This is a ballyhooed quote/comment in today's Toronto Star. So let's discuss this:
- Canadian banks are not going bankrupt
- Canadian brokerages (RBC Capital Markets, Wood Gundy, etc) are solvent too AFAIK
- There was no sub-prime lending in Canada
- the housing market is cooling but still warm
- the real estate has only popped in the luxury home market

Now looking south, if the economy tanks there, then Canada has problems.

We export to the US big time. No housing, no need for lumber products. No consumer spending, no cars bought. The list goes on.

So Harper is correct that Bay Street is weathering well despite stock values dropping, BUT the bigger picture is if we can still live off trade with Asia and Europe if America tanks.

Harper will say anything to get power. "Correct" isn't an issue with him or his minions. Besides Cons are proven liars.

Fact is no-one knows what will happen and as long as he gets a majority, Harpo just plain doesn't care.

We don't have much control over what happens to the south of us, not sure what we can do to prepare our economy for the hit it will take.

Harper will say anything to get power. "Correct" isn't an issue with him or his minions. Besides Cons are proven liars.

Fact is no-one knows what will happen and as long as he gets a majority, Harpo just plain doesn't care.

Funny how politicians are ALL liars isn't it?

Remember Chretien promising to axe the GST?

And Martin saying he knew nothing of adscam?

Did you notice they didn't care either?

Does the fact they are Liberals make any difference?

Apparently it does to Liberal supporters. :rolleyes:

It's true. Our banks are in great shape.

True, the economy will slow.

There was no sub prime lending in Canada such as was seen in the US.

True, there will be some cooling in real estate. The housing market is such that you'll always see cycles.

True, the US is currently our biggest market and that's a problem. However, a bigger trade relationship with Europe is in the works. While past negotiations have failed I believe this time it may work. Both Canada and Europe want to distance themselves from the American teat. Despite rumours to the contrary, the current government has been working diligently to set up trade agreements with other trading blocks such as Scandinavia and South America.

The LAST thing Canada needs right now is to make it harder to do business here. In a global economy companies set up shop where it makes economic sense. Nothing will cause a company to fold up faster than extra taxes or excessive union demands.

Funny how politicians are ALL liars isn't it?

On this we agree. :D

Remember Chretien promising to axe the GST?

And Martin saying he knew nothing of adscam?

Did you notice they didn't care either?

Does the fact they are Liberals make any difference?

Apparently it does to Liberal supporters. :rolleyes:

For the record I am not a Liberal supporter. I am an 'equal opportunity' politico hater.

Funny how Cons forget about Lyin' Brian and his NAFTA flip, not to mention all the scandals in that Con administration.

Funny how politicians are ALL liars isn't it?

Remember Chretien promising to axe the GST?

And Martin saying he knew nothing of adscam?

Did you notice they didn't care either?

Does the fact they are Liberals make any difference?

Apparently it does to Liberal supporters. :rolleyes:

so does that make it all ok now that the cons are liars? So all we need to do is pull the 'liberal' card out and it erases any criticisms of the tories?

Funny how Cons forget about Lyin' Brian and his NAFTA flip, not to mention all the scandals in that Con administration.

I certainly did not forget. I campaigned against instituting the GST and did not vote Conservative over the issue.

So far Adagio is the only one that addressed my original topic, that the Canadian financial system is doing okay.

Personally I find this very scary.

-Harper is a politician.
-It is the middle of an election.
-His lips were moving.
-I also remember McCain telling us the US economy was fundamentally sound about three days before the Shrub announced that the sky was falling.

I find it humerous that Canada is technically not a "developed" or "1st" world country. Our standard of living says so but our dependence on both the US for exports and raw commodoties puts us well within the parametres for a "peripheral" country.

We are so wealthy because we have huge amounts of resources and so few people. If there were a couple hundred million of us here, we would be much much poorer then we are.

It is quite interesting to see if we will fall with the United States. If so I suppose all the neoliberals will have their ass' served to them on a platter by the Marxists.

Interesting are the veils that capitliams places on us.

Gary, Canada's stance. (http://www.bloomberg.com/apps/news?pid=20601087&sid=a3law7Slv8BA&refer=home)

.

So if Harper thinks there is no economic crisis, why did he demand that most of the TV debates focus on our economic crisis?

It couldn't be to take the focus away from other pressing issues, could it? Or to bore us into submission so we'll either vote for his lucky economic plan (essentially, the "fingers crossed" method, as he is a failed economist) or stay away from the polls since he's doing such a damn fine job?

Economic issues could easily distract from the billions he is handing corporations and multinationals, the damage he is doing to the environment, the gutting of education and health by way of reduced transfer payments to the provinces... but hey, our banks aren't failing yet, right!?

My thoughts exactly. It is naive to think that Harper's desire to have the economy dominate the debate is anything other than information control.

So if Harper thinks there is no economic crisis, why did he demand that most of the TV debates focus on our economic crisis?

You don't suppose he might be bright enough to figure out that the economy is the number one election issue on the minds of Canadians in recent polls, do you?

Well ahead of issues like the environment, the gutting of education and health by way of reduced transfer payments to the provinces. :rolleyes:

So if Harper thinks there is no economic crisis, why did he demand that most of the TV debates focus on our economic crisis?
You don't suppose he might be bright enough to figure out that the economy is the number one election issue on the minds of Canadians in recent polls, do you?

"Bright enough"? Ppfftttttt.... Unlikely. More likely: he doesn't know which way is up and is merely responding to his fawning, acolyte spin artists who change with the wind.... ;) Not that he actually cares what is in the minds of the electorate... :rolleyes:

Perhaps he should have applied this thinking to the meat industry :rolleyes:

`Far more preferable to properly regulate and manage the system then to have to step in later,'' Harper said. Stronger oversight in Canada means ``right now, we're avoiding having to go in and be the underwriter of private financial industries.''

Harper said one factor behind the U.S. crisis is ``over- deregulation'' and regulators that often are grasping to play ``catch-up'' with increasingly complex financial instruments. There is also an ``inherent bias'' in the U.S. tax code that gives homeowners incentive to take on too much debt, he said.

For a Chicago school ideologue this is the "I'll say anything to get elected" moment. :rolleyes:

In fact Canadian home owners are far more indebted in terms of shelter cost to income than the US but do not have the likes of medical bankruptcies to deal with.

It's naught to do with Harper that the deep hit has not yet occurred in Canada and very much to do with Harper that Ontario is not well positioned to deal with a hard hit. 30% of Toronto families being below the poverty line, most often due to shelter costs, is NOT something he should be proud of. It's a disgrace.

Norway managed oil wealth for ALL its citizens - Harper has not. Period.

His unregulated freemarket uber alle is a failed meme he is trying to distance himself from in the article.

Too bad he doesn't do it in real life and help Ontario transition as other nations help their manufacturing sector

He can't even get "fairness" in Federal programs applied for Ontario. :mad:

But if the oil patch whines - Harpo is quick with the soothing bottle of subsidies and tax incentives.

Lead attack dog for the lap puppies...

http://www.bloomberg.com/apps/data?pid=avimage&iid=ibRJROJQakgA

Norway again? MacDoc, you are becoming a bore. Ontario needs more money! Wahhhhhh! The cities need more money! Wahhhhhhhhhhhhh!

Norway managed oil wealth for ALL its citizens -

:yawn: :yawn:

But if the oil patch whines - Harpo is quick with the soothing bottle of subsidies and tax incentives. Lead attack dog for the lap puppies...


How convenient of you to forget that most of the oil sands expansions were developed under the Liberal's watch.

So if Harper thinks there is no economic crisis, why did he demand that most of the TV debates focus on our economic crisis?

Canadian Financial System is not facing crisis - No Wachovia, Washington Mutual, Fannie Mae, Freddy Mac, Lehman Brothers, Bears Stearns, Merrill Lynch, etc... type failures in Canada.

Seeing that Fortis and Bank of East Asia have gotten into trouble outside of the U.S., do you know that TD Bank is going bankrupt or something?

Some food for thought. Bob Rae is one of Dion's top economic advisors. If that does scare the bejezus out of you, it should.

For all the centrist Liberals out there....

This leadership under Dion is NOT what you've traditionally voted for. Martin, he's not. Many long time members are gritting their teeth right now. The Liberal Party really messed up electing Dion. They know it.

This election should have been a shoe in for them. If Martin was still in, I'd be voting for him. He would have the smarts to know abracadabra economics is NOT what the country needs right now. It will require a prudent steady hand to lead our country through the global economic quagmire.

Paul Martin was damn fine Blue Liberal. Chretien really f***ed the party.

This leadership under Dion is NOT what you've traditionally voted for. Martin, he's not. Many long time members are gritting their teeth right now. The Liberal Party really messed up electing Dion. They know it.

Unintentional pun of the day?

Unintentional pun of the day?
LOL!!! :D

l

My thoughts exactly. It is naive to think that Harper's desire to have the economy dominate the debate is anything other than information control.

Yeah, the Bogey Man hides around every corner. Him and Chicken Little. And the Tooth Fairy too.

Yeah, the Bogey Man hides around every corner. Him and Chicken Little. And the Tooth Fairy too.

Wait a minute, are you actually agreeing with someone who agreed with me? Or are you trying to be ironic? Do tell.

Yeah, the Bogey Man hides around every corner. Him and Chicken Little. And the Tooth Fairy too.

Yup and there's one born every minute... Have you ever been bothered to read your man Steve's CV or see how he has behaved as acting PM with regards to controlling information?

Blinders.

Yup and there's one born every minute... Have you ever been bothered to read your man Steve's CV or see how he has behaved as acting PM with regards to controlling information?

Blinders.

No, I didn't hear about that one...wait a minute....gasp!!! The information must have been controlled!

No, I didn't hear about that one...wait a minute....gasp!!! The information must have been controlled!

Good one!

My opinion is that Harper is too tight with the info. It hurts his image.

The premieres think there is more to be done than Harper's shrug.....seems that went out with Trudeau.... :rolleyes:

McGuinty, Charest slam federal leaders for ignoring economy

KAREN HOWLETT
Globe and Mail Update
October 2, 2008 at 5:24 PM EDT

NIAGARA-ON-THE-LAKE, Ont. — The premiers of Canada's two largest provinces accused leaders campaigning for the Oct. 14 federal election of not taking the economy seriously enough. But they said the “frightening events” in U.S. financial markets are bound to create a new sense of urgency about the challenges facing this country.

Ontario Premier Dalton McGuinty said the leaders are not taking issues confronting the economy in Central Canada, including thousands of jobs losses in its manufacturing heartland, seriously enough.

“Manufacturing is by any measure up against it,” Mr. McGuinty told reporters Thursday. “We need more support for our manufacturing base and I'd like to see more support in concrete terms offered by all the parties.”

Quebec Premier Jean Charest declined to respond when asked by reporters if the leaders have ignored the needs of his province during the campaign. But he noted that there are still nearly two weeks to go before election day.

Mr. McGuinty and Mr. Charest spoke to reporters in Niagara-On-The-Lake Thursday, where they spoke on a panel together at the annual Ontario Economic Summit. Both premiers said the financial crisis in the United States makes it all but inevitable that the economy will become a major issue in the election campaign because it is the one issue that will be on the minds of voters.

“Our situation is not at all the same,” Mr. Charest said, referring to Canadian financial institutions. “But also, we expect this campaign to continue to address the issues of the economy. It seems to me unavoidable. How could it be otherwise.”

Mr. McGuinty added that if “there is some benefit to the recent frightening events south of the border, it is that it will engender a new conversation in many Ontario and Quebec and Canadian homes that has to do with the severity of the challenges we face here as an economy. Hopefully, that will act to elevate the profile of the economy in the remaining days of the campaign.”

Mr. McGuinty and Mr. Charest began pressing Prime Minister Stephen Harper last January to help their provinces deal with the jobs that have vanished in their manufacturing sectors. But their pleas essentially fell on deaf ears.

Ontario has lost 235,000 manufacturing jobs since 2003 and there is more pain to come, economists say. Quebec has lost 117,000 manufacturing jobs over the same period.

“You can sit on your hands and preside over the continuing loss of manufacturing jobs or you can roll up your sleeves and work with the provinces to put in place the kinds of programs and the kinds of supports that allow our manufacturing sector to transition themselves to a point where they are employing people of higher skills,” said Mr. McGuinty, who has been careful to remain non-partisan during the campaign by not targeting his criticisms at any one political party.

During last night's French-language debate, Liberal Leader Stéphane Dion said he would welcome a meeting among the incoming Prime Minister and all the provincial and territorial premiers on the economy. Mr. McGuinty said he would welcome such a meeting.

“If any prime minister of any political stripe invited the premiers to come together and speak to economic issues within this context, I think we would all want to attend, for good reason,” Mr. MGguinty said. “We're at our best when we work together. We have different ideas, different strengths, different opportunities and coming together we could chart a stronger course for our economic future.”

Mr. Charest said he would expect the next federal government to work very closely with the provinces in addressing the economy.

globeandmail.com: McGuinty, Charest slam federal leaders for ignoring economy (http://www.theglobeandmail.com/servlet/story/RTGAM.20081002.welxnmcguinty1002/BNStory/politics/home)

Oh my eyes!

Can't we just have a couple of lines and the link?

2003, isn't that when McGuinty was elected, not Harper? If I were McGuinty I wouldn't be promoting that fact.

Oh my eyes!

Can't we just have a couple of lines and the link?

SINC: He'd have to read the articles himself, then.

You are making the assumption that Mulroney's gang of theives were actually "conservatives". Sure, they hijacked the PC Party (and destroyed it beyond all recognition), but never did they eschew any policies that could be remotely connected to any conservative ideologies. Basically they were Fiberals except in name, and less hatred of Trudeau than the actual Fiberal party.

2003, isn't that when McGuinty was elected, not Harper? If I were McGuinty I wouldn't be promoting that fact.
Yes... And companies started packing up the day Harris retired, then actually started shipping the equipment to Mexico the day McGuilty got into office. They knew that Ontario was closed for business - and that McGuilty's glad handers would be out in droves scamming business of their cash if they didn't flee.

Half the problem in Ontario is hatred in the guise of racism. If Ontario wanted success, then they would have to swallow the bitter pill and start pumping cash into successful businesses - those run by the Japanese and Koreans, and stop wasting cash on derelict old GM, Ford and Chrysler. We have that in this town, where the City basically refuses to sell land to anything even remotely Japanese or Korean, while seeming to be pleased at all of the collapsing buildings and empty industrial brownfields. Oh, they are also happy that the hospitals are closing their Emergency departments - so hopefully anyone that has a heart attack or gets a limb cut off can survive the trip to Joe Brant - where they will kill you more mercifully with feces and vomit coated equipment and rotten stale dated listeria meats from Maple Leaf...

Oh, they are also happy that the hospitals are closing their Emergency departments - so hopefully anyone that has a heart attack or gets a limb cut off can survive the trip to Joe Brant - where they will kill you more mercifully with feces and vomit coated equipment and rotten stale dated listeria meats from Maple Leaf...

To quote Brother Theodore: "At the bad hospitals they kill you. At the good ones they let you die."