PrimeNumber Posted January 30, 2015 Report Posted January 30, 2015 No, it has not........quote where you claim neither country had a Government........ I didn't claim it, you did. Quote “Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find your way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle, it becomes the bottle. You put it into a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”― Bruce Lee
PIK Posted January 30, 2015 Report Posted January 30, 2015 This gives the oil companies time to get rid of the crud. When they are so busy vetting becomes a problem and problems end up getting hired. Quote Toronto, like a roach motel in the middle of a pretty living room.
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 I didn't claim it, you did. Where? Quote
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 Your attempt to make a joke based on the plight of others is noted. Good, because the plight of others is a common theme among resource based, cyclic industries........The joke though is your claim that all our economic eggs are in one basket.......because 8% of Canada's GDP stems from the oil and gas industries. Quote
PrimeNumber Posted January 30, 2015 Report Posted January 30, 2015 This gives the oil companies time to get rid of the crud. When they are so busy vetting becomes a problem and problems end up getting hired. Yeah but now those problems have no jobs and when the EI for them runs out, if they even worked enough hours to qualify, what do you think those problems will do? Some may latch onto the system for support. Quote “Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find your way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle, it becomes the bottle. You put it into a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”― Bruce Lee
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 Yeah but now those problems have no jobs and when the EI for them runs out, if they even worked enough hours to qualify, what do you think those problems will do? Some may latch onto the system for support. How long are their EI claims good for? 9 months? I doubt inside 9 months we'll have replaced oil......... Quote
PrimeNumber Posted January 30, 2015 Report Posted January 30, 2015 Good, because the plight of others is a common theme among resource based, cyclic industries........The joke though is your claim that all our economic eggs are in one basket.......because 8% of Canada's GDP stems from the oil and gas industries. So you enjoy people losing their jobs? Explain why the dollar is so low, it's obviously not because the other 92% is doing well. Quote “Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find your way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle, it becomes the bottle. You put it into a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”― Bruce Lee
Wilber Posted January 30, 2015 Report Posted January 30, 2015 Tell them what? That the last time oil dropped this much, in such a drastic fashion (2009), that it rebounded within 6 months? None the less, your emotional rantings aside, the oil and gas sector only makes up 8% of our economy.......hardly all the eggs in one basket as you suggest It will rebound but maybe not in 6 months. Anyway, the Cenovus and Chevron I sold in December for a capital loss, I just bought back yesterday and added some more. Quote "Never trust a man who has not a single redeeming vice". WSC
PrimeNumber Posted January 30, 2015 Report Posted January 30, 2015 How long are their EI claims good for? 9 months? I doubt inside 9 months we'll have replaced oil......... What I am saying is some of these people may be latched to the system now for support and even if oil rebounds they may stay there as they become dependant. Quote “Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find your way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle, it becomes the bottle. You put it into a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”― Bruce Lee
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 So you enjoy people losing their jobs? Explain why the dollar is so low, it's obviously not because the other 92% is doing well. Not at all, but then, I don't fear for them either..........why is are dollar so low? Because the Americans economy is improving, and in turn, inflating the value of their currency, as its done historically. Quote
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 It will rebound but maybe not in 6 months. Anyway, the Cenovus and Chevron I sold in December for a capital loss, I just bought back yesterday and added some more. Exactly......I doubt it will rebound to ~$100 bbl by Summer, but $70-80 is plausible once Spring-Summer driving starts.......Interesting that you mention Cenovus ( I have a relative working for them), they're expected to pause some of their projects in Southern Alberta short-term, but keep buggering on up North.... Quote
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 What I am saying is some of these people may be latched to the system now for support and even if oil rebounds they may stay there as they become dependant. Right.......some will stay on EI versus making buckets of cash in the patch....... Quote
On Guard for Thee Posted January 30, 2015 Report Posted January 30, 2015 Exactly......I doubt it will rebound to ~$100 bbl by Summer, but $70-80 is plausible once Spring-Summer driving starts.......Interesting that you mention Cenovus ( I have a relative working for them), they're expected to pause some of their projects in Southern Alberta short-term, but keep buggering on up North.... That's pretty optimistic. Most of the banks and financial institues disagree. Latest from TD for instance has the 2016/17 budget becoming as much as a 600 million dollar defecit, and that's after the 3billion contingency fund has been burned up. Quote
PrimeNumber Posted January 30, 2015 Report Posted January 30, 2015 Not at all, but then, I don't fear for them either..........why is are dollar so low? Because the Americans economy is improving, and in turn, inflating the value of their currency, as its done historically. So what you are saying is all the economists are wrong and that the price of oil is not tied in with the Canadian dollar? http://business.financialpost.com/2015/01/30/canada-gdp-falls-0-2-below-economists-expectations/. The Bank of Canada unexpectedly lowered borrowing costs last week for the first time since 2009, saying the move was meant to provide insurance as the slump in crude oil, the nation’s biggest export, weighed on the economy. http://www.cbc.ca/news/business/canadian-dollar-slips-below-79-cents-in-trading-1.2936443 Declining oil prices continued to put pressure on the Canadian dollar, with West Texas Intermediate crude dipping close to $40 before recovering to close at $44.45. Brent oil contracts were at $49.01 US a barrel. http://www.cbc.ca/news/business/canadian-dollar-could-fall-to-75-cents-on-weak-oil-prices-experts-say-1.2933280 The Canadian dollar is hovering just above 80 cents US today, but continues under pressure as oil prices fall and the outlook for the economy dims. http://business.financialpost.com/2015/01/26/canadian-dollar-sinks-near-80-cents-oil-at-45/ Economists expect that Canadian gross domestic product grew a slight 0.1% during November, reflecting disappointing reports for manufacturing and wholesale sales. Oil prices started to collapse at the end of that month and analysts note that future GDP reports will detail how that decline is affecting the economy. http://business.financialpost.com/2015/01/30/there-will-be-blood-jpmorgan-predicts-canadian-dollar-to-sink-to-77-cents-if-bank-of-canada-cuts-again/ Canada has so far only witnessed the tip of the iceberg in terms of direct direct damage from the oil price collapse (especially regarding energy-sector capex and employment), said JPMorgan analysts Kevin Hebner and Niall O’Connor in the report. Canada’s Parliamentary Budget Officer has estimated that WTI trading at $48 through 2015 would reduce the federal budget balance by $5.3-billion. And the Bank of Canada also is concerned about other “financial stability risks” such as stretched household debt levels and the frothy housing market. Quote “Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find your way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle, it becomes the bottle. You put it into a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”― Bruce Lee
PrimeNumber Posted January 30, 2015 Report Posted January 30, 2015 (edited) Right.......some will stay on EI versus making buckets of cash in the patch....... I was talking about the ones that don't have the hours to qualify for EI. The newest highers are usually the first layoffs that's how it works in the patch. That is also provided they all get their jobs back, the first layoffs began happening when the price was dropping below $90. If it's at $70-80 by the time road bans are off then that's still a lot of people out of work. Edited January 30, 2015 by PrimeNumber Quote “Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find your way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle, it becomes the bottle. You put it into a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”― Bruce Lee
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 That's pretty optimistic. Most of the banks and financial institues disagree. Latest from TD for instance has the 2016/17 budget becoming as much as a 600 million dollar defecit, and that's after the 3billion contingency fund has been burned up. I'll start to worry once the larger oil companies start cutting dividends..........currently, Suncor's trading price is +/- 3% of what it was this time last year.... Quote
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 So what you are saying is all the economists are wrong and that the price of oil is not tied in with the Canadian dollar? No, I never said that........what is the US dollar doing in contrast and what currency is the price of oil measured against? Quote
PrimeNumber Posted January 30, 2015 Report Posted January 30, 2015 No, I never said that........what is the US dollar doing in contrast and what currency is the price of oil measured against? So then oil does have a direct effect on the Canadian dollar and in turn the entire economy, not just 8%? Quote “Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find your way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle, it becomes the bottle. You put it into a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”― Bruce Lee
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 So then oil does have a direct effect on the Canadian dollar and in turn the entire economy, not just 8%? As I already said, its relative to the US dollar/economy as its been historic.... Quote
PrimeNumber Posted January 30, 2015 Report Posted January 30, 2015 (edited) As I already said, its relative to the US dollar/economy as its been historic.... So are you saying you agree with me then? Edited January 30, 2015 by PrimeNumber Quote “Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find your way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle, it becomes the bottle. You put it into a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”― Bruce Lee
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 So you saying you agree with me then? No, as I said, the US economy is growing, well keeping inflation below 2%, as such, the US dollar is increasing in value, decreasing the recent value of Canadian and other World currencies when traded against the Greenback...... Quote
PrimeNumber Posted January 30, 2015 Report Posted January 30, 2015 http://www.vancouversun.com/business/economy/Canadian+bank+stocks+take+dive/10774439/story.html Canadian bank stocks are on track for their worst start to the year in a quarter century as a plunge in crude oil and overstretched consumers dim their profit outlook. Even Sun news recognizes the effect oil is having on our economy. Quote “Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find your way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle, it becomes the bottle. You put it into a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”― Bruce Lee
PrimeNumber Posted January 30, 2015 Report Posted January 30, 2015 No, as I said, the US economy is growing, well keeping inflation below 2%, as such, the US dollar is increasing in value, decreasing the recent value of Canadian and other World currencies when traded against the Greenback...... So why is the Canadian economy slowing? Could it be oil? I guess Derek 2.0 is better economist than any of the analysts hired by JP Morgan. Canada has so far only witnessed the tip of the iceberg in terms of direct direct damage from the oil price collapse (especially regarding energy-sector capex and employment), said JPMorgan analysts Kevin Hebner and Niall O’Connor in the report. Canada’s Parliamentary Budget Officer has estimated that WTI trading at $48 through 2015 would reduce the federal budget balance by $5.3-billion. And the Bank of Canada also is concerned about other “financial stability risks” such as stretched household debt levels and the frothy housing market. Looks like they think the price of oil is having a negative effect on more than just 8% of the economy. Quote “Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find your way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle, it becomes the bottle. You put it into a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”― Bruce Lee
On Guard for Thee Posted January 30, 2015 Report Posted January 30, 2015 I'll start to worry once the larger oil companies start cutting dividends..........currently, Suncor's trading price is +/- 3% of what it was this time last year.... Oh I don't think you will have to wait long for that to happen. Quote
Derek 2.0 Posted January 30, 2015 Report Posted January 30, 2015 http://www.vancouversun.com/business/economy/Canadian+bank+stocks+take+dive/10774439/story.html Even Sun news recognizes the effect oil is having on our economy. So your point? Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.