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American Morning
Economy May Be Bottoming Out
Aired December 06, 2001 - 09:37 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: Let's go back to today's business news. For that, we turn to Fortune Magazine's editor-at-large, I've never known what that means, some day you'll explain that to us. Andy Serwer.
ANDY SERWER, EDITOR-AT-LARGE, FORTUNE MAGAZINE: I like it, though. I don't what it means either.
ZAHN: Here to cover two big headlines of the day. Headline number one.
(CROSSTALK)
SERWER: -- ten thousand, that's great news. You know, we're seeing tech stocks rolling back. Really strong. Good news there. Great stuff from the economy. I think we can really say we are bottoming out, I don't know if we've really turned the corner but news is definitely not getting any worse.
ZAHN: Bottomed out? There are some corporate CEOs that say that's not going to happen until second quarter next year.
SERWER: Well, I don't believe them, because if you look at the economic numbers coming out, manufacturing, spending, income, those things are starting to actually turn up a little bit. So they better get with the program. The economy definitely flattened out, and I think we're heading back.
ZAHN: Let's talk about the big news, here, in our own company. Where you surprised by the announcement yesterday?
(CROSSTALK)
SERWER: I was surprised. We're all surprised. Wall Street is a little perplexed as to why Jerry Levine is leaving right now, but I think they understand the roles of these two guys, Pittman and Parsons. Parsons, of course, consummate diplomat, respected in Washington, and in Hollywood and in New York. Pittman is a guy who understands the businesses, so I think that's a good thing. The stock has a way to go back up, and I think that we're going to see Wall Street start to understand what's going on with these guys. But look at Jerry Levine. He survived two mergers. First, Time-Warner takes over -- Warner takes over Time, he emerges as the CEO. Now, AOL takes over Time-Warner and his guy, Parsons, ends up as the CEO. So, Jerry Levine, the consummate survivor.
ZAHN: Not only consummate survivor, but severely underestimated throughout his career.
SERWER: I think that's right, and some people underestimate Dick Parsons, and they will find out. He was the CEO of Dime Savings Bank, a big S and L. They will find out he is someone to be reckoned with.
ZAHN: Are you saying that just because you work for him, Andy?
SERWER: It's hard to cover these stories, isn't it? But I think that this a guy that people respect on the street.
ZAHN: No, but that -- believe me, I mean, that analysis was in the Wall Street Journal as well. So, you're not alone out there.
SERWER: They get it right sometimes.
ZAHN: Thank you so much, Andy Serwer. See you tomorrow.
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