60 Seconds with: Dean Croushore
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Economic situation, one year later
Dean Croushore, chair of the economics department at the University of Richmond's Robins School of Business, talks about the economic situation taking place a year ago.Metro Business asked Dean Croushore, chairman of the economics department at the University of Richmond's Robins School of Business, about what happened to the economy a year ago, where the economy is now and what will it look like in the near future:
"The U.S. economy entered into a recession in December 2007, and the recession got a lot worse last fall when the financial crisis hit.
"Weakness in the housing markets led to problems with mortgage-backed securities, and many financial firms faced serious problems and many went bankrupt or had to be merged with other firms.
"Right now in September 2009, the situation seems to have stabilized a bit. . . .
"It probably is going to be the case that the unemployment rate continues to tick up for a few months, and growth will be slow for the next six months or so.
"But certainly by 2010, the economy should be growing much more rapidly.
Watch the interview with Dean Croushore on TimesDispatch.com. Keyword: Metro Business
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