First, let me say that your analysis of the situation is right on. You have all of the dynamics exactly where they belong. That is in fact the crisis we're facing at this point.
While there is a lot of press with regard to the strength and viability of our banking system in Canada lately, it's not a secret that the Canadian banking system, for the longest time, has been perceived as the most solid and financially stable banking system in the world. I think what we're seeing worldwide now has just reinforced that notion, and this is an opportunity for us to take some pride in that, obviously. However, the banks, in our view, also have a corporate responsibility during these very unusual, unprecedented economic times to come forward and help government and corporations and citizens work their way out of the downturn in the economy that we're living through right now.
This is an unprecedented situation. As I said, I have been through a number of recessions as a businessman. I have never seen anything quite like this. This is a time when our Canadian banks have been able to show what they are made of, but this is an opportunity for them to step up to the plate, as government is doing right now, and do their share in helping stimulate the economy and help us out of this. It is only with their help and their willingness to step forward that we will come out of this in a much shorter timeframe than other countries.
Banks are risk averse, and we're seeing that right now. I use as an example the government's initiative to buy $125 billion worth of mortgage commercial paper from them over the course of the last year, yet without our seeing that money trickle into the real economy. That's an example of where they need to be able to step up and say that if the government is going to take these mortgages off their balance sheets in exchange for cash, they then have an obligation to make that cash work for the economy.