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PATON: Economists find bad times can be good for business
Published January 28, 2009 at 12:05 a.m.
Tucker Hart Adams, Rich Wobbekind, Martin Shields and other Colorado economists have never been so popular.
Adams, who "retired" as U.S. Bank's regional economist more than a year ago, has continued to accept a few speaking requests a week from financial firms, universities, nonprofits and trade groups.
"People desperately want someone who knows what's happening, why and what to do about it," said Adams, who was forced to turn down a dozen speeches earlier this month because of a two-week vacation in Russia. "The first two questions are easy."
Shields, of Colorado State University, addressed a packed house of about 750 people last week at an annual South Metro Denver Chamber of Commerce breakfast.
"No one wants to talk to me when times are good," Shields said after the event.
Now everyone asks about the recession. "How long and how deep are the basic questions," he added.
As the economy reels and the anxiety rises, the requests from organizations and journalists pour in.
"This year definitely goes beyond the norm," Wobbekind said. "Every organization imaginable is interested," especially those like rotary clubs that probably wouldn't have called in the past.
Wobbekind counted 12 talks already this year. Most he sees as university outreach.
The economists are in high demand even though their grim forecasts can make breakfast and lunch audiences nauseous. Wobbekind presents best-case and worst-case scenarios, giving some hope.
"I tend to be an upbeat person, so it's hard to give people really bad information," he said. "But you have an obligation to tell the truth. This is what we see."
Reports on Tuesday suggesting that Colorado likely followed the nation into a recession late last year have given the local economists - a group that includes Patty Silverstein - even more fodder.
Adams has continued to deliver speeches, accepting up to $5,000 from national financial companies and usually about $1,500 from Colorado businesses.
The message is typically "hunker down, be cautious, start rebuilding your savings and do not buy things you cannot afford. I saw people looking at a $3,700 television at Costco recently. Good grief."
She expresses frustration with observers who say "we need to get banks lending again and get people consuming again. That's what got us into this mess. I have a problem with the solution."
Adams already had cut back on speaking engagements. Now she has decided to stop completely, but if the recession drags on, the demand will only increase, and "I may have to rethink my plan," she said.
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