Dowling symposium to address recession, recovery

ECONOMY

What is the greatest problem facing the Long Island economy today?

Many economists might say unemployment. But Martin Cantor, director of the Long Island Economic and Social Policy Institute at Dowling College in Oakdale, offered a different answer: "fear." Cantor, who also teaches economics at Dowling, will expound on his theory at a symposium the institute is holding Friday on the campus.

"Fear is contagious," Cantor said in an interview the other day. "Most Islanders have never experienced the economic pain they have now - losing houses, marriages breaking up, you name it. That translates to fear" and not spending any money. That affects restaurants, stores, movie theaters and car dealers.

"There's also a lack of confidence out there," Cantor said. "People want to pull into a hole. But I think they should start being realistic and not let fear overcome them. The recession has bottomed out. The worst is behind us. They could say, 'I've got a job. I could go out to eat once in a while. You don't have to jump into the deep end of the pool, but you can start getting your feet wet."

The symposium will also focus on which sectors of the economy are expected to recover first. Panelists include Peter Crisano, administrative director of Suffolk's labor department; Gary Huth, Long Island regional economist for the state labor department, and Elana Zolfo, Dowling's vice president for corporate programs. Call 631-244-3070 for more information. pls chk/PR dep't/lt