All the factors point to an upturn from here,

This is unlikely to be a significant negative for the dollar. They're unlikely to start moving heavily out of dollars as U.S. assets still yield more than in Europe or other countries.

We would be naïve to think that we can predict the timing of the upturn.

We would be naïve to think that we can predict the timing of the upturn,

The consumer's role in this upturn is going to be the opposite of [his] role in the downturn.

At this point, we've got to show some backbone. You don't stop playing because things aren't going your way. As a team, you find out now if it has any character, any heart.