I want to take this time to review Canada's recent economic performance and prospects and to hear your views as to how you see things evolving in the U.S. economy. Canada's recent economic performance In Canada, the economic weakness that we experienced was really concentrated in the third quarter of last year, particularly in September.
2  See Paul Calem, Francisco Covas, and Jason Wu (2011), “The Impact of a Liquidity Shock on Bank Lending: The Case of the 2007 Collapse of the Private-Label RMBS Market (PDF),” August 15; and Andrew Cohen (2011), “Rating Shopping in the CMBS Market (PDF),” September.