What's striking is how much it looks like the statement from the last three meetings.

With three negative reports in a row, it's ugly. What we are seeing is two things: it is the storms and a pre-existing condition that came with the end of auto discounting. Part suppliers and their raw materials suppliers benefited from auto sales incentives.

It's nice to know that the Fed is taking (exotic home loans) seriously. It looks like (Greenspan's) trying ... to squeeze out the speculative element in housing; they don't want a repeat of the stock bubble.

The rapidity with which this has emerged over the last two to three years is probably unprecedented. When you look at the numbers, this way outstrips other so-called new infectious diseases.

It's hard to imagine anybody having the backbone that Greenspan brought to the job, the ability to withstand months and months of criticism and stick to his guns.

There's a sense of urgency in construction. If builders have approval for a project, they're going to try to move ahead as quickly as possible.