He pointed out that Britain got out of the "slump" of 1931 in part by building more homes - with private housebuilding increasing from 130,000 homes in 1931 to more than 300,000 three years later.
He said these days there was an "unmet demand" for social housing and the government could do more to help housing associations get access to cheap credit by using government guarantees.
Also of significant interest was his return to an old theme:
Recovery requires a big expansion in social and private housebuilding", he said - and he decried the difficulty in giving aspiring homeowners access to mortgages. In the 1930s there were 1,000 building societies - their "destruction" was "a great act of economic vandalism".
It is the hope of many of us that as part of Banking reform the government will play its part in the creation of a thriving mutual financial sector. Ownership really does matter in this context. If all our financial institutions are PLC it is not good news. We need bodies whose first priority is to serve their members not to make the fastest , biggest buck.