding the question of how the crisis will affect his future.
"I wish they talked more about what it meant for us," he said.
