Mr. Michael Walsh:

I suppose, you know, I would take that at two different levels. First of all obviously, I look back and say, "Why didn't I see it?" I suspect everybody who is in authority in any of the economic bodies now looks back and says "Why didn't they see it?" But the practical reality is that nobody saw it at the time. I think when you look at the savings and loan - and I would be fully aware of the savings and loan's situation - the problem was absolutely, completely different. The context of the savings and loan was they were lending at long-term fixed rates and they had a complete mismatch in terms of their book between the assets and liabilities side.

If I look at the society, the society, as you say, had high growth rates, but it also had twice the capital of most of the other institutions.