I think an irrational increase in stocks is actually a bit of a bubble. If you call a bubble when stocks go up by 62% in one year, we call reversion to the mean, which means that, eventually, it will come back down.
Likewise with housing, if anybody in the history of Canada could have foreseen that their houses would increase in value by 24% in one year, we would be building houses at a far faster pace than we are or ever have. That is an aberration. House prices should go up 2% to 3% per year. We're 10 times that at this point in time, because we flushed over half a trillion dollars into the Canadian economy.
If you want to talk about the savings rate, perhaps you're misallocating some of the money that's gone into the system, so that people who have the ability to save are actually saving. People without that ability don't have the wherewithal to get by.
Those are interesting things, but I'm going to ask you one question here, because you did talk about the export surge to $56.1 billion—the highest ever—in the third quarter. What else was the highest ever in the third quarter, Minister? It was the export of natural resources from Canada. That's something that your government seems to continue to want to restrain. Some acknowledgement of the importance of this export industry to Canada would be very pertinent at this point in time at this committee.