LAKE CHARLES, LA (KPLC) - Wednesday night some Lake Area residents found out how the Federal Reserve Bank works from one of its top insiders. Tom Cunningham, Associate Director of Research for the Federal Reserve Bank in Atlanta, explained how the system has evolved.
Cunningham says while the hurricanes still haunt economic development along some parts of the Gulf Coast - the area will have to rely on its natural resources and alternative energy sources for long term recovery.
"That's a real problem for a lot of kind of development in the are that probably is unnecessary. All that said, the natural resource rich environment, oil and natural gas is some that is going to power the area for a long time," said Cunningham.
Earlier Wednesday, McNeese business students heard from Robert Musso, the Federal Reserves Senior Vice President from the New Orleans branch. Musso says when it comes to the economy he's optimistic it will get better in time.
"It does look better than it did six months ago. But it looks like it's going to be a longer recovery than what we've seen in past recessions. Although each day we see some improvement, and some areas are doing fairly well. The housing market is on the uptake here, certainly automobiles, durable goods manufacturing are looking very positive. But the recovery is going to be slow, it's not going to be quick - it's not going to come back quiet as fast as it went down," said Musso.