Thank you, Mr. Chair.
And thank you for coming before us tonight.
I want to start with a little bit of context, if I could, just speaking a little bit about the global context. Of course, as we all know, there's a global economic downturn that's had a significant effect on the industry. But as we look at what commentators around the world from outside the country have said about Canada's system, we see Newsweek, for example, talking about the World Economic Forum ranking our banking system as the healthiest in the world, whereas the Americans, I think, are number 40. They actually noted in the same Newsweek article a couple of weeks ago, “If President Obama is looking for smart government, there is much he, and all of us, could learn from our...neighbour to the north.”
We have The Daily Telegraph in London, in the summer, saying, “If the rest of the world had comported itself with similar modesty and prudence, we might not be in this mess.”
We have The Economist saying, “...in a sinking world, Canada is something of a cork. ... The big worry is the fear that an American recession will drag Canada down with it.”
I think we're seeing what's happening in that regard right now.
The New York Times just recently noted:
There is no time to waste. Reconfiguring the American banking structure to look more like the Canadian model would help restore much-needed confidence in a beleaguered financial system. Why not emulate the best in the world, which happens to be right next door?
There is a lot of commentary in terms of that global context. I'd like your feedback on that in terms of your experience in the auto sector. Is the experience in the Canadian auto sector similar to that in other industries, where we're really, relative to other countries--particularly the United States--much stronger, but there's nothing we can do to avoid what's going on in the States and the impact it's having on our industry?