Posts Tagged ‘recession’

United In The Fight

It’s official. The opposition has united to defeat the government and the policies presented by the Minister of Finance. Uncharted territory here. Amazing to see how fast differing viewpoints could draft an agreement and proposal to stimulate the economy over the weekend. Mr. Flaherty has called it “a deal with the devil”?

Canada is stronger together, perhaps a coalition government might actually work together toward rebuilding Canada during these trying times. I think that we are in for more concrete action than the Conservatives are willing to admit since ALL opposition parties have committed to unite until June 30, 2011! (The Bloc are supportive of this coalition for 18 months and can extend support after that time since they are not formally part of the coalition). The economy and the environment are front and centre. The coalition will pursue prudent policies to stimulate the economy through investments in infrastructure, boosts to struggling economic sectors as well as home construction and retrofit (low income housing? green tax breaks?). Most important, long term deficits are not in the interest of the coalition.

“Today we respectfully inform the Governor General that, as soon as the appropriate opportunity arises, she should call on the Leader of the Official Opposition to form a new government, supported as set out in the accompanying accords by all three of our parties.

Respectfully,

Hon. Stéphane Dion
Leader, the Liberal Party of Canada

Hon. Jack Layton
Leader, the New Democratic Party of Canada

Gilles Duceppe
Leader, the Bloc Québécois”

– from the agreement signed by Bloc Québécois Leader Gilles Duceppe, NDP Leader Jack Layton and Liberal Leader Stephane Dion on Parliament Hill, in Ottawa, on Monday Dec. 1, 2008

It will be interesting to see how the Right Honourable Michaëlle Jean, Governor General of Canada reacts.

Leadership Not Dictatorship

As predicted Mr. Flaherty’s financial update and call for the cancellation of polical party funding was the enough to bring war cries from across the bench. The Conservatives are now backtracking from their calls to end of party funding linked to the proportion of federal votes (political parties currently receive a rate of $1.95 per vote in a federal election). Much like the cuts to Arts funding proposed during the election campaign and later retracted these proposed political funding cuts are getting swept away after public outcry.

Has it come to this? In two short years there is now talk of forming a coalition with NDP, Liberals and the Bloc. This is sobering and signals a potential search for a new Conservative leader. A separatist party is so dissatisfied with the current government (most notably with respect to the environment and crime) that they are willing to chum with their arch enemies the Liberals? The NDP who campaigned as an alternative to rule would consider to help form a coalition?

Mr. Flaherty and Mr. Harper have nowhere to run now. Talk of a strong economy, a technical recession, then a crisis “unlike and potentially as dangerous as anything we have faced since 1929”. A lot can change in a matter of weeks and the majority of elected MP’s look as though they will push Mr. Harper out of power based on mismanagement and myopic vision. Perhaps the “new” government will now be forced to bring in a sound budget and policies that will strengthen Canada during this recession. If elected MP’s can serve Canada as a whole, leave their party colours at home and form consensus despite differences we are better off. True blue Conservatives would be wise to join with this consensus. I’m hoping the “dream” of a government that can “meet in the middle” happens whether or not a coalition is formed after this tipping point. A multi-party coalition can’t be any worse than leadership that blatantly dropped the ball on the state of the economy and increased government spending more than 20% (some $40 Billion) putting us into a deficit after years of surpluses.

TSX – WTF

The largest point drop ever! The TSX is hurting after news in America spooked the market. Is the sky falling? Not sure just yet but it I’m sure it will be a bumpy ride. Some economists saying we have 3 quarters worth of slow to negative growth ahead in Canada. OUCH!

Praying for the best. It will be interesting to see how things play out in the debates. Jack Layton, in Toronto campaigning, called for a meeting of all parties on the potential Canadian crisis but this was rejected.

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