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MARQUETTE -- How did the nation manage to get into the current financial situation?  That was the focus question Tuesday night for a panel of local financial experts who held a question and answer session with the public about our economy.  Unfortunately, there's no single easy answer to that question.

The economic panel was hosted by Northern Michigan University's Superior Fund and featured experts from the fields of banking, brokerage and insurance.  According to the four speakers, a number of factors have contributed to the financial crisis, including loose lending practices at banks and a weakened housing market.  However, it's believed that the number of sub-prime mortgages may be the biggest culprit.

"In the year 2002, only two percent of all mortgages were sub-prime," said financial advisor Stu Bradley.  "In 2002, two percent.  By the year 2006, 30 percent."

The panel agreed that the current financial situation actually started years ago, which means that it isn't going to be resolved overnight.

"I think we're headed for a difficult recession," said broker Richard Tegge.  "How that's going to impact lending and borrowing over that time frame will be hard to know."

In the meantime, each financial entity is doing their part to help their customers through this difficult time.

"Communicate," said Mike Skytta, manager of Northern Michigan Bank and Trust.  "Making sure that our customers understand that we are there to do business under normal circumstances."

Skytta also emphasized that the banks across the Upper Peninsula are safe and customer's deposits are protected under FDIC laws.

For those with investments, the advice hasn't changed--don't panic, but proceed carefully.

"What I'm preaching right now is caution and being conservative," Tegge said.

And, as always, if you have questions or are thinking of taking some sort of drastic action, experts recommend that you consult a financial advisor.