Thank you.
Yes, the recession is now, and obviously the sooner the stimulus comes, the better, because in part when people hear bad news, that does affect confidence and the effect on confidence can certainly amplify the problems. When consumers are nervous about their employment prospects, they stop spending. At that point, it doesn't matter much whether credit is available or not; they prefer not to go into debt.
So it's very important to get the stimulus now, to cut this off at the pass, if you wish, so that the people can see that the recovery is coming, that the recession is going to be temporary, and that they don't need to worry excessively about the future. That is important. As I said, it's the confidence-boosting effect of fiscal policy, and monetary policy for that matter, that is helpful here.