Mr. Pat McArdle:

What happened ... they turned out we had a major crash for the reasons Dan McLaughlin outlined to you earlier, which are multiplicative and I won't go into them again. But I would say to you, we ... I predicted in '04, as I said earlier today, a 20% fall in house prices nominal, which is about 35% real a couple of years earlier. I told you earlier also what my definition of a "soft landing" was. It's a phrase I've grown to dislike as well by the way, but I used it a lot, unlike some of the others-----