Economist John McDevitt, on the Credit Crisis, Jobs & the Economy – (40:29)
September 14, 2007—John McDevitt, former 3M Corporate Economist John McDevitt discusses the state of the economy the additional $12 billion in credit Countrywide Financial has obtained from its banks and how that will affect the credit situation. McDevitt discusses last week’s jobs report, what it means to the economy as he shares his jobs forecast for 2007 and 2008. He also predicts the actions the Fed will take next Tuesday and he discusses Fed chairman Ben Bernanke and his actions in recent weeks. McDevitt looks at the housing market, when it will turn around, crude oil and the direction he anticipates it will take in the months to come and its affect on the economy, he also shares his expectations for GDP for 3rd and 4th quarter and for 2008.