stephanomics - Canada Best Prepared

[scribblet]

Hey, Canada is looking good... !! I know I know, Harper had nothing to do with it

http://www.bbc.co.uk/blogs/thereporters/st...pared_awar.html

I know you can't bear the suspense. The award for "Best Prepared Country Going Into the Crisis" goes to... Canada. And what a goodie-two-shoes economy it turns out to be.

The more you look at this country's numbers, the more you understand why Gordon Brown relegated Canada to "second tier" status in the diplomatic preparations for the Summit. It was the only bit of one-upmanship with the Canadians he could still win.

Next time the prime minister talks about every country being brought down by this crisis - or the chancellor suggests that everyone made the same mistakes - remember Canada. Nowhere is immune, but by most key measures, the Canadians are coming out of this crisis in a league of their own.

Take the banking system. Canada's banks have not just had fewer bailouts than other countries. They've had none. Zero. Not a dime.

Commemorative one-dollar coins marking the 100th anniversary of the Montreal Canadiens NHL hockey team are seen Tuesday, March 10, 2009, in Montreal after they were unveiled by the Royal Canadian Mint

That may change - the five banks that dominate Canada's banking sector have had to write down large losses on subprime and the like. But so far they've done without government handouts. And they have raised about £5bn in equity since October. Their shares have fallen sharply, but by 40-50% - not 80-90% as they have in Britain and the US.

As the FT pointed out today, of the seven institutions in the world that still retain a triple-A Moody's credit rating, two are Canadian banks. And as their competitors have tumbled, so they have ascended the global rankings: all five Canadian banks now rank in the world top 50.

cont...

[Alta4ever]

The conservatives must have done something right over the last 3 years. Don't tell the liberals and lefties though, they wouldn't beleive it.

Edited April 1, 2009 by Charles Anthony
deleted re-copied Opening Post

[waldo]

Hey, Canada is looking good... !! I know I know, Harper had nothing to do with it

That's correct... it's past Liberal governments that laid the foundation of strict banking regulations and prevented the proposed banking mega-mergers involving the Royal Bank with BMO and TD with CIBC... Yes, thank you Jean Chretien... thank you Paul Martin.

[waldo]

The conservatives must have done something right over the last 3 years.

is that a question?

[scribblet]

The conservatives must have done something right over the last 3 years. Don't tell the liberals and lefties though, they wouldn't beleive it.

Yup LOL

[Alta4ever]

That's correct... it's past Liberal governments that laid the foundation of strict banking regulations and prevented the proposed banking mega-mergers involving the Royal Bank with BMO and TD with CIBC... Yes, thank you Jean Chretien... thank you Paul Martin.

So the bank act was written in 1991 by Liberals? Where the liberals in power in 1991? No it was the PC's in government in 1991.

Edited April 1, 2009 by Alta4ever

[jdobbin]

The conservatives must have done something right over the last 3 years. Don't tell the liberals and lefties though, they wouldn't beleive it.

And now the Tories have taken the country into deficit and continue to spend like drunken sailors.

[Alta4ever]

And now the Tories have taken the country into deficit and continue to spend like drunken sailors.

and yet on all three conservative budget liberals called for more spending

[jdobbin]

and yet on all three conservative budget liberals called for more spending

Really? And made no comment about reducing spending at any time?

[Alta4ever]

Really? And made no comment about reducing spending at any time?

He said the Conservatives had adopted many Liberal proposals, but had not gone far enough. He said the government "is going broadly in the direction that we recommended" citing investment in infrastructure, the auto sector, public transit, police forces and making the gas transfer tax to the municipalities permanent. In a statement the Liberals branded the Conservative plan a "watered-down Liberal budget."

http://www.nationalpost.com/news/story.html?id=336331

[jdobbin]

In a statement the Liberals branded the Conservative plan a "watered-down Liberal budget."

And the rest of the budgets that you say the Liberals demanded even more spending and no cuts?

[scribblet]

The Liberals continually demanded MORE spending, not sure what cuts they wanted, but when cuts were made they screamed even louder. e.g. the arts..

They have the option of not voting for the budget, if they didn't like it, they shouldn't have voted for it. Harper is doing something right or we wouldn't be in the good position we are in.

[August1991]

The conservatives must have done something right over the last 3 years. Don't tell the liberals and lefties though, they wouldn't beleive it.

The federal Liberals can take credit too. Paul Martin paid federal civil servants to leave and foisted costs on to provincial governments, where money is usually better spent. (Except. Quebec's Caisse has lost a fortune, and Toronto's municipal government has no budget at all.)

As in serious panics/bubbles of the past (1873, 1929), Canada has largely avoided the excesses of the US. Compared to the wildcat Americans, Canada's banking/monetary system has always been cautious and conservative. Its governments usually too.

[jdobbin]

The Liberals continually demanded MORE spending, not sure what cuts they wanted, but when cuts were made they screamed even louder. e.g. the arts..

How about the $3 billion the Tories wanted to use for...whatever. The Liberals asked what is was needed for and the Tories didn't say. Probably to fund seniors centers in their ridings.

They have the option of not voting for the budget, if they didn't like it, they shouldn't have voted for it. Harper is doing something right or we wouldn't be in the good position we are in.

It is a yay or nay proposition. Election or no election. The Opposition has to weigh the costs of bringing down the government.

The Liberals did not write this budget. To assume they support every line in it and every dollar in it is ridiculous.

[Alta4ever]

It is a yay or nay proposition. Election or no election. The Opposition has to weigh the costs of bringing down the government.

Ya for the liberals will we or won't we form the next government, that is the only cost that is weighed.

[Smallc]

Ya for the liberals will we or won't we form the next government, that is the only cost that is weighed.

And what costs do the Conservatives weigh? Will we or won't we stay in government? The Conservative party is supposed to be one of rigid principles...and it seems that they are willing to break all of them just to stay in power a little longer.

[Alta4ever]

And what costs do the Conservatives weigh? Will we or won't we stay in government? The Conservative party is supposed to be one of rigid principles...and it seems that they are willing to break all of them just to stay in power a little longer.

I seem to recall the conservatives voing against liberal budgets during PMPM's tenure.

[jdobbin]

I seem to recall the conservatives voing against liberal budgets during PMPM's tenure.

You recall wrong. The voted for the first budget and let nearly two dozen confidence vote pass thereafter by making sure they didn't have all their members in the House.

[jdobbin]

Ya for the liberals will we or won't we form the next government, that is the only cost that is weighed.

And the Tories do the same. Stop acting holier than thou.

[Alta4ever]

And the Tories do the same. Stop acting holier than thou.

I will when you will.

[August1991]

Paul Martin and Chretien merely kept federal spending constant during an economic boom.

And the Tories do the same. Stop acting holier than thou.

Dobbin, here's the key question: If Dion (or Rae or Ignatieff) had been elected in 2004 or 2006, where would we be now?

I think that it's fair to say that federal government spending would be larger, and the federal deficit larger too.

Pierre Trudeau was profligate, and he's the reputation of the Liberal Party.

[jdobbin]

I will when you will.

I don't think I have made any bones that it takes getting into government to do what you want. You were the one saying that only the Liberals think this.

[jdobbin]

Paul Martin and Chretien merely kept federal spending constant during an economic boom.

They cut as I have pointed out to you through various links. They throttled back spending. Martin spent for two years but was more cautious when it came to tax cuts. He did cut more than than Harper did in his first two budgets but still managed to have a lot of room to avoid deficit in 2009.

Dobbin, here's the key question: If Dion (or Rae or Ignatieff) had been elected in 2004 or 2006, where would we be now?

My guess is that we would not be in deficit.

I think that it's fair to say that federal government spending would be larger, and the federal deficit larger too.

And I say that is bogus.

Pierre Trudeau was profligate, and he's the reputation of the Liberal Party.

And Tory government have never been able to end deficits once they are in place. That is the reputation of the Tory party.

[August1991]

My guess is that we would not be in deficit.

Bob Rae? Stephane Dion? Flakey Michael Ignatieff?

These guys don't know how to say no.

Bob Rae.... Gimme a break.

[jdobbin]

Bob Rae? Stephane Dion? Flakey Michael Ignatieff?

These guys don't know how to say no.

Bob Rae.... Gimme a break.

Your guy Harper doesn't know how to say no.