Thank you very much to both of you for attending this morning.
I found the analysis that you did and discussed today about the 2,000 product categories and the 75% fall-off and so on to be very sobering. The excess capacity that you described coupled with what has been termed dead money in other contexts.... You mentioned that companies have been restructuring, closing their doors and that the “bigger employment gains will come when we enter the rebuilding phase of the cycle—when companies are sufficiently confident”.
With all of the money that's around, is the failure to enter that rebuilding phase merely a function of lack of confidence in the economy? What can explain that remarkable statistic that you've provided?