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Nick, you appear to believe that a sub-1% prime rate is desireable, rather than a sign that the economy is underperforming. When it has been at that level for years, it seems to me that the signal it sends is more in the nature of sirens and flashing red lights. The equanimity with which you view that fact is troubling. Beyond that, as one commenter noted, a sub-1% prime rate leaves the Bank of Canada with diminished capacity to respond to the next recession. Among the things that Mr. Harper can be rightly criticized for is requiring the Bank of Canada to shoulder most of the burden of assisting the economy recover from the 2008 crisis. Its low interest rate policy - it has no other weapon, after all - has fueled a housing bubble that can only end in tragedy.
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Oct 24, 2015