Federal stimulus: Most of the impact will be next year

Raha said most of the growth from federal stimulus will be seen next year and in 2011.

“Potential homebuyers need access to credit. The problem ultimately rests on the third and most important leg of this three-legged stool of misery: Banking.”

Raha said toxic assets need to be taken off of financial companies so they can get back to work.

“With all those caveats and reminding you that this is just an unofficial foecast subject to change in March, I can get to our actual forecast,” he said, to chuckles from the packed room.