Mr. Tom O'Connell:

Well, I don't think that research would have been conclusive one way or the other, you know. You'll probably note from, you know, both Nyberg and Honohan and so on that you won't get anything terribly definitive. In fact, you may recollect going back to Greenspan ... Greenspan famously or infamously said "I can never know whether there's a bubble there or not but what I'll do is, I'll pick up the pieces after the bubble", you know, so that's not a very wise thing to do. But, not, the 35% estimate would have been an underestimate in my view.

And in the event it was, of course, it was very much an underestimate.