Experts say it's hard to tell, but one thing is for sure, It's hit Amarillo.
Today at West Texas A&M University, experts from the financial field shared their take on the crisis.
"How will the industry plan to get out of this?"
"Will I be able to buy a house, will I be able to pay off my credit cards?"
These are some of the concerns people had for economists at the seminar.
Already two trillion dollars has been allocated to fight the global economic crisis.
"Its like a ripple effect, and the ripple effect went so fast where it went out of control and people are investing in this country, were investing in other countries so were interconnected," says Marketing Professor Dr. Syed Tariq Anwar.
And on a local level Amarillo has not been immune to the crisis.
"The national recession has definitely hit Amarillo, we've seen job loses through the first part of this year and for the first time we saw a decline in retail sales," says Pat Ware from Amarillo National Bank.
Experts say savings have gone up seven percent.
"We need to quit seeing these job loses that's what kind of ruining everybody, so as soon as job loses end and people start spending again and businesses expand, that's when we'll see this thing turn around," says Ware.
How long the crisis will last no one knows, but experts say the worst of the crisis is behind us.
Amarillo National Bank says the best thing for people to do is spend wisely and ride out the storm.
They also say even though it will be harder to buy a house than it was two to three years ago, with lower interest rates, housing here in Amarillo should be stable.
They say don't touch your 401k, stocks are bound to rise again.