Economist Christopher Thornberg, past economist with the UCLA Anderson Forecast and cofounder of Beacon Economics, discusses  the contracting economy during  Santa Monica Chamber of Commerce's 2009 State of the City - Economic Outlook at the Eli and Edythe Broad Stage on Friday, January 30, 2009. Thornberg provided answers to questions such as will the economy recovery, get worse or stay the same? Are homes going to be a good buy in 09? The new D word is deflation, can it happen? Does it matter? "A new year brings in new hopes and new fears," said Thornberg. "While the underlying problems in the US economy remain large, the Federal Reserve and Treasury have already taken historic actions in order to stabilize the economy—and the new Obama administration promises to bring aggressive fiscal actions to the table as well." About Santa Monica Chamber of Commerce: Santa Monica Chamber of Commerce advocates and represents businesses' interests and issues affecting the community. They provide the environment to help their members prosper and succeed through a proactive working partnership with all levels of government and community organizations to achieve a healthy local economy and quality of life. The Chamber provides a wide range of community and member services, including community events The Taste of Santa Monica, Non-Profit Festival, Business Expo and Health Festival.