Mr. Speaker, the hon. member ought to look at the facts. If he would take a look at what happened to medium and long term interest rates following the last Bank of Canada increase of 25 basis points, he would find that long term rates went down virtually across the spectrum.
They went down because inflationary expectations went down. That is what really important. People invest on the basis of long term rates. Mortgage rates are at a record level. It is because of both the fiscal and monetary policies being pursued by the government and the Bank of Canada.