Chief Economist predicts the U.S. domestic product growth of 2 to 2.5 percent for the year. Overall, he
remains cautious about middle-class consumer spending, and expects the problems in the housing market to remain for some time.

"There is no easy way out for the housing market, especially in Las Vegas and Henderson, and it will take
several years to work through these problems."

"He said Las Vegas and Henderson will prosper in time but housing due to the huge excess of inventory and so many people underwater on their homes will remain a problem."

John Silva of Wells Fargo was in Las Vegas Tuesday speaking at a Gaming Conference. Wells Fargo is the
third largest bank in Southern Nevada with $7.37 billion in deposits.

"He said that Las Vegas is benefiting from a modest rebound in the national economy. The Case-Shiller
index shows Las Vegas among the top five recovering cities."

"He said that as an economist was to tell people and his Board of Directors things they don't want to hear." The challenge is trying to keep the Board of Director's feet on the floor.

" We cannot repeat the experiences of 2004 to 2007 in terms of credit quality. We can't just pursue more and more loans and not worry about the long-term credit."

"Shareholders do not expect Wells Fargo to be Facebook or Google." This is a bank and a bank makes money by taking in deposits and lending money at a slightly higher difference and making sure people pay the money back."