increased confidence that this is a cyclical or an economic event that's causing all of these longer leading indicators to move in the same direction. Whenever I look at the basket of longer leading indicators, I'm looking at the magnitude of the change like we just mentioned, but I'm also looking at the breadth of the change. Is it just one of six indicators that's moving or is it seven out of eight? Seven out of eight is a lot different than two out of eight, let's say. So now we have a significant tightening through monetary aggregates, we have a significant tightening in our credit aggregates, and we have a record rate of change increase in interest rates. The other long leading indicator is the housing sector because, not surprisingly, the housing sector is very sensitive to those changes in credit availability and interest rates. And what do we see going on right now in the housing sector? It's basically absorbing all of the headlines. We see a very significant slowdown in the (33/57)
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