Madam Speaker, I thank the hon. member for his speech masqueraded into the question. I do agree with him.
May I say to the hon. member that it was not entirely luck, with respect to financial services. That was a fairly long and extensive hearing process the Liberal caucus went through under the chairmanship, at that point, of the member for Spadina. We delved into quite a number of areas.
One of the other interesting areas was that we kept the capital ratios up, because there was a huge pressure on the government to reduce capital ratios so that more money could be put into the system to go after loans. Of course, that is putting good money into the more dubious loans because when there is more money in the capital spending account, all the managers have to get that money out. If they do not get that money out, then they do not get to use it. And so, those things end up being done.
I might say to my hon. colleague that the Liberal approach is, so to speak, a non-ideological approach. I supported, when we had surplus, aggressive tax-cutting regimes, both personal and corporate. I think we have to have a competitive tax regime. That is just reality. We do not live in some sort of isolated universe, free from the tax rates of New York or Michigan or California or whomever our other competitors might be. We have to be competitive with those with whom we trade.
Having said that, we certainly should not enter into ill-advised tax cuts when we are running a deficit of $60 billion. There is dumb, and then there is dumber. That is in the dumb, dumber, dumbest category, that we run tax cuts and destroy our revenue base just when we are trying to dig ourselves out of a deficit hole. I throw up my hands with respect to these folks because I do not really have much hope.