We believe more cuts are coming, which could add up to as high as 100 basis points. The next one can come as early as the end of this month, with another cut possibly in March. No, we're not. There is no question that cellphone and home-PC sales are slowing. But we have not got to the mentality that the world will start to end.
Unemployment is still historically low.
They have much better credit processes and policies in place than they did ten years ago. We think Asia ex-Japan will slow down, but we do not see a total collapse. The one major sector which has not thrived is consumption. Asian consumers started spending only in 2000. There's pent-up demand that's going to be slowly unwound over the period ahead, which will then be the foundation for the growth that we're forecasting in 2001.