But a working definition of recession is really negative growth. We're disappointed in that now because we've experienced much faster growth. The communications revolution is going to be very significant. And it's going to improve productivity. Global issues are becoming more important, but they're not dominant.
Most firms still derive most of their sales domestically.
And the domestic business cycle and domestic monetary conditions are by far the overwhelming important leaders in the market. And the U.S. sailed through it very, very well. That depends on the extent of the economic slowdown. It's going to take quite a few months to see that. The market is still going to have to digest some more earnings markdowns in the coming months.