I don't think they are too sad. This would have been a costly measure, with few benefits. The economy at least is better off without it.

The question is whether this has signed away the possibility of reform in the longer term.

I think it's a very good thing that they didn't go ahead with this, that they were blocked. I didn't think it was a good measure because they would lose revenue.

I don't interpret this as a sign of recovery in activity. Rather, the increase in unemployment of the last six to eight months has been too brutal and exaggerated not to generate this type of correction.

The consumer spending figures are better that what we were expecting... The October revision is important and it shows the trend in the fourth quarter is positive.

We have already had strong July car sales, and now with consumer confidence this strong we get the impression households could repeat the spending spree we saw last summer.