Sunday, October 12, 2008

Not enjoying it so far Mr. Flaherty

Harper’s finance minister was at the White House for the G7 meeting, and apparently Flaherty is even more proud about his economic stewardship.
"We are on the positive side and it's anticipated by the IMF that we'll have the best economic growth in the G7 next year, albeit it small economic growth - 1.2 per cent," said Flaherty.
Of course back in April when the IMF first warned that bankers should react more aggressively to the movement in housing prices.
Flaherty said Canada didn’t have to worry about the US housing crisis, it won’t affect Canada.
And then spent $20 billion last week to bail out the banks.
And in June when the IMF specifically warmed Canada that it should cautiously curb spending or risk falling into deficit.
Flaherty rejected their warnings proclaiming that Canada was an “oil producing superpower”.
Only to end up reducing the forecast a month later down to the 1.1% increase the IMF has accepted.
Yep Jim says not to worry, we are going to enjoy his modest growth.

Flaherty had reassuring words for Canada after the meeting, noting the country's economy is expected to enjoy modest growth next year.

Well I’m not enjoying it so far Jim, my modest stock holdings are down to half their value, the interest rate on my equity loan has just gone up, and the telephone has stopped ringing at my business.

There seems to be a bit of a slow down happening here, Jim.

Of course I live in Ontario and I’m not in the business of chopping down boreal forests to mine for oil.

1 comment:

Mutton Chops said...

Canada enjoyed the fastest pace of job creation in September in the history of the country.