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CNN Live At Daybreak
America Recovers: Speculation that Economy Will Start to Pick up
Aired September 25, 2001 - 08:09 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
PAULA ZAHN, CNN ANCHOR: Bill Hemmer is the man who is going to be right in the middle of it in just about an hour and 15 minutes from now.
He joins us from the Nasdaq marketsite in Times Square. He has a look at the financial markets and reports coming out this morning on the economy. And he has also had the privilege of talking to a number of traders, who continue to be quite concerned about the volatility in the market, although they got a little bit of a ride yesterday -- good morning, Bill.
BILL HEMMER, CNN CORRESPONDENT: Hey, Paula -- good morning once again.
A lot of business owners down here in Times Square indicating that business is, in some cases, bad, they say, dropping off about 50 percent in the past two weeks. And it has been two weeks since terror hit this city, and it rippled across the country, and clearly there are concerns about the U.S. economy.
As John King was indicating yesterday, the treasury secretary, Paul O'Neill, talking about the U.S. recovery possibly being delayed a quarter or more as a result of what happened back on the 11th of September.
We're taking the pulse of Americans today -- with us now-- Mark Ledman (ph), a New York resident from Staten Island.
MARK LEDMAN (ph), NEW YORK: Yes.
HEMMER: A lot of people are indicating that they are a bit hesitant about the economy. What's your view?
LEDMAN (ph): I think that I have noticed the city is a lot more crowded today, the last couple of days. My sense is that car sales are coming up, the market was up yesterday. I sense that over the next three to four months that the economy will become much stronger.
HEMMER: We were talking with a woman a short time ago, who said, hang on for five more years, it's going to take that long.
Do you think if that is the case -- not five years necessarily -- but a protracted period of time that Americans are patient? LEDMAN (ph): My sense is that five years is way too pessimistic. I'm an optimist. I think most people here in the States, in New York City are optimists. And I think everybody will become extremely impatient. My sense over the next three to six months is we'll see real strength in the economy.
HEMMER: You said impatient.
LEDMAN (ph): Yes. I think we will be become impatient if it goes on for five years, but I don't sense that will happen.
HEMMER: And overall, when consumers are urged to go out and spend their cash, it can be a big difficult for many; store owners in this area say business if off 50 percent. Is that to be understandable -- understood at this point?
LEDMAN (ph): I think so. I mean in the sense people are not spending money right now. I think everybody is watching the news. I think people are scared for the moment, but I'm sensing that people are becoming a lot more confident over the last couple of days, and I really think things are picking up right now.
HEMMER: Quickly, if you're looking at stocks right now, are you buying, selling or standing by?
LEDMAN (ph): Well, actually I just bought a few stocks. I didn't spend a lot. I bought some technology. I think they're selling on the cheaper side. But I sense that if everybody has some patriotism, we should go in and buy right now. I sense that most of the institutions are selling, and I think that most people in the States are buying, but I think the big sell-offs are what's hurting us right now.
HEMMER: Appreciate it, Mark -- Mark Ledman (ph) here on Long Island -- get back to work, OK? Appreciate you taking time here.
Also coming up in just a bit, we're going to take the pulse across America. We're going to check in in central Texas, north of Dallas. We'll check in in southern Florida -- also the city of Atlanta to see how consumers are reacting in that part of the country.
But again, yesterday a bounce back for the Nasdaq here -- up more than 5 percent. We will see if those gains from yesterday, indeed, hold up throughout the day today -- see you in about 15 minutes from now, Paula -- back to you.
ZAHN: OK. Thanks, Bill.
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