Friday, June 22, 2012
Stephen Harper and the Economic Meltdown
Oh no. How embarrassing. Just a few days ago he made a spectacular entrance at the G20 Summit, declaring that the whole world should follow Canada's economic model.
Because he's a real economist eh?
But tonight he's riding the burro backwards, as all around him the model crumbles.
The latest economic measures paint a picture of a global recovery that has slowed to an alarming degree, and raise fears that commodity prices have further to fall, setting the stage for more volatility ahead – particularly for Canada’s commodity-sensitive benchmark index.
The stock market is tanking because the Cons put all our economic eggs in one oily barrel. The Governor of the Bank says our debt-fuelled economy is running on fumes.
“Our economy cannot … depend indefinitely on debt-fuelled household expenditures, particularly in an environment of modest income growth,” he said in notes of the speech released in Ottawa.
After doing nothing to seriously discourage Canadians from getting into hock up to their necks.
So much for the stability of our banking system.
And so much for little Jimbo Flaherty's attempts to deflate the housing bubble.
“We believe that these measures are coming too late and that the housing market and household debt are already over-stretched,” Charles St-Arnaud, an economist at Nomura Securities International Inc., said in a research note. “Moreover, changes to the amortization period have the risk of providing a very powerful negative dynamic in a housing market that is already showing signs of slowing.”
Too little, too late.
But that's the Cons eh? They never see it coming, they don't know what they're doing. Because the only thing they are interested in is destroying government, and turning Canada into a repressive right-wing petro-state.
The good news is most Canadians won't be fooled again. Nobody will ever believe that Stephen Harper is a real economist. And once the Cons lose their fraudulent reputation as good money managers it's all OVER.
The bad news is that we may be going into a brutal recession, and the Cons are destroying the safety net.
Con times are hard times.
The nightmare is only beginning...
Watch out for the Big Bad Wolf.
Who fooled so many...
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