Likes the fact that inventory/sales ratios continues to trend down. Inventory controls are quite good, and are the major reason why the Economy is still holding up. ( check Q2 inventory data in today's GDP report ). That having been said, he said that we are highly dependent on overseas Economies, and they are obviously weakening and that of course is a concern. One gets the feeling that he leans towards a "recession" given the continued weakness in the housing market. But he does highlight the fact that the lean inventories are helping the economy. Interview continues . . .