Thank you to all of our witnesses this morning. I really appreciate the discussion we're having.
We heard yesterday from a number of economists. Some of them were speaking about the fact that this is just a volatile industry. Several of them spoke to the fact that in 1998 we had a major adjustment and in 1986 we had an adjustment, and the outputs from those adjustments were always greater innovation, greater investments in technology, more effectiveness and efficiency in the industry, and so industry came out much stronger from the “crisis”.
I'd like to have your views on that. Perhaps we could start with Mr. Myers.