Mr. Macklem, perhaps I am not understanding you clearly. You give me the impression that all of this happened by coincidence and through market forces, when we know very well that people borrowed thinking they could make easy profits. Banks fell into the trap of easy profits and acted as if they did not need to examine the content of the financial products, because it was not their responsibility.
Rating agencies issued securities. I witnessed a horrible situation: an agency gave a positive rating to this type of three-day loan, and after three days, the person who had bought the asset with the bank's approval lost $20 million out of the $25 million paid for the asset.
Do you think, as a result of the soul-searching which is happening today concerning the impacts of securitization, that various stages of the process will be tightened? I am not saying that this type of investment vehicle should be banned, but that there should be a significant tightening of the control mechanisms.
Do you acknowledge that this crisis has resulted from a laissez-faire attitude at many levels?