Economist John McDevitt, Evaluates the Economy – Part 1 (20:41)
August 3, 2007—John McDevitt, former 3M Corporate Economist, evaluates today’s economy, discussing the housing market, if the bottom has been reached as well as how a recovery might play out. He also talks about the subprime lending situation, its potential for expanding into other segments of the economy, the commercial construction sector and its long-term prospects for growth. Also discussed is the state of the consumer, the consumer confidence index and his forecast for retail spending, Fed chairman Ben Bernanke and the Fed’s stance as it related to altering rates, the affects of the new minimum wage, the manufacturing sector and McDevitt’s forecast for the 3rd and 4th quarters.