Housing prices have been an important source of keeping wealth and have dampened the effects of the weak stock market. If they turned down in value that could jeopardize recovery.

[There's a reason why politicians are telling the American people to do the right thing and get to the mall.] Consumer spending is the 800-pound gorilla when you're talking about the economy, ... It's two-thirds of the economy.

We think we're going to see recovery by second half of the year and that growth can be quite brisk,

It's critical that the labor market start to show unambiguous signs of strength. It's a necessary condition for the recovery to be on a self-sustaining path.

The job market has been improving; it's just been very, very slow. But we are starting to turn the corner and are likely to see job creation [get] a little better as we turn into 2003.

You're not going to turn this thing around with platitudes. There are no magic bullets.