Mr. Speaker, to listen to the parliamentary secretary, one would think the national securities regulator would have stopped the whole meltdown of the economy last fall. He has basically said that all our Canadian competitors on the world stage have single securities regulators. Guess what? None of those single securities regulators in any of those other countries were able to do anything about the whole scandal involving the asset-backed commercial paper, or any other financial instruments that got us into all the trouble we are in right now.
Why does he think a Canadian securities regulator would be any smarter or any sharper than all the other regulators that missed this big elephant in the room last fall?