And it is a positive one, because by letting some of the air out of the balloon, so to speak, we think it increases the likelihood that we can have an extended period of expansion without there being inflation or a need for a hard landing. That's not sustainable. Now, if I have a concern, it is that we have seen the economy slow in Europe. The Japanese economy has not really taken off yet so there is still some weakness here. So, to me, the risk would be that a global slowdown would precipitate a further decline.
Some economists say the U.S. economy is in for a hard landing.
If we hadn't had this, the concern would be that inflation would pick up and the Fed would have to tighten and we might really have a hard landing. But we are optimistic. We think the likely case is increased expansion. But also, as you can tell from my speech, I think it will never pick up to the extent that we would like it to, or that I would like it to, as long as the government pursues a policy of trying to stimulate growth by heavy government spending and exports. And we believe that for the Japanese economy to really pick up it would be with policies of moving more to a market-driven economy emphasizing innovation, competition, tax reform, equity investment and we believe policies like those would lead to robust growth.