Thank you, Mr. Chair.
Thank you for appearing here with us this afternoon. It's a very interesting conversation, and I'm very pleased that you are going to participate in something that's very important to us.
I'm curious, though. We had a little conversation just before we got started. I remember a little while ago we had the bankers here, and I suggested that one of the reasons Canadian banks have done so well is that we have a tradition of good Scottish banking. At the risk of getting into trouble for saying things like that, I come from a Dutch background, so I understand those things.
I'm thinking that maybe you could answer a question for me. When did this start? We've gotten into trouble—and I think it was in the seventies possibly. Something changed in our values and our value systems.
Gary, maybe you can just elaborate. When did we get to this idea that we could just borrow and borrow and borrow? We talk about individuals, but it's governments as well. When did that start to happen? When did that shift take place, in your estimation?