Ratio	2010	2009	2008	2010 Industry Average
Long-term debt	0.45	0.40	0.35	0.35
Inventory turnover	62.65	42.42	32.25	53.25
Depreciation/total assets	0.25	0.014	0.018	0.015
Days sales in receivables	113	98	94	130.25
Debt to equity	0.75	0.85	0.90	0.88
Profit margin	0.082	0.07	0.06	0.075
Total asset turnover	0.54	0.65	0.70	0.40
Quick ratio	1.028	1.03	1.029	1.031
Current ratio	1.33	1.21	1.15	1.25
Times interest earned	0.9	4.375	4.45	4.65
Equity multiplier	1.75	1.85	1.90	1.88

Referring to the given data, the CEO of WQY Inc. wrote, "2008 was a good year for the firm with respect to our ability to meet our short-term obligations. We had higher liquidity largely due to an increase in highly liquid current assets (cash, account receivables, and short-term marketable securities)."

Do you think the CEO is correct in making this statement? Explain your stand and use only the given data for your analysis.