I don't agree that the US is in recession or headed for recession. Ex-energy, the underlying economy is constructive. Not booming, but continuing to grow slowly. For example, the trucking industry will see approx 240,000 new class 8 truck orders this year - the 2nd best year on record since 2006 (2015 was a record year). In the Paccar earnings call, they noted that things remain decent - no unexpected cancellations, a manageable used truck inventory. Trucking is a leading indicator. And while the energy downturn clearly hurts net US industrial production, the boon to the consumer is huge. And our economy is 70% consumer spending.