Areas of concern are more numerous. Most important, continuing deterioration of the financial health of U.S. automakers is a major risk to ad spending, already visible in the third quarter of 2005, and notwithstanding General Motors Corp.'s recent shift back to incentives.

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They have been in a startup mode for a very long time, and have been in a negative cash flow mode for a very long time. If the capital markets became less receptive, you could envision the music stopping and not enough chairs being there.

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