This is a partial transcript from Your World with Neil Cavuto, October 3, 2001.

NEIL CAVUTO, HOST: So is the White House and the administration now doing enough to help give this economy the boost that it needs? Let's ask a guy who was there, Joe Grano. Joe, of course, the chairman and CEO of UBS PaineWebber.

Joe, good to have you.

JOE GRANO, CHAIRMAN & CEO, UBS PAINEWEBBER: Nice to see you, Neil.

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CAVUTO: Will all this stuff work, all the spending, all the interest rate cutting we've seen, all the tax-cutting to come?

GRANO: Well, certainly from a historical sense, much of what has been done has worked in the past. But I think that this is a paradigm shift, there's no real predictability.

I think the president is on the mark. He sees that stimulus, particularly for the consumer, is very, very important here. And when you look at the fact that the consumer is 70 percent of our GDP, we have to deal with that and we have to deal with it quickly.

And I think he's looking to front-end it. I think he's got a lot of cooperation and bipartisan support. And I think he came to Wall Street today and talked to us to see what we thought and...

CAVUTO: But he wanted to talk to you guys. I mean, the Street has done remarkably well over the last a little more than a week here. The Dow up about 900 points in that time, as we take a look at the chart, from our lows.

What do you make of that? Is that to be believed or is this just a sucker's rally? What do you call it?

GRANO: Again, I don't think we're going to know for sure until we see what the response is in the Mideast. Who knows? I think a lot of people are waiting for another shoe to drop. But I do see that the footings are improving in my business. We heard from other CEOs today where they're starting to see a pick-up. Everyone is still down from the record levels of last year. But it's starting to creep slowly but surely in a positive fashion, and I think that's a good signal.

CAVUTO: Do you find anything worrisome out there that could dislodge this, though? Let's say if the attacks are significantly delayed, that in that uncertainty Wall Street (UNINTELLIGIBLE)?

GRANO: I'm personally less concerned about that. I'm more concerned of another event that could reinstitute the shock.

I think the first order of business is stabilizing the psyche and the fear that Americans have, and the president was well-aware of that, too. And there was total unanimity amongst the CEOs that that is the first priority, second being the consumer.

CAVUTO: And a capital gains tax cut, do you guys want to see that? Are you going to see that?

GRANO: I personally would rather see something that would go right into the consumer's hand, and I'd rather see an extension of the 3,000 limit on taking losses this year rather than a capital gains cut.

CAVUTO: That will probably come in handy. Joe Grano, thank you very much. Joe is the chairman and the CEO of UBS PaineWebber.

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