Duh

flaherty11

Further to our economic discussions this week – monetary and fiscal policy, basis points and stuff like that – we have an important update.

The deficit will not be the $47 billion to $50 billion I referenced, but $55.9 billion. This is 50% deeper than the hole we dug for ourselves in the early Nineties. Further, the finance minster says it will be 2015 before we come up for air. Given his recent track record for accuracy, that might well be 2020.

Mr. Flaherty adds there will be no tax increases to get us out of this. No magic GST that came to the rescue last time. The path forward, though, will be ‘difficult’ and ‘not without pain.’ I’ll leave that to your imagination. But I’d be kissing goodbye to that dollar store VRM.

Stating the obvious, I’ll say this trip from a $15 billion surplus in 2006 to a $60 billion deficit in 2009 has been the fastest deterioration in national finances in the country’s history. The consequences of this should be obvious to everyone. You might want to get ready.

Meanwhile, what better moment than this to relaunch a suicidal political blog?

158 comments ↓

#1 Jonathan on 09.10.09 at 10:15 pm

Let’s all not forget how the Liberals offloaded to the provinces to get out the mess of the early 90s.

The fed’s 55 billion deficit doesn’t include Ontario’s 20 billion, Alberta and BC’s 15 billion, Quebec’s ?, etc. There is probably another 55 billion at the provincial level.

#2 nonplused on 09.10.09 at 10:24 pm

I think this whole “green shoots” mania and spring rally is the “denial” phase of where we are and where we are going. People had a look at the endge of the cliff, panicked, and then started saying “this isn’t happening! Things will rebound! They saved the system!”

Correct me if I am wrong but I think “anger” comes next.

#3 Cash is King on 09.10.09 at 10:27 pm

“Mr. Flaherty adds there will be no tax increases to get us out of this.”

Unless, of course, he gets elected to a majority. If that happens then it will be G. Bush # 1 de ja vu. “read my lips, no new taxes!”

Okay, you saved us from a potentially massive depression and anarchy in the streets. What you have created are huge deficits, retiring boomers with no money, a housing boom in some Canadian cities, interest rates returning to “normal” plus the problem of a health care system that will use close to 100% of GDP by 2040 or so.

We are awaiting a long-term solution….from anyone….before November 24th.

#4 JO on 09.10.09 at 10:45 pm

How can he balance an enormous deficit without increasing taxes ? Of course, major cuts in gov’t spending is how. And that is the right thing to do…but we do need to support unemployed workers through EI and re training. As for a lot of the other spending areas, bring on the knife..Any moron who raises taxes will very likely see tax revenues drop significantly despite a rise in the tax rate. To add insult to injury, even keeping taxes low or stable will have a muted impact (still the best course of action to take) as we are in an era of debt reduction. We have a society of debt slaves with record Debt/GDP ratios..the economy will need to reduce that debt one way or another to a more manageable level.

Raising taxes will keep a moribound economy even more depressed. Ironically, the best way to get out of this mess faster is to raise rates and help destroy debt faster. Add in a major tax reform to significantly reduce and simplify income taxes and then shift taxation toward consumption.

Knowing these CONservative clowns in power, they will do what most politicians do anyway – the old Bait and Switcharoo…blame some event or “change” for raising taxes…oh wait, Iggy will do that anyway…NDP ? Of course, taxing and spending is what they live for..either way, higher taxes are coming. Get ready for it. If you really care, protest them. They will help keep our economy depressed even longer. Tell Jim “your taxes ain’t going to stay flat” Flaherty to resign and let some other politico take charge. Get it over and done with.
JO

#5 Best place on meth (aka NJ's Analyst) on 09.10.09 at 10:46 pm

As I said previously, the conservatives have always done a poor job running the nation.

And little Stevie Harper dreams of a majority that will never be.

Let’s please get rid of these dirtbags this fall.

#6 Dan in Victoria on 09.10.09 at 10:50 pm

Good Luck, Garth and Dorothy.Hope we can all live to see a great country pull together and prosper.I was told once that I was the most diffucult and stubborn man in the world because I would’t budge an inch on a moral issue.I know where you’re coming from.The Skin gets a little thicker each time.Do what’s right, everthing else falls into place after that.

#7 Einsam Solo on 09.10.09 at 11:06 pm

Liberal MP John McCallum was on CBC news earlier today. He suggests the deficit could be even higher as Flaherty has “booked” the sale of federal assets which are not yet sold.

My opinion is the true figures will not be revealed until after an election, a la Gordon Campbell.

#8 BD on 09.10.09 at 11:07 pm

I’m not so worried about the amount as I am about two questions.

First, EXACTLY how many jobs has this created and thus how much of our kids tax dollars are going to each one? Also if any of these jobs pay more than the national average of $60,000 or so per year what did we get to account for the extra money?(easy math divide total spent by number of jobs to get average wage)

Second, what do we get exactly for the total spent? How many new roads, bridges and repaired infrastructure will we be able to look forward to using when the economy recovers? After all this was the orgional purpose when the prgram was set up. However all I have read is about money for festivals, Calgary stampede and other one time projects in Conservative ridings only.

If this money was actually spent in ways to improve the country while providing thousands of replacement jobs then I guess we can’t complain. If it didn’t accomplish those basic goals that it was designed to do then SOMEONE is accountable.

#9 rory on 09.10.09 at 11:09 pm

Did not Iggy say that the stimulus package was not big enough? All political parties are to blame for this – equally…so yeah suicidal …you should have gone for the leadership of the Greens.

#10 PVC on 09.10.09 at 11:15 pm

Get ready for the pain people.

This is why I moved to Costa Rica.

Enjoy.

#11 Bogdan on 09.10.09 at 11:21 pm

I thought I was dreaming when I heard 2015. Why are they still there since they can’t change the way before the next 1-2-3 elections?
If they can’t do it, let’s see what Ignatieff has to offer… or the “cheap” greens.

If US is fucked, we are fucked more. If US is okay, we are just fucked. Just hate it… waiting for the winter.

#12 HouseBuster on 09.10.09 at 11:25 pm

Garth, What would you have done differently? The entire world financial system was seconds away from imploding.
No pressure, eh?

#13 dd on 09.10.09 at 11:26 pm

But all the best minds at the Fed, BOC, Treasury, and Goldman S. didn’t see this meltdown coming.

But why would they care. They all have golden shoots.

#14 Nostradamus jr. on 09.10.09 at 11:26 pm

Where to begin…

…Today’s larger announced deficit will devalue the Cdn currency….making Cdn exports more competitive.

Cant be helped friends, the U.S. keeps printing more of its own currency.

…Garth, for pete’s sake, you are selling out….running as a Liberal when you are an independent thru and thru.

1/
Regardless, Canada needs to split itself up.

2/
Vancouver will become the world’s new financial, trade, cultural and leisure capital.

Nostradamus jr.

#15 Clide Rockwell on 09.10.09 at 11:37 pm

What infuriates me to no end is so-called fiscal conservatives who claim to be responsible with the tax payer’s money and then run up massive deficits and debt while cutting taxes. How the hell is cutting revenue and increasing expenses responsible, have these people ever run a business, seems like they would bankrupt the dry cleaner at the end of street if they were running its business! All I want is a government that funds services, taxes appropriately, and refunds the savings that comes from reducing the interest on the debt. Is that too damn hard for our politicians to grasp?

#16 Barb the proof reader on 09.10.09 at 11:42 pm

Who would have thought in 2006 when people voted for whom they thought were the Tories, in which they mistakenly thought was a valid protest vote, that we’d be sitting here today $56 really B–B–B–BIG ONES in the HOLE simply because Canadians are THAT naïve as to believe Harper & Co.

#17 Bogdan on 09.10.09 at 11:45 pm

“the finance minster says it will be 2015 before we come up for air” – is not 2015 the year the baby boomers (32% of the population here in Canada) are starting to retire? 2015… sounds like never to me. Luckily, the finance minister is a baby boomer ;-)

#18 Increasing that 1% on 09.10.09 at 11:52 pm

Mr. Turner, you are a brave man. I trust the wise people of lovely Dufferin-Caledon will appreciate that.
Go Garth
‘Well, I stand my ground, won’t be turned around….no, I won’t back down, no I won’t back down..’

#19 Robert1 on 09.11.09 at 12:16 am

Welcome back Mr. Turner……. an excellent time to punt Herr Harper and Flim Flam Flaherty to the curb. The return of your political blog now presents me with a challenge anew. Do I read your blog on politics or on real estate first ? I know, I’ll flip a coin…. a Canadian Loonie perhaps, the coin in name, that so apty represents our current P.M.

Secure the nomination my friend and the cheque will be in the mail….. better still, please set up a Visa account on your election website. I might as well garner some airmiles from the banksters along the way.

Good Luck and God Bless Canada

#20 Grumpydawgs on 09.11.09 at 12:36 am

Garth , all these comments from the BOC , the banksters and the Fed about raising interest rates and planning an exit strategy seem to coincidental coming just days after the G20 meeting wrapped up. I think that the lenders have given these bozo’s a time line on cheap credit and that higher interest rates are coming a lot faster than anyone with a big whopper mortgage wants to admit.

We are exporting inflation to China and giving a devalued stack of paper in return. The Chinese aren’t stupid. The middle class working Chinese now have a better standard of living than do the working class in Ontario. The differance is that they are buying commodities to manufacture goods for us to buy instaed of dollars. The price of those commoditities has gone up and as we can’t manufacture anything ourselves ( thanks to Trudeau economics plan of dismantling the manufacturing base and shipping it to the third world) we have to pay the Chinese the higher price that they demand based on the higher costs of production.

Chinese goods are not so cheap anymore in the currency conversion for Canadians and that means price inflation is going up, way up. We exported it to them and now they’ve made a business off it, we aeren’t so smart to dismantle our manufacturing capabilities were we?

#21 Michael on 09.11.09 at 12:39 am

I just switched from MGD to Pilsner because of this post.

#22 Nostradamus Le Mad Vlad on 09.11.09 at 12:50 am

DUH = CPC.

2015. Isn’t that when a bunch of Busted Baby Boomers start collecting Monopoly Money?

2020. That’s 60 Minutes, but on a different day (or something similar).

“. . . a $15 billion surplus in 2006 to a $60 billion deficit in 2009 has been the fastest deterioration in national finances in the country’s history. . . . You might want to get ready.”

Only the Crackpot Party of Canada can be realistically expected to squander money this fast, so credit where credit is due. They are no more than a Bunch Of Borgs, fine-tuned and working for their leader.

Let’s move on to other things.
——
Look at the headline and see if it makes sense. —
http://www.rumormillnews.com/cgi-bin/forum.cgi?read=155441
——
Y’all remember Sept. 11; anyone recall what took place Sept. 10, and was quickly (and conveniently) forgotten about? —
http://mediamonarchy.blogspot.com/2009/09/day-before-911-missing-trillions-from.html
——
First sentence is pretty clear! —
http://www.shtfplan.com/precious-metals/bob-chapman-china-to-default-on-goldsilver-comex-positions_09102009
——
Comments by wrh.com below are good; pix are in link, but further down. —
http://whatreallyhappened.com/WRHARTICLES/911stand.html?q=911stand.html

“Now, simple question here.

“The aircraft photographed circling over Washington DC on 9-11 appears to be the special-built E4-B “Kneecap” (National Emergency Airborne Command Post or NEACP), aka the Doomsday Plane. (Another photo of the plane can be seen HERE.)

“Radar tracked this aircraft flying into Washington DC 8 minutes ahead of Flight 77.

“So, if the government could get this aircraft to DC in time to witness the impact at the Pentagon, why didn’t they get fighters there as well?”

#23 daystar on 09.11.09 at 1:37 am

So… 5 more years of deficits besides this years ugly predicted 55.9 billion dollar record. (and Iggy is right, it’ll be more) I wonder if Flarehty plans to run a larger one next year…. and the year after that…

Is his plan really a do nothing plan? No new taxes or cuts in spending, “We’ll just let things work themselves out” and 6 years from now we’ll be back in surplus’s?

Based on?

If Flarehty has or will finance CMHC for the final 50 Billion before October 15th, it will be a full 200 Billion that this Conservative government has gone to the bond markets and borrowed for, year over year. Thats debt that you and I, the taxpayer are paying interest on, folks. Record federal deficits, now trade deficits, unheard of bond sales filling this nation full of fresh debt by the feds in staggering, hugely unsustainable amounts… (200 Billion bucks buys a lot of cake) Its unheard of, unprecidented and unfortunately hugely unreported in main stream media. Canadians deserve much, much better than this.

An ugly dark cloud is hovering over us right now.

#24 Too Old Bob$ on 09.11.09 at 2:06 am

Quote from MSM “The finance minister also said that cuts in program spending will eventually be needed to completely eliminate the deficit.”
You know very well that more taxes are coming, just a matter of when they have the guts to initiate it. If a change in Government happens, then that’s the time to do it. This then puts the blame on someone else.

Someone, somewhere has to pay for this and we all know who that is. If you can’t earn more to pay for your bills, then this is the part where lower expectations kicks in.

BTW! Garth, the last time I wished you the best on your Political endeavoring, was back in Jan, 1989. You told me that Politics prevented you from giving me advice anymore. Dam! I hope this doesn’t mean you have to reword you thoughts in case the Internet Police are watching.
Anyways goodluck and I give you credit for making that attempt again. It takes ambition and perseverance to be in Politics.

#25 Repatriated Expat on 09.11.09 at 3:30 am

Garth,

I’ll make a donation to your political campaign.

Even if my motivation were based only upon the education and shear entertainment value this site has provided me over past months, it would be money well spent.

But the current political/economic situation in Canada is a much more compelling reason to support your campaign.

#26 Munch on 09.11.09 at 4:16 am

Garth!

Well done, about time, and good luck!

I see you have set “Comments Off” on your political site?

So how the hell are you going to measure your support then?

Just asking …

Regards, Munch

#27 David Bakody on 09.11.09 at 6:06 am

Stating the obvious, I’ll say this trip from a $15 billion surplus in 2006 to a $60 billion deficit in 2009 has been the fastest deterioration in national finances in the country’s history. The consequences of this should be obvious to everyone. You might want to get ready.

DITO-DITO-DITO-DITO ……HELLO CANADA ….Y’ALL GOT EXCACTLY WHAT YOU VOTED FOR …..WHY? … SIMPLE BECAUSE YOU COULD NOT STAND PROSPERITY!

#28 TS on 09.11.09 at 6:07 am

Hi Garth…..fantastic to see you running for election again! Canada needs you in parliament – we will be donating to your campaign again, even though we are not in your riding.

Go get ’em tiger!

#29 Lucy on 09.11.09 at 6:25 am

I discovered your books quite some time ago, then found the blogs. My family is well prepared thanks to you! I think forty-seven is a great age to get involved in politics, don’t you? Behind you all the way!

#30 Mikey on 09.11.09 at 6:50 am

garth, you will have my support!!!

#31 pbrasseur on 09.11.09 at 6:57 am

Raising taxes won’t help much, it would send us straight back to a recession or at best it would kill growth.

Anyways they’ll probably just shovel the deficit off to the provinces like they did last time…

Except this time the provinces are already in deep mub with decaying services, infrastructures and public finances in disarray. In turn the provinces will shovel what they can to municipalities, cut services and raise all kinds of fees (with the results you can imagine for the economy)…

The welfare state is not viable, it’s a utopia, at some point this will need to be understood.

#32 seanmhair on 09.11.09 at 7:23 am

No new taxes….

http://www.fin.gc.ca/ec2009/ec04-eng.asp

Table 5 sets out the Government’s projection for budgetary revenues. Budgetary revenues are expected to decline 7.1 per cent in 2009–10, reflecting the impact of the recession on all main revenue streams, particularly personal and corporate income tax revenues. Revenue growth is projected to recover beginning in 2010–11, primarily reflecting the economic recovery, the impact on returns on investments of rising interest rates, and rising EI premiums.

All the best Garth!

#33 pbrasseur on 09.11.09 at 7:25 am

At least we won’t have to deal with this stupid peak-oil myth. One more nail in its coffin:

http://247wallst.com/2009/09/10/brazil-finds-the-largest-new-oil-fields-in-the-world/

#34 Happyplace on 09.11.09 at 7:34 am

Barb, give your head a shake. It was Ignatieff and the other two stooges who put the pressure on Stephen Harper to ‘end the recession’. So he did what they wanted and dumped a bunch of money on the problem and now they sit back and criticize him like the bunch of hypocrites they are. Ignatieff has no platform to run on; sitting back and throwing dirt on your opponent doesn’t make you a leader.

#35 X on 09.11.09 at 7:42 am

$55.9 billion debt- at 2015 before we come up for air at best case scenario.

Given his track record for accuracy. I have actually wondered how they have been able to so poorly forecast future Q GDP results. Are they intentionally spreading propaganda, so we won’t think it will be so bad, or are they really that incompetent?

Incentives for saving would help us all, as would a shift towards heavier consumption taxes, but lighter business taxes could help in getting more of us working.

#36 Bill-Muskoka (NAM) on 09.11.09 at 8:20 am

Dim Jim’s encore performance after he totally lied and mismanaged Ontario’s budget!

Got to hand it to him though, he has increased his malfiesance in office 1000 % going from a mere Provincial $5.6 Billion to a WHOPPING $56 Billion.

Where do we find such talent? (Hint: the CRAP Party)

He should have waited until today so he could hide the ‘collapse’ behind the 9/11 headlines. ‘Oh LOOK! A shiny thing is approaching the Peace Tower!’

#37 Pecked To Death By Ducks on 09.11.09 at 8:33 am

Politics & Horses Asses

In horse racing, a stable (owner/trainer combo) can run more than one horse in the same race. You’ll see them listed on the program often as 1 and 1A. If either wins, your ticket wins.

Consider that Ignatieff and Harper are both running for the same handlers. It matters not who wins, the result for the Canadian voters will be the same. The Punch and Judy puppet show resumes. The policies remain the same. You are the wallet of last resort and the overall aim of the game is to clean you out.

Don’t join the horses’ asses
again :-) going forward :-)

#38 Artisuseless on 09.11.09 at 8:33 am

Of course, Harper won’t raise taxes (EI & CPP premiums aren’t technically ‘taxes’, are they?) or if so, they’ll be offset by yet more dubious ‘credits’.

Increased taxes will be the next guy’s job who’ll have no other choice and will also guarantee subsequent electoral defeat for that person’s party too.

In the mean time, he’ll use it as an opportunity to gut healthcare, cultural industries, pension entitlements – basically anything but defense, the penal system and the CRTC – he’ll take a wreaking ball to anything that might possibly benefit the middle class or the poor over cronies.

Yeah, I’m old enough to remember Mulroney – how could you tell? :)

#39 FREE on 09.11.09 at 8:34 am

FREEDOM OF INFORMATION IS THREATENED.

who got the CBC news this morning? It was reported that Mr. Harper is seeking the right to track down any disapproving voice. on the internet blogs.

It is not if we loose that, but when we loose that our serfdom will be complete.

If it is like for the Cdn bailouts, don’t count on the opposition to fight this.

#40 dontcallmeshirley on 09.11.09 at 8:35 am

Relax Garth, the pain Flaherty refers to is program spending. Your connection of his comments to interest rates is without foundation.

Pain spreads. — Garth

#41 John In Jim's Riding on 09.11.09 at 8:37 am

Hi Garth,

One thought on I would appreciate your opinion:

I understand the rationale for rate hikes and I know why the BoC will do them. However, given the massive deficit being incurred by the Feds, would there be pressure from then on the BoC to keep the rates low in order not to aggravate the overall debt?

Thanks!

#42 Samantha on 09.11.09 at 8:47 am

First you take Caledon, then you take Ottawa (with apologies to Leonard Cohen).

And when you are in the arena, remember:

“A successful person is one who can lay a firm foundation with the bricks that others throw at him or her.”
– David Brinkley

Always liked Tom Petty, and that song in particular.

I wonder if the current Captain and crew at the helm are going to use this song:

http://www.youtube.com/watch?v=d-diB65scQU

#43 Samantha on 09.11.09 at 8:51 am

deficit: the fact or state of being inadequate.

Speaks volumes on so many levels, doesn’t it?

#44 Bill-Muskoka (NAM) on 09.11.09 at 8:52 am

#34 Happyplace

Save typing and just regurgitate the Harper line ‘It’s the Liberal’s fault!’

Au contrare, the PEOPLE wanted Harper to act. He didn’t, but made lots of promises he would…as usual! Now he’s spending like a drunken sailor on shore leave to buy votes. Try to remember “It is OUR Money!”

#45 Pecked To Death By Ducks on 09.11.09 at 8:54 am

What I’d like to hear from a Canadian Leader

– Things will change. If I break any of my promises I will resign. No election. I will ask the GG to appoint the opposition to government.

– Canada will stop blustering on the World Stage. We are not a rich country. We have limited means with a small population. We will live within our means. No more “World Leader” bullshit.

– We will eliminate the deficit.

– We will consider only policies that are good for the people. Our aim will be to secure the prosperity, health, and happiness of the people.

– We will stop government waste. You will not see me wining and dining at these constant world leadership meetings. To save your money and the environment, we will teleconference.

– We will secure your rights to Canada’s water and energy.

– We will focus our troops on Canadian security. Protect our vulnerable refineries, nuclear reactors, electric dams and pipeline junctions.

– Fortify our foreign currency reserve to prepare us for possible downturns in commodities.

– We will stop the sale of our corporations to foreign entities. Experience shows that they close our plants first to eliminate competition during recessionary periods.

– We will halt the Security and Prosperity Partnership initiative.

– We will no longer interfere in private enterprises to bail out the failures. We will let the market run its course.

– We will never use the words:
:-) going forward :-)
whatever it takes
“regime”
“circumstances have changed”
“working hard”
“others are worse off”
“nobody saw this coming”

#46 Calgary Rip off on 09.11.09 at 9:11 am

More speculation.

#47 Mr. D - Ottawa on 09.11.09 at 9:17 am

Reply to #33 pbrasseur

Your comment shows your lack of understanding about peak oil. Peak oil is more about reaching the maximum rate of extraction, then going into a terminal decline.

1. What is peak oil?

“Peak oil” is the term used to describe the situation when the amount of oil that can be extracted from the earth in a given year begins to decline, because geological limitations are reached. Extracting oil becomes more and more difficult, so that costs escalate and the amount of oil produced begins to decline. The term peak oil generally relates to worldwide production, but a similar phenomenon exists for individual countries and other smaller areas.

2. Why would oil production begin to decline? Can’t we extract oil as fast as we want to, until it finally runs out, many years from now?

What happens isn’t quite as simple as “running out”. Instead of running out, oil gets progressively more difficult to extract. When a well is first drilled, the oil is often under pressure, so comes out quickly with virtually no effort. Later, pressure drops, and it becomes necessary to inject one of several gasses to repressurize the wells. Finally, when even this ceases to keep production up, the remaining oil is pumped out at a slow rate.

Another reason for production tapering off is that oil companies tend to develop the fields which are expected to have the highest return first, and save the smaller fields and fields with more challenging production profiles (such as deep sea oil, very viscous oil, and oil combined with toxic chemicals) until later.

The rest of the above peak oil overview can be found here:
http://www.theoildrum.com/node/2693#more

Another view on future supply, prices:

Total CEO Expects Higher Crude Prices, Supply Squeeze in 2014
http://www.bloomberg.com/apps/news?pid=20601072&sid=aTv00Tc4yhSA

I don’t expect pbrasseur to believe any of this because he seems to believe that peak oil is a ‘myth’. Good luck with that, you’ll need it.

#48 dontcallmeshirley on 09.11.09 at 9:22 am

Relax Garth, the pain Flaherty refers to is program spending. Your connection of his comments to interest rates is without foundation.

Pain spreads. — Garth

Garth, my man, this Flaherty speech isn’t the smoking gun. Keep looking.

I’ll give you a hint: train your peepers on the US Fed

#49 Bill-Muskoka (NAM) on 09.11.09 at 9:24 am

#45 Pecked To Death By Ducks

Those would require integrity, honesty, Big Cajones, and a Real Leader! I can’t think of any one who would even come close except Bob Rae or Barack Obama. Sorry, Bob has been ostracized by the Back Room Boys and a bunch of people who blame him still for actually trying to deal with a crisis created by others. Barack, well, he simply cannot be cloned nor is he a Canadian.

But is is still good to remember such high ethics, kind of like comprehending the Ten Commandments. Oh, golly, aren’t those where we got a lot of those ethics from like ‘Thou shalt not bear a false witness.’; ‘Thou shalt not steal.’; Thou shalt not covet.’?

Isn’t it even more amazing how the Christian Right throws out those principles for power? What was that term Jesus used to describe such people? HYPOCRITES!

#50 613 Happy where I am on 09.11.09 at 9:24 am

The Deficit doesn’t scare me….

What really spooks me is the national debt- now approaching 500 billion. If the country was run the same way individuals and families are expected to handle their finances, the government would have been bankrupt ages ago…

#51 Ed Tevratis on 09.11.09 at 9:28 am

Statistics Canada reports that prices increased the most in Vancouver (by 1.2 per cent), followed by
Hamilton (1.1) and Windsor and Calgary (0.5 each).
http://ca.news.finance.yahoo.com/s/11092009/2/biz-finance-new-home-prices-rise-july-statscan.html

Hamilton. Soon to be the world’s second largest new financial, trade, cultural and leisure capital.

#52 Linda Pearson on 09.11.09 at 9:35 am

#45 Pecked To Death By Ducks on 09.11.09 at 8:54 am

Amen to that! Well said.

#53 miketheengineer on 09.11.09 at 9:38 am

Wow, record deficit….and not one person has been let go from the municipal, provincial or federal goverenment.

Why is there no cuts to the number government employees?

What are our leaders doing…play golf all day? Come on guys….let see, 1/2 of all manufacturing jobs in Ontario, just dry up and are gone forever. Yet not one job in the government is lost? How can this be? Tax revenue must be down?

WTF is going on in government?

#54 Mike (Authentic) on 09.11.09 at 9:42 am

#4 JO “How can he balance an enormous deficit without increasing taxes ?”

Anyone live in Ontario durring the Mike Harris years? Cuts, cutback and cut-aways on any and every gov’t service.

It was a brutal time to be an Ontarian, but we did get through it.

Mike

#55 Gary on 09.11.09 at 9:45 am

Been lurking this blog for quite some time. I thought I’d like to share some links:

Aggressive interest rate hikes are coming (article that relates to Garth’s Sept 10 post)
http://www.financialpost.com/story.html?id=1976736

28% of royal lepage agents admit current housing run-up is unsustainable
http://www.financialpost.com/news-sectors/story.html?id=1980223

Toronto unemployment situation still getting worse. 11.5% in July to 11.8% in August (despite the numbers this op-ed is still very “green shooty”,what else can you expect from MSM)
http://network.nationalpost.com/np/blogs/toronto/archive/2009/09/11/toronto-s-economy-continues-slide-but-experts-see-signs-of-hope.aspx

#56 Barb the proof reader on 09.11.09 at 9:57 am

#34 Happyplace: “..the other two stooges..”

Harper did what they wanted
So Happyplace, Harper blames the other guys? Hmm. What you’re saying, Happyplace, is that no matter what Harper does, it’s the other guy’s fault!

Harper reminds me of the Flip Wilson character, Geraldine, saying THE DEVIL MADE ME BUY THIS DRESS! .. I didn’t want to buy no dress, I was walking down the street, and the devil kept telling me.. un, hum, how good I looked..”

Yikers, Happyplace, that means Harper has no way of taking “Responsibility” for his job! Wow.. that’s so informative! Now we know we need to get rid of Harper since you confirm that Harper is truly spineless! Thanks for that, very much appreciated! :)

#57 BearClaw on 09.11.09 at 9:58 am

“The deficit will not be the $47 billion to $50 billion I referenced, but $55.9 billion. This is 50% deeper than the hole we dug for ourselves in the early Nineties. Further, the finance minster says it will be 2015 before we come up for air. Given his recent track record for accuracy, that might well be 2020.”

The deficit in 93/94 was $42 billion. So a $55.9 billion deficit represents a 33% increase in nominal dollars. I’m sure using real dollars or as a percentage of GDP the current deficit is roughly the same or less.

#58 Barb the proof reader on 09.11.09 at 10:02 am

#45 Pecked

Moving forward.. great post

(last year you advised either phrase will do :)

#59 john m on 09.11.09 at 10:09 am

Best of luck Garth,go get them! IMO i think the Liberal election ads are sad to say the least.There is a wealth of quotes made by Harper and company which i think the public should be reminded of, we have went from a “technical recession” to a total disaster in our economy.They have spent billions and accomplished nothing,just a short term fix as our economy crumbles. When this recession started our country was in reasonably good shape with an opportunity with good management to bring back prosperity.They have borrowed and spent our country into a far worse recession than we had at the start and destroyed our standard of living for generations.IMO……….hmmmmm was it not just a couple of weeks ago that Harper and Flaherty both said the recession was over??…….

#60 RJAG2034 on 09.11.09 at 10:11 am

Doesnt matter who is in power, they will screw it up. The Lib’s screwed it up by downloading and not following through on Chretiens promises of massive infrastructure spending in the mid ’90s. Now the Cons have a chance to do the same thing.

Its about the power and control, they’re all the same.

And Iggy has got to be the worst of the bunch.

#61 Barb the proof reader on 09.11.09 at 10:31 am

Ignatieff has always made it clear, in January, and again in the news today that he does not support a coalition. And he’s correct, the Coalition of the Alliance Party and the Reform Party and the formerly progressive Con party doesn’t work.

#62 jwk (nee jwkimba) on 09.11.09 at 10:34 am

sitting back and throwing dirt on your opponent doesn’t make you a leader

It does if your a conservative – just ask Dion, gore, Kerry, etc. Anything to avoid having to make actual policy statements.

if that’s the way they want to play, and it seems as if voters go for it, why shouldn’t the Liberals join the game? or is this tactic reserved for conservatives only?

#63 Tim on 09.11.09 at 10:46 am

Any hope for a fiscally conservative (re: Garthonomics), environmentally responsible new political party that is tough on crime?

Save the planet. Deflate the bubble. End speculation and reward hard work. Save the planet.

I’d vote for/volunteer for/donate to that.

#64 BDG YYC - The Government will save us !!!??? on 09.11.09 at 10:52 am

#1 … By the time its done we’ll be looking at much larger numbers.
#9 … Yup it took ALL the clowns to “fix” this one Ollie.

Never ceases to amaze me how people cling to “hope” as if the government ( and you can configure it any way you like ) and an election is really going to do something. The election is going to be fought based on what the voters “want” and want to hear – pledges romises to take them back to the promised land (old normal ). “Let us “fix” it”. “We can fix it better”. “No … vote for us … we’ll give you money”. And of course … “give us money” always wins out :-).

So we once again get to see our little clown leaders battle it out in their usual squabbling fashion that befits a kindergarden playground. The voters yet again will choose their favourite Larry, Curly, or Moe from all the little Larry, Curly or Moe Riding offerings (where do they find these guys) across the country.

And then … we get to see them in action doing what they do best … squabbling like 10 year olds making a mockery of our Parliamentary system and “fixing” us beyond all repair, until once again the voters put their collective foot down and ask the age old question …. “Where is our samiches”???????

Can’t wait to see our new COALITION in action …

Now back to Jonathan’s comment #1 above … better tripple it.

Garth … if you can pull 5 or 6 independent and like minded responsible seats together you may be able to accomplish a lot by crossing the floor 5 or 6 times throughout the upcoming term. We’re in desperate need of somebody to stand up for our right to GOOD GOVERNANCE … desperate need indeed.

Ham ‘n Cheese please :-)

#65 Urock on 09.11.09 at 10:53 am

Not to drag your political blog into this…

But after reading your Sept 10th political Blog I have one question, do you honestly believe the Liberals would have better dealt with the ‘Economic Crisis’, would they not have thrown money at the Banks, GM, Chrysler. Would the deficit be smaller?

I like most of your ideas and notions, but fail to see any compatibilty with Liberal policies or actions.

What you need to do is start a new political movement none of the active parties are aligned with your views. None of the parties have a consistent message or plan for Canada, each plays to reginal issues (when in the area), a speech given in Toronto is different from a speech given in Montreal or Calgary.

We need a consistent plan for Canada to better postion the contry going forward and stop making short sited decisions that lead to massive structural deficits, with limited benifit to Canadians.

#66 Elle on 09.11.09 at 10:57 am

Garth……a little chill ran down my spine last nite,
…………..when I read your weblog – Survivor DC-

“So we talked. I told her why. Played her a song. She loves this country too.” “HERE WE GO.” –

Now, aside from the fact that this is pretty heady stuff, for an old married couple, it was the sound of the adventure and challenge, in the HERE WE GO bit, that
got me. You will make a difference. Maybe we’ll all
find a new challenge.

#67 Grace on 09.11.09 at 11:01 am

What we are witnessing before our eyes is the steps taken to debase ALL currencies in order to bring in a one world currency and one world government. A deliberate attempt is being made to bring the Western economies down in order to accomplish this. Wouldn’t matter if the Liberal were in charge in Ottawa again, events and steps beyond their control have been in place for years. It is no coincidence the world looks at Canada with envious eyes and wants to live here. Have you checked the economies in Europe lately? They have been brought to their knees now it is our turn.

The prime minister appointed conservatives to the Senate because the legislation to bring in stiffer penalties for repeat offenders/murderers of EVERY stripe have been blocked by the Liberals appointed in that chamber by the Liberals for the past 15 years. If he gets a majority in the next election he can bring in Senate Reform, until that time criminals and murderers will walk the streets repeating their crimes.

There are none so blind as those that will no see.

#68 Calgary Rip off on 09.11.09 at 11:08 am

This listing below is the type of crap mentality that is typical of Calgary. If that interest rate hike happens crap like this will be brought to its knees. Shacks like this are worth $90,000. At most. The seller clearly has his/her head firmly implanted in the realtor.

/www.realtor.ca/propertyDetails.aspx?propertyId=8669106

#69 Eduardo on 09.11.09 at 11:12 am

Barb,

Your point is completely false. Harper is not blaming anyone. People like myself and Happyplace in 34 are blaming the other parties and the political environment in the manufacturing sector at the start of the financial problems.

This deficit spending is wholy what the Liberals and NDP and Bloc all wanted. The conservatives have a MINORITY GOVERNMENT. It could have been stopped at any time but they didn’t because they knew that they would have done the same (or spent more).

#70 Calgarians against Harper on 09.11.09 at 11:14 am

Check out this post:

More crap. Where do they find the idiots to hire and then write this bs?

http://www.edmontonsun.com/money/2009/09/10/10814656-sun.html

#71 rant in Calgary on 09.11.09 at 11:20 am

Did Canada have a choice to grow a deficit?
The closed-door meetings of the G20 finance ministers, central bankers, and nation leaders put together a pact to spend. The use of concerted stimuli packages from these nations are forcing governments to take on debt. As the saying goes, “it’s not the size that matters… but how you use it.”
Is Canada putting the G20 spending obligations to good use?

#72 Bill-Muskoka (NAM) on 09.11.09 at 11:20 am

#39 FREE

And perhaps you can give us a link to that CBC presentation? I cannot find anything of the kind on their website.

#73 Herb on 09.11.09 at 11:21 am

We will consider only policies that are good for the people. Our aim will be to secure the prosperity, health, and happiness of the people.(PTDBD at #45)

Until either major party affirms solemnly that “people” does NOT mean “private sector establishment”, we will be “going forward” as before, regardless of whether Tweedle Dum or Tweedle Dee forms the government.

#74 Canadian Doller on 09.11.09 at 11:29 am

Then why the hell is Canadian doller going higher and higher? I know we have Gold and Oil but so do so many other coutries!!!!!!

#75 jess on 09.11.09 at 11:43 am

“Peak oil At least we won’t have to deal with this stupid peak-oil myth. ”

Brazil is more about the nationalization of their oil industry. Going norwegian. ..reminds me of Trudeau era only in Spanish.

#76 Pecked To Death By Ducks on 09.11.09 at 11:47 am

@rant in Calgary asks “Did Canada have a choice to grow a deficit? The closed-door meetings of the G20 finance ministers, central bankers, and nation leaders…”

You bet your bippy Canada had a choice. If we hadn’t shoveled money at international banks (remember ABCP?)and defunct auto companies then we wouldn’t have the deep hole. That’s when all their talk of “world leadership” could have turned into real action. Instead, they engaged in naked synchronized cliff diving for the benefit of the bankers and were oh so proud to be part of the clusterjerk.

Did we have to throw all those young people and money at Afghanistan to keep the goodwill of our trading partner? Are we still paying their police force?

Why are we giving money to Mexican anti-drug squads even after Mexico has legalized drug possession?

#77 Kurt on 09.11.09 at 11:47 am

Grace, change your display name. You already know why, but I doubt that you’ll admit it, even to yourself.

#78 rory on 09.11.09 at 11:50 am

#56 Barb the proof reader

This is Barb comments in two years:

“Yikers, Happyplace, that means Iggy has no way of taking “Responsibility” for his job! Wow.. that’s so informative! Now we know we need to get rid of Iggy since you confirm that Iggy is truly spineless! Thanks for that, very much appreciated!”

Focus Barb …even Rex Murphy cannot tell the difference between our two main parties …so stop with the virulent bias and tell us how your beloved other party would have done things (please be specific) so much differently.

#49 Bill-Muskoka

Bill, you are so full of it …I sure do not understand the love thing for Obama …he has to actually do something first…trust me on healthcare he says as his track record on Iraq, Afganistan, financial regulation, bankers, wall street, Ben B, Summers… (tell me when to stop) is zero which equals zero credibility which equals dud…he may wake up but then again…wasted love, dude.

#79 Eduardo on 09.11.09 at 11:57 am

RE 74: I wouldnt doubt seeing the CAD at 1.50/USD in 10 years. Maybe higher and maybe sooner.

#80 daystar on 09.11.09 at 11:59 am

#33 pbrasseur on 09.11.09 at 7:25 am

I echo Mr. D’s comments as well. You have much to learn. Total daily global consumption in 2007 was 87 million barrels of oil per day. A billion barrel oil pool is a mere 12 day world supply of oil.

http://www.haver.com/COMMENT/070316x.htm

And 12 billion barrels? Thats a large discovery, but in technical terms, it doesn’t hit the 10 ten and thats still only a 144 day world supply of oil AND gas (inferred… you investors know what “inferred” means, don’t cha!”).

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

If you really do care to educate yourself (some don’t, their own self modelled paradigm works better for them that way), try this link above in terms of what we are left working with. There is also much more online in terms of quality links with simple searches to educate yourself to the fuller truth of it. If enlightenment is what you seek, Hope this helps and happy hunting!

#81 Greg W., Oakville on 09.11.09 at 12:00 pm

Hi Garth, A couple questions for you about;

Re: “As my campaign in the Ontario riding of Dufferin-Caledon builds”

Have you been named the Liberal candidate for Dufferin-Caledon yet, or are you just planing to run for the position? (Will send you a few bucks to help. Let us know where to send it too.)

Can I assume the Liberal Party strategist will be ok with you as a candidate?

PS, Wishing you all the best to again becoming an MP for Canadians! (I believe you might be able to do some good, hopefully.)

#82 $fromA$ia "Garths Nugget Boy" on 09.11.09 at 12:03 pm

Let me make this analogy quite simple for those of you that might not understand what Mr. Flaherty has done to Canada’s economy. Lets say you have a house that you buy for $100,000 paid for. In this little economy there is $500,000 dollars for everybody to pass around. Now Mr. Flaherty medals with the lending system and allows for zero down and then even introduces amortization for up to 40 years. Your house you bought is now worth $300,000. You say to yourself that you know that the housing market is cyclical and after little thought you sell the house and pocket the cash earning 4% in a savings account. Not bad rents cheap and you get decent income on your savings. All of a sudden the economy doesn’t have $500,000 dollars because a portion of that money was taken out to pay you for your inflated house. The government now has to print $200,000 so that there is enough to go around. When the Government did this they drop the 4% interest rate to .8%. Now the guy with that $300,000 is getting punished for being a smart cookie so he gets rid of his cash and purchases $300000 worth of gold and that cash is now transferred back into the economy which now raises the net some in circulation to $800,000. Now that there is more money in circulation, inflation starts to hit, house correct because incomes are last to correct and the value of your money to buying power diminishes.

This is very basic and a simple example but this is exactly what our Finance Minister has done to us!!!

#83 gold bugger on 09.11.09 at 12:05 pm

Bob Rae! Are you kidding? Bill from Moscow, you need to get some fresh air.

#84 Men With Hats on 09.11.09 at 12:09 pm

The United States as a nation spends a higher portion of its wealth on health care. In 2007, Canada spent 10% of its gross domestic product (GDP) on health care. The United States spend 15.3% of its GDP on health care, according to the OECD. (As it turns out the government of each country spends about the same percentage of GDP on health care (7%). However, the Canadians spend far less private wealth on health care (3% compared to 8.3% of GDP).

Read more: http://americanaffairs.suite101.com/article.cfm/health_care_in_united_states_canada#ixzz0QokJdFJG
One hundred percent of GDP .Don’t make me laugh .

#85 Barb the proof reader on 09.11.09 at 12:20 pm

#69 Eduardo Barb, Your point is completely false. Harper is not blaming anyone

Eduarda, see your error? I quoted Happyplace, not Harper.
“Happyplace” above says that Harper did what they wanted and above, I correctly point out Happy’s implication that it wasn’t Harper’s responsibility. Responsibility. Try looking at the title of this blog. It’s called RESPONSIBILITY.

The Devil made him do it my ass.

By the way I just saw another one of Harper’s Negative Ad campaigns full of lies on CPAC. Expect nothing but lies from Harper.. the right wing gurus have publicly admitted that they purposefully and outright lie to try and dissuade the naive from the truth. People sick of Harper’s lies, arrogance and inability to take responsibility.

#86 Barb the proof reader on 09.11.09 at 12:28 pm

#78 rory

Ver-ry interesting rory that you misquoted me! It shows your true colours.

That’s great that you have Outed yourself. Just as many suspected a few months back Rory.. you were only lurking on Garth’s site as an opponent of Garth. Ha ha. How is it out there in the CPC war room?

#87 TUT on 09.11.09 at 12:28 pm

#33 pbrasseur
The article states that the fields may have 12 billion barrels of oil and gas.
Even if all of it is reachable oil that means approx. 150 days of world consumption.
Ghawar field in Saudi Arabia still has 71 billion barrels estimated left, so still far bigger.
By the way, I do not want to add anything to the controversy about peak oil. Only put some numbers in context.

#88 Men With Hats on 09.11.09 at 12:41 pm

Focus Barb …even Rex Murphy cannot tell the difference between our two main parties .

Murphy has a hard time descerning his ass from his
elbow .

#89 Nostradamus jr. on 09.11.09 at 12:55 pm

Liberals wont gain or win…and you likely wont’ either Garth.

…You could easily win as an Independent.

What are you thinking?

#90 victoria reader on 09.11.09 at 1:02 pm

Good luck I hope you win. We need more leaders with less special interest.

#91 BDG YYC - Oil gives me gas ... you ?? on 09.11.09 at 1:06 pm

Some tidbits we could be thinking on … if we felt like it … but why would we?

1. Ontario imports 60%ish of its supply.
2. Quebec imports 90%ish of its supply.
3. Supply comes mainly from Norway – North Sea which is in serious decline. Algeria – increasingly offsetting loss of supply from North Sea.
4. Canadian conventional production and reserves of both Oil and Gas are in decline and have been for some time. More wells drilled produce less – but lately more of less.

5. There are limitations on Oil Sands development … shortage of water, and the need to divert natural gas production/reserves (in decline) from domestic availability to oil production. Projects have pulled back so development is in a delayed pattern … might be some question as to how long it might take to achieve even 3million barrels a day … and 5 million could be way out there if its even doable.

6. Canada has NO STRATEGIC PETROLEUM RESERVE. If push came to shove on the supply side … Ontario and Quebec could find themselves getting “stiffed” if somebody has to go without. No way to deliver western Oil quickly or in volume.

7. Canada is the #1 supplier to the US … yup 20% of their requirements. Number 2? – Mexico … production diclining 15% plus per year and they won’t likely be exporting any within 5 years. The US imports 3/4 of its oil … the quarter they currently produce is … well …. shrinking yup thier production is declining. Good thing they never get cranky when the people they have to rely on don’t put out.

7. Shale gas isn’t there anywhere near current prices … nor is conventional. Drilling is off by 2/3 so once the current “glut” which is an artifact of the peak drilling activity from double digit gas prices … there may be a bit of a shit-sandwhich to eat when it comes to rebuilding storage for next winter. This winter’s drilling season is at risk of becoming two lost years in a row … as far as bringing on and tying in new production.
Gas currently being shut and the projects being shelved could be much slower to come back on than demand might require down the road.

Good thing all that Peak Oil “stuff” is a myth … or we might have to give some serious thought to such foolishness as this … hell its not even a problem yet, and I’m probably just making “stuff” up anyway.

Now where did I put that samich ?

#92 Eduardo on 09.11.09 at 1:37 pm

RE 85:

You’re correct, Liberals and NDP should take responsibility because they are also part of the minority government.

#93 TakingResponsibility on 09.11.09 at 1:40 pm

To further the nuance of this blog, I invite readers to check the latest from Rick Salutin (one of the best journalists, imo). He begins with “Suck it up Canada: What are we – shoppers or citizens?”

http://www.theglobeandmail.com/news/opinions/in-praise-of-another-election/article1282719/

Democratize. Democratize. Democratize.

I totally agree with Salutin that political participation ought to be expanded.

*a related question to all – Has anyone reflected on how democracy and global bond markets ‘work’ together? I can’t see it. What am I missing?

#94 View from the south on 09.11.09 at 1:52 pm

Couple of things…
Hooray home prices on the rise down here in Windsor so, I guess it’s all better now.

http://www.windsorstar.com/Windsor+home+prices+rise+July/1983499/story.html

The other…
I look forward to the unveiling of your new political party based on economic common sense and the empowerment of the individual to provide for themselves rather than lining up at the government’s tit.

#95 Fred Barker on 09.11.09 at 1:57 pm

Canada #1 !!! Thanks low interest rates

http://ca.news.finance.yahoo.com/s/11092009/2/biz-finance-cibc-says-resiliency-household-spending-canada-lead-g7.html

#96 Coho on 09.11.09 at 2:09 pm

I keep hearing that out of fifteen thousand economists only a dozen or so had foreseen this financial crisis coming. That is less than 0.1%. What does that tell us?

For starters, students come out of universities indoctrinated with and parrotting “established truths” which are often only the most accepted present theories. And these same ones that didn’t see it coming are also the ones predicting when the crisis will end.

Doesn’t it appear that someone or some people hidden behind the curtains decided to flip a switch? Forget about the 15 billion surplus in 2006. That was 3 years ago. Where were we at on September 15, 2008 and where are we now exactly one year later? How much of a swing is it….like 50 billion in one year? Hellooo, who decided it was time to turn off the stage lights! Is the play over?

If economists (the herd of sheep) really understood who or what controls the economy, they wouldn’t have been broadsided like this. There is an all important esoteric component to all aspects of society, which controls how this world runs. I’d bet some of these very few who saw what was coming had somehow accessed or were given access to the hidden truth as to what lay in store.

It’s all illusion. If it was just a numbers game and a matter of time before things would collpase, many more would have seen it coming, so why didn’t they? Brainwashing, indoctrination, programming? We are pawns being moved around on a global chessboard.

#97 dd on 09.11.09 at 2:28 pm

#14 Nostradamus jr.

…Today’s larger announced deficit will devalue the Cdn currency….making Cdn exports more competitive…

Devalue against what? The US dollar? The Yen? We trade on commodities (based in US dollars) and long term the CDN dollar is going up against the US.

…Canada needs to split itself up…
Wishful thinking.

…Vancouver will become the world’s new financial, trade, cultural and leisure capital…
With high price oil in the near future it will not be.

#98 Mansoor on 09.11.09 at 2:45 pm

Can someone help me with the following new version of OH CANADA!

O Canada!
Our home and indebt land!
True Conservative love in all thy Foreign hand.

With weakend hearts we see thy laaies,
Of The true Harper through his Disguaaaaaaaise!

From far and wide,
O Canada, the creditors have our hands taaaied.

God help our people once glorious and now in debt! O
Canada, we are sooo in deeeebt.
O Canada, weee (pause) are soooo (Pause) in deeeebt.

#99 jess on 09.11.09 at 2:48 pm

RESPONSIBLE !!!!!!!!!!

Complexity,what a bunch of crap !information asymmetry…that is code for LIES

Lehman Minibonds

Those programs, which succeeded in stemming the panic, remain in place today. What they didn’t do was save Yu and thousands of other investors in Hong Kong, Singapore, Taiwan and elsewhere who had bought equity-linked notes or so-called minibonds connected to Lehman.

Equity-linked notes combine attributes of both bonds and stock by investing part of the proceeds in share options and the remainder in fixed income. Minibonds are custom-made securities linked to the creditworthiness of companies, backed by collateralized-debt obligations and sold in denominations of $5,000. They functioned like credit-default swaps in reverse, where the investor stands to lose his principal when the firm named in the note can’t pay its debts.

‘Information Asymmetry’

Yu, a mother of six who emigrated from mainland China in 1962, didn’t have a chance, according to Joseph Stiglitz, a Columbia University economics professor who won a Nobel Prize for his work on the effect of unequal access to information on buyers and sellers in financial markets.

“As securities got more complex, the opportunities for gaming, to the disadvantage of ordinary people, increased,” Stiglitz said. “Complexity opened up new venues for information asymmetry, which banks exploited.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aNFuVRL73wJc

#100 X on 09.11.09 at 3:02 pm

RE #50

Garth, as per Canada’s current payment schedule, is our national debt growing, or shrinking?

Not including the recent deficit.

I don’t mind a deficit or debt being carried in the sense that a business will take out a loan to establish a more profitable venture, however, it is in the businesses best interest to reduce that debt.

Does anyone know what efforts have been made by our gov’t to reduce this debt other than taxing us, and making payments? A business would negotiate, barter, work with their debtors, to get the debt lower…does our gov’t do that too?

(I don’t mean this in a critical tone, by any means, I truly have no idea as to how this is reduced)

#101 G-Money on 09.11.09 at 3:17 pm

36% worth of inflation since 1992, so 50% deeper ain’t too bad, translates to a 14% increase over 1992 deficit in inflation adjusted dollars .

Inflation calculation was done at http://www.bankofcanada.ca.

#102 Bill-Muskoka (NAM) on 09.11.09 at 3:27 pm

#83 gold bugger

So, anyone who disagrees with you is from Moscow? How are things there at the Harper Dungeon, aka, CRAP Death Star?

#103 Eduardo on 09.11.09 at 3:29 pm

Re 85: Not only were the Liberals NDP and Bloc the part of government who wanted to spend the money, they were also the part of government who were going to send us back to the polls if they didn’t get their way.

The Conservatives did the responsible thing by not forcing an unnecessary election and by moderating the spending.

Harper suspended Parliament. Very responsible. — Garth

#104 Bill-Muskoka (NAM) on 09.11.09 at 3:33 pm

#78 rory

Try telling your diatribe to some neophyte moron from the Redumblican inbred gene pool. I am from the States and know one helluva lot more about the healthcare system there and here than probably anyone else on this blog. Canada’s system is a very fine system and that is why President Obama suggested copying it.

The Redumblican’s will never understand anything because they are all brain dead assholes. Just like Harper’s followers here. Ignorant, illiterate, and loving it.

#105 POL-CAN on 09.11.09 at 3:39 pm

A must read via TAE:

The Coming Consequences of Banking Fraud
By J.S. Kim

The Double Dip Recession, or the “W” shaped recovery that a minority of economists, such as Joseph Stiglitz, is now stating as a strong possible outcome of this current rally, should not be discussed in the realm of economics but rather in the more apropos realm of financial fraud. The fact that the upleg of the “W” shaped recovery that is occurring now will inevitably crumble in spectacular fashion will not be a result of any free market principle, but rather the direct consequence of a fraudulent scheme executed by an elite global financial oligarchy, otherwise known as Central Banks. If the mission of this current manufactured leg-up in Western stock markets was to fool the world into believing that global economies are recovering, then clearly, up until this point, the mission has been a resounding success. For those unfamiliar with the term “blowback”, it’s a CIA term that was first used in March 1954 to describe the unintended consequences of US government international activities kept secret from the American people.
.
.
.
http://seekingalpha.com/article/160619-the-coming-consequences-of-banking-fraud

#106 Vancouver_bear on 09.11.09 at 3:46 pm

#14 Nostradamus jr. on 09.10.09 at 11:26 pm

3/
you forgot to add that you will be elected as a king clown of the …..drum rolll…..best place on meth and pot :O)

change your blog’s name to more appropriate, stop compromising Nostradamus’s name with the bullshit you say.

#107 andthen on 09.11.09 at 3:51 pm

Oil? you best wory about peak water, peak corn and peak potato.
Lack of water will turn us into
A: americans
B: terrorist
C: thirsty while the water goes south in pipes

#108 daystar on 09.11.09 at 4:14 pm

#87 TUT on 09.11.09 at 12:28 pm

Please note that I’m not talking solely to you but to all readers with this.

I too, would like to add something about the “controversy” of peak oil. Its no controversy. Its fact, defined as oil producing nations hitting a peak in production and then decline from there as evidenced by Dr. Hubbard’s peak oil bell curve chart which has been proven accurately beyond theory with simple historic national production charted by all individual nations world wide. The majority of the worlds oil producers have peaked in terms of production and have peaked for some time. Peak oil is not controversial. Its fact.

Our methods have discovery have pretty much peaked, as well as our ability to extract oil (horizontal/directional drilling). The only two continents that are underdeveloped (haven’t peaked) is Africa and antartica and the ocean floors, and ocean drilling has its limits in terms of only large pools at certain depths that remain feisable.

The oilsands magnifies the issue for Canadian politics in terms of reserves but current methods of extraction have their limits as well in terms of fresh water consumption. Presently, production is around 1.25 million barrels of oil per day and the Athabasca river can’t support much more than 1.7, 1.8 million barrels? 3 to 3.5 billion barrels of production laced out through BC, Atla and Sask would be a stretch. Acheivable, but under today’s tech, very costly to our environment and fresh water availability.

The issue of Peak oil is very real, far nearer to us than most of us think if human populations continue to grow and developing nations force world consumption to escalate and far more disruptive to the economy than even the decline of the U.S. empire if left unchecked as this, as well as other national governments are doing and should such do nothing policies lead to chronic shortages… and shortages will occur if no new technologies or policies shifting societal thinking and investment to green techs don’t occur. The only thing that is truly debatable with peak oil is the timeline of when world demand sustainably exceeds world supply towards chronic shortages.

My point is simple. Don’t underestimate the true threat of peak oil or what chronic shortages world wide could hold as superpowers compete for it. And yes, there are other energy forms, but think in terms of what runs our transportation systems at present and one will get the true scope of it.

However, I still believe the most immediate threat to this nation over the next few years is the massive amounts of debt the Harper government is leading and has already led us into. Without actual purse power to tackle issues like peak oil, we will end up being a nation that is at best, known only for its ideas instead of seeds that bear forth good fruits.

Our ability to lead through the toughest challenges that lie ahead are in jeapordy now with the new dawn of debt that is spawned in the bond markets to the tune of a planned 200 billion worth of fresh debt to this nation by this Conservative government through the sale of bonds this sole year alone… and the trillion dollar risk the Conservatives have led us through with their ramped up exposure to insured mortages, mortage backed securites and their deregulation of CMHC, banks and mortage lending practices flying in the face of their own self created Canadian real estate bubble that will burst once interest rates rise.

One only needs to see what the impacts of higher interest rates will do to Republican inacted policies by the Conservatives and their spawned bubbly RE valuations here, as they have done to the RE bubble in the U.S 3 years ago. The U.S. present, folks, is our future and a big change in government (if its a good one) will help in the long term, but the short to medium term has its miseries due to the Real estate correction that lies ahead.

The question we all must ask is… what lies ahead even after our own Conservative created crisis in real estate? There will be other even larger demons to slay and peak oil is one of them.

#109 andthen on 09.11.09 at 4:14 pm

Ok I have been waiting for a price drop so I can buy my first home. I am starting to think it is not going to happen.
Do you want to see why?

5% CashBack Mortgage
5% CashBack can add up to a lot of renovations, furniture or appliances, or just a lot of money in your account!
The money is yours to spend any way you choose. The larger your mortgage, the greater your 5% CashBack reward
http://www.tdcanadatrust.com/mortgages/5_cashback.jsp

#110 pbrasseur on 09.11.09 at 4:25 pm

Mr. D – Ottawa and TUT (#47 & 87)

High price of oil make investments worthwhile, these will bring new solutions to energy demand, even synthetic oil made out of coal or nuclear or anything.

Markets do solve that kind of problems all the time…

#111 Investx on 09.11.09 at 4:37 pm

Nostradamus Le Mad Vlad

“Let’s move on to other things.
——
Look at the headline and see if it makes sense. –
http://www.rumormillnews.com/cgi-bin/forum.cgi?read=155441

Mad Vlad, stay on topic. If you really want to discuss other issues and crave attention, please start your own blog.

#112 lgre on 09.11.09 at 4:42 pm

109 andthen on 09.11.09 at 4:14 pm

cash back mortgages are a scam, the bank will give you a cashback, sure..but you are paying for that, as you will be getting their posted rates not their discounted ones…beware.

#113 Barb the proof reader on 09.11.09 at 4:59 pm

# 78, 103 Eduardo-rory (rhymes with corduroy) you’re busted.

#114 TJ on 09.11.09 at 5:28 pm

I expect that you and I will be seeing a lot more headlines stories like this one from CNNMoney.com.

This is the LARGEST Insurance Group on the Planet and has tentacles into everything from your home insurance to your pet Poopsie’s insurance papers.

When they get the door open – I predict TRILLIONS of dollars of worthless derivatives and SIV’s will fall out.

This has the potential to make the Madoff case, look like small potatoes.

Government investigators are probing the former head of American International Group Inc.’s Financial Products unit, Joseph Cassano, and other executives for securities fraud, a law enforcement source familiar with the case said on Friday.

The source said that a grand jury may be impaneled this month in New York to consider potential charges that executives failed to disclose the value of toxic assets to the insurance company’s outside accountants and shareholders.

“The investigation is really who knew what and when about these assets,” said the source, who asked not to be identified because the probe was ongoing.

A spokesman for the office of the U.S. Attorney in Brooklyn, New York, which is conducting the probe, declined to comment.

http://tinyurl.com/nywyjb

#115 Eduardo on 09.11.09 at 5:29 pm

“Harper suspended Parliament. Very responsible. — Garth”

So he should have let us go to election so the country could get pillaged by handouts for the other 3 parties’ their respective demographics and completely lose all fiscal restraint?… riiiiight.

Instead he chose to work with them and comprimise when cooler heads were at the table.

There was no election being considered at that time. Harper lost the confidence of Parliament. So he ended it. You proud of that? In terms of ‘fiscal restraint,’ Mr. Harper is the greatest-spending PM in Canadian history who has just given us the greatest deficit. If this is restraint, I want less. — Garth

#116 wellwell on 09.11.09 at 5:44 pm

@103 Eduardo: “The Conservatives did the responsible thing by not forcing an unnecessary election and by moderating the spending.”

“Harper suspended Parliament. Very responsible.” — Garth

It’s Harper’s fault that we came dangerously close to a serious constitutional crisis last year. Harper’s people threatened to undermine the Governor General if she did not give them what they wanted, namely, a constitutionally indefensible suspension of Parliament to shield the government from certain defeat, a manoeuvre not attempted since John A. Macdonald tried unsuccesfully to escape political fall-out from the Pacific Railway scandal in 1871. This government doesn’t care about the long-term future of the country and its institutions, and they are prepared to do whatever it takes in the short run to secure a majority.

#117 TUT on 09.11.09 at 5:50 pm

#108 daystar on 09.11.09 at 4:14 pm

Thank you for your clarifications.

People who believes or disbelieve in some theory belong to the same camp: ignorance.

I do not need to believe or not in Peak Oil because I already know the truth, like you do.

——————————————-
#110 pbrasseur on 09.11.09 at 4:25 pm

Nice to know that market forces will create energy, specially from “anything”. Now I can sleep better.

#118 Jake on 09.11.09 at 5:51 pm

#104 Bill
“The Redumblican’s will never understand anything because they are all brain dead assholes. Just like Harper’s followers here. Ignorant, illiterate, and loving it.”

What an ignorant, brain dead thing to say. Not your usual style man. Careful, lest you become what you hate.

#119 Eduardo on 09.11.09 at 6:02 pm

Serious constitutional crisis my ass. All you supporters of the bullshit the Liberals have put us through in the past 2 years are all on a string. It actually makes me sick to my stomach.

The Liberals don’t even have a platform. They could sell you horseshit on a plate and youd buy it. Their platform is and always will be give enough handouts to Quebec and Southern Ontario and screw the rest of the country.

Take Garth for example: the person above who said his policies aren’t compatible is right because the Liberals don’t have any policies other than the above.

Now that you’ve had a dump, care to respond to the fact Mr. Harper is the spendiest prime minister ever, and will leave us the greatest debt? How is that ‘conservative’? Also, could you please comment on Mr. Harper’s recognition of the Quebec people as “a nation.” Or did you miss that one? — Garth

#120 Eduardo on 09.11.09 at 6:04 pm

Garth,

Spin all you want about how Harper was the one who spent all the money. Just remember what part of the MINORITY GOVT didn’t want to spend and which did.

I’m not arguing with you guys anymore because you refuse to do anything other than play political games.

Guess you learned that from the boss. — Garth

#121 Eduardo on 09.11.09 at 6:05 pm

“There was no election being considered at that time. ”

Well it wouldve been coalition spending money out their ass for a year or so then election. Same as now, they got their way now they are blaming someone else.

Good thing for the Liberals that Ontario and Quebec can’t remember back that far.

You are a perfect Harperite. — Garth

#122 Cash is King on 09.11.09 at 6:06 pm

Why do all the economists believe that Canadian taxes are going to increase but our Finance Minister does not?

http://ca.news.yahoo.com/s/capress/090911/national/deficit_outlook

“A large boost to government revenue will come from legislation that requires employment insurance premiums to be raised if the program runs a deficit, Laurin said.

Although there are limits on how much Ottawa can raise premiums each year, Laurin said it’s likely the government will raise premiums by the maximum allowable rate every year for the next five years in order to eliminate the deficit in EI created by burgeoning unemployment rates.

Currently, earnings up to $42,300 are taxed at a rate of 1.73 per cent for employment insurance, and the government is allowed to increase that rate by 0.15 percentage points each year.

This means that by 2014, anyone earning $42,300 or more will likely be paying $1,049.04 per year at a taxation rate of 2.48 per cent – $317.25 more or a 43 per cent increase from the current maximum premium of $731.79.

The increase will also take a significant toll on employers, who must contribute 1.4 times the amount deducted from employees’ paycheques – in this case, $1,468.66 per employee, or $444.15 more than the current maximum. ”

There is going to be alot of lying in 2010.

#123 Eduardo on 09.11.09 at 6:09 pm

GARTH, THE LIBERALS GOT THE SPENDING THEY WANTED AND VOTED FOR IT!

You can’t have your cake and eat it too!

You can’t have your spending and complain too!

Answer the questions, cowboy. — Garth

#124 Bill-Muskoka (NAM) on 09.11.09 at 6:15 pm

#118 Jake

I make no apologies and stand by my assessment. I was a Republican Precinct Committee back in the 1980’s and the party has been taken over by a bunch of completely unethical, moronic idiots bent on power and unethical conduct. The same thing has happened to our once fine Progressive Conservative Party here in Canada.

The conduct of both is undemocratic and nothing but a stream of lies, disinformation, and FUD. They do not deserve one iota of respect. Their Air Wave Puppets, Fox News, are a disgrace to very concept of Freedom of Speech as well.

No more politically correct BS from me. I am taking firm stand against these miscreants, as should every other truth loving, ethical, democratic person in Canada and the U.S. Enough is enough.

Those who say ‘Take it easy, it is only politics.’ are the same lot that were the collaborators in past wars. The same spineless, amoral excuses for human beings that have plagued this world for too long.

When the people no longer demand content of character then they have sold out to the scum bags, and we have agovernment loaded with them at this point. Stand Up for TRUTH and our country. Call them what they have proven to be LIARS!

I have no problem with differing political viewpoints, that is what real politics are about, but the tactics I have witnessed are NOT politicis. A street thug has more honour.

Bring the best ideas forward, debate them openly and fairly, and then vote on the issues before those elected to represent us. Anything less is an abomination on the graves and to blood of those who have died and sacrificed defending our rights to have a democracy. Oh, and we need a recorded vote with names in Parliament NOW! What cowards they are.

#125 POL-CAN on 09.11.09 at 6:25 pm

10 minutes with Rob Kirby and Max Keiser…

Barrick, gold, JMP, derivatives, finantial terrorism, China, and more:

http://maxkeiser.com/2009/09/11/ote18-on-the-edge-with-rob-kirby/

#126 Men With Hats on 09.11.09 at 6:25 pm

Stealling our heritage by stealth :

Sterling silver tea pots and silver-plated cocktail sets from the governor general’s residence, where dignitaries and royalty have been entertained over the years, were sold this week on a website usually used to offload surplus filing cabinets and old computers.
Among the items sold by Crown Assets Distribution are three sterling silver flower baskets offered as wedding presents to the future King George V, grandfather of Queen Elizabeth, around 1893.

http://cnews.canoe.ca/CNEWS/Politics/2009/05/23/9547496-sun.html

The morons netted less than three grand .

#127 Men With Hats on 09.11.09 at 6:42 pm

This Retardo guy is hilarious, defending the in-defensible .
Harpo is alleged to be a fiscal conservative .
Fiscal cons to not dig a 160,billion dollar hole .
Even Harpo’s mentor Tom Flanagan has given up on the brain-dead neanderthal .
Tom Flanagan, a University of Calgary political scientist and former senior adviser to Harper and Manning was even more down in the mouth: “You can find some things in the budget that are consistent with the Conservative philosophy, but the weight is like 90 to 10 against it.” Ouch ! That hurts .
Spend,spend,spend, spend .
Yea, Harpo is a winner .

#128 Nostradamus Le Mad Vlad on 09.11.09 at 6:51 pm

#67 Grace at 11:01 am — “There are none so blind as those that will no(t) see.”;
#91 BDG YYC – Oil gives me gas … you ?? at 1:06 pm — “. . . Ontario and Quebec could find themselves getting “stiffed” if somebody has to go without. No way to deliver western Oil quickly or in volume.”;
#105 POL-CAN at 3:39 pm; #107 andthen at 3:51 pm —

The link I posted the other day about the US being split into four countries, with Japan taking Hawaii and Russia taking Alaska (which gives them free entry here) may lead to Nostradamus Jr.’s quote re: Canada being split up as well.

With the US debt increasing at US$1 mln. every six seconds (how many seconds in a day, and who is in charge of the Fed?), their deficit heading towards the sun, boomers everywhere looking for some kind of fiscal help from over-stuffed ‘pork-barrel’ govts., it is quite easy to understand where we are going, whether we like it or not.

With Canada’s debt / deficit ever-rising, along with the UK’s, several other European countries having hit rock bottom, several places enduring ‘civil unrest’ it seems clear (to me, anyway) that this is far beyond politics now.

On Garth’s old political blog, which reincarnated into a new one albeit on an alternate universe with new members supplied by The Funny Farm, I had posted a few links in 07-08, relating to some form of takedown, which had begun quietly and was gaining momentum.

Life happened, got in the way of all this and so was forgotten, but Grace’s post is good — there is way more happening than we bloggers will ever know about, until life slaps us in the face and TSHTF.

Peoples’ life cycles are ending quickly (witness the suicide rate in the Far North), suicides because of the wars in AfPak and the times are changing rapidly, too fast for most to even comprehend anymore.

#129 View from the south on 09.11.09 at 6:56 pm

IMO there isn’t a pol party in this country with the competence or guts to do what really needs to be done to right this ship. The average voter in this country wants the government to SPEND our tax dollars on their particular raison d’etre. And, every candidate, in every riding, representing every party will tell their constituents they deserve the moon and we’ll spend tax-dollars responsibly and yadda, yadda, yadda.

Garth, are you prepared to stand-up at the local community centre and tell the folks that the time has come for austerity, the time has come to shut off the river of government largess and that you will support your leader’s mandate to spend less and empower the people to pull themselves up and help their neighbours because the government has to stop spending and rein in debt and deficit powered budgets.
Or, will you tell them the same thing as the Conservative incumbent – “vote for me and I’ll make sure you get that piece of pie that you’re entitled to.”

You’re a lone wolf Garth. What you preach is too radical for the average Canadian to get their head around. If there was a pol party that stood for the things you say here, I’d vote for them in a heartbeat.
We’re a nation of Greater Fools, Harpsy, Iggy, Jackie et al know it and they know how to buy loyalty.
Rise above that Garth.

#130 Bill-Muskoka (NAM) on 09.11.09 at 7:00 pm

#122 Bill-Muskoka (NAM)

One more thing to clarify…I do ‘hate’ them because they are unworthy of such a high energy emotion, I simply disdain and despise their tactics and lack of content of character. That is worthy of the energy and effort to depose them forever.

#131 Barb the proof reader on 09.11.09 at 7:07 pm

#120 Eduardo

So what is your spin on Harper quickly spending and purposely squandering the $15 Billion Surplus he inherited in 2006 from the responsible “fiscally conservative” Liberal government?

I’d ask you, or His followers, what the heck did you think Harper was doing then? But since you’re Tefloned beyond reason, I won’t bother posing any such mind blowing question to you or Harper’s other flockettes.

#132 john m on 09.11.09 at 7:27 pm

#60 RJAG2034 on 09.11.09 at 10:11 am

Doesnt matter who is in power, they will screw it up. The Lib’s screwed it up by downloading and not following through on Chretiens promises of massive infrastructure spending in the mid ’90s. Now the Cons have a chance to do the same thing.

Its about the power and control, they’re all the same.

And Iggy has got to be the worst of the bunch.
<<<<<<<<<<<>a joke!Lies upon lies!They even failed to recognize a recession..christ man think before you talk.The y have been accused of bribery to overthrow the Government…also accused of trying to defraud the taxpayers of millions with their in and out schemes–still pending with elections Canada! The largest spending government in Canadian history (and that was before the recession)…………please tell me what the hell could be worse? Im waiting!

#133 john m on 09.11.09 at 7:35 pm

#120 Eduardo on 09.11.09 at 6:04 pm

Garth,

Spin all you want about how Harper was the one who spent all the money. Just remember what part of the MINORITY GOVT didn’t want to spend and which did. …..You are so ridiculous you are downright funny :-).The Harper government is the largest spending government in Canadian history and that was before the recession! Tell me please how much better things are in Alberta since Harper came into power ok? ………yeah right that is someone elses fault also :-).If you swallow his crap you really need a tutor :-)

#134 Eduardo on 09.11.09 at 7:42 pm

You guys as voters are the reasons why our country is so screwed up.

#135 Eduardo on 09.11.09 at 7:43 pm

For the record, Garth censors every 2nd post of mine now anyways in order to skew the conversation, but then again he probably won’t post this.

Call this blog what it really is Garth.

You have posted seven times in the last 20 minutes and managed to add nothing. No wonder I am ripping your comments. Go polish your horse. — Garth

#136 Eduardo on 09.11.09 at 8:02 pm

We all know why you’re ripping my comments: spin.

You’re a politician through to the bone as much as you like to call yourself a rebel.

If you were a rebel you wouldn’t have thrown your saddle on the Liberal horse.

See why I am shutting you down for tonight? — Garth

#137 Jenkins on 09.11.09 at 8:05 pm

Mr. Turner, I commend you on your public service, writing and foray back into politics. I think the vicious and nasty tone of civil discourse we see about politics and politicians in the media (and on blog comments) is a shame. Clearly you care about Canada, are passionate about your ideas and are willing to stick your neck out and do something about it…unlike so many anonymous blog commenters (myself included, I’m ashamed to admit). I’m not a liberal supporter, but I would vote for you if I were in your riding. I wish you the best of luck.

#138 Just Janice on 09.11.09 at 8:11 pm

Harper isn’t in it for the good of the country, he’s in it for himself and as a result feels the need to control every aspect of the government. He does things to get votes, he doesn’t do the things that need to be done. A country needs good government, that provides quality public goods and services, makes strategic investments, and mitigates the adverse effects of the business cycle in order to ensure the long term economic health of the country. Remember which government truly set up the mess that is about to unfold. Remember which government lowered the downpayment requirements, extended mortgage terms, bailed out the CMHC, allowed interest rates to plummet, and killed universal daycare giving parents $100 bucks a month instead….

Ignatieff can (and will) do better. Mr. Turner will do better.

#139 TheFirstRick on 09.11.09 at 8:26 pm

#86 Barb the proof reader on 09.11.09 at 12:28 pm #78 rory

Ver-ry interesting rory that you misquoted me! It shows your true colours.

That’s great that you have Outed yourself. Just as many suspected a few months back Rory.. you were only lurking on Garth’s site as an opponent of Garth. Ha ha. How is it out there in the CPC war room?
========
Barb, it’s best to ignore Rory just like you do me.

Rory’s mandate is to eliminate all pensions so he isn’t the only 70yr old working at McD’s.

#140 TheFirstRick on 09.11.09 at 8:32 pm

#83 gold bugger on 09.11.09 at 12:05 pm Bob Rae! Are you kidding? Bill from Moscow, you need to get some fresh air.
======
Nothing quite like that bastion of free enterprise and fair competition called the Real Estate/MLS mafia, eh ISLANDER??

#141 TheFirstRick on 09.11.09 at 8:44 pm

#113 Barb the proof reader on 09.11.09 at 4:59 pm # 78, 103 Eduardo-rory (rhymes with corduroy) you’re busted.
======
Anyone who posts under multiple alias’ is a sick pup. Something like Gold Bugger and Islander.

#142 Rasputin on 09.11.09 at 8:52 pm

People forget one thing about the deficit. The Liberals ordered it. The Conservatives would have been defeated by the coalition if they had not spent this country into oblivion. If they had a majority, chances are they would still have a deficit but a much smaller one.

Actually the Conservatives lost the confidence of Parliament, and were about to be replaced, not defeated. In any case, can we imagine how anybody could have destroyed the country’s finances this fast? I think Jack Layton would look like Ronald Reagan compared to Jimmy. — Garth

#143 TheFirstRick on 09.11.09 at 9:05 pm

#136 Eduardo on 09.11.09 at 8:02 pm We all know why you’re ripping my comments: spin.

You’re a politician through to the bone as much as you like to call yourself a rebel.

If you were a rebel you wouldn’t have thrown your saddle on the Liberal horse.

See why I am shutting you down for tonight? — Garth
========
C’mon Garth, I for one am enjoying the hissy fit.

#144 Gord In Vancouver on 09.11.09 at 9:10 pm

Unemployed Canadians could be in serious trouble.

If the federal Liberals and NDP criticize the Conservatives for the size of today’s deficit, the latter will be under considerably less pressure to extend/expand unemployment insurance (EI) benefits. Western premiers desperately want EI to be extended as they don’t want a housing crash on their watches.

#145 Sudcouver on 09.11.09 at 9:10 pm

Congrats Eduardo, some people who read this blog aren’t brainwashed liberals. Keep calling them out on it and we can get back to real estate! Does anyone actually believe that the liberals would have been more fiscally responsible than the Conservatives?? The Libs would have made Harper “look like Regan”.

Is that Gerald Regan? — Garth

#146 angrylittlefella on 09.11.09 at 9:40 pm

#129 View from the South

That was absolutely beautiful.

I love you all very much.

angrylittlefella

#147 PopThatBubble! on 09.11.09 at 9:43 pm

BC on the ropes?

Vancouver School Board anticipates a deficit of $20 Million.

Langley School District thought they had a surplus. They had a deficit of approx. $3. 5 million but figured they had a surplus of $ 4.2 million. Now they find out a major accounting error..the surplus is actaully a deficit…total of approx. $ 8 million in red ink .

BC Gov’t won’t allow any school district to run a deficit, because it ultimately adds to the Provinces ever increasing deficit.

Gov’t finances at all levels are out of whack.

Civil Service, watch your backs. The Taxpayer is fed up and tapped out.

#148 john m on 09.11.09 at 9:44 pm

Some of these comments makes me wonder what planet some people have been living on?? Poor “stevie” its all “someone elses fault” and has been since day one or “they did it too”…pretty lame excuses for credibility for someone running our country.The fact is before the recession was even recognized the Harper government had squandered a 15 billion odd surplus on power seeking vote buying schemes.In fact last election they even lied about the surplus and were already headed for the toilet.Then when they finally agreed there was a “technical recession”…days after saying we weren’t in one and agreed to put out infrastructure funds to boost the economy…a couple of the first to receive these “so called” infrastructure grants were ..the northlands colliseum in Edmonton and the Calgary stampede grounds from what i understand to the tune of over 300 million ———–this i might add probably cost more than the upcoming federal election. Anyone who thinks the tactics we have been subjected to by this bunch of unaccountable misfits is acceptable has considerable difficulty accepting the simplicity of right and wrong.IMO

#149 Meggie on 09.11.09 at 10:02 pm

Bogdon #11
I’m sure your a great guy but could you please refrain from using the ‘F’ word (3 times no less) in your postings. Garth has set out clear rules for bloggers.

#150 Chaostrology on 09.11.09 at 10:19 pm

Regrets to BTO, just hum along.

I met a devil banker
She took my house away
She said I had it comin to me
But I wanted it that way
I thought that any loan’s a good loan
So I took what I could get mmh
I took what I could get
Oooh. ooh she looked at me with big brown eyes
And said:
You ain’t seen nothing yet
B-B-B-Baby you ain’t seen nothin yet
Here’s something that you’re never gonna forget
B-B-B-Baby you ain’t seen nothin yet

And now I’m feeling stupid
Cause I found out for sure
She took me to the cleaners
And she did it in a blur
She said that no loan’s a good loan
So she took what she could get hmm
Oooh, Oooh she looked at me with $ signs in her eyes
And said:
I’m ain’t finished with you yet
B-B-B-Baby, I ain’t finished with you yet
Here’s something that you never gonna forget
B-B-B-Baby, I ain’t finished givin’ it to you yet

Any loan’s a bad loan
Like a “Fool” I took what I could get
(I took what I could get)mmh
Oooh, Oooh, she looked me in my big brown eyes
And said:
You ain’t got nothin left
B-B-B-Baby, you ain’t got nothin left
Here’s something you’ll wish you could forget
(bum-bum)
S-S-S-Suckah you ain’t got nothin left!

#151 rualdude on 09.11.09 at 10:31 pm

Garth this blog seems to be deviating from rel estate to politics… too bad. I would venture to say 75% of the people who comment on politics don’t have a clue what their talking about. It seems mostly to be personal hate and disinformation. As a side note talking to my mother in law (from Sask) about our maybe pending upcomming election. She said Michael Ignatieff was a smart man. I asked her to elaborate, she was blank, couldn’t think of any thing.
People or should I say SHEEPLE better be carefull, the devil they know may prove to be a lot better than the devil they don’t know.
Stephon Dion proved that so well didn’t he.

#152 taxpayer like you on 09.11.09 at 10:46 pm

Barb – I think you’re a harpercondriac with controll issues.
Quit looking in the closet for christian right-wingers.

But dont worry, I’m trying to figure out a little wordplay on “Ignatieff” for Eduardo.

129 had a good summary of it all.

Garth you opportunist you. I remember when you tested the water a few weeks back. Oh so smooth. And
arent you kinda dmaged goods back there? You’re not
even on most peoples radar screens out here though.
They say “Garth who?” Hey, why not try running in North/West Van? OK maybe not.

I cant see myself contributing to your political blog, but good luck.

#153 Barb the proof reader on 09.11.09 at 10:59 pm

#139 TheFirstRick, I think the only poster I ignore is Nos..
I haven’t noticed any of yours lately, sorry. There’s many interesting posts and open opinions. But as I think you found, there’s some who come here probably by command of the CPC deathstar, only to wreak havoc on ordinary citizens. That’s no fun, but what is fun is to spot them.

#154 LB on 09.12.09 at 12:41 am

So far, Garth,Pecked to Death By Ducks (re-monikered),Daystar,Dan in Victoria and Peter Wiener (minus the scathing rejoinders) would all have my support as brighter and more effective leaders in a new kind of democracy which is arising from blogs such as this.

#155 pbrasseur on 09.12.09 at 8:46 am

TUT

“Nice to know that market forces will create energy, specially from “anything”. Now I can sleep better.”

You think you’re funny but in fact you’re right.

Anything made of carbon can be used to produce energy, which on this planet is virtually…anything.

Bottom line the world might end because of many things, but supply or energy isn’t one of them.

#156 Bill-Muskoka (NAM) on 09.12.09 at 8:48 am

#130 Bill-Muskoka (NAM)

Should have read ‘I do not ‘hate’…’ but was rushing to help a neighbor, so my error.

#157 Future Expatriate on 09.12.09 at 9:25 am

A simple question… the US handed away billions to offense contractor cronies of Bush/Cheney in the war against Iraq, which Canada wisely stayed the hell out of.

So where did all of Canada’s surplus go? And why?

#158 steven rowlandson on 09.12.09 at 9:08 pm

Garth Canadians have to find out the hard way.
Steven