Keynote speaker Sung Won Sohn, professor of economics and finance at California State University Channel Islands, had about 15 minutes to share his economic forecast last Friday.

Seven other specialists had already spoken to about 100 attendees hoping to get a glimpse of the local financial future at the 7 a.m. breakfast event at Sunset Hills Country Club.

Sohn, vice chair of international retailer Forever 21, said he skipped a planned outlook on the stock market and didn’t have time to show slides with graphs and charts to help explain his predictions.

Instead, he summed up his forecast with what was “good” and “what could go wrong.”

He said, “The worst recession since the Great Depression is behind us,” and the country “is beginning to see the light at the end of the tunnel.”

One of the facts he used to support this was that “Wall Street bonuses are going up at record rates.”

Temporary employment is up, and hopefully employers will get the courage to hire permanent employees again and the labor market will stabilize, Sohn said.

Housing has also started to improve, he said, but that part of the economy is “clearly not out of the woods yet.”

Interest rates will have to go up eventually even though large banks are quick to lower interest rates but slow to raise them, Sohn said.

In answer to his own question, “What can go wrong?” Sohn said there could be another recession.

Also, when the federal government’s stimulus money runs out, the country might not be able to afford another stimulus package, he said, due to the budget deficit.

The unemployment rate could also surge again, and jobs that have been going oversees might never come back, Sohn said.

With the recession, businesses have learned to work more efficiently and may not feel the need to hire more people, he said. Americans, Sohn said, could continue to save more and consume less.

With “Europe not in good shape” and “China cutting back,” another economic bubble could occur, Sohn said.

Regarding Ventura County, the economy is improving, but the coastal economies in California are better off than the inland ones, he said. “The worst news is behind us,” Sohn said.

Ventura County has economic stabilizers with the U.S. Naval base, agriculture and education.

Also speaking at the two-hour meeting were Thousand Oaks Mayor Dennis Gillette; Westlake Village Mayor Mark Rutherford; Agoura Hills Mayor William Koehler; vice president of community relations for Caruso Affiliated Rick Lemmo; president and CEO of Westcord Commercial Real Estate Services Rick Principe; regional vice president of National Bank of California Tony Kourounis; and general sales manager and vice president of Honda of Thousand Oaks Scott Stanley.

“The city is doing fine. We’re weathering the economic storm,” Rutherford said.

He said Westlake Village has saved from 25-30 percent on city project costs from what they were projected to be two years ago.

“It is what it is. We’re in better shape than most,” Gillette said.

He said government has been part of the problem. Gillette pointed at the state’s budget problems. He also mentioned that “almost 25 percent of the fire protection (property tax in Ventura County) comes from Thousand Oaks.

“That is not right,” Gillette said. "It’s just obscene, and we can’t get anyone to talk to us.”

Koehler said Agoura Hills is fortunate to have a balanced budget, no municipal layoffs and steady reserves.

“We’re pressing on despite a challenging economy,”

“The world is not going to end,” Lemmo said.

He emphasized that retail sales in Thousand Oaks are doing better than expected because retailers made inventory adjustments.

“There’s nothing funny going on in the banking business,” Kourounis said. “The regulatory agencies are pounding the lumps out of us.”

Stanley said automobile dealers have cut expenses and are “righting a ship on the wrong path for 12 years.”

He said the Thousand Oaks Auto Mall is being noticed for having the top sales in the nation.

“If you ever have a bad experience, tell a general manager. We want people to be happy,” he said.

Stanley also told the audience he takes it personally when he sees a license plate from a dealer outside the area. Buying here helps keep local people employed and the taxes stay in the city, he said.

Sponsors of the event included the Thousand Oaks-Westlake Regional Chamber of Commerce and the Rotary Club of Thousand Oaks.