Mr. Brian Patterson:

I ... I don't think it was as specific as that. I ... I think at that time my sense of it was that the economy was overheating and that this could have consequences. I ... I do recall, at one of the joint board meetings, when the financial stability report was being discussed - and it may have been later than 2004, just to be clear - I remember saying something like that we didn't really understand why the economy ... all the variables that were at work in why the economy was growing as strongly as it was and why the housing market was growing as ... as strongly as it was and that, therefore, some confluence of events, I remember using these words, some confluence of events, which we could not foresee, might actually turn the whole thing on its head.