In case (like me) you missed this report by Scott Pelley on 60 Minutes last month regarding the second wave of expected defaults on the way, it’s good to keep this in mind when considering some of the actions presently being contemplated by the U.S. government and others to bail out the global financial system.

This will have the likely effect of deepening and prolonging the recession south of the border, which naturally of course will drag down our economy along with it. This begs the question: where on earth is Bank of Canada governor Mark Carney getting his crazy rosy estimates of a relatively quick recovery from?