January 2009 Conference

James W. Hughes

“"A key question is not when will things return to normal, but rather what will the new normal look like?"-Asbury Park Press

"New Jersey jobless rate hits 7.1 percent"- Asbury Park Press

“The September through November numbers were the worst in most people’s lifetimes, so it would have been a big surprise if we did not have big losses in December” – NJ Biz

"Although the job numbers were the worst since the Depression, newly inaugurated President Obama has a very good economic team.”- NJ Biz

“We will continue to see job losses, however the pace of the losses may slow in the second half of 2009, as the dollars dispensed by the federal stimulus begin to hit the broader economy. However, there will be no turnaround at least until 2010.”- NJ Biz

"A key question is not when will things return to normal, but rather what will the new normal look like?"- The Star Ledger

"Going forward, we're going to see a sector that is probably smaller, where profits are going to be less and compensation will be lower. It's going to be a less-potent economic locomotive, and we're going to feel that."- The Star Ledger

"There is no way to sugar-coat the economic news"- mycentraljersey.com

"Forty percent of the state income tax is paid by the top 1 percent of taxpayers, and a good part of that 1 percent is linked to Wall Street"- mycentraljersey.com

"Cheer up, the worst is yet to come." -mycentraljersey.com