Inventories really being run down to ground, but that means that any increase in demand in the future will be translated into more production and jobs. We're feeling the pain right now, but it means we're more likely to get economic growth starting early next year.

In the summertime, we have a lot of plant shutdowns, especially in the auto industry. Despite that, we saw a drop in initial claims, ... That's indicating that the employment market has not only stabilized, but has begun to improve slightly.

If prices remain where they are, and the rest of the economy performs well, that won't be the end of the world,

I'm not sure we will see a big revision in February; I won't be surprised if we do not.

Immediately after the terror attacks, we were shell-shocked and stopped doing everything but watching television,

Inflation is not an issue right now. However, it could be in the future. The Fed will begin to worry about inflation because monetary policy affects the inflation rate with a lag of as much as 18 months to two years, so they need to worry about it now.

I'm not bullish on the holiday shopping season, but I'm not as bearish as some people have been.

The corporate tax cuts may not have an economic impact until months later.

Once the employment picture stabilizes, around midyear, we should see a more rapid and sustained recovery in consumer confidence.

Once the Fed starts raising rates, I suspect they might go up more rapidly than a lot of people realize. Many of us think the Fed will do things slowly and gradually. In fact, they usually do things pretty quickly.