joining us is chairman and ceo doug oberhelman. of different ways. and i'm trying to figure out what most significantly has been your headwind. and would it be along with interest rates. the fact that shows commodity prices have come down. so a lot of the mining operations have not come in? i mean earnings are about half what they were about five years ago. >> well good morning, everyone. and yes, you're right. all of those and probably some more. but i think it's a function of really a global growth rate of 2% to 2.5%. for us to drive sales and employment, we really need 2.5% to 3%. we haven't had that. having said that, we're doing an awful lot of things internally to make sure we're strong and strengthening for the future when it does turn. and it will turn at some point. we've got to be strong and ready. but it's all those things you talked about. we've got an oil price cut in half. commodities are at their lowest for quite a few years at this point in time. and global growth is slow. so all those things kind of combine for a l

doug oberhelman did talk about it. >> at some point, the economy will stabilize and business will pick up. it was too whose in 2012 and too slow right now. somewhere in between is where we will be. until that happens we have caught in this period where we have to hunker down and do everything internally day to day. >> sales down in every region including north america. oil and gas not helping. they lowered the revenue forecast for the year. they keep the adjusted eps forecast. >> he is a very nice man. >> that's the key. >> he is a very nice man. >> you believe this is about him. what's your main head wind? >> he said it is the fact that we have 2 to 2.5 instead of 3 and 3.5. >> i don't know if anyone can run the numbers and get better. they represent exactly what's wrong in the world right now. they are china, mining minerals, oil and gas. what bothered me here was the construction industry was so bad in the united states. that was one thing a lot of other people were saying is pretty good. there isn't a line that i can find in this quarter that i liked other than the balance sheet is