Tim Buckley: John, to point out the noticeable, we have observed huge declines in revenues for companies and for municipalities. So, a large amount of men and women are conversing about what is the fallout? Are men and women missing payments? Will we start to see downgrades of bonds, defaults? What will the workout routines search like? Can you give us some point of view about how your team’s wondering through this?
John Hollyer: Absolutely sure, Tim. And you are right—this is a time when there will be downgrades and there will be defaults. But let us retain it in point of view. If we search at expenditure quality company bonds, for example, even in the worst recessions, it is strange to have defaults be additional than one% of the bonds. In municipal bonds, defaults are normally very well below that, even in the worst recessions. In the high-yield