I think you said it all; it's simply the sequence of events. The first thing that happened was this financial market turmoil, and that's what really increased the cost of funds, because financial institutions were in fact very risky at that time. We saw a lot of big players failing and at risk of failing. As that market started to normalize over that period, then we went into a recession. In a recession, all of a sudden credit risk went way up. We had these two things; one followed the other.
On November 25th, 2009. See this statement in context.