One other thing is that I wouldn't expect as strong a response now as before 2008, because one way manufacturing survived and adapted to the high dollar over the last decade was that they oriented away from U.S. export markets and towards supplying energy industries out west. That demand is not going to be as strong, obviously. We still have a great deal of exposure to U.S. exports, but not as much as before. So the bounce back that you're going to get in manufacturing won't be as strong as in the nineties, for example.
On March 11th, 2015. See this statement in context.