Yes, that's true. Actually, if you had invited both Glen and I to appear, you wouldn't have gone anywhere, because he's at the top of forecast pile and I'm at the bottom. So we would have just cancelled each other out, and you would have been right back where the parliamentary budgetary officer was.
There is a huge range of uncertainty. And yes, for some time we've been at the bottom of the pile of forecasters. And I must say it's been a good space to be in. In fact, we haven't been low enough; everybody, including us, until this point, has had to keep revising their forecasts down.
We're somewhat weaker than the consensus on the real side. Our biggest distinction has been on the price side, if you will, largely because of lower commodity prices. I'm not quite sure if everybody else has figured out how the low commodity prices feed into our export prices, which depress incomes in Canada. It's a particularly important variable. Government revenues don't depend only on real GDP. It has always amazed me when we talk about the economy solely through the prism of real GDP, which depends on nominal income. And so does the banking world. In fact, there has traditionally been an almost perfect relationship between changes in nominal GDP and bank lending, with about a six-month lag. And that six- month lag is exactly what Ted has talked about: your income first goes down, and you start by drawing on lines of credit, and then you weaken somewhat later—