Recap of Christopher Thornbergs Presentation at the 2008 Financial Forum
Christopher Thornberg informed and entertained the crowd at this year’s Financial Forum. His analysis of financial trends was filled with humor, insight and optimism (if obscured by some grey clouds). As he has done in past years, Thornberg gave the audience both his astute interpretation of the current economic standing and his calculated prediction of where the economy is headed. As he sees it, the country went from denial to outright hysteria. He clarified that “Things are bad . . . but not that bad!”
He explained that we are, in fact, experiencing a recession, which is indicated by the noted increase in unemployment. Any relief the GDP has seen recently is over. Exports will drop because the US Dollar is recovering internationally, and the rebate was not much more than a temporary boost. Even so, he proclaimed, “Recovery is a given,” just not the timing of it.
In fact, he considers this downturn of the economy, specifically California’s, a source of hope and long-term benefit to the State. He believes that the return of the housing market to a more natural price level will bring jobs and financial rejuvenation to the region. Also, he expects the desperation that most Californians are feeling will motivate them and their governmental representatives to implement “real fiscal reform” that is so badly needed.
By the end of the night, the audience was feeling grounded in reality- with the good and the bad. His clear thinking and forward looking approach quieted many of the concerns plaguing us all. Thornberg gave his onlookers the tools to survive the current slump and the confidence to be patient for the recovery. Recap by Helen Zelinsky, PP&Co staff member.
To view Chris’s slide presentation it is available on his website at http://www.beaconecon.com/products/Presentations/vica.pdf .
Chris’s presentation was also videotaped and is available on our website. The Petrinovich Pugh & Co. website is: http://www.ppandco.com/.
