So you're seriously implying we don't have a real estate and debt bubble fueled by cheap and easy credit?
I'm not implying anything. I'm stating it as a fact.
Check out the RE thread on bubbles. You'll see I believe Toronto real estate is overvalued at the moment, so I sold my house rather than keep it when we moved overseas the first time. But that doesn't mean even Toronto has a 'bubble' that will lay waste when it pops.
As for 'debt bubble', not at all. Canada does not have a public debt problem, full stop. We're AAA rated, and the provinces are (mostly) in control of their finances as well. Private Canadian debt, in particular for those that have too much leverage on their mortgage, is problematic, but what we have are low interest rates, not particularly easy credit at this moment in time (although you could argue that was not the case 4-5 years ago when the government was backstopping the banks to keep them lending through the financial crisis.)
But mostly I was just laughing at your goofy thesis that Flaherty was leaving now, just as he's about to post a surplus, because of some hidden crisis, and that Carney 'ran away' by taking a bigger job with the central bank of a bigger economy with more debt, public and private. It made me LOL, so I thought I'd share.
