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Scotia Capital economist Holt is urging the government to help free up lending through a number of measures, including backstopping car leasing and possibly purchasing faltering non mortgage loans.

"The outlook for the global economy has deteriorated since the bank's December interest rate announcement, with the intensifying financial crisis spilling over into real economic activity," Tuesday's statement said.

The Bank of Canada slashed its key interest rate to the lowest level in history Tuesday, pronouncing the country has fallen into recession and needs help to recover.

Many economists see the central bank lowering its rate to 0.5 per cent as early as March 3.

Bank of Canada governor Mark Carney made clear that the economy needs all the help it can get.

"I think they are overly optimistic on the speed of the rebound," commented Scotia Capital economist Derek Holt.

The central bank cut the trend setting overnight rate by one half point to one per cent below the previous policy rate low of 1.12 per cent in 1958 while drastically revising downward its view of economic performance this year.

One problem Carney won't have to worry about for some time is inflation.

"Heightened uncertainty is undermining business and household confidence worldwide and further eroding domestic demand."

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Both the Toronto Stock Exchange and the Canadian dollar took it on the chin Tuesday, with the S composite index tumbling 336.55 points to 8,504.93 and the loonie losing 0.81 cent to 78.89 cents US.

But not all agree. "I don't think they go there until the Bank of Canada goes down to zero or near zero interest rate," said Douglas Porter, deputy chief economist with BMO Capital Markets.

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Although the chartered banks quickly followed Tuesday's rate cut, long term loans are widely perceived as relatively expensive and difficult to obtain.

´╗┐Bank of Canada cuts interest rate to lowest in history

Shortly after the central bank cut its rate, the big commercial banks reduced their Nike Air Max Thea Black And Pink

Economists do not view this as deflation an alarming condition that plagued Japan in the 1990s because it is not expected to be prolonged and is concentrated in energy costs.

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In Canada, "exports are down sharply and domestic demand is shrinking as a result of declines in real income, household wealth and consumer and business confidence."

As if to confirm this bleak assessment, Statistics Canada reported that manufacturing sales fell 6.4 per cent in November to the lowest level in four years.

with banks announcing reductions of as much as 1.1 percentage points on selected terms.

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Since December 2007, it has chopped the overnight rate by 3.5 percentage points, as well as injected $35 billion into money markets through asset swaps.

The decrease was in line with the expectations of economists, who have been calling for bold action by the central bank and the federal government in light of the quick and sharp downturn last fall that Nike Thea Tan Leather followed the disorder on global stock markets.

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While he had previously declared publicly that the economy is in recession, on Tuesday he reversed the bank's previous forecast of 0.6 per cent growth for 2009 into a 1.2 per cent retreat.

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With the one per cent target for the overnight rate, the Bank of Canada is nearing the end of its ability to affect interest rates by conventional means.

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In Tuesday's mortgage moves, the Royal Bank of Canada (TSX:RY) slashed its one , two and three year rates by 1.1 percentage point. Its five year posted rate drops 0.96 point to 5.79 per cent, and there is a five year closed special offer of 4.49 per cent.

It forecast that growth will bounce back to a rate of 3.8 per cent in 2010, thanks to aggressive actions of central bankers and governments to inject liquidity and stimulus.

The central bank now expects prices will actually tumble into negative territory for two quarters this year as the contrast between last summer's sky high gasoline prices and this year's much lower levels pushes the headline inflation rate down.

Next up is fiscal stimulus in the budget. Government officials have said Finance Minister Jim Flaherty plans as much as $30 billion equivalent to two per cent of gross domestic product in infrastructure spending and tax cuts.

The Bank of Canada's relatively rosy medium term outlook for the economy surprised many private sector economists.

But Carney said the key test remains the availability of credit, and the world economy won't recover until the financial system, rocked by scandal and reckless lending practices, stabilizes.

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Global Insight managing director Dale Orr added that the ball is now in the federal government's court, saying next Tuesday's budget should contain significant temporary stimulus.

Scotiabank (TSX:BNS) followed with generally less drastic cuts of 0.2 to 0.7 point, with its five year posted rate down 0.3 point to 6.45 per cent.

prime lending rates by the same amount. Prime, the benchmark for a wide variety of loans, now stands at three per cent.

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