And now when we see consumer confidence decline, it's a cause for concern. Consumers leveraged their balance sheets, so to speak. Corporations did too. Well, like Bob, I have sounded an alarm about the current negative savings rate, and if consumers really get cautious and cut back their spending, I've been on record as saying that I don't see how a recession could be avoided. That said, it's worth remembering that we haven't had a really overspeculative real estate market directly connected to stock prices, except in a few areas like Silicon Valley and Manhattan.
Mortgage rates are low and going lower.
The percentage of consumers' income that is now devoted to servicing debt is relatively low. Both debt levels and interest rates have to be considered. Bob, you sound more concerned about the economic outlook than Jeremy does. I'm trying to look at what was really different about this experience. And in 2000 we were out of the range of historical experience in many dimensions.