With the economy weak and fuel prices still relatively high, we and the rest of the industry were experiencing a very difficult financial quarter even before the September 11 attacks. But the attacks and their aftermath further weakened traffic and had a staggering effect on our overall financial performance.

Don Carty

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Without a doubt, the weakening U.S. economy caused a reduction in business travel that affected our performance in the first quarter.

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Like the rest of the economy, the housing market is clearly showing the effects of the Sept. 11 attack on America,

— Bruce Smith

Even if the economy recovers smartly for the rest of this year and the next, the ongoing slack in the economy may still lead to continuing disinflation,

— Ben Bernanke

It's one thing to run faster in place when the rest of the economy is stagnating as well. But it cuts a little deeper when policymakers are telling you the economy is fine, and you are falling behind.

— Jared Bernstein

Nonetheless, we look forward to completing the EC review process and then promptly obtaining final approvals from the U.S. and U.K. governments.

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