It was 14 and a half Billion in 2007? I’m surprised the herders were that stupid up through August and it ended up that high. And now it’s going to drop to 4-5 billion given the tighter qualifying market and dramatic price drops that are yet to come.

To drop down to 4-5 billion we would need a 67% decline in dollar volume from 2007. January was a 30% decline in dollar volume. I’d expect to see maybe 10 billion as a possibility but 4-5 Billion ? I’d bet against that.