Steve Saretsky

It doesn't matter.

Okay, say four goes to six to eight very quickly.

But that's just it, though.

If the yield curve... No, but you're thinking about a normal economy.

We already got through some bad stuff.

If long-term rates, so 5, 10, 30-year, if you're in the 30-year market, if that just slingshots higher, all of these housing discussions, they're going to be reset.

Yeah, 100%.

Because the price of credit just went through the roof.

Well, there just won't be any mortgages issued.

It's just going to be blown up everywhere.

If that happens, though, and let's just say they're going to go pop, pop, pop, pop, pop around the world, but we know what the reaction is going to be.

And so the Central Bank of Canada, well, yeah, absolutely.

It's going to be QE all day long.

They have to bail out the banking sector, which is the credit sector, the mortgage world, and so forth.

But for that to happen, you get this really unpleasant experience first.

And again, like I'm listening to a normal, we're still thinking that it's a normal cycle we're in.

You're right, Keith.

That's a fair point.

You know, if this is not a 100% probability,

but it's not 10%, 20% either.