Dr. Julien Mercille:

It is interesting. As the Chairman stated, it started deflating in 2007. It took the media quite a few months, even a year, before catching up with that. Of course, when the bubble burst, in 2009 and 2010, one could not really deny it. In those reports, in 2009, 2010, 2011 and after, they are not denying there is a bubble. They are saying, "The market crashed", or whatever.

The interesting part relative to the Chairman's question might be 2008, when it is deflating but people are still saying, "No, no, no, it is just temporary and it will rise back up". At one point, in 2012, in all that, of course-----