The current average price of $1.90 a gallon is still about 40 cents higher than the level a year ago. So the effect of higher prices will be felt for some time.

The economy's long-range future is excellent, and we have a lot of things going for us. But we're waiting for the water to boil, and you can get very flustered if you watch water boil.

The economy is generally chugging along. From the consumers' perspective, jobs remain an important issue. Consumers will also be keeping an eye on gas prices and what happening on the global front in terms of terrorism.

The five percent drop is shocking. It indicates that perhaps the consumer tax rebate stimulus that benefited retailers during the back-to-school season has petered out.

The uncertainty is there. It's dissipated, but it's just below the surface and can be rekindled. It plays a part in an economy full of very nervous people.

Housing starts would be much much higher if they could find the people to build the homes.

The consumer, I think, is healing. There's still a lot of market share out there. I don't think we've drained anything away.

This is a very nervous country. How much it's going to dampen the economy, I don't know, but it's hard to see people relaxed and creating a boom.

Consumers had a nice July and August. Unfortunately, they're on their own for the fourth quarter, which starts on Wednesday. Going into 2004, spending is going to be based on wage and salary growth, which needs a boost.

Consumers right now are bargain hunters, and that's what Wal-Mart is talking about. If you're offering a bargain and the consumer thinks it will go away, you'll get the consumer to buy, but there is no impulse buying going on.