Mr. John Hurley:

I think that, overall, on fiscal policy we thought it was too pro-cyclical. We also thought that the demands being created in the property sector in terms of the heat in the property sector was much too ... We were building too many houses and we thought that would adjust, but I got a very fair hearing from the Minister on every occasion, and I can ... I can ... I can remember very significant discussions where we were talking about the future path of interest rates, the effect of the future path of interest rates, would this in addition to the adjustment in relation to property taxes cool the market? And it was certainly my view at the time that the combination of the incentives, of the withdrawing of incentives, the fact that a fairly aggressive tightening cycle in interest rates was likely, although it was delayed-----