Madam Speaker, I enjoyed working with the hon. member at committee. He comes from a small business entrepreneurial background and brings some good common sense to committee. I have always found his interventions to be valuable.
On this particular intervention, yes, the government did reverse the decision it had made initially to extend 40-year mortgages with no down payment for the first time in Canadian history. In fact, I would ask the hon. member to speak with the finance minister and urge him to actually say the Conservatives were wrong when they pushed for and changed the rules to 40-year mortgages with zero down payment. The only thing that changed their mind was when the bottom fell out of the global banking system. That was the only thing that changed their mind. They were saying, “Giddy-up, let's go. Let's rock and roll. Let's join the global trend of deregulation. The Liberals wouldn't let us do it, but by gosh, let's get on that horse and ride off over the cliff”. Thank goodness, they did not have a lot of time before the global financial crisis to do more deregulation of that sort, but I am sure the hon. member will agree with me that it was the right decision to reverse their earlier bad decision.