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Financial crisis can be overcome in 18 months: APEC

JOSEPH COLEMAN

Associated Press

Latest comment posted at 1:41 PM EST 23/11/08

Pacific Rim leaders say 'extraordinary steps' to strengthen their economies can solve crisis in less than two years ...Read the full article

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  1. Greg Atkin from Canada writes: No protests?
  2. Ed Long from Canada writes: Greg ... it wasn't held in Vancouver.
  3. Shawn Mckone from Canada writes: It's nice to know we have more people who don't know what they are talking about. It wasn't too long ago everything was rosy and oil was going to $200 a barrel.
  4. JD Wood from Toronto, Canada writes: With Stephen Harper in power, I do not hold out much hope for Canada's economy. The McMiddle Class are going to be wiped out.
  5. Kim Morton from Canada writes: About 2 years too late. In 18 months we may not have a forest industry, which was suffering long before the stock market collapse.
    Greg: the protesters are in no hurry. The leaders just said their welfare cheques are good for another 18 months.
  6. Mark From BC from Canada writes: 'Financial crisis can be overcome in 18 months: APEC'

    And I have a lovely blue bridge for sale that is barely used.

    This financial crisis will take minimum seven years to stop. This is because private equity funds were issuing 'Limited Recourse Notes' that made junk bonds look AAA. These notes that were used to privatize public companies have a choice of paying interest or issuing IOUs. Many of these notes don't have to pony up any real money until 2015.

    If they wanted to solve the crisis in 18 months it can be done. It would require capturing those who were responsible, getting their confessions and shooting them to set an example.

    Oh ye, we live in a plutocracy, so their is no chance that the perpetrators will be punished.
  7. Alice Shiv In from Toronto, Canada writes:

    'Shawn Mckone from Canada' wrote: 'It's nice to know we have more people who don't know what they are talking about. It wasn't too long ago everything was rosy and oil was going to $200 a barrel.'

    ----

    Shawn - oil is going to $200/barrel by 2012. You may want to put down that TV-Guide and read a book on 'Hubbert's Peak' which states that we have reached the point of peak oil production - the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline.

    You may also want to brush up on the theory of 'Supply and Demand' and how it affects the price of anything and everything.
  8. David Lorne from White Rock, Canada writes: So, because the stock market is forward looking, we will see huge positive returns much sooner than 18 months, perhaps even this year. Good.
  9. Just In from Canada writes: Why didn't they tell us 18 months ago that the party will be over.

    'The fundamentals of the economy are strong'.
  10. Roger Weatherhead from Canada writes: At the beginning, the experts said the economy would do a quick V. Then it was a U, meaning more time at the bottom.

    Now, the politicians gathered in Lima (no Bean) have looked into their crystal ball and prophesied the crisis will be solved in 18 months. Funny that the Japanese PM did not tell them the 1990s crisis is still going strong in Japan.
  11. Alice Shiv In from Toronto, Canada writes:

    Has anyone noticed the spreads on automobile lease rates since the Fed and the BOC 'came to Jesus' on the current financial and liquidity crises? Despite the BOC overnight rate being reduced by 75 basis points to 2.25%, the lease rates offered by blue chip companies such as Honda and others has more than doubled. Pre-crisis, Honda had been overing 0.9% purchase financing or lease rates of 1.5% on their current models since January '08. Honda's current rate for the same exact lease on the same exact car with the same sticker price is now 3.9% - more than double.

    Meanwhile other OEMs such as Hyundai can only offer lease rates at 8.4% compared to 1.5% pre-crisis.

    The days of cheap and available credit, whether to finance the basics (e.g. 6-month variable rate mortgages are now priced at Bank prime PLUS 100 basis points instead of Bank prime MINUS 100 basis points pre-crisis) or luxuries are OVER.
  12. ALASTAIR JAMES BERRY from NANAIMO BC, Canada writes:

    SOME PIOUS HOPE .

    ON WHAT EVIDENCE? None!

    If wishes were horses beggars would ride.

    We are at the start of a 7 year depression and all that the International Economic conferences, discussions, call them what you will, in the past two years have done is steepen the recession that has NOW dropped Canada(and the World) in the sh!t of a full scale depression.

    GOVERNMENTS NEED TO SEE THE PROBLEM.................................

    MONEY IS WORTH ONLY AS MUCH AS THE COUNTRY THAT ISSUES IT!......................................................................................................

    MOST HAS BEEN PRINTED BY THE USA........................................

    AND THE USA IS BANKRUPT.

    (as GM goes, so does the USA! - never truer than today)
  13. Alice Shiv In from Toronto, Canada writes:

    Just wait and see what this current liquidity crisis does to the credit card companies. The credit default swap market (a market where at any time, there are between $600 - 700 trillion in debt swaps being traded) is poised for collapse.

    Banks and credit card companies will soon be reeling in bank lines of credit and credit limits on their cards - catching millions of North American consumers off guard and just in time for Christmas.
  14. CallofDuty . from Toronto, Canada writes: wow...just all talk over there at APEC.
  15. Jesse Colt from Calgary, Canada writes: Thank God the Harper goverment has placed us in a strong position to weather the storm!
  16. If I had a million lobsters from Canbabwe, Canada writes: Alice the cds market is 32 trillion not 600 trillion, that is the total derivative market you speak of.
  17. Just In from Canada writes: Jesse Colt from Calgary, Canada writes: Thank God the Harper goverment has placed us in a strong position to weather the storm!

    ------------------

    Can we have some of what you smoke?
  18. Just In from Canada writes: Much better journalism here:

    http://iht.com/articles/2008/11/23/america/summit.php
  19. Alice Shiv In from Toronto, Canada writes:

    World Dependence on Financial Markets
    *

    The 2nd half of the 20th century witnessed the advent of limited liability companies:

    funded by capital acquired directly or indirectly in the public markets;

    banks lend money obtained in the capital markets;

    companies rely on credit obtained from retail financial institutions raised in the capital markets.

    Therefore, if investors or counter-party risk (e.g. exposure to such firms as Bear Stearns, Lehaman Brothers, Merrill Lynch, Goldman Sachs, Morgan Stanley, AIG etc...) results in a loss of confidence in the markets, the funding mechanism for the global economy is put at risk.

    *
    Trust – A Fundamental Requirement in Economic Relations


    financial markets will not be efficient if the public cannot trust the efficacy of the market itself;

    it is difficult to have efficient / reliable financial markets without broad-based trust in all aspects of the market itself;

    entering into any kind of economic transaction requires trust;

    money has implied value only when there is belief in the economic strength, efficacy and honesty of those backing the money.
  20. Stan Consultant from Canada writes: Please ignore the 18 -months prediction. The article clearly states the fond hope was added to the communique at the last minute on the insistence of the Peruvian president, the host of the conference. Other politicians went along simply to be politic. The meeting was only the normal touch-base scenario, and the closing statement doesn't mean any more than such declarations ever do. People do not need to get all excited about the meeting message, as if it was true, or real. It's just a diplomatic note.
  21. Hogtown Joe from Toronto, Canada writes: Harper has spearheaded a movement to open free trade with the Global economies with welcomed support. That pees all over Obama's initiative to readdress Canada/US free trade agreement. Good for Stevie.
  22. Alice Shiv In from Toronto, Canada writes:

    Can you imagine if 'Crouton' was still our Prime Minister. Instead of offering a solution to the current financial and liquidity crises, he'd still be rushing crowds of tourists on Parliament Hill and crabbing innocent by-standers by the throat.
  23. M Warren from Canada writes: Jesse Colt from Calgary, Canada writes: Thank God the Harper goverment has placed us in a strong position to weather the storm!
    ------------------------------------------------------
    Yes, shouldn't 'goverment' (sic) be spelled correctly first? I suppose the mis-spelling makes sense, though. During the election campaign, the 'goverment' party evidently confused 'deficit' and 'surplus', reflecting an inability to tell the difference between addition and subtraction.
  24. Denis Lahaie from Canada writes: @ Alice Shiv ....

    So you cannot defend the current government effectively ... so you make a derogatory reference to a former Primer Minister.

    Partisan hacks ... unite and keep spreading confusion as to further your own parties gains ... good or bad.
  25. PC Montreal from Canada writes: Hogtown Joe from Toronto, Canada writes: Harper has spearheaded a movement to open free trade with the Global economies with welcomed support. That pees all over Obama's initiative to readdress Canada/US
    free trade agreement. Good for Stevie.

    Heaven forbid! Harper actually did something useful. Excuse me while I go mark this day on my calander.
  26. Bill Harrison from Canada writes: No matter what Harper says or does, it is wrong. Too bad the naysayers don't let their computers rest for a few months and give the government the opportunity to implement its program. The same admonition goes to the opposition political parties. If the government programs fail, well, it won't be for lack of trying, but lets give them a chance. The same applies to Obama. There is so much hype about him right now that I expect to see him walk on water any day now. The media is casting his cabinet appointments as saints. But if the whole thing blows up in his face, the liberal media will have a lot of egg on their collective faces. They to ought to rein in the expectations and let him govern, as we ought to let Harper govern.
  27. Wilma Guywin from Allover Canada, Canada writes: M Warren from Canada writes ...Yes, shouldn't 'goverment' (sic) be spelled correctly first? I suppose the mis-spelling makes sense, though. During the election campaign, the 'goverment' party evidently confused 'deficit' and 'surplus', reflecting an inability to tell the difference between addition and subtraction

    Damn, I thought the spelling test was tomorrow.
  28. alex just a canadian from Canada writes: Putting dates on this mess will only lead to expectations for most that all is well. In 18 months if it not fixed those who put their faith will once again be staring in the mirror with a blank stare. Just like I don't give much power to analysts that give stock price predictions its the same here but at a larger level. We cannot measure peoples attitudes or rational when investing. Now to say all will be resolved in less than two years will give many a false hope that things will go their way. In turn those with less knowledge or time will again become the sheep and get sold magic beans. The worlds governments want to avoid another fiasco like this, 1.from this day onward a complete shakeout of the banking system. Top to bottom. The sellers of funds from your local branch have to be qualified people, not a couple of classes and they can now sell mutual funds. 2.bank clients have to get themselves in the know that the above people though good and most are honest are not financial advisors. They work on quotas where they have to sell the banks products. 3. the real financial advisors and planners have to have a set of rules and guidelines WHERE THEIR ROLE IS SPICIFIC--I WORK FOR MY CLIENT NOT COMMISSIONS. Doctors have an oath do no harm, these individuals should have similar guidelines and rules, and the buck stops on them. No more excuses. 4. We the investors have to also start taking responsibility for our actions. We have to educate ourselves and not just be blind sheep. Heck those with advisors and planners meet them regularly not just once a year or over the phone and tell them why I should be doing this instead of that. 5. Live by our means, stop the competition with our neighbours. 6. government should be looking at every avenue to expand our trading partners. 7. again africa is left out, they will one day have that buying power, we should be forming deals now. 8. a lot more can and has to be done, but we have to start now.
  29. J Birch from Canada writes:
    Harper's Made in Canada Deficit

    Yea, and this guy's going to lead us where ?

    Budget officer blames Tories for coming deficits
    GST cut, spending driving Canada into red: Page
    David Akin , Canwest News Service
    Published: Thursday, November 20, 2008
    OTTAWA - Parliamentary budget officer Kevin Page told MPs Thursday that Canada will go into deficit not because of global economic conditions, but because of Conservative government decisions to cut the GST and raise government spending.
    'The weak fiscal performance to date is largely attributable to previous policy decisions as opposed to weakened economic conditions,' Page wrote in his first report to parliamentarians on the government's economic and fiscal position.

    Page concluded that Ottawa could run a deficit as high as $13.8 billion next year, in 2009-10. Deficits could remain higher than $11 billion each year through to 2013, adding nearly $50-billion to Canada's debt over the next five years.

    Page said Conservative policy decisions, not global financial conditions, are to blame for the current fiscal situation.
    Chris Wattie/Reuters
  30. Wilma Guywin from Allover Canada, Canada writes: Bill Harrison from Canada writes: No matter what Harper says or does, it is wrong. Too bad the naysayers don't let their computers rest for a few months and give the government the opportunity to implement its program. The same ...

    The people who are bashing Harper for anything he says or does applaud Obama when ever he exhales. Obama has not done a thing yet except talk. APEC states it might have a handle on the mess in 18 months. Harper is at the meeting so that can not be right. Obama states he will fix it by creating and saving 2.5 million jobs with in 2 years and the Harper bashers are brought to their knees in awe. Beats the heck out of me.
  31. M Warren from Canada writes: Hogtown Joe from Toronto, Canada writes: Harper has spearheaded a movement to open free trade with the Global economies with welcomed support. That pees all over Obama's initiative to readdress Canada/US free trade agreement. Good for Stevie.
    -----------------------------------------------------------------
    Have you not been watching for the last 4 months? The current concept of 'Free Trade' has benefited a demonstrably corrupt network of oligarchs who lack the moral fortitude to put their nations before their personal greed. 'Free Trade' is parasitic by definition, and therefore, it is Treachery.

    I hope that the Obama administration DOES wield 'the hammer' of NAFTA renegotiation, and that Congress continues to let the US-Colombia Trade Promotion Agreement to wither and ultimately meet a horrible demise. It is morally indefensible.

    Should we have to 'go without' for a time in Canada, it serves us right for forgetting and betraying the self-reliant principles of Sir John A. MacDonald regarding 'Free Trade':

    'But if it should happen that we should be absorbed in the United States, the name of Canada would be literally forgotten; we should have the State of Ontario, the State of Quebec, the State of Nova Scotia and State of New Brunswick. Every one of the provinces would be a state, but where is the grand, the glorious name of Canada? All I can say is that not with me, or not by the action of my friends, or not by the action of the people of Canada, will such a disaster come upon us.'

    Long Live Canada!
  32. The Angry Left from Canada writes: More mindless drivel for mass consumption to lull the gullible. Don't say anything too truthful, lest you frighten the huddling masses as you lead them to the slaughter.
  33. Tom Araxias from Chatham, Canada writes: 'Financial crisis can be overcome in 18 months: APEC'

    Another day, another lie.................
  34. Just In from Canada writes: 'Given the unpredictability of current market gyrations, some in Lima where skeptical about the stated confidence the leaders had in an 18-month solution. A senior staffer of one country's delegation burst into laughter when pressed for details about how the leaders knew they could accomplish it.'

    -------------------------

    That just about said it all.
  35. The Angry Left from Canada writes: Scapegoat the vulnerable and the least likely to defend themselves. Turn the public on each other. This is the way of the future.
  36. Dorina Grossu from Norval, Canada writes: So, if we are not done in 18 months, what are the actions that Mr. Harper will take?
    Will he leave the Leader position, or find someone else to blame?
    Because once he is done with all the manufacturing jobs in Ontario’s area, I would assume that the rest of the country will appreciate very much how their tax dollars will be spend on healthcare and education. So, what is his program to create jobs in Ontario after he had “slammed” them? Or should we wait and do nothing for 18 months! I would love to read his 'business' plan!
  37. Dick Garneau from Canada writes: APEC is just trying to put on a positive face or naive.

    The great depression of 1929 took until 1957 for the Dow Jones Industrial to reach the 1929 levels.

    Bankers and financial analysts say this time things are different? But are they, the conditions that caused the 1929 crash are evident in the 2008 cash. Greed, speculation, failure to expose true market value, lack of trust. Regulated trade? We use different methods to control trade than during the 1930's but the effect is similar

    The CDO's symthetic securities market is about three trillion dollars, world wide, this will take a long time to wash through the system, during a World Wide Recession, and possible depression.

    We have been told since 2005 that we were headed to a World Wide Recession by 2007, but nobody was interested, and we inflated earnings, to get massive entitlements, bonuses, retirement packages etc.

    The historical theoretical economic frameworks are fundamentally useless.

    My 'GUESS' as an optimistic outlook, is three to five years for recovery.
    .
  38. harry carnie from Northern, B.C, Canada writes: Dick Garneau

    The recovery will begin in a small way, when the public overcomes stupidity and panic.

    Would say your post is an excellent, realistic, guess, as to how the scenario will play.

    Would hope your 'time frame' holds true.

    If one considers Japan`s financial problems????(10 years)

    Still... that is what gets us through life...optimism
    Have a pleasant week.
  39. Paul Dieter from Canada writes:
    In 18 months the economy will be in ruins, we'll have mass unemployment but Harper will be yapping about his latest free trade agreement with El Salvador, and he'll declare the crisis will be over in just a few more months, as soon as he's re-elected...
  40. david t from Canada writes: 'The Angry Left from Canada writes: I know, I know! Let's fix the economy by not questioning any of our presumptions on neo-liberal economic theory and just continue on the path laid out for us by the people that got us into this mess, and if anything goes wrong, we can blame unions and black people! Stay away from anything truthful, repeat the same lies and scapegoat and you'll have no trouble getting the G&M to post any of your comments. Black people, unions and Lindsay England. And Mexicans. Oh, and Somali pirates. Is there any way we can get more Somali pirates? They would be excellent villans for the next James Bond movie, which would give us excellent insight into possible solutions for our make-believe reality. Black people, unions, Lindsay England and Somali pirates. Somali pirates are black people too! It's all coming together so nicely. '

    That right angery left we need to blame only those people who had nothing to do with the crisis. We can not blame the BANKERS and neo-CONservatives for this mess.
  41. ken kolthammer from edmonton, Canada writes: G
  42. Chris E. from Canada writes: 'fix' the economy = translation: protect the asset values of the elites, so they can live in the style they've grown accustomed to
  43. Just In from Canada writes: harry carnie from Northern, B.C, Canada writes:

    If one considers Japan`s financial problems????(10 years)

    -------------------

    Apparently, the market priced in 10 years.

    'The breakeven spread on 10 year TIPS is about zero. The market is predicting no inflation for 10 years.'

    http://acrossthecurve.com/?p=2148

    The market may not be right either.
  44. Old blue from Canada writes: J Birch from Canada writes:
    Harper's Made in Canada Deficit

    Yea, and this guy's going to lead us where ?

    Budget officer blames Tories for coming deficits
    GST cut, spending driving Canada into red: Page
    David Akin , Canwest News Service
    Published: Thursday, November 20, 2008
    OTTAWA - Parliamentary budget officer

    --------------------------------------------------------------------------

    Well it must be right then if it's been stated by some snotball overpaid civil servant and reported on by an equally useless but nevertheless biased 'journalist' who believes in free speech.
    To think that people actually pay money to read this 'news' in the Daily Disappointment.
  45. R. M. from Regina, Canada writes: Wow, this guys and girls (any girls?) can quantify this. We are truly ruled by gods.
  46. Old blue from Canada writes: Paul Dieter from Canada writes:
    In 18 months the economy will be in ruins, we'll have mass unemployment but Harper will be yapping about his latest free trade agreement with El Salvador, and he'll declare the crisis will be over in just a few more months, as soon as he's re-elected...

    ------------------------------------------------------------------------

    ditto with the alternative government ...........but add numerous scandals, a trail of broken promises and outright lying to average Canadians.
  47. Wilma Guywin from Allover Canada, Canada writes: Dick Garneau from Canada writes: APEC is just trying to put on a positive face or naive.

    The great depression of 1929 took until 1957 for the Dow Jones Industrial to reach the 1929 levels.

    I have lived through the election of 10 Prime Ministers some good some not so good. The truth of the matter is I have more and my life is way easier than my parents and my grandparents. Who never went far from their farming community. My grandfather died an early death and my grandmother died crippled from a life of hard work.

    I have lived through recessions and booms and the thing that I noticed we have humans running our country, no Gods. Man I wish we had an Obama.
  48. Just In from Canada writes: Old blue from Canada writes: J Birch from Canada writes:
    Harper's Made in Canada Deficit

    Yea, and this guy's going to lead us where ?

    Budget officer blames Tories for coming deficits
    GST cut, spending driving Canada into red: Page
    David Akin , Canwest News Service
    Published: Thursday, November 20, 2008
    OTTAWA - Parliamentary budget officer

    --------------------------------------------------------------------------

    Well it must be right then if it's been stated by some snotball overpaid civil servant and reported on by an equally useless but nevertheless biased 'journalist' who believes in free speech.
    To think that people actually pay money to read this 'news' in the Daily Disappointment.

    =================

    You mean you are disappointed the little civil servant didn`t cook the books for your great glorious leader Harper.

    You mean you are mad because you have nothing to offer other than attacking the messenger.

    Time to take your pill.
  49. Linda Dial from Canada writes: All fixed up in 18 months? Great news! Let's time them.
  50. Nick Wright from Halifax, Canada writes: Yet another great picture of Stephen Harper at the top of the G&M main page, looking like a world statesman. Much more of this and the Conservative Party will have to start declaring the Globe as a donor at tax time. Who says newspapers don't try to influence public opinion?
  51. Zando Lee from Vancouver, Canada writes: ....been there...heard all that before.....the road to the new hell is paved with pledges of this sort.....
  52. Alistair McLaughlin from Canada writes: Can I ask all the whiners and screamers exactly what they would prefer the APEC leaders to say? I can imagine the scorn and ridicule heaped upon them in this thread if they admitted, 'We have no facking clue when the financial crisis will end.' Honesty is not always the best policy. In this case, honesty would do nothing but create more doom & gloom, and erode confidence further. Indeed, at the end of the day, it may not make a difference what they say, as no one will remember this in a week's time anyway. But Yelling 'FIRE!' in a crowded movie theater is something I'd rather see world leaders avoid right now, even if there IS one.
  53. Tor Hill from Canada writes: ''I am bent to know by worst means the worst. ... For mine own good all causes shall give way, I am in blood stepped in so far that, should I wade no more, returning were as tedious as go o'er.''

    By no means does this excerpt from popular literature absolutely have to describe any of our leaders today. But I trewely believe that popular literature has much to say about human nature, and I do believe this excerpt captures the spirit of the present age.
  54. Just In from Canada writes: Alistair McLaughlin from Canada,

    Adding a sooth message a day after a communique tell us how confused they are. Keeping their mouths shut and rolling up their sleeves would have been better.

    The High Priests of Lima 2008 still think the populace is stupid. That is the insult that no one will take any more.

    The Emperor has no clothes.
  55. Tony . from Waterloo, Canada writes:
    Good on Harper for continuing to push open trade!

    The absolutely LAST thing we should do is repeat the mistakes of 1929/30 when countries shut down international trade and caused the Great Depression.

    I've been quite critical of the current Conservative government on a number of issues, but trade is the one area that they've really shined! It's especially crucial, given current market and political conditions (specifically the strong protectionist swing taking over in our neighbours to the South that will ruin their economy and threatened to brings ours down with it), that we build strong new trade relations.
  56. harry carnie from Northern, B.C, Canada writes: Just in ..

    sorry ,did not get your point.

    The Japanese economy has 'had the flu' since their bubble burst some years some 10 years back.

    Was just speculating, we could be in for as long a haul with 'ours'.
  57. Just In from Canada writes: harry carnie from Northern, B.C, Canada,

    I will start off with a disclaimer. Not a market professional or economist.

    As I understand it, the market doesn`t believe talk of a stimulus is backed up by real dollars, or that a stimulus won`t do much, and it will a slow 10 year crawl along the bottom.

    If the talk about stimulus become believable, only weeks after Obama`s inauguration, then I will speculate a U-turn in sentiment towards expectation of high inflation, which is the only way for the U.S. to wipe off its debt, and for U.S. home equities to recover.
  58. Gord Lewis from Spin Cycle, Canada writes: Wow, the G&M is pumping Harper like some international man of economic action. A new article and photo praising him every 3 hours. Less cheerleading and more information, please. Harper is no genius, he just looks good in comparison to the regime down south that will soon be changed. Paul Martin is the one most to be thanked for our present position.
  59. Just In from Canada writes: harry carnie from Northern, B.C, Canada,

    'US Inflation Bonds Hit by Deflation, May Recover'

    http://www.cnbc.com/id/27842395

    'But some analysts do not believe deflation will be a long-term problem akin to Japan's decade-long period of price erosion because of the Federal Reserve's intensive efforts to revive institutions with massive amounts of central bank cash.'
  60. monty hurley from Utopia, Canada writes: Alice--the book for you to read is Alice in Wonderland.

    Obviously Harper took some famous BC Bud to Lima.

    Just wait 'til we all can access that white stuff that Columbia produces.
    With a free trade agreement, perhaps it will be free so we won't notice any more of the lies, lies, endless lies.
  61. J Birch from Hamilton, Canada writes: Old blue from Canada writes: J Birch from Canada writes:

    Harper's Made in Canada Deficit

    Yea, and this guy's going to lead us where ?

    Budget officer blames Tories for coming deficits
    GST cut, spending driving Canada into red: Page
    David Akin , Canwest News Service
    Published: Thursday, November 20, 2008
    OTTAWA - Parliamentary budget officer

    --------------------------------------------------------------------------

    Well it must be right then if it's been stated by some snotball overpaid civil servant and reported on by an equally useless but nevertheless biased 'journalist' who believes in free speech.
    To think that people actually pay money to read this 'news' in the Daily Disappointment.

    ====================================================

    Old Blue - it was Harper's own appointed boy Kevin Page who said it to Parliament.

    The PM is the cause of the deficit with his dopey priorities - not the Global Economy.

    Kinda sucks when the facts get in the way, eh
  62. J Birch from Hamilton, Canada writes:

    Harper's Made in Canada Deficit

    Yea, and this guy's going to lead us where ?

    Budget officer blames Tories for coming deficits
    GST cut, spending driving Canada into red: Page
    David Akin , Canwest News Service
    Published: Thursday, November 20, 2008
    OTTAWA - Parliamentary budget officer Kevin Page told MPs Thursday that Canada will go into deficit not because of global economic conditions, but because of Conservative government decisions to cut the GST and raise government spending.
    'The weak fiscal performance to date is largely attributable to previous policy decisions as opposed to weakened economic conditions,' Page wrote in his first report to parliamentarians on the government's economic and fiscal position.

    Page concluded that Ottawa could run a deficit as high as $13.8 billion next year, in 2009-10. Deficits could remain higher than $11 billion each year through to 2013, adding nearly $50-billion to Canada's debt over the next five years.

    Page said Conservative policy decisions, not global financial conditions, are to blame for the current fiscal situation.
    Chris Wattie/Reuters
  63. Bill Harrison from Canada writes: Interesting that those above who constantly and continually criticize Harper for any and all moves he makes, in the next breath laud Obama who has done nothing more than win an election. He has yet to govern - two months to go, and he hasn't yet walked on water. I wish Obama well, but if he fails it will be intersting to see how all his friends in the activist media, and his legion of friends in Canada, explain his failure. In the meantime, leftwingers in Canada should give Harper the chance to govern, and the rightwing in the United States should hold back as well.
  64. Silver Standard (America is a welfare queen superpower) from Canada writes: IN 18 months huh? We are not even in a recession after the market drops more than the depression? LOL What a joke.
  65. Daniel Cordeau from Oakville, Canada writes: Get out of debt quickly as you can. These soothsayers predictive ability has proven to be sadly pathetic, perhaps one too many economist and lawyers in the group! Free market increases in credit card rates, personal lines of credit, and loans are of course, only logical, now that the Corporate Pigs at the taxpayers trough have gluttoned themselves to satiation.
  66. Roger Weatherhead from Canada writes: At the beginning, the experts said the economy would do a quick V. Then it was a U, meaning more time at the bottom.

    Now, the politicians gathered in Lima (no Bean) have looked into their crystal ball and prophesied the crisis will be solved in 18 months. Funny that the Japanese PM did not tell them the 1990s crisis is still going strong in Japan.
  67. Joseph T from Victoria, Canada writes: Alice Shiv, remember this is all China's fault.
  68. Comments closed, censored, deleted or made to disappear from Mini Bushland, Canada writes: Financial crisis overcome in 18 months? --- Make a note of that. We'll have fun revisiting then...

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