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News
Dr. Irwin Kellner Keynotes Dowling College Roundtable on the Long
Island Economy
Dowling College President Robert Gaffney, calling the weakening Long
Island economy of concern to all, announced that Dr. Irwin Kellner, the
dean of Long Island economists would lead a Dowling College forum on how
to survive the current economic downturn. The forum panelists include
Dr. Edward Gullason, Chair of the Dowling College Economics Department,
and former Staff Economist for President Reagan's Council of Economic
Advisers, economist and Newsday columnist Raymond J. Keating, and Nassau
County Deputy County Executive for Finance, Thomas Stokes.
Martin Cantor, an economist and director of the Long Island Economic
and Social Policy Institute, called Dr. Kellner the "Dean of Long
Island economists, who has set a standard that we all strive to
achieve." Cantor said, "This consumer driven recession that now
challenges Long Island was hidden by the consumer spending fueled by
equity loans and credit card purchases will be long, only showing signs
of improving by late 2009."
Dr. Kellner, chief economist for North Fork Bank, said, "While we don't
yet know for sure whether or not this downturn will be officially called
a recession, if it looks like a duck, walks like a duck and quacks like
a duck, then it's a duck no matter what it's called. And it looks pretty
bad...this is not your father's recession."
Dr. Edward Gullason called for a long-term federal government policy to
overcome the current economic weakness by encouraging productivity
through additional research and development tax incentives; expanding
the Hope and lifetime learning income tax credits; and pursuing
alternative energy sources to oil. Gullason continued, "These
initiatives will result in lower production costs for firms, thereby
enabling the Federal Reserve to aggressively reduce key interest rates
to avoid a recession, without needing to be as concerned about
triggering inflation."
Cantor agreed with Dr. Gullason that "the economic stimulus package
will have comparatively little impact, and that the mortgage crisis,
fueled by aggressive lending practices is also to blame for the
deterioration of the economy." Both recommended that President Bush
create a Commission to formulate such a long-term multidimensional
strategy to enable us to avoid future recessions.
About Dowling College
Dowling College is an independent, coeducational college that serves more than 6,500 students at
its historic Rudolph Campus on the banks of the Connetquot River in Oakdale, NY, and the 105-acre
Brookhaven Campus in eastern Long Island and a business center located near the Nassau-Suffolk
border in Melville. Dowling offers Bachelor′s, Master′s, and Doctoral degrees in several
disciplines through its four schools: Arts and Sciences, Aviation, Business, and Education.
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