Mr. John Hurley:

Yes, well, that's true, but then you're making the definition "soft and gradual", but there are two other categories that are there. There's a soft and there's a gradual, and it seems to me that very many of the boom-busts ended up in gradual ... or, the over-valuations ended up in the gradual adjustment, and when you look at many of the views at the time, and, indeed, the contrarian views at the time that have been cited here, there was a view that that over-valuation would dissipate over a period of time, over a period of years. That was exactly the same view that we had of the over-valuation that might have been there in 2006, that we really expected with the action that was being taken that this would dissipate and be absorbed, with difficulty, over a period of time. But, of course, time was taken away.