It has occurred because they were all consumption led. We believe investment led cycles are different. They end in deflation. We believe that all the risks are on the deflation side, not inflation. If you look at the wholesale price index, things are actually deflating right now.
Core inflation is down to zero percent.
The leading indicator here is the consumer. Consumer borrowing is now negative on an annual basis, including home equity loans. Money growth is at its lowest growth rate since the twenties. And the last time we had an investment led expansion was in the 20's. We don't think the Asian problem is a financial problem.