[lendaddy]

What the is saying is that if we are in a recession we won't officially know it until 3rd qtr '08. That being said, if the answer at that time is yes it will have begun Jan 1st meaning we are currently in a recession but it hasn't been confirmed yet. All we can officially say right now is that there was no recession in '07. So it's a fair question to ask what your gut tells you.