Last Tuesday night Bright Temple A.M.E. Church saw the second of a series of six public forums meet under the theme Standing Firm In The Downturn. Under discussion were issues relating to personal and small business financing. The panel was made up of Gil Tucker of Ernst & Young, Glen Fraser of the Bank of Bermuda and David Bolden, president of Emerald Investment Services.

As Bright Temple's pastor and moderator for the forum, I invited each of the panellists to present a brief perspective before opening the floor for questions and answers. Mr. Tucker said that the Island was already going into a recession before the events of September 11. For business owners he stressed taking a look at their human capital in light of the huge loss of talent in the bombings. Employees needed to be flexible, to approach their employer and ask about the health of the business. Employees were advised to use their own initiative in helping their employer to cut costs and be aware of their rights under the employment legislation.

Glen Fraser agreed with Mr. Tucker regarding the economy, saying the September 11 event aggravated an already poor state. Mr. Fraser described the kind of recession Bermuda may experience as a prolonged type, noting that Bermuda was largely a service economy and would be at the mercy of events occurring off its shores. His counsel was that people be practising good financial habits at all times, and not to wait for a downturn to begin. Maintaining creditors was the best option if a person was concerned about maintaining their financial obligations. If a job was lost due to the recession, use the time to retrain. He closed his remarks by saying that people needed to distinguish between wants and needs.

"The world has not changed," began Mr. Bolden, believing that what had changed was the way people looked at the world. Speaking from an investment standpoint, Mr. Bolden urged investors not be scared out of the market and said the circumstances presented good opportunities to long-term investors.

"How does (the present economic condition) affect where I am trying to go?" was the question to ask, he said. He held now is not the time to panic, but to take stock of one's risk tolerance.

Attendees expressed concern over the use of credit cards. "Credit is not your money," said Mr. Fraser who also warned that credit cards should not be used to pay balances on other cards.

Responding to a question about Christmas spending, the audience was advised to be prudent. Mr. Tucker advised people to support the economy but not to overextend. "Give time. Spend time with your family" added Mr. Fraser.

The close was very up beat in spirit. Bermudians had eked out a living for 400 years, Mr. Tucker pointed out as he aired his view that Bermuda's best resource was its people. Opportunities existed in supporting international business would be best used by those who proved to be flexible, smart and effective analysts.

The third forum will be held onTuesday at Bright Temple A.M.E. Church at 6.30 p.m.