Pennsylvania Treasurer Robin Wiessmann went before lawmakers this week and told them to prepare for a “sustained economic downturn.” However, she says while there are problems in the financial markets there is not an economic crisis because the fundamentals of the economy are good. She says the problems are mostly in the financial system. That is very different than what the country was experiencing just before the great depression.
She says Pennsylvanians should be concerned but not panicked. She says everyone should review their family budgets, look at any investments they have and not spend more then they need to spend. She says while in office she has tried to make sure the state’s investments are diversified and spread over several institutions so she thinks the state will come through the troubles on Wall Street well.
Wiessmann has asked for representatives of all state agencies and departments that deal with investments to meet to talk about making and managing those investments. She says in the past none of those groups spoke about investment strategies and goals.