The Intergenerational Implications of a Housing Boom

You gave a speech in November 1995, this was about nine months before you would become governor of the bank. And you made some interesting remarks about housing. Your attention I think kind of gradually turned to the housing market more and more over the course of your governorship. So this speech back in 1995 was intriguing because you spoke about the significant intergenerational implications of a housing boom. In other words, I think I said very bluntly, you're making yourself richer at the expense of your children.