What does Corporate Welfare look like?

[Argus]

Kinda like this, where the Liberal government loans a poor, underfunded New Brunswick company called... Irving Industries... $45 million bucks for various work, never get repaid, and then writes off the cost.

In a 2006 report, ACOA said an initial $4 million had been earmarked for a feasibility study to find a new use for the site and said that would be increased to $9.9 million. That's the amount still outstanding.

ACOA then provided Irving with a total of $42.4 million to help establish Atlantic Wallboard. The first loan, for $35 million, wasn't repaid because the company didn't achieve certain targets, ACOA said. The two subsequent loans, the ones written off this year, were for $6.1 million issued in March 2011 and $1.2 million issued in March 2012. An ACOA spokesperson told The Canadian Press last year that the company had repaid $540,000 of those two loans and that any repayment meant "that the company has met the required milestones for repayment for those years of operation."

https://www.cbc.ca/news/canada/new-brunswick/loans-irving-forgiven-1.5253541

[Nefarious Banana]

372.5M to Bombardier . . . . your tax dollars at work in Quebec.

[Dougie93]

Canada is protectionist.   Protectionism is propping up entrenched interests at the expense of the majority.  Canadians vote for it every time. 

Can't save them from themselves, all you can do is divest yourself of Canada and move on.

[scribblet]

12 million to Loblaws and $220 million ($110 million each from the federal and Ontario govs) in taxpayer dollars for Toyota  and a $42,000,000 taxpayer funded loan to the Irving family, knowing that the Irvings would likely never pay it back.

https://www.blacklocks.ca/govt-inflated-jobs-estimate/

 

Edited August 21, 2019 by scribblet

[Army Guy]

And yet only one Candidate has something about corporate welfare on their election platform... 

[Dougie93]

48 minutes ago, Army Guy said:

And yet only one Candidate has something about corporate welfare on their election platform... 

Corporate  welfare is an essential component of the Canadian protectionist economy in arbitrage to the American Flight to Quality.

Like Zeitgeist says, it's a cultural protectorate.

My preference is of course Milton Friedman's Hong Kong, no tariffs at all, why tax yourself into poverty, when you can trade to be wealthy?

How is it that Hong Kong, which is just a rock, is richer than Canada, when Canada has the natural  resources of ten countries?

Answer; Hong Kong is open for business, Canada is not.

How poor are you willing to be, just to prop up the CBC?

Those America bashing military hating communists at the CBC can burn in Hell for all I care, upon their heads be it.

I am poised to short sell Canadian entrenched interests into their economic graves, never mind hesitation, I will do it with glee.

Work is bullshit, jobs are jails, and so is Canada, where the inmates worship the jailers, for what purpose I can no longer see.

Edited August 21, 2019 by Dougie93

[Nefarious Banana]

Most savvy investors/speculators don't blab all over the internet . . . . just sayin'

[Dougie93]

Just now, Nefarious Banana said:

Most savvy investors/speculators don't blab all over the internet . . . . just sayin'

There's no secret sauce, at first I was intimidated by investing, but once I started to make returns I realized that actually it's quite simple.

[Dougie93]

The main thing that inhibits people is fear.  

There is risk, so they recoil from it. 

But once you start to understand that it's not complex and that there is no such thing as doomsday, then you can relax and start making money,

[Nefarious Banana]

Are you the only person that's figured this out ?   Thanks for sharing . . . 

[Dougie93]

1 minute ago, Nefarious Banana said:

Are you the only person that's figured this out ?   Thanks for sharing . . . 

It's not that I made any particularly brilliant moves, I am up across the board 1000%, but that has nothing to do with me, that's policy stimulus, governments intervened to juice the market, that's how I made out like a bandit, I didn't even know the government's were going to do this when I bought in.

[Dougie93]

It's like AAPL, you could say it was a good buy at $3.74, I thought it might go up, but I had no idea it was going to go up to $227 in just ten years.

I didn't even ride it all the way up, I cashed out before it peaked, but you have to take your profits sometime, so I took the cash on AAPL and diversified it.

Percentage wise, I was so far up, it had already paid off many times over, orders of magnitude, no need to be greedy, you can't spend it when you're dead

Edited August 21, 2019 by Dougie93