It depends on what you're looking at.
I look at the debt situation from this perspective. We run a large current account deficit. What we do is that we have to provide funds, and we borrow funds within the economy, so it's not the asset side; it's the funds themselves and the investment flows.
Households don't really save. Corporations are no longer saving because the corporate profit backdrop is back. Governments are not saving because we're running deficits. We're borrowing a lot of money from international investors. When I think about the household debt situation, I'm saying, who is going to be providing those funds?
When I say the household sector is vulnerable, what I'm saying is that the household sector should now step up and start providing those funds. It still has the asset base in the backdrop, but it's the flow of funds on a quarterly basis, who provides them, and who borrows them. We now need to get another domestic source, and I think that has to be the households.