I don't understand what Bruce Schneier means by this quote. Several fully homomorphic encryption schemes have been proposed and implemented. "True" doesn't have

I don't understand what Bruce Schneier means by this quote. Several fully homomorphic encryption schemes have been proposed and implemented. "True" doesn't have a technical meaning in this context, so it's unclear what's he means by that phrase. Perhaps that he believes it will never be fast enough for general computations? Or perhaps he's referring to the fact that schemes don’t allow conditionals?