We'll probably have a moderate-paced recovery. I couldn't agree more with the Greenspan's forecasts that it would be a sub-par recovery.

From the Fed's point of view we've had head-fakes before -- I think they want to see a more stable environment for financial markets before they call it a day. I don't expect that's going to happen overnight. We will see a sustainable slowdown, but it may not happen right away.

I think you would be hard-pressed to find an economist, aside from the supply-siders, who would argue against the idea that deficits matter.

I suspect they will not have a neutral bias; they will indicate risks are on the downside. I think we will, on the production side, see better numbers in the second half of this year, but I don't expect any convincing improvement in the labor market before early next year.

He's instantly recognizable in financial circles and has international stature.

The good news is that this is going to go directly to the corporate bottom line. That's a real plus for profits, which means a real plus for corporate spending and the recovery going forward.