This is my second presentation to the Sanford Bernstein Strategic Investors Conference as Chairman of Fannie Mae. My first time, one year ago, I described why we set our goal in 1999 of doubling our earnings per share by 2003.
Turbulence is business.
In other words, you could say we live in the Age of Creative Destruction, the term coined by the pre-war economist, Joseph Schumpeter. In fact, there's a new book out called Creative Destruction . It says Schumpeter's worldview is a permanent reality today. The forces of creative destruction are everywhere. You've got globalization, competitiveness, financial modernization, new disruptive technologies, a very demanding consumer and other forces creating instability.