My comments were aimed more at the global economy generally and specifically at the U.S. as per my earlier comments. My concern now is that the U.S. not focus too much on controlling their budget deficit, given the fact that their economy is gasping for air and they've had very little employment growth in the past year or so.
In terms of the buildup of cash levels at the corporations, I guess the one thing I would say is that's a bit of an unfortunate although understandable by-product of the financial crisis that we went through in 2008-2009, when cash was absolutely king and for all intents and purposes the financial markets had a virtual heart attack in the fall of 2008. In order to guard against that kind of extreme hunt for cash, we've seen, not just in Canada--this has really happened around the world--that corporations believe they have to build up these higher defence walls, and they believe they have to essentially keep more ready cash on hand. As I said, that's one of the unfortunate by-products of the financial crisis.
In terms of business investment, I would point out that it has been one of the stronger areas of the economy in the last year. We actually have seen quite a pick-up in capital spending in the last year.