`Excess liquidity` simply means we were in the middle period where valuations increased, and debt levels hadn't yet caught up, so new credit was being issued fast, and money from loans was entering the system accelerating the cycle.
`Excess liquidity` simply means we were in the middle period where valuations increased, and debt levels hadn't yet caught up, so new credit was being issued fast, and money from loans was entering the system accelerating the cycle.