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Saturday, March 28, 2009

Canada won't throw more money at stimulus

Or at least the government won't commit to doing so.

That's good news. Let's hope they stick to it.

Posted by Janet Neilson on March 28, 2009 | Permalink


That is excellent news.

The Tax Free Savings Account was a great way to restore bank balance sheets without pouring taxpayer money into them. The Tories deserve a lot of credit for this. Our banks are healthier and Canadians have another incentive to save. It was a very good move.

That being written, I have a business associate who, contrary to conventional thinking, believes Canadian banks are in bad shape...as bad as US banks.

We'll see how this mess shapes out. America is prosperous because it is free...or was free. If it is no longer free -- and it isn't -- it may never really cover from this recession. I just can't see a way out for America when the entire country thinks government spending is the solution. It's all over.


Posted by: Matthew Johnston | 2009-03-28 10:02:05 AM

America won't be able to continue the same mistaken policies forever. That doesn't mean that they will eventually learn the right lessons, but even in a worst case scenario of a decades-long Depression and a currency collapse, the economy will recover.

Posted by: Kalim Kassam | 2009-03-28 11:14:26 AM

Kalim, true.

Matthew, sad indeed. Also sad; any recovery will go down in the history books as being the result of the Obama administration's intervention.

Posted by: TM | 2009-03-28 11:47:37 AM

Also sad; any recovery will go down in the history books as being the result of the Obama administration's intervention.

Posted by: TM | 2009-03-28 11:47:37 AM

Don't forget TM that the Clintons and Obama worked very hard to bring in a policy of "everyone should be able to own a home" regardless of their ability to pay for it.
A very sociailist idea and naturally, a complete failure. I don't think it will be sad at all if Obama takes the blame...after all, he helped start this thing, and I think he deserves some recognition.

Posted by: JC | 2009-03-28 4:30:55 PM

JC, I agree. However, the history books will be kind Obama, and the Clinton's. There will be a recovery, we all know that. They will claim it is a result of all they have done.

Posted by: TM | 2009-03-28 6:26:40 PM

It's a stretch believing anything Harper says these days. He has blown all of his credibility. There will be more stimulus as soon as the opposition asks for it (since they will only ask if the Conservatives are not in majority territory in opinion polls). Harper isn't a leader, he's a follower - just like Chretien, Martin, et al.

Posted by: Grant Brown | 2009-03-29 12:39:51 PM

It is premature to state that we wont be throwing money at a stimulus package since our economy is almost entirely dependant on exports. Right now the only advantage we have over the USA is time. As long as they keep sliding into the black hole of recession they will drag us along. As long as Harper has a minority he will do whatever it takes to be all things to all people. That means parking common sense and playing one-upmanship with Iggy. That can get expensive.

Posted by: peterj | 2009-03-29 4:57:57 PM

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