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Anniversary the repeal of probation and historically alcohol has been a big seller even in tough times while many sectors struggle in this turbulent economy.
They distilled spirits council's has spirits could continue or would continue growth we're ninth here in 2008.
Projecting a growth of four point 6% to nineteen billion dollars Chris Morris is the master -- filler and historian or brown Foreman what survived prohibition.
And doing well now he says and the chief economist of the distilled spirits council David Moscow who says the wine and spirits industry is doing legal right.
Gentlemen great to have you I think I can understand why the -- let me start with you you -- in business before prohibition.
Here you are how are things looking in today's climate.
They're looking pretty good Alexis thank you yes brown Foreman really special were the only company.
And the industry that existed before operated during and are still around after prohibition.
And what have you done to make sure they -- have been able to weather the storms and looking back historically.
At past recessions.
How do you do.
Well during the last if the Great Depression we were on market with our old -- brand which was sold under medicinal permits so.
Back during the Great Depression this is how you would have purchased your -- -- whiskey.
And today were doing very well because we have super premium brands like with reserve Kentucky's great -- and that continue to grow even in these adverse conditions because the American consumer wants high quality products.
David what's going on in the industry and why do you propose that there is still pretty good gains -- -- top economy.
Well let me.
Take a step back and say over the last decade we've experienced some really really wonderful growth as the American public.
Has rediscovered really -- romance of the cocktail.
Now that's led to some strong growth.
And that growth has continued.
Let me also point out that we after all or part of the hospitality industry.
One of the first things that people tend to cut out.
When an economy the economy goes into recession is going out to eat.
Now for the restaurants that's very important because as much as 30%.
Of their total profits are often derived.
From the sale of beverage alcohol.
We expect our growth to -- to a certain extent through 2008.
But we're seeing some difficult times -- the restaurant segment.
All right -- and -- I'm gonna leave it there with you guys thinking very much for join.
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