Perhaps the market is assuming US sales will quickly return as the domestic economy steadily improves, but that is an assumption we are not willing to concede.

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When Mr Blair became prime minister, a lot of Tories, not least Margaret Thatcher, were willing to concede that for a Labour leader, he was not at all bad.

ECONOMIST: Tony Blair is right to be worried about his unpopularity

Are you willing to concede at all that what happened last night was not just an expression of frustration about the economy, but a fundamental rejection of your agenda?

WHITEHOUSE: Presidential Press Conference