Thank you.
Welcome to the witnesses this afternoon.
Ms. Russell, I'd like to start with you. I hear you saying that there may be factors like supply and demand involved in the prices, but the deregulation of the market, specifically the Enron loophole, has led to dramatically greater speculation investment that wouldn't otherwise be there. We can all think of the dot-com investment and the sub-prime mortgages, which hurt a lot of average people, made a few people rich, and then created real havoc in the aftermath. You talked about how it drives up prices. You said it was a misallocation of investment that could leave a legacy far into the future.
Can you tell us what such a misallocation of investment could mean for Canada? What should we be trying to do to prevent that misallocation?