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Carl Weinberg with us. We've been getting a briefing through the morning from Dr. Weinberg.

Let me ask you a 60,000 foot question which goes back to the nation by nation analysis you do at high frequency economics.

Are we in global recession?

Good morning Tom.

I don't think we're in a global recession, but we are teetering toward that direction.

Doesn't mean we're going to get there, but we certainly have a global commodity price decline.

We haven't spoken about that in a long time here, but it's still there.

Prices are still low and while they're off their

bottoms they're still so low that the countries that produce commodities particularly oil but also

copper and nickel and all that other good stuff that goes into making stuff,

...