Mr. WESSEL: You know, it's a really good question and almost an impossible one to answer.
Mr. WESSEL: The financial system is suffering the worst shock since the Great Depression.
Mr. WESSEL: It certainly can affect individual industries and companies quite typically - differently.
Mr. WESSEL: Productivity is how much stuff we make for each hour of work.
Mr. WESSEL: The first treasury secretary, Paul O'Neill, was seen as a loose canon.
One of those observers is David Wessel of the Wall Street Journal, a regular guest on this program.
Mr. WESSEL: It's a real puzzle, given all the things, as you say, that the government has done.
Mr. WESSEL: Well, productivity grew very slowly for about 25 years, until there was this remarkable surge about 1995.
Mr. WESSEL: The most interesting, and I think, dangerous, place for him to go is the budget deficit itself.
Mr. WESSEL: American workers are among the most productive workers in the world.
Mr. DAVID WESSEL (Deputy Washington Bureau Chief, the Wall Street Journal): Good morning.
To find out what that victory means for the economy, the markets and for legislation, we turn to David Wessel.
Mr. WESSEL: Well, Fed chairman Ben Bernanke has said, in so many words, whatever it takes to rescue the economy.
"Research shows that you're more likely to achieve your resolutions if you write them down and have support, " Wessel wrote.
They will take comfort from a new book by Bob Davis and David Wessel, two journalists at the Wall Street Journal.
Mr. WESSEL: If you're the chairman of the Fed, you have to think about what the speed limit is on the economy.
Mr. WESSEL: We have broken almost every rule and guideline and precedent so far in this crisis, and it's not over yet.
David Wessel, economics editor of the Wall Street Journal, has been our guide through a dramatic year and joins us one more time.
Mr. WESSEL: Well, I don't think there's much that's likely to become law immediately, but there are a number of things on the horizon.
Not only that, but many new restaurants such as the Qdoba chain have contacted Wessel asking if they can be included in the program.
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To explain what productivity is and how quickly it is growing, we turn to David Wessel, Deputy Washington Bureau Chief for the Wall Street Journal.
Mr. DAVID WESSEL (Economics Editor, Wall Street Journal): Good morning, Steve.
One of the problems, according to Wessel, is that banks trust each other less, fearing that their colleagues may be tied to the subprime mortgage crisis.
But she soon discovered that Penn had numerous students from Japan, China, and other Asian countries who had ideas for restaurants that Wessel had not thought about.
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"The new year has arrived, and with it all the resolutions that we hope to tackle in 2013, " Google's Liz Wessel wrote on the company's blog.
Mr. WESSEL: There are every signs it's going to be a very deep recession, at least as bad as the one of the early '80s, if not worse.
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