Thanks, Chair.
Mr. Lee, thank you for being here.
The Prime Minister, the finance minister and the Bank of Canada all at one point said that interest rates would be low for a very long time. After that, we saw 40-year highs in inflation and the most aggressive interest rate hikes seen in Canadian history.
In a BNN Bloomberg interview during that time, you talked about how much unprecedented government spending was happening, and you predicted much of what we're seeing today with high interest rates of up to 5%. You said that it was government-engineered and that it would get to this point.
Can you expand a bit on what happened? I think a lot of mortgage holders today who are renewing at double or triple the rate or the ones who can't afford their mortgage want to know what happened.