A year has passed since the worst economic crisis since the 1930s crashed the global financial markets. Nearly everyone is speculating when things will settle down and get back to the new normal.

On September 2, Larry Benveniste, dean of Emory University's Goizueta Business School, and Duncan L. Niederauer, CEO of the New York Stock Exchange Inc., teamed up to host a panel discussion on lessons learned and contemplate the question, “Where Do We Go From Here?” Moderated by Susan Lisovicz, CNN’s primary correspondent on the stock market, the live, web-streamed discussion included Frank Blake, CEO, The Home Depot Inc.; U.S. Sen. Saxby Chambliss (R-Ga.); Daniel Amos, CEO, Aflac Inc.; and Atlanta Federal Reserve Bank CEO Dennis Lockhart.  (See video)

In his welcome remarks to the packed house at Emory University’s Schwartz Center for Performing Arts, Benveniste called this period in history “a leadership moment,” and Niederauer added there were “a lot of lessons to learn. The question is, ‘are we going to learn them?’” Amos likened the shock of last year’s economic undoing to suffering a sports injury. “At first,” he said, “You’re stunned and worried about using it again.”

While the panelists believe the economy is showing signs of recovery—albeit a subdued one—they’re not looking at consumer spending to spur economic growth going forward. “The consumer is traumatized by the last two years and is very cautious,” noted Lockhart. Consumer caution poses a problem in terms of jump-starting a sputtering economy, but Lockhart believes that the long-term effects of consumers choosing to save versus purchase goods via credit is a “virtue” that will lead to a more balanced economy. Additionally, a return to more conservative lending practices will make it more difficult for consumers to access credit.

The Home Depot’s sales are closely tied to the housing market, one of the industries most affected by the sour economy. The Home Depot CEO Blake described the current economy as “less bad” than it was a year ago, and noted that the home improvement retailer felt a slowdown as far back as 2006. Blake does not think consumer confidence will rebound until the housing market stabilizes.

Sen. Chambliss recalled the chaos that ensued after Congress was asked to “give [the President] $700 billion by Friday, and it needs to be in the form of a blank check,” he said of the early days of the financial crisis. “I had people daring me to vote for it.”

It won’t be long before the effects of the government stimulus package wind down, as the panelists wondered: if consumer spending won’t drive the U.S. economy as it has in the recent past, what will? Benveniste, who in addition to his academic achievements was a staff economist for the Board of Governors of the Federal Reserve System in Washington, D.C., believes increased demand from outside the U.S. could play a big role. “If we’re smart, we’ll embrace that,” he said.

The panelists expect the debate over regulation and transparency in the financial markets to continue. They advised against any new regulation that goes overboard. Sen. Chambliss discussed Congress’s role in helping create the environment that allowed for an abundance of risk-taking. In 2000, he was one of 155 members of Congress who voted for the Commodity Futures Modernization Act, a law that amended existing legislation and allowed for broadening the scope of trading mechanisms, essentially deregulating the financial system. While it accomplished its goal, it also set the stage for the financial derivatives market by barring states from regulating credit default swaps—a move that turned out to be disastrous. Sen. Chambliss admitted, “We’ve got to do a better job looking into the future,” but cautioned against a regulatory “knee jerk reaction.” Too much regulation, he added, would stifle innovation and potentially chase investors overseas, thereby reducing the competitiveness of U.S. markets.

Niederauer, who sees increased regulation as “inevitable,” expressed concern that regulation be, he said, “Smarter. Not just more.” He advised lawmakers to view future regulation from a systemic risk perspective. He also pointed out the public relations effect of regulation. If regulation does “right by people,” explained Niederauer, it will work to close the chasm that the near collapse of the country’s financial markets created between Main Street and Wall Street.

Lisovicz asked the panel about the possibility of replacing the numerous regulatory entities that currently watch over the financial markets with a “super-regulator.” None of the panelists thought it was a real possibility—or a good idea. Benveniste explained he would be fearful of an all-powerful regulator that existed without the checks and balances of the current system.

Regardless of beefed up regulations, several of the panelists noted that those determined to disregard rules and abuse the system will find a way. The key is to ensure that others feel confident enough, and have avenues available, to question events and particular business practices rather than ignore their misgivings. “It’s the willingness of a person to ask a stupid question,” explained Blake.

Toward the end of the event, Lisovicz asked the panelists, “A year from now, where will we be?” Niederauer contended that the financial and credit markets will still be licking their wounds, and that unemployment will still be, he said, “frustratingly high.” By this time next year he also expects to see some new regulation in place.

Blake believes consumers are going to have a hard time feeling “good about things” until housing prices stabilize, and Sen. Chambliss added that until the inventory of foreclosed homes is “off the marketplace,” there won’t be stability in the housing market. “Secondly, we’ve got to get government spending under control,” Sen. Chambliss added.

As the effects of the government stimulus and of the Federal Reserve Bank’s ramped up intervention come to an end, Benveniste believes we will experience “a nervous time.” He reemphasized his point that emerging markets are key to boosting economic demand long term, adding that it’s a “mistake not to think globally.”

While Amos believes things will be better by this time next year, he doesn’t think the economic backdrop will have changed much, describing any rebound as “slow moving back the other way.” But he is hopeful for the long term. Calling himself “entrepreneurial in spirit,” Amos believes that “young people and young ideas” will drive the economy going forward. The audience, the majority of whom were students, nodded in agreement.

To view the panel discussion in its entirety, click here.