Mr. Speaker, he member for Peterborough also misled the House on other cases where he said the income trust sector is all recovered and is all there.
He should understand that the pricing of a security is based on the discounted value of its future yields and if people are going to be taxed at 31.5% on their future earnings starting five years hence, that is why the $25 billion was lost. That is not going to be recovered. It is a permanent impairment of the investment.
If the member wants to look at indices, he better be careful not to include the total indices. He has to back out a bit the impact of REITs, real estate investment trusts, which in fact are not taxed and have a significant impact on that.
He also has to take into account that there have been a very large number of income trusts that have in fact been bought out, are owned by foreigners, and are no longer reflected in the indices.
This member in his question made reference to people panicking. The fact of the matter is that people did panic--