Cherniak is right Kenny did screw up but for none of the reasons he thinks. We suspect it is probably an indication that Cons are getting ready to announce massive capital gains cuts which will apply to all asset classes including trusts. Such would be sufficient to pump the froth back into the markets. The Cons are going to get to run in the next election as protectors of public purse and friendly free marketeers at the same time. If we are right, Kenney’s screw-up consists of letting the cat out of the bag. But then again it was already out of the bag.  It looks like the cover for the capital gains tax decrease is going to be productivity.