How concerned are you, in light of the turmoil on Wall Street, that what started with a housing bubble could snowball and become a business jet bubble?Obviously we’re concerned, and we’re carefully monitoring the situation. Historically, when the aircraft industry has gone into a downturn there has always been something in the world that caused it. Before this it was 9/11 and the tech bubble. This latest turmoil has got the makings of that same sort of impetus for a downturn. But right now we’re not seeing the overall impact.
The real leading indicator that we look at is the bookings we receive. Our new-order intake is at the same level, basically, as it was through 2007, which was a record year for us, being driven primarily, though, by the international market. The U.S. market has been slow for most of this year. Clearly there are lots of concerns, and I think what you’re starting to see is the uncertainty, and that causes people to do nothing. And you’re right, it’s been primarily a credit issue, but will that roll over and cause corporate profits to decrease? Time’s going to tell, and we’re certainly monitoring it.
