So the banks tossed out the laws of supply and demand and started setting mortgage rates to...bonds? So if people had lots of money saved up to buy houses the rates would still be low today? Pardon my skepticism.But whatever's going on, Canadian households are already more indebted than US households. I think our consumer economy is sustained by the higher level of social welfare spending, public-sector jobs, and other factors that harper, McGuinty, Ford and other clueless fucks are now about to hack and slash at.
The consequences of this mindless austerity are going to be catastrophic.