I think the pressure to invest has been there. We've had five years of the dollar going up, and each year it's been a problem. The higher it goes, the more pressure there is for companies to invest. At the same time, I think as both of the other witnesses pointed out, when it goes up extremely fast, you end up with a situation where the pressure to invest is extremely high but the ability to invest goes down because you're not making any money.
So I think it is a legitimate criticism to say that back when we had a 64ยข dollar, Canadian companies took it too easy. Too many companies took it easy. Those that did take it easy are paying a price for it today.
On the other hand, as Mr. Jarislowsky pointed out, companies like Canfor invested heavily. If you look at the relative productivity statistics, there are industries where Canada and Canadian industries have higher productivity than their American counterparts. So it's not a uniform picture on the productivity side. The fact is that when you look at the dollar, where it is today, when you look at how fast it's got there, you have to ask yourself, what's the most effective way to get through the crisis?