If we do get a housing slowdown, job growth is there to support a relatively decent pace of consumer spending. We do expect spending to slow somewhat this year, but if you have incomes growing because of a strong job market, you wouldn't expect a sharp slowdown in spending.

Globalization presumes sustained economic growth. Otherwise, the process loses its economic benefits and political support.

The fundamentals for big pharmaceutical firms are fine. Cash is fine to support growth, and earnings are meeting the targets. I think investors are taking some of that for granted and ignoring it.

Through November [2002], we believed that discretionary consumer spending growth of 3 percent was adequate to support increased gaming spending. Room availability in Las Vegas during New Year's, however, indicates retrenching demand and what we believe to be an increasingly cautious consumer.

We see sturdy hiring as a factor that continues to support U.S. economic growth.

We support the Unilever story of getting back on a growth track but it is not going to happen overnight.