Well, the concern that I have.... Housing is great, and we have a number of housing experts on this panel who've been emphasizing how important it is, so it feels funny to be complaining about how much residential investment there has been, but the concern expressed in that column has to do with the fact that we are now investing more in housing than we are in every other type of business investment, as I said earlier.
It's the other types of business investment that are underpinning our income growth over time. It is quite literally the tools that workers need to do their jobs. Business investment, outside housing, has been quite low for a long time, and the capital stock per worker has been falling. That's a very unusual thing historically; it certainly doesn't seem consistent with rising living standards over the long haul.
One of the things we say—because you referenced the credit market—is that the CMHC's mortgage insurance could be more risk based. The taxpayer is backstopping way too much at the moment, and it would make sense for the CMHC to look again at that system and for the government to look again at that system. If I'm a potential lender and I have in front of me an entrepreneur and a potential mortgage borrower, there's a guarantee on one side and not on the other, and that does skew the credit market towards lending to mortgages rather than to businesses.