Sandy Weill On The Economy

The Real Deal: My Life in Business and Philanthropy (Hardcover) by Sandy Weill (Author), Judah S. Kraushaar (Author)
Warner Business Books
This column was written by CBS News Early Show Co-Anchor Harry Smith.
You hang around New York long enough and you get to know some interesting people.

I got to know Sandy Weill a few years back so I invited him on to the early show to talk about the economy.

Sandy is famous for building Citicorp into a giant financial supermarket.

But he is equally famous for the philanthropy; he and his wife Joan have shared with so many important institutions here in New York with reach around the world.

I wanted to know if the stock market would stop yo-yoing anytime soon and he seemed to think the markets have about shaken themselves out.

That's the good news.

The bad news is he thinks because of the credit crisis and the recession, the unemployment rate could climb to 9%.

The last time it was that high was in the early days of the Reagan administration.

Weill has every confidence the economy will right itself, and there will be better days ahead.

But those better days won't be coming soon.