The issue is the ongoing viability of a given company's business model.

Even though spreads widened today, there appears to be some relief among market participants that there is apparently not going to be a battle for control of Wendy's.

I anticipate a continuation and acceleration of event risk in the credit market in 2006.

Their systems could be so disrupted that they can't go on with business. They can't export, they can't import. It's hard to place a phone call into Brazil. It's hard to get the parts from Taiwan. All that could add up to a global recession that could still impact our economy.

Many of our retail competitors have much lower cost structures that allow them to run different business models that are valued by both employees and customers alike,

The business model is good, but the euphoria over CDMA got well ahead of reality,