RE:I went to the mall and …. On one hand there are lots of people over 45 with lots of money, a small mortgage, making over 4% in their savings account finally who are shopping, dining out and travelling.
On the other hand there are lots of people between 20 and 35 that are poor and doomed.
Lowering rates in Canada won't help nearly as much as BoC thinks due to
1) negative amortizing mortgages (these homeowners are debt slaves now)
2) lowering overnight rates reduces a funding channel which encouraged older Canadians to spend.