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Defensive Harper stands by economic plan

STEVEN CHASE

Globe and Mail Update

Latest comment posted at 10:53 PM EST 09/10/08

Conservative Leader says economic action was taken before the current crisis hit, and action is being taken now ...Read the full article

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  1. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: .

    Harper's capitalist fundamentalism is wrong for tough economic times.

    We've been down this road before with the heartless and ideological Conservative government of RB Bennett who devastated Canada with the same thinking Harper uses now.

    http://en.wikipedia.org/wiki/R_B_Bennett

    or

    http://tinyurl.com/3vqeey

    .
  2. a l from Toronto, Canada writes: Excuse me, Steve (oh, I mean, Noah), but it was Jean Chretien who made the difference by preventing big bank mergers in the 1990's.

    Remember the days when, in times of economic trouble, Canadians could look to Progressive Conservative governments to be the leaders? Oh, wait - this is Steve - and he said that Mulroney was over-rated.
  3. Hi there from Canada writes: So, he finally agrees to go on The National, but only in a one-on-one with Mansbridge. The guy is drowning and he still refuses to face the public's questions (which is the usual format for these TV appearances). He is the only one out of the lot who holds the Canadian people in such low regard. Shame on you, Harper.

    Harper is too risky in tough times.
  4. Not the Alliance from In my opinion, The Harper Gov't is totally Incompetent, but excel at whining that it's ALWAYS somebody else's fault., Canada, Canada writes: From the article: “Canada took actions that weatherproofed our banks before the storm,” Mr. Harper said.

    “It's one reason why our banks are safe and some other countries' banks are not.”

    WHAT actions did HARPER take to weatherproof our banks? The answer is NONE. Our banks are solid because there are fewer banks in Canada, so their lending practices could remain conservative. This had NOTHING to do with any current politician.

    Harper's sweating and panicking because people are beginning to clue into the fact that he's a lying bag of wind, leading an incompetent party. He made STUPID decisions like cutting the GST TWICE, when he did - vs Income or Corp tax cuts. Now he's got nothing. And how can he claim to be serious when he has Flaherty in Finance?
  5. paul gilliam from Gatineau, Canada writes:
    Every time the TSX posts another loss, cheers erupt in the Liberal war room. Without economic woes, they have nothing with which to scare voters into supporting them.
    Do we really want to reward a party that 'cheers for a recession' so it has something on which to hang its campaign?
  6. B M from Barrie, Canada writes: I am completely at a loss here. Everything Harper is saying makes perfect sense. It is sound financial advice. Tis is not the time to implement new taxes, it is not the time to be spending like a drunken sailor. Is what he's saying too complicated for the average Canadian or are they just so worked into a feeding frenzy that nobody's listening anymore. God help us if by some miracle Dion wins this election. We could have the Green Shift shoved down our throat before we ever realize what's happening. In reality, it will never pass and never happen. Dion will hold him meetings with his econiomists and find out that there is not a thing more the government can do to minimize the impact of this economic downturn short of putting more money into the U.S financial system or ging into adeficit through government funded job creation. In the mean time the market will stabilize and Dion with take credit for the fix.
  7. JC Kelan from Amherst, Canada writes: While Liberal supporters are quick to condemn the policies of Mr Harper, they are equally quick to praise Mr. Martin and Mr. Chretien.

    What they are missing is that all three are cut from the same fiscally prudent, cautious cloth: low inflation, debt repayment, tax cuts and prudent spending.

    It is Stephane Dion who is out of sync with these three. It is only Dion who would impose a CARBON TAX on the Canadian economy at the worst possible moment.

    Stephane Dion claims the legacy of Martin and Chretien as his own. His actions do not support this.

    Neither Paul Martin or Jean Chretien would ever support a Carbon Tax at this time.
  8. Not the Alliance from In my opinion, The Harper Gov't is totally Incompetent, but excel at whining that it's ALWAYS somebody else's fault., Canada, Canada writes: B M from Barrie, Canada writes: 'I am completely at a loss here. Everything Harper is saying makes perfect sense. It is sound financial advice. Tis is not the time to implement new taxes, it is not the time to be spending like a drunken sailor. '

    Clue in. Harper has ALREADY spent like a drunken sailor. And that was before the storm hit. Anymore spending and we're headed for a deficit. Harper has few options. Which is why he is panicking.
  9. B M from Barrie, Canada writes: Not the Alliance from In my opinion you ignorant , ignorant fool. What about the Canada Bank Act, the very document that protects you today form the economic turmoil facing many Americains and the model soon to be used by both the US and UK for their banking system. You should really try a little research before you post.
  10. Funny Fuzzy Bunny from Saskatoon, Canada writes: Why would anyone who wants a strong economy vote for the Conservatives? Every time they get into office, the economy goes into the toilet.

    1984 - 1993 conservatives in power, massive deficits, economy goes in the toilet
    1993 - 2006 liberals in power, budget gets balanced, economy steadily rises, debt gets paid down, good times even with low commodity prices
    2006 - 2008 conservatives in power, budget near deficit, economy going back into toilet even with high commodity prices, admittedly with help from Harper's idols down south

    Squeezing the people at the bottom and giving more money to people and companies who are already rich is bad for the economy.
    Our economic history in the 20th century shows this repeatedly.

    Marginally lower taxes also don't help if you aren't making any money.

    Harper has a steady hand all right, and the ship is headed straight for the rocks.
  11. B M from Barrie, Canada writes: Not the Alliance from In my opinion, once again, research before posting...... The spending done prior to the election was already in the budget, not new money. The Conservatives have projected a 3.7 billion surplus for this year with about 2.4 billion in new spending. The liberals have committed to 12 Billion in spending over each of the next 4 years and the NDP 7 billion over each of the next 4 years. You tell me who is more fiscally responsible.
  12. B M from Barrie, Canada writes: Funny Fuzzy Bunny from Saskatoon...once again, an uninformed post by an uninformed individual. Please explain to me how you came to understand that the current state of the economy is Harper's fault? I'm convinced that no amount of logic is going to get through to so may of you, your clearly on some form of Harper bashing mission for personal reasons.
  13. Elmo Harris from Niagara, Canada writes: Plan? What plan?
  14. C R from Canada writes: You know we are in trouble with the Harper economy when Harper starts talking about his mom.
  15. B M from Barrie, Canada writes: The beauty of the Canadian political system is this: Regardless of who wins the election, it will surely be a minority government. In order to implement any of the campaign promises made during the election the governing party will need opposition support to get it approved through the H of C. This is highly unlikely to happen with the Green Shift as none of the other leaders support it. No sane politician would ever support anything Layton has promised and Daisy May won't even be at the Show this time around. We are headed towards yet another dysfunctional minority government and have nobody to blame but ourselves.
  16. Not the Alliance from In my opinion, The Harper Gov't is totally Incompetent, but excel at whining that it's ALWAYS somebody else's fault., Canada, Canada writes: B M from Barrie, Canada writes: 'Not the Alliance from In my opinion you ignorant , ignorant fool. What about the Canada Bank Act, the very document that protects you today form the economic turmoil facing many Americains and the model soon to be used by both the US and UK for their banking system. You should really try a little research before you post. '

    Don't tell me..... you actually believe HARPER wrote the Bank act? Or any other current politician? BTW, are you familiar with the act? If not, then don't post as if you are, you ignorant fool. Why do you think there are fewer banks in Canada (per my first post?). Idiot.
  17. John Gzowski from Canada writes: Hey B M from Barrie.
    So you say ' Everything Harper is saying makes perfect sense. It is sound financial advice.'

    Does that mean you're going to go invest everything in the market today. Lots of opportunities there, as your dear leader is saying.
  18. JP M from Canada writes: ... still too little, still too late.

    ... amazing how Harper could move so quickly from blaming everything that ails Canada on the Liberals to taking credit for everything they did...

    ... a desperate ploy by a desperate man on the brink of tanking yet again...
  19. Rob Scott from Canada writes:

    Bwu-ha-ha-ha-haaaa...

    We all knew that Steve would melt down when the going got tough.

    Right-wingers: no imagination and even less leadership qualities...

    Hopefully the Reform Party will fall as far as third party status in the next HOC.

    :)
  20. T D from Canada writes: anybody notice the eerie similarity between Harper and 'Brownie' of Katrina fame.
  21. JP M from Canada writes: B M from Barrie, Canada writes: 'The beauty of the Canadian political system is this: Regardless of who wins the election, it will surely be a minority government. In order to implement any of the campaign promises made during the election the governing party will need opposition support to get it approved through the H of C.'

    I agree B M. Could you please get in touch with your illustrious leader and let him in on this. He seems to have had trouble over the past few years wrapping his head around this simple concept.....
  22. B M from Barrie, Canada writes: John Gzowski in the past 3 days I have contributed upwards of $5000 additional dollars to my RRSP, so yes, I will benefit from the market downturn. Thanks for asking.
  23. B M from Barrie, Canada writes: Actually JP M from Canada, with the support of the Liberals the Conservatives have done quite well over the past 2.5 years. Hopefully they will continue to support them aft the 14th.
  24. Vote for your NDP MP on October 14, 2008 federal election from Toronto, Canada writes: Harper cares more about short-term economic gain for the wealthy and elite. Just look at what his platform has. It contains nothing for anti-poverty measures. And his platform was probably written or plagerized from the Republican playbook.

    Is Canada going into a recession.
    Is our social programs going to be decimated from Harper's cuts?
    Is the gap between rich and poor going to widen even further.

    Stay tuned..... The answers to this and a lot more after Harper wins another mandate. Same con-channel, same con-time, same con-government.
  25. B M from Barrie, Canada writes: It is my feeling that regardless of the winner of the election we will have a minority government. A minority government that will be brought down at the first non-confidence vote in the H of C. I'd wager that we will be doing this again in less than a year.
  26. Hi there from Canada writes: Questions for Harper supporters:

    1) Is it true that Harper's/Flaherty's government has spent more than any other government in Canadian history, and that they frittered away the surplus that was there when they got into power?

    2) How do those who support Harper justify this? Vote-buying?

    3) When are we getting the numbers on Afghanistan?
  27. Not the Alliance from In my opinion, The Harper Gov't is totally Incompetent, but excel at whining that it's ALWAYS somebody else's fault., Canada, Canada writes: B M from Barrie, Canada writes: 'John Gzowski in the past 3 days I have contributed upwards of $5000 additional dollars to my RRSP, so yes, I will benefit from the market downturn. Thanks for asking. '

    Wow. A high roller. Question - why did you need to transfer cash to your RRSP to benefit from the market downturn? That kind of implies that you were fully invested, and needed to transfer cash in order to pick up stocks on the way down. Are you sure you NET benefitted from the downturn? LOL!!
  28. Haz Kaz from Canada writes: So out prime minister is becoming a stock advisor and giving tips to investors about rate cuts from the BOC.

    Sounds like an economic plan to me, except people don't have any money to buy stocks becuase they lost their jobs and can't get a loan.
  29. Blake Johnston from Vancouver, Canada writes: I love when people don't have a clue...the government and the economy...two totally different animals.

    And really, Canada is in fine form, relative to the US.. But put the fear into people's heads D'Yawn.
  30. C R from Canada writes: WHERE IS THE REPORT FOR THE BUDGET ON AFGHANISTAN WE WERE PROMISED? YOU KNOW, THE NUMBERS THEY SAID THEY WOULD RELEASE ON THE CURRENT COST OF THE AFGHANISTAN WAR? We were told we would get it. Our economy would like to know.
  31. Blake Johnston from Vancouver, Canada writes: Haz Kaz, who has lost their job? I don't see jobs losses? Good lord..keep drinking the Kool Aid mate.
  32. B M from Barrie, Canada writes: Hi there from Canada writes: Questions for Harper supporters: 1) Yes the Harper government has spent more. That is fact. Of the 12 billion surplus, 6 million was returned to Canadians in the form of a 2% GST cut. An Additional 3 Billion was spent to provide the Military with the tools and equipment to keep from getting killed in Afghanistan. There was also 4 billion spent on strengthening health care (41 Billion over 10 years) 2) Vote buying...no. Putting more money in the pockets of Canadians, equipping the military with the equipment that should have been provided during the 13 year Liberal reigh and improving health care, absolutely. 3) Friday, according to the CBC,
  33. Hi there from Canada writes: lake Johnston from Vancouver, Canada writes: I love when people don't have a clue...the government and the economy...two totally different animals.

    And really, Canada is in fine form, relative to the US.. But put the fear into people's heads D'Yawn.
    -------------

    Sounds like me you're too well off to have to feel any fear, am I right?
  34. B M from Barrie, Canada writes: C R from Canada the report is to be released Friday according to the CBC.
  35. Hi there from Canada writes: B M from Barrie, Canada writes: Hi there from Canada writes: Questions for Harper supporters: 1) Yes the Harper government has spent more. That is fact. Of the 12 billion surplus, 6 million was returned to Canadians in the form of a 2% GST cut. An Additional 3 Billion was spent to provide the Military with the tools and equipment to keep from getting killed in Afghanistan. There was also 4 billion spent on strengthening health care (41 Billion over 10 years) 2) Vote buying...no. Putting more money in the pockets of Canadians, equipping the military with the equipment that should have been provided during the 13 year Liberal reigh and improving health care, absolutely. 3) Friday, according to the CBC,
    ------------------ All that money he put into quebec wasn't vote-buying?
    We sure could use that cushion now, though couldn't we? Guess Harper hadn't hear the rumours about what was going on in the U.S. . . Complete surprise to him???
  36. Ken Walter from Canada writes: What action has Harper taken? The banking industry has remaind strong because of the refusal by Paul Martin to change the banking rules. Not as Harper points out his 'NEW' govenment did it.
  37. B M from Barrie, Canada writes: Haz Kaz you are as completely out of touch as Dion. Check the stats my boy, Canada has created more jobs that have been lost. The majority of jobs lost were in the Automotive sector, an industry severly impacted by the high price of oil and people's awareness of their impact on the enviroment. Both Toyota and Honda have had great years. It only the Big 3 that have suffered becasue they continue to build cars and trucks that few people want/need. The closure of plants in Ontario was done to protect jobs in their own countries.
  38. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: B M from Barrie, Canada writes: I am completely at a loss here. Everything Harper is saying makes perfect sense.

    ------------------------

    To you.
  39. Shawn Bull from Canada writes: Not the Alliance writes: WHAT actions did HARPER take to weatherproof our banks? The answer is NONE.
    -------------------------
    Sorry but I am going to drop facts and stuff on you.

    In August of 2007 the Conservative government became aware of the sub prime crisis. Harper went on TV a year ago and told Canadians that we are going to enter some rough economic waters.

    During this time the Conservative government introduced C100 to allow the Bank of Canada to intercede into the banking market to provide lioquidity (which it did two days ago). It also forced canadian banks to secure their levels of capitalization in which they did.

    They also protected the real estate market by removing 0% down, 40 year mortgages and increased insurance protections. Because of these movese our banks are not failing. We are not using tax payers money to bail out our system.

    I agree that HArper did not panic asnd create plans over the past 2 days. Instead he started over a year ago.

    I'll take slow, steady and well planned over the Liberals carbon tax and change to the tax system.

    Sorry for using facts to support my argument against you.
  40. Blake Johnston from Vancouver, Canada writes: Hi there from Canada writes: lake Johnston from Vancouver, Canada writes: I love when people don't have a clue...the government and the economy...two totally different animals.

    And really, Canada is in fine form, relative to the US.. But put the fear into people's heads D'Yawn.
    -------------

    Sounds like me you're too well off to have to feel any fear, am I right?
    ---------------------------

    Not at all...far from it...in fact still paying off student debt. But I do have a finance degree and I know that the economy is going to crash with or without the government's help.

    The Canadian economy is slowing, but before it was hot. That's life. To think we're in the position of the US is ridiculous. And really that all the Liberals are hanging on to at this point...and I guess it's working. But at the end of the day, do I want some pie in the sky guy who's just gonna pile on more taxes or a Conservative government that knows finances...I'll take the latter.

    Anyone that votes for Dyawn is plain out to lunch...at least vote NDP for a leader (i don't like Layton, but i can see his appeal). Dyawn comes off like my grade 11 Math teacher, who's just waiting to increase your taxes and put on his carbon tax.
  41. Haz Kaz from Canada writes: To Blake from Vancouver: I bet the rain must have made you dizzy man.

    Come to Ontario and see how many people lost their job while our prime minster is concerned about stock picks and the TSX.
  42. mike sty - from Canada writes:
    You heard if first........Harper stands by economic plan

    Harper/CONservative Economic Policy 'Don't worry be happy'

    TSX down 35% under Harper dictatorship..........

    and Harper stands by

    Dump the dork
  43. Not the Alliance from In my opinion, The Harper Gov't is totally Incompetent, but excel at whining that it's ALWAYS somebody else's fault., Canada, Canada writes: Ken Walter from Canada writes: 'What action has Harper taken? The banking industry has remaind strong because of the refusal by Paul Martin to change the banking rules. Not as Harper points out his 'NEW' govenment did it. '

    EXACTLY. Yet, Harper still benefits from lying to the ignorant (eg - BM from Barrie) who apparently believe that Harper introduced the Bank Act.
  44. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: JC Kelan from Amherst, Canada writes: While Liberal supporters are quick to condemn the policies of Mr Harper, they are equally quick to praise Mr. Martin and Mr. Chretien.

    What they are missing is that all three are cut from the same fiscally prudent, cautious cloth: low inflation, debt repayment, tax cuts and prudent spending.

    ==============================

    That is categorically not true in regard to Harper. He is NOT fiscally prudent. His government has spent more per day on polling and advertising even than Mulroney. He extended the extremely costly Afghanistan deployment. And in tandem, he has cut revenues to the point where we have no buffer.

    Harper is like the American neo-conservatives -- wants the reputation of fiscal prudence, but just never walks the walk.
  45. Derek Holtom from Swan River, Canada writes: Not the Alliance from In my opinion, The Harper Gov't is totally Incompetent, but excel at whining that it's ALWAYS somebody else's fault., Canada, Canada writes: B M from Barrie, Canada writes: 'I am completely at a loss here. Everything Harper is saying makes perfect sense. It is sound financial advice. Tis is not the time to implement new taxes, it is not the time to be spending like a drunken sailor. '

    Clue in. Harper has ALREADY spent like a drunken sailor. And that was before the storm hit. Anymore spending and we're headed for a deficit. Harper has few options. Which is why he is panicking.
    ----
    Wait... you say any more spending and we're headed for a deficit? And you're cheering for the Libs or NDP?
    The opposition is driving a lot of fear in this country right now for partisan reasons. It's good politics. But the end result has many worried.
  46. B M from Barrie, Canada writes: Hi there from Canada: Once again, what is happening in the US is not going to happen in Canada. Our mortgages and savings are insured, and our banking system is sufficiently capitalized to ensure lending continues. The decline in the stock market is global, not just in Canada and is not controlled or influenced by any government, Harper or otherwise. The U.S 700 billion buyout just proved that no amout of money pumped by any government into the stock market will ahve the desired effect. The value of stocks rise because people buy them. When governments buy them, theres no sense of increase in value. The current nationalized CAnadian bankings system is such a stable system that both the U.S and UK are moving in that direction. There was an article today about the U.K government doing just that.
  47. Bobby Dy from Canada writes: The only reason why our banks our safe and others are not is because we have not been governed by conservatives much over the past 100 years. If we had been, we would have had the same deregulation and opportunistic greed-driven approaches to bank management that has made the other countries vulnerable. So, for Harper to take credit based on very modest actions of his government while entertaining further deregulation is disingenuous and one of the reasons why Canadians aren't buying his strong fiscal management rhetoric.
  48. Blake Johnston from Vancouver, Canada writes: Haz Kaz, Ontario has lost those jobs over the auto sector...why? Because they make cars nobody wants and they're getting $40 an hour to build them. It's pretty simple why they're out of work and it has nothing to do with the current economic fiasco. But think otherwise, sounds like you're just another Liberal sheep.
  49. Bobby Dy from Canada writes: Derek Holtom, with over $400 billion in spending commitments for the military over the next 20 years AND operating budget increases at or below the rate of inflation (i.e., they won't be able to operate the new equipment that they purchase), there is ample room in the already budgeted dollars of the CPC to implement significant program spending but spend it on things that will more directly benefit Canadians.
  50. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: B M from Barrie, Canada writes: .... We are headed towards yet another dysfunctional minority government and have nobody to blame but ourselves.

    =============================

    OURSELVES???

    HA!

    I don't recall anyone other than Harper and his clatch of mouth-breathers thinking this election was either necessary or appropriate.

    .
  51. B M from Barrie, Canada writes: Not the Alliance from In my opinion; I never claimed that Harper introduced the Canada Bank Act. It was introduced in 1871 (pretty sure Harper wasn't around back then) and revised several times over the years by several governments. In 2005 it was revised by the Conservatives to enhance the interests of consumers, increase regulatory efficiency, and adapt to new developments. (ahem!...new developments you say!!!) According to the World Economic Forum’s 2007-2008 Global Competitiveness Report, Canada is ranked second (behind Switzerland) in terms of 'soundness of banks' You know Switzerland don't you, that where all the big money goes. Just the facts ma'm, just the facts.
  52. C R from Canada writes: So how does a Canadian buy stocks as Harper suggests if they are in fear of losing their home or are worried of being able to afford heating and high food prices for the winter? It's really a tough thing for many Canadians who love their moms and seeing their moms retirement go into the toilet with a Prime Minster who is totally disconnected. Oh, and by the way... WHERE ARE THE NUMBERS AS TO COST OF THE AFGHAN MISSION? We were told we would get them. Our economy would like to know.
  53. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: B M from Barrie, Canada writes: John Gzowski in the past 3 days I have contributed upwards of $5000 additional dollars to my RRSP, so yes, I will benefit from the market downturn. Thanks for asking.

    =================

    Oh really?

    In the past 3 days I've doubled my trading budget by playing options on the short side of this market. If your $5000 was put in stocks on the long side, you've got a three day hole of about 4% to make up.
  54. B M from Barrie, Canada writes: Not the Alliance from In my opinion please read Shawn Bull's post above on the changes to the Canada Bank Act by the Harper Government. It's written very slowly because I know you don't read so good. Hopefully you'll be able to understand it.
  55. B M from Barrie, Canada writes: Cadillac Rancher not a problem. I'm in it for the long term.
  56. Not the Alliance from In my opinion, The Harper Gov't is totally Incompetent, but excel at whining that it's ALWAYS somebody else's fault., Canada, Canada writes: Shawn Bull and B M - both of you need to check your 'facts' or at least your interpretation of the 'facts'.

    Shawn - the Bank of Canada has ALWAYS been able to add liquidity to the market through it's open market operations. That's the main purpose and mechanism of how the Bank influences interest rates. Are you sure about C-100 being a factor in the recent intervention? C-100 was originally introduced in the '90's by the way.

    B M - once again, NO current politician has made any changes to the Bank act that justifies taking ANY credit for the fact that our banks ARE sound. That includes Harper.
  57. B M from Barrie, Canada writes: Uh Oh, the markets are on their way back up. What's that going to do to the Liberal and NDP strategies. I'm sure they'll find some way to take credit for it.
  58. Mark S Noel from Canada writes: Dion tells us that Harper is out of touch with Canadians, but he wants to raise our taxes. Who is really out of touch? If you don't want to lose your job and your home vote Conservative.

    Dion's economy policies will destroy our fragile economy. His plan for dealing with the economic situation, do nothing, hold a few meetings and wait for the thing to blow over. Oh, and bring in huge tax increases to pay for his social programs.
  59. B M from Barrie, Canada writes: Fine, Not the Alliance, split hairs. In February 2005, the Department of Finance, 'under finance minister Flaherty', legislation was tabled in Parliament to enhance the interests of consumers, increase regulatory efficiency, and adapt to new developments. Agreed, I'd have to spend some time reviewing te entire Bank Act to identify the specific changes made in 2005.
  60. Not the Alliance from In my opinion, The Harper Gov't is totally Incompetent, but excel at whining that it's ALWAYS somebody else's fault., Canada, Canada writes: B M from Barrie, Canada writes: Hi there from Canada: 'Once again, what is happening in the US is not going to happen in Canada. Our mortgages and savings are insured, and our banking system is sufficiently capitalized to ensure lending continues. The decline in the stock market is global, not just in Canada and is not controlled or influenced by any government, Harper or otherwise. The U.S 700 billion buyout just proved that no amout of money pumped by any government into the stock market will ahve the desired effect. The value of stocks rise because people buy them. When governments buy them, theres no sense of increase in value. The current nationalized CAnadian bankings system is such a stable system that both the U.S and UK are moving in that direction. There was an article today about the U.K government doing just that. ' ------------------- B M - I read your posts and I have to shake my head. Are you REALLY investing on your own? If so, I would highly recommend that you get a good advisor. The US $700 bln is NOT an investment in 'Stocks'. It is a similar vehicle to what was set up during the S&L crisis. The $700 bln facility is to buy the distressed securities (packaged mortgages) so that there is a floor and some stability in that market. Again - it is NOT flowing into the stock market. Additionally, if you're interested, the $700 bln will not be lost money - because the securities being bought will have some net value. The debate in the States was prolonged because of similar ignorance to yours.
  61. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: Shawn Bull from Canada writes: ... In August of 2007 ... During this time the Conservative government introduced C100 to allow the Bank of Canada to intercede ...

    ===============================

    HAHAHAHA!

    Like other Cons, you are having trouble with facts and figures.

    There was NO bill at all numbered C100 introduced during Harper's government.

    http://www2.parl.gc.ca/HouseBills/billsgovernment.aspx?Parl=39&Ses=1&Language=E&Mode=1
  62. Not the Alliance from In my opinion, The Harper Gov't is totally Incompetent, but excel at whining that it's ALWAYS somebody else's fault., Canada, Canada writes: B M from Barrie, Canada writes: 'Fine, Not the Alliance, split hairs. In February 2005, the Department of Finance, 'under finance minister Flaherty', legislation was tabled in Parliament to enhance the interests of consumers, increase regulatory efficiency, and adapt to new developments. Agreed, I'd have to spend some time reviewing te entire Bank Act to identify the specific changes made in 2005. '

    2005? Not that it matters. The changes had no bearing on bank stability. NONE. Believe what you want. Reading your posts though, I wouldn't suggest that you count on Freedom 55....
  63. B M from Barrie, Canada writes: Short of giving money to the Americains to prop up their banking system, I'm not sure what Dion thinks should be done. Creating tons of government jobs at taxpayers expense isn't going to solve anything. Imposing a new tax on everything is jut going to make things worse. Anybody know what Dions says we should do about the economy?
  64. C R from Canada writes: Don't worry folks, Harper has a mom and she has a son who is the Prime Minister. So she should do quite well regardless if regular Canadians lose their jobs, or everyone else's mom can't retire now because their retirement is in the toilet. That said, Harper's mom should be all right.
  65. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: Derek Holtom from Swan River, Canada writes: ...Wait... you say any more spending and we're headed for a deficit? And you're cheering for the Libs or NDP?

    ----------------------------------------

    The Liberals are the party that corrected the deficit last time, and are the party proposing to return to having a multi-billion dollar contingency fund.

    The problem you Conjobbers have is that the truth is your party doesn't live up to its supposed image, while the other party actually really does.

    .
  66. Alberta Dennis Notso,redneck from Canada writes: The only thing really wrong with harper was during the debates. He should have backhanded LAYTON FOR BEING RUDE.
  67. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: B M writes: ... I'm not sure what Dion thinks should be done. Creating tons of government jobs at taxpayers expense isn't going to solve anything.

    =======

    Look here, BM, read a little bit of Economics 101 before you come around here blathering and wasting our time.

    Government spending has a similar effect to Central Bank rate cuts -- it injects money into the economy. Adding money to the economy is the usual response to slow-downs and recessions.

    Right now, there's not much more money the central banks can put in, and at this time the banks are not circulating it to businesses that need it.

    On the other hand, government can put money into the economy by paying for USEFUL things like investing maintaining and improving infrastructure (which will in due course improve productivity).

    Pardon me for saying so, but your post is EXACTLY the kind of counter-productive ideological mistake I would expect from Harper, and that we cannot afford during tough times.
  68. Geoffrey May from Canada writes: Harper has chosen to ignore the advice issued by economists in favor of a carbon tax, and the leading scientists urging action on climate change.
    Is being that disconnected from reality considered a strength among his supporters ?
  69. The Sentinel from Canada writes: Straight from the horse's mouth:

    Mr. Chrétien, who faced considerable Bay Street backlash for his stance on the banks, now credits his government's policy with helping to ward off the financial meltdown currently gripping much of the G8.

    “While everybody's in turmoil, Canada is not in turmoil,&8221; Mr. Chrétien explained in a brief interview.

    Even Jean is telling people not to panic.
  70. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: Mark S Noel from Canada writes: ... Dion's economy policies will destroy our fragile economy. His plan for dealing with the economic situation, do nothing, hold a few meetings and wait for the thing to blow over. Oh, and bring in huge tax increases to pay for his social programs.

    ===========================

    Personally I find it very telling that whenever the Cons complain about Dion's plans it is always necessary for them to lie about them and misrepresent then. They never seem able to find something to criticize about the true plan -- they can only target the false versions of them that they present.

    Dion's 30 day plan included meetings, yes. Meetings are necessary if your objective is to achieve coordinated action. Of course this concept would be a complete mystery to anyone who thinks like Harper.
  71. active reader from canada, Canada writes: HUGE turnout today of artists and their supporters today outside the cbc in toronto. thousands of people. never seen people come together like this....the distaste for harper is palpable in the nation. the masses are rising. and it is wonderful to see.
  72. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: Alberta Dennis Notso,redneck from Canada writes: The only thing really wrong with harper was during the debates. He should have backhanded LAYTON FOR BEING RUDE.

    =================================

    Great, now the domestic abuse demographic is chiming in.

    Frankly, I think voters whose car and homes have been vandalized have had a belly-full of Conservative election violence already.
  73. C R from Canada writes: SO WHERE IS THE REPORT FOR THE BUDGET ON AFGHANISTAN WE WERE PROMISED? THE REPORT THEY SAID THEY WOULD RELEASE ON THE CURRENT COST OF THE AFGHANISTAN WAR? How do we know if Harper is a good financial manager of our country if he keeps the numbers from us? Our economy would like to know.
  74. CG fr Toronto from Canada writes: Harper cares about Himself only - he is a One-Man-Team

    His 'Big Propaganda Lie' Campaign has failed

    'Margaret Atwood said 'Every budding dictatorship begins by muzzling...'

    His dysfunctional ministers and candidates were told to avoid talking in debates-TV-Radio...

    Harper only talks in a carefully controlled and scripted environment

    Harper is good at spending lots of money

    Lying...Attacking...Blaming others... Bullying...Hiding....Avoiding...Muzzling

    ...wearing make-up and having 22 pages of Himself in his plan!

    Harper is good at making BAD Decisions and calling an election during an

    economic downturn - greedy Harper wanted a majority and Power

    He will go down in history as the worst PM ever

    Hopefully, Canadians will be able to proud of their country again!
  75. garry heaps from Canada writes: i agree with CR's post.

    it is important for canadian's to have the cost of the war thus far, as well as the projected costs, otherwise the dollar figure will arrive after the election like a visa bill in january and totally overwhelm us.
  76. Rick Brontus from Edmonton, Canada writes: Until the Australian PM has anything 'original' to say on matters of the world economy, Harper will stay silent...
  77. just tom from Toronto, Canada writes: Shawn /BM I am a little slow sometimes who was it that introduced the 0% 40 year mortgage (as I assume our answer to the U.S. subprime). 2005 who was in power then??
  78. Proud Canadian from Canada writes: Send Harpo back to Kananaskis soon. Let him sit by in his teflon suit with the wool sweater on it to keep him warm in his easy chair and his 1990's vintage TV set.
  79. Frangesco Bernard from Windsor, Canada writes: BM. I wonder what it stands for!! You call other people ignorant. Did you look in the mirror lately? I think you should call yourself ignorant, but of course instead of ignorant you should call yourself STUPID. I put it in capital letters `cause I don`t want you to miss it. You`re European aren`t you? But anyway, you know nothing about Economy, so why post here! I don`t want to say anymore right now.
  80. Paul MacEachern from NS, writes: I see not many people here with degrees in economics or business. LOL Actually if we had mergers it would have had no effect on how well our banks are capitalized. In reality if we had bigger banks it would have resulted in big gains in employment in the financial industry. The net result from mergers would be a financial system and banking system that would be stronger than they are now.
  81. F. Lin from Canada writes: I look at my portfolio and see a drop of 30% in just the last week.. I have a pretty diversified portfolio consisting of 'low risk' investments in major Canadian companies, including the Banks. I had more diversification before but some of those companies were sold to foreign companies under the Conservative watch. To be labeled as high-risk 'gambler' because I support Canadian companies is rather insulting. Should we not support Canadian companies by not investing in them? It really shows Harper is out of touch with 'ordinary Canadians'..
  82. G H from Megacity, Canada writes: B M from Barrie, Canada writes .... Minority governments have been very very sucessful in Canada and many other countries in the world. The only reason ours is dysfunctional is because the Reform Party and their leader make it that way. In a minority you have to play nice with others, listen to their ideas, and find a compromise that is in the best interests of the people who pay your salaries. That would be a new concept to Steven Manning ... so before you dride the process, please at least stop and consider all the great accomplishments over the years. The current PM must learn to work with and for us.
  83. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: Paul MacEachern from NS, writes: I see not many people here with degrees in economics or business. ... In reality if we had bigger banks it would have resulted in big gains in employment in the financial industry.

    =====================

    What bupkiss! I've got a graduate degree in business with a specialty in economics and if you're claiming to have an education in economics while spouting such drivel, I can only assume you're employed by the Fraser Instipuke.
  84. B. Goode from Canada writes: I wonder if Harper will suspend his campaign and rush back to Ottawa to deal with the economy.
    Even Harper's mother doesn't have confidence in him. I'll bet she's sorry she knitted that sweater.
  85. Joe Citizen from Everytown, Canada writes: HARPER ..... HAS DIVIDED COUNTRY AND POORLY MANAGED ECONOMY STEPHEN HARPER ...... not up to the JOB Change in Productivity While in Office Diefendaker 9.7% Pearson 18.6% Trudeau(1) 30.4% Clark 0.4% Trudeau(2) 11.8% Mulroney 6.4% Chretien 18.3% Martin 4.1% Harper -0.6% Source: CCPA calculations from Statistics Canada quarterly data
  86. Cadillac Rancher from VOTE STRATEGICALLY to Keep Cons OUT - www.voteforenvironment.ca, writes: .

    Meanwhile, look for the Cons to proclaim every uptick in the sinking stock market is a signal of their triumph.

    .
  87. billy weathers from toronto, Canada writes: yea i guess we now see the true colours here of mr harper
    geez is someone was hurt would harper come by and help
    peolpe are hurting here they are worried why this is where a leader
    is supposed to stay the course /where on noahs ark
    my god we need to hear things from the conservatives that they care
    the truth is yes for certain people
    the rest can find their own life boat
    the reformer harper just doesnt have a heart
    wonder what would happen
    if the ship was sinking what he would say.
    probably not much
    stay the course/ sound familar to you
  88. Yogie Bear from The Forest, Canada writes: Harper told Peter Mansbridge that he has never called parliament 'dysfunctional'
  89. prospector from blackfly country from Canada writes: So I wonder who will be Prime Minister of Canada for the next four years.

    If it is S. Harper, will S. Dion sit on his hands again for every vote, because they certainly won't be able to afford yet another election. Anyway you cut it, Liberals are toast.
  90. V ADS from Canada writes: I'd bet a dollar to a dime that the Ontario Teacher's Pension Plan, which has more money than some small nations, was buying into the market downturn yesterday. Ditto for the buy side of the mutual funds that many 'ordinary' Canadians hold in their RRSPS.

    And even people without RRSPs benefit as the publicly listed companies are able to use the equity to continue operations, meet payroll and keep the economy going.

    Buy low, sell high, is good advice for anyone investing in anything. Sell into greed, buy into fear. If people in the US had sold their houses into the housing bubble last year, they could buy three or four houses for the same price today.

    Unlike the US, we aren't awash in debt and don't have a total meltdown, yet four of five of our political leaders are advising to cry like helpless babies until the government comes around to hug us, sprinkle green pixie dust and make everything all right....
  91. T D from Canada writes: if they say stay the course, the best advise is to get out while you can. their goal is to keep you in , while they maximize their profits on exit.

    don't trust a single one of them, they are just protecting themselves, and their wealth at your expense.
  92. Shades of Grey from Canada writes: B M from Barrie has 18 of 89 posts on here. Thanks for sharing your wisdom with us, we get your point of view.
  93. Stephen Harper's Ignorant Tories from Canada writes: What economic plan? Hiding your head in the sand isn't a plan, Stevo!
  94. Skeptical Realist from Canada writes: Stephen Harper's Ignorant Tories from Canada writes: What economic plan? Hiding your head in the sand isn't a plan, Stevo! ------------------------- And the correct alternative that you like is for your politician du jour to run around like a chicken with his head cut off yelling 'the sky is falling, the sky is falling'. I am terrified that a politician with a left socialist bent (all the opposition) will be in power next Wednesday morning and the winner will turn us into Venezual north.
  95. Ron Gagne from Leamington, Canada writes: It would appear that most of these left wing nuts believe the world economy is created in Canada. Just like Global Warming started 2 years ago when the Conservatives were elected. It would help if some of you actually read a little instead of postulating your rants against one man or party. Grow up.