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Interesting to see that Canada's former finance minister (and prime minister) Paul Martin issuing a "stern warning" to U.S. policymakers; see here.

The similarity between the current U.S. slump and what happened to Canada in the 1990s is quite interesting, and I've written about it here: The Great Canadian Slump: Can it Happen in the U.S.?
 
I know that economists like Tiff Macklem and Pierre Fortin debated the issue some time in the mid 1990s, but I haven't really seen any work on the subject since then. If I recall correctly, I believe that Fortin was ascribing blame to the Bank of Canada, and possibly Paul Martin's "austerity" measures. Macklem (and coauthors) did not share the same view.

If you know of any more recent work that investigates the great Canadian slump, please pass it along.