I'd like to add something as well. One could argue that the cooperatives will be more sheltered in a recession because we invest internally, not on the stock markets, so we're not as interconnected globally. We're very much a local investment business enterprise model. During the Asian crisis, actually, credit unions in Asia were less impacted during that implosion because they were not as large as some of the large banks and they were very much locally invested. Also, the fact that cooperatives give back so much in the way of patronage dividends provides one other modest cushion.
On January 29th, 2008. See this statement in context.