 During the global financial crisis the crisis was severe but it took about two years from the time where you had the unraveling of the US housing market and mortgages until we got the collapse of Lehman and then things got much worse. This time around we've had economic activity like consumption, residential investment, retail sales, and production and capital spending collapsing sharply in a matter of few weeks of a month. During the global financial crisis it took almost two years until the stock market was down 30%. Now it's taken less than a month. And even if you compare these with the Great Depression, the Great Depression started in 1929 with a stock market crash but the depth of the Great Depression started only in 1932-33. So initially it was a stock market crash and then the mistaken response to it led it to become the Great Depression. So this is just something we've not really seen before. It's a bit like as if an asteroid ate the earth and not just one economy or the other. Sometimes we have a recession in the US but not in Asia or one in China but not in Europe. Right now pretty much every region in the world has gone into a free fall of economic activity. So as unprecedented in the speed, in the depth and into the global reach of it. So this is something much more severe than we've seen before. We don't know how severe this recession is going to be but it's going to be severe. Global economic activity will contract in the first quarter, in the second quarter and in my view highly likely it's going to contract at least even in the third quarter. We'll be lucky if it's just a three-quarter severe recession, it could be longer than that. And maybe by the fourth quarter of this year we're going to see some beginning of economic activity recovery in advanced economies and emerging markets but that's the best scenario. I think that a recession of at least three quarters around the world has to be your baseline.