Thanks very much, Mr. Chair. I really appreciate the candour.
Mr. Dugan, I just want to leave an idea with you.
Forty cents of every dollar today already goes into real estate. We have a productivity problem in the country. If we want to drag more investment dollars into real estate, that's going to create some other challenges.
I would submit that we should be looking at the level of retail investment activity in the real estate market. If we want to stop that and want to release houses, forget about new construction for a second. Why do we still allow borrowed money for down payments? If we stopped that today, we would wipe out a ton of retail investment activity and release units, already built units, onto the market.