New markets are an opportunity, says Cliff Schorer.

Question: Are we, and can we compete with China and India?

Clifford Schorer: I don't think there's any doubt we can compete with them. Certainly, they are — they're growing but let's not delude ourselves. They're — they've got a long way to go and they've got a lot of problems as well and they're going to have many crises along the way as most emerging companies have. I remember in the early '80s the Japanese were going to dominate our economy. They were buying up all the real estate. There was the growth of the car companies and such and I look at how they have had to struggle through their crises as well so I think we'll see some shifts in the markets in India and China but let's look at it from the other side. What incredible markets they open up for U.S. products. How do you find a market of a billion 3 that really didn't exist for us ten years ago? If we put our head in the sand and don't capitalize on that, that's foolish, so I think they offer us more opportunities than challenges.

Recorded on: 5/13/08