Mr. Speaker, if the member for Timmins—James Bay has a problem with his trousers, he should get his tailor to properly adjust the length of them. Maybe someone should tell him that the floods are over.
With respect to what he said, he perhaps was not listening to what I said earlier. It was our government that brought in legislation to change the provisions of the Investment Canada Act.
Maybe the member does not read the newspapers, but I certainly do and I think many colleagues in this House do. We have seen the recent spate of takeovers. Those takeovers are a result of a number of things. They are a result of the fact that there are many private equity players awash with cash. It is a fact that it is a global economy. I do not think that should say that we stand back. It is time for us to reassess our Investment Canada Act and the criteria that we use. There are many countries that have a public interest test or a national interest test. It is time that we began to look at that.
Regarding the member's question about the tax havens, in this House I think there is a lot of misinformation that is being promoted. The member for Timmins—James Bay perhaps does not fully understand business economics, but the reality is that those in the international shipping business have to base themselves offshore. They have to have a flag of convenience or they simply cannot compete.
It is the same with respect to the non-deductibility of interest. Even though we might argue in this House that it is not a very wise policy, the reality is that if Canadian companies want to bid on companies abroad, that is what they are up against. They are up against companies that can deduct interest for the acquisition of companies abroad. We need to get a little bit of reality into the discussion.