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Leading through a tsunami of change   

State of the Economy:
What happened and when will it come to an end?

Christopher Thornberg, Principal, Beacon Economics

Last year even as the US was already in a recession not only were forecasters saying we weren't in a downturn, they were predicting that the economy would be moving strongly forward by the beginning of 2009. Now those same voices are calling for a multi-year downturn akin to a depression, the market is hitting shocking lows and the government is pulling out the stops on a variety of financial and fiscal stimulus packages. What is going on out there? How did we get into this mess? Is it really that bad? And most important--when will it come to an end?

Biography
Christopher Thornberg is an expert in the study of regional economies, real estate dynamics, labor markets and business forecasting. In 2006 he co-founded Beacon Economics, an economic research and consulting firm that specializes in real estate markets, local economic development, and public and private policy issues. Dr. Thornberg has established a reputation as one of the state’s leading economic forecasters. In December 2007, he was appointed to California State Controller John Chiang’s Council of Economic Advisors – the body that advises the state’s chief fiscal officer about critical economic issues facing California. Widely quoted in the media, he has appeared on NBC’s The Today Show, ABC’s Nightline, CNN, FOX News Channel, MSNBC, NPR, and is regularly quoted in major national and California dailies including the Wall Street Journal, New York Times, Washington Post, Los Angeles Times, and Chicago Tribune. Dr. Thornberg also serves on the advisory board of Paulson & Co. Inc., one of Wall Street’s most successful hedge funds. He has been involved in a number of special studies measuring the effect of important events on the economy. These include the NAFTA treaty, the California electricity crisis, port security, California’s water transfer programs, and the terrorist attacks of September 11, 2001.

Prior to launching Beacon, he was an economist with UCLA’s Anderson Forecast where he regularly authored economic outlooks for California, Los Angeles, and the East Bay. He also developed a number of specialized forecasts for various regions and industries. Previously he has taught in the MBA program at UC San Diego’s Rady School of Business, at Thammasat University in Bangkok, Thailand, and has held a faculty position in the economics department at Clemson University. Dr. Thornberg holds a Ph.D in Business Economics from The Anderson School at UCLA, and a B.S. in Business Administration from the State University of New York at Buffalo.