Some would argue that, in the past, rules that were too lenient allowed that housing price to increase so dramatically. Can one make the argument—and I suppose I am making the argument—that perhaps loosening the rules further will only exacerbate the problem?
Mr. Flaherty was one to often comment on this, and in fact phoned banks at one point, suggesting that their rates were too loose and that it was encouraging a housing bubble in the market.