I would like offer a small amount of additional information: There are cities within America that are doing better than others in retail sales. Given that your report is somewhat focused on the direct relationship between consumer spending and the vitality of the commercial real estate industry it is good to know that some cities are still enjoying a relatively healthy amount of consumer spending. Commercial REITs that do business in these population areas should still perform well in the market. Of course, one could always go looking for the REITs that do business in the worst hit areas and then go ahead and short those. Either way, profits can be made. Personally, I like the idea of doing both at the same time, but only because I have the advantage of knowing a thing or two about commercial real estate.

Thank you again, Mr. Fessler. I learned some important things here today!

Blake