Right, but given that the GDP was smaller and money really represents the underlying goods and services in the economy and we were producing fewer of those goods and services, and given that you already lent out your basic $250 billion for mortgages, where did the extra $200 billion come from? That's the mystery. It's not a mystery that you would have the normal funds that banks have in a given year from their deposits, but there's an extra $200 billion that seemed to appear and to lead to inflating housing prices.
On January 24th, 2022. See this statement in context.