With 18 days left in 2007, it seems that the prospects for 2008 are getting bleaker by the day. Consumers are coming under pressure from the falling value of their homes and the Federal Reserve is desperately trying to unlock a lending freeze in the financial markets. Meanwhile, economists are putting the chances of a recession at the highest in more than three years.
But is the outlook really that grim? What do the captains of industry on the ground have to say? We'll try to find out from here to the end of the year, as we talk with leaders of industries from technology to banking to railroads to get the true state of the financial union.
Corning (GLW) Chief Financial Officer Jim Flaws joins the panel for this conversation. Following is a synopsis of his main points.
What are you doing right?
"We have the largest market shares for LCD glass around the world," says Flaws, "and we are the leader by far. And LCD TV’s are trouncing plasma this holiday season."
What about the fragile consumer?
"We’re not seeing it," he replies. "The consumer has not pulled back on LCD televisions... but we’re obviously keeping our eye on a recession."