Harper says depression

[kuzadd]

On a "glitch"

coincidence?

Canada's leader says depression possible

[M.Dancer]

On a "glitch"

coincidence?

Canada's leader says depression possible

Yes and cripes.....talk about a stretch..he didn't say depression, a reoprter asked him if it was possible and he said....

"It could be, but I think we've learned enough about depression; we've learned enough from the 1930s to avoid some of the mistakes that caused a recession in 1929 to become a depression in the 1930s."

BTW....most of the large and mega cap stocks were traded today even though the TSX was down because they are interlisted on the NYSE and Nasdaq so take your tinfoil nonsense elswhere...

[kuzadd]

When asked whether a depression might be possible,

Harper answered: "It could be, but I think we've learned enough about depression;

that means , to those who can read, Harper concedes, or acknowledges a depression is possible,

but, blah, blah blah.... meaningless words to soothe.

[Oleg Bach]

On a "glitch"

coincidence?

Canada's leader says depression possible

You never never ever use the D word...Did he really do that? He should always say there are problems globally but not in Canada...at least keep the spirit of the population up - just with an utterance of such negativity by the PM - probably caused millions in losses - not to mention further loss of confidence in the sytem by the people. To say "depression" to the people will make them depressed - once emotionally depressed - the next thing that sets in is monetary depression....You would think that lieing poiticans would lie at the right time - they can't even get that right.

[ToadBrother]

You never never ever use the D word...Did he really do that? He should always say there are problems globally but not in Canada...at least keep the spirit of the population up - just with an utterance of such negativity by the PM - probably caused millions in losses - not to mention further loss of confidence in the sytem by the people. To say "depression" to the people will make them depressed - once emotionally depressed - the next thing that sets in is monetary depression....You would think that lieing poiticans would lie at the right time - they can't even get that right.

I'd rather have the politicians telling us the truth, even the hard, harsh truth, than trying to sugercoat things. In 1929 that's precisely what political leaders did; they try to be nice and reassuring, trying to make everyone believe that things would be up in no time. Of course, it soon became apparent that these guys were either lying or seriously confused.

If we're sinking into a Depression, then I damn well want to know. My taxes don't go to pay Harper's salary so he can whisper sweet nothings in my ear.

[M.Dancer]

When asked whether a depression might be possible,

Harper answered: "It could be, but I think we've learned enough about depression;

that means , to those who can read, Harper concedes, or acknowledges a depression is possible,

but, blah, blah blah.... meaningless words to soothe.

And attaching wings to pigs could possibly make them fly. Or attaching speakers to the toaster so possibly everyone can hear what it says...

[Oleg Bach]

I'd rather have the politicians telling us the truth, even the hard, harsh truth, than trying to sugercoat things. In 1929 that's precisely what political leaders did; they try to be nice and reassuring, trying to make everyone believe that things would be up in no time. Of course, it soon became apparent that these guys were either lying or seriously confused.

If we're sinking into a Depression, then I damn well want to know. My taxes don't go to pay Harper's salary so he can whisper sweet nothings in my ear.

The small point I was trying to made has to do with the belief system - money - fiat currency and digitial dollars really don't exist - what we have is a total loss of confidence in our monitary system - Because of the phenomena that is the world wide web - somehow the virus of non-confidence spread like wild fire - and absolute panic resulted and fear - and now it can not be stopped - It's very fantastic - money is a religion - it's like suddendly all the high priests in unison - lost their faith in God...I firmly believe that the power of the human mind and spirit - if it can create this ellusive sytem of exchange - then surely it can sustain the system ---there will be runs on Canadian banks if people are not careful and the government does not contain the hysteria...what then? We have no choice but to believe..much like a man on a battle field has no choice but to believe. You MUST believe or all will be lost.

[reasonoverpassion]

If we're sinking into a Depression, then I damn well want to know. My taxes don't go to pay Harper's salary so he can whisper sweet nothings in my ear.

The problem is "Depression" is not an economic term like Recession. Recession has a very clear meaning: the reduction of a country's GDP for two succesive quarters in a year.

No one agrees on what a "Depression" is-- except maybe a severe recession that is not a part of the business cycle.

Its really wierd that Harper, who only a few months wouldn't use the term "recession" is now using the term "Depression"??

For me, no world leader should use such an emotionally charged word with such an imprecise meaning.

[Mr.Canada]

And attaching wings to pigs could possibly make them fly. Or attaching speakers to the toaster so possibly everyone can hear what it says...

Well at least your fair in your criticism. Right or left. Hehe.

[Jerry J. Fortin]

I must admit that I did not expect Harper to fall into that one. The man claims to be an economist, so to use the term in the first place has interesting connotations. What it says to me is that Harper believes we are in fact on the brink but believes that he is smart enough to avoid the coming problems. Surprise Stevie!

[Mr.Canada]

I must admit that I did not expect Harper to fall into that one. The man claims to be an economist, so to use the term in the first place has interesting connotations. What it says to me is that Harper believes we are in fact on the brink but believes that he is smart enough to avoid the coming problems. Surprise Stevie!

So Stephan Harper is now responsible for the worlds economic woes? You give him too much credit, I doubt he has that sort of influence.

[Topaz]

When asked whether a depression might be possible,

Harper answered: "It could be, but I think we've learned enough about depression;

that means , to those who can read, Harper concedes, or acknowledges a depression is possible,

but, blah, blah blah.... meaningless words to soothe.

Like the words...I knew there was a offer....I told them to forget it Cadman wouldn't agree to it....etc etc...

[capricorn]

It's not as if Harper hasn't seen this coming and failed to make Canadians aware of his concerns about the economy.

‘Challenging year’ ahead, Harper warns in year-end interview

Prime Minister Stephen Harper has a sobering message for Canadians this holiday season: Enjoy the eggnog and candy canes while they last, because the party could soon be over.

The prime minister is warning the public to expect a “challenging year” as a global economic slowdown looms and the federal government prepares to introduce climate change regulations on industry.

“The Canadian economy’s fundamentals are very strong. We’re very well positioned,” Harper said in a year-end interview with CanWest News Service at 24 Sussex Drive.

“That said, we are an open-trading economy in a world where there is increasing economic uncertainty — in the United States economy in particular, but (also) some other parts of the globe. We are not immune to that.”

http://www.canada.com/globaltv/national/st...64-9e468011b18e

The above tells me at that time the PM was concerned while stressing that the foundations of our systems were sound. Essentially, he did his job in not spreading fear and attempting to maintain confidence. Then came the oppposition's heavy criticism that the PM was not acting quickly enough, he had no idea what was going on and didn't know what to do about the economy. The opposition's constant message was that action had to be taken right now on many fronts and not one second later. They lathered Canadians into a frenzy to the point that consumers didn't know whether to spend or sock away their money.

Now that Harper confirmed in his latest interview that what he warned us about in Dec. 07 is here, he is accused of being a pessimist.

Prime Minister Stephen Harper was accused yesterday of exacerbating the economic downturn by spreading pessimism when he should be taking a leadership role by disbursing hope.

Mr. Harper, who said in a television interview on Monday that he has never seen such uncertainty about the future, came under fire for giving in to fear at a time when Canadians need their Prime Minister to offer a more positive outlook - both to relieve anxiety and to keep consumers spending.

http://www.theglobeandmail.com/servlet/sto...PStory/National

I don't think Canadians can get more "scared" by what the PM said in his most recent interview. They're plenty scared as is and it's not all Harper's doing. And regardless of whether Harper takes an optimistic tone or a pessimistic view, it will be criticized by the usual sources. It comes with the territory.

[M.Dancer]

Don't believe Harper when he says the foundations are strong...

Believe Goldman Sachs...

Buy Canada, Goldman Sachs says

Article Comments (47) TAVIA GRANT

Globe and Mail Update

December 17, 2008 at 4:52 PM EST

Now is a good time to buy Canadian dollars because the country's economic picture is less dire than in other Group of 10 nations, Goldman Sachs said Wednesday.

The report by the U.S.-based bank comes after the Canadian currency has tumbled 17 per cent against the U.S. dollar this year and has been little changed over the past month even as other currencies have strengthened.

http://business.theglobeandmail.com/servle...y/Business/home

[msj]

The problem is "Depression" is not an economic term like Recession. Recession has a very clear meaning: the reduction of a country's GDP for two succesive quarters in a year.

That is the layperson's definition.

In the US the definition is much more complicated in that they take into consideration many more factors than mere GDP:

Business Cycle Dating Committee, National Bureau of Economic Research FAQs

Also see their call of the current recession and the 2001 recession.

Canada doesn't have any official dating process so we dumb it down to the two quarters nonsense - the US does get this right in that a recession is more than one poorly constructed economic measurement.

[LesterDC]

Well he definitely did not want to ignore the POSSIBILITY of a depression.. He dismissed the notion of a recession and look where that got him

[bush_cheney2004]

That is the layperson's definition.

Laypersons define a lot of things.

In the US the definition is much more complicated in that they take into consideration many more factors than mere GDP:

This is not the USA.

Canada doesn't have any official dating process so we dumb it down to the two quarters nonsense - the US does get this right in that a recession is more than one poorly constructed economic measurement.

Does this mean that the USA has better laypersons?

[kuzadd]

What makes this so interesting is in the recent election , Stephen Harper was on message, the economy is fine , the banks are fine, it's all good. He didn't even mention recession. Now he is conceding depression.

How dumb did he think Canadians were?

[reasonoverpassion]

OK How do they define "Depression"?

[kuzadd]

Well PM Harpers comment have not gone unnoticed:

PM's pessimistic talk makes bad situation worse, critics say

Mr. Harper, who said in a television interview on Monday that he has never seen such uncertainty about the future, came under fire for giving in to fear at a time when Canadians need their Prime Minister to offer a more positive outlook – both to relieve anxiety and to keep consumers spending.

I don't know, can his talk really make the situation worse?

Maybe as far as confidence in leadership, and ability.

meh.

what I find interesting is this part the PM's evolving talk

Oct. 7: "I think there are probably some great buying opportunities emerging in the stock market as a consequence of all this panic."

Asked whether he would unequivocally rule out a deficit under his government: "Yes. ... Yesterday I think I was asked one question about whether we would run a deficit and I said, 'No.' That's my answer."

Oct. 11: "The fact of the matter is independent analysts, including the International Monetary Fund, say that Canada is not going to go into recession with the current world environment and its current set of domestic policies. We're the one country that's going to continue to show some growth."

election talk, don't worry be happy Canadians.

Anyone with half a brain KNEW at this time, we were in a recession, as the US has been since Dec 07 (as they recently officially stated) but come on PM Harper and other in the government should have known this anyway.... there is no reason to think they did not.

[scribblet]

So Stephan Harper is now responsible for the worlds economic woes? You give him too much credit, I doubt he has that sort of influence.

You beat me to it LOL It wouldn't matter who is in power, when the economy is like this globally, s.hit happens. When Harper presents the budget containing most of the items that the opposition wants to help the economy, and it doesn't help - who will get the blame. Don't tell me, let me guess, Harper LOL

[msj]

Does this mean that the USA has better laypersons?

If you're any indication then the answer is a definite "no."

[msj]

OK How do they define "Depression"?

I don't think there is an "official" definition for an economic depression.

Some say something about a fall in GDP of 10%+ over a short period of time (I guess either for a quarter or two - where the 10% would be annualized) or over the course of an entire year.

I would define it a little bit better than this but I admit that even a crude statistic like GDP would probably be fairly reliable showing a depression if it dropped 10%+ (annualized) over a short period of time.

[Oleg Bach]

Definition of a depression is - for instance you have a ballon - and you take an outside force and apply it to the side of the ballon - you cause a depression. It's a result of an exterior force. Depressions can not come from the interiour of our national ballon - nor can any one on the interiour of Canada be held responsible - we all did a good job here and mangaged well - Its the rest of the world that screwed up - I say f them....lets not get dragged down because other nations including that big oalf America went crazy with war and greed - and sold their souls to China - WE ARE IN GOOD SHAPE. Harper should be stating that - as far as bailouts - the bail outs should be used to suppliment the UI fund....Handing over money to maintain poorly run companies - and at the same time fireing the employees makes no sense - let them close shop an moth ball for a while - If the car plants are closed - what the hell does upper and middle management need billions for? A holiday? Just make the cars more attractive ....forget computer design ...

LETS GO BACK TO PUTTING FINS ON CARS....MAKE THEM AN ART FORM AGAIN - MAKE THEM INTERESTING...THAT'S THE ANSWER.

[Canadian Blue]

You beat me to it LOL It wouldn't matter who is in power, when the economy is like this globally, s.hit happens. When Harper presents the budget containing most of the items that the opposition wants to help the economy, and it doesn't help - who will get the blame. Don't tell me, let me guess, Harper LOL

Scriblett, it's common knowledge that despite Canada's rather strong economic health as compared to the rest of the developed world that Stephen Harper was the person responsible for the entire GLOBAL economic downturn. You can't trust a rabid sociopathic version of Darth Vader.

Edited December 18, 2008 by Canadian Blue