Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

No necessarily, I think that after a resumption of growth here for few quarters, we will enter a real consumer led recession by 2005, and since our consumers are much more leveraged than European consumers, coming out of such a consumer led recession will be more difficult, particularly if real estate does not continue with its continuous rise (and thus supply consumer liquidity via refinancing...). The market and the dollar will, IMTO "foresee" such a recession ahead of its occurrence.