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Introduction 
Good afternoon ladies and gentlemen: these are difficult times as we seek to better understand
and ultimately contain and reverse the alarming deterioration in credit markets – a situation that
has been amplified by a multi-faceted wave of contagion forces that in some respects are
virtually without precedent.   Needless to say, coping with the credit market situation has been
made all the more difficult in the face of $100 plus oil and a distinctly murky outlook for
economic activity.