[Richard and Rhonda]

Thanks Michael.

As the situation with RV sales and other big ticket items plays out, it is now clear that the number one driver behind the slump was credit. Yes, the unemployment rate is higher than normal, yes consumer confidence is lower than normal, yes everyone's nest egg took a hit, but people are still interested in playing. The problem is that no one will loan them the money, unless they already have the money.

I am not condoning a lot of the practices that led our financial institutions into the self induced mess, but I hope the lending pendulum moves a little more back to center soon.

It was clear that the RV manufacturers who survived were the ones with the least debt load. Kudos to Newell for sticking to a business model that worked for them. It would have easy for Newell, over the years, to "grow" the business by moving into mid range and possibly even lower range RV's. The fact that they chose to stick with what they do well kept them solid during the recession. I applaud Karl's leadership for not falling to the temptation to expand out of their niche.