“The environment in the global economy has gone from a US based recession to a global credit crisis to a financial panic.  Although we have seen the worst of the crisis pass, the residue is strong and will take years to resolve.  Monetary stimulation by central banks around the world will help get economic growth going again, but growth is unlikely to return to the levels of 2007 for at least two years.  The sins of the past remain with us, but we hopefully have learned from our mistakes.”