Good comments.

One macro thought I find troubling is that despite the fact we have now distributed about 33% of the rebates we have not seen a glimmer of a bounce in consumer confidence. Indeed we have seen a further noticeable decline. CC On first blush I am sure the authors of the rebate expected a bit more punch for their $50B. It tends to confirm my view that much of the rebate was spent on gasoline and food.

On Siemens I saw their release said that the 12000 layoffs were "admin positions" and thus styled as getting "leaner and meaner". I accept that but it shows all is not rosey even in the global growth/infrastructure sweetspot.