WONG: The last two years had been atrocious for the advertising industry. You mentioned in your 2002 annual report that you expect the world's advertising industry to report flat earnings for 2003, some growth in 2004 and strong growth in 2005. Are those views still valid?
Sorrell: What worries me in 2005 and what will happen in the United States when either Bush is re-elected or a Democrat is returned is that government spending has been so strong. The government has been pump-priming the economy for the elections next year; so you have very heavy government spending in the US; fiscal deficit spending in the US. My concern is we are seeing commodity prices rise; we are seeing gold prices rise; we are seeing the long end of the bond market yields rising prices falling; so I am a little concern about inflation.
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