Regular readers here will recall that I've been saying that Harper had already plunged the country into deficit and new debt since before the last election, back when Harper stated categorically that "we will not be running a deficit". The annual report reiterates what we've been saying here all along. (278 words) More …
Stretch your mind back to the fall of last year, the halcyon days of Election 2008. You may recall Stephen Harper on more than one occasion stating categorically that he would not engage in deficit financing nor take on new debt? [2] (455 words) More …
If one reads the latest news release from the Department of Finance one might conclude that Canada and Jimmy Flaherty are doing a good job. (473 words) More …
We've just completed an election which Stephen Harper promised we wouldn't have until 2009. Harper broke his own promise and his own law, merely to try to gain partisan advantage - something his own law was to prevent from happening in the future. (272 words) More …
Mr. Harper's degree in economics has often been touted as reason enough to entrust him with the leadership of our country during poor economic times. Its been my experience that few economists rise above the pack to see significant changes in business conditions or fundamental problems in the economic firmament. Everything I've seen from Mr. Harper tells me he's a middle of the road economist--nothing special there. Yet voters were willing to hand Harper the keys again without even having asked the pregnant question: Why are we entrusting the leadership of our country to an economist who presided over the ongoing economic decline? (925 words) More …
On Friday Conservative Finance Minister Jim Flaherty announced a $25 billion dollar plan to buy packages of mortgages off Canada's banks in exchange for cold hard cash. The nature of the bailout package has been misconstrued by both Flaherty and Harper. Amid the rhetoric lets not lose sight of what's really going on: Canadian banks are being given a huge gift by the Harper government that will further line their pockets and do nothing for yours or mine. (692 words) More …
George Soros, currently the 99th wealthiest person in the world, can teach any government a thing or two about economies and taxation policy. Certainly Mr. Harper would do well to listen. (629 words) More …
(Please pass this around broadly - copy and use as your own material or attribute to me as you please. Media are welcome to use this material with no restrictions whatsoever. All sources and an excel spreadsheet are provided at the end of this article as links and attachments) (1869 words) More …
The answer is going to be no, for persons with union or private pensions, retirement savings, businesses depending on credit and equity markets, dependence on the Canada Pension Plan, requiring a mortgage, needing insurance, buying a home, seeking shelter, requiring government investment in social programs... living... (132 words) More …
TSX Composite Index (325 words) More …
Harper today accused Liberal leader Stéphane Dion of "sitting on the sidelines, cheering on a recession". This is a serious charge. Not believable, but serious. (529 words) More …
Unlikely comrades Paulson, Bernanke, Bush (663 words) More …
Merrill Lynch Canada put out a summary report today (attached) entitled "The tipping point?" which warns the housing and credit market woes being experienced in the U.S. and United Kingdom are unlikely to fully pass by Canadian shores. (837 words) More …
For the past two and a half years Harper and Finance Minister Jimmy Flaherty have been crowing on about the strength of the Canadian economy, a feat they had virtually nothing to do with. Flaherty still insists the Canadian economy is strong. He is wrong about that. Was strong, is now weakening is far more accurate, but not very politically helpful to his case. (351 words) More …
This seems apropos to consider as world economies stumble, energy stocks dwindle, and politicians propose nothing of broad lasting value:
Hat tip: TheOilDrum.com
John Kenneth Galbraith was born in Ontario, experienced the Depression in Canada and, after completing his education in the United States, went on to advise five U.S. presidents and their administrations. Twice awarded that country’s highest civilian citation, the Presidential Medal of Honour, Galbraith is also an Officer of the Order of Canada. (557 words) More …
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