There are so many things wrong with the world today. The comfortable lightness of being Canadian, and especially being Albertan, is not making us immune from the harsh realities that are about to befall from the world-wide market meltdown.
Canadians should never forget that Harper lied to us about the pending recession during the last election with his promises of never allowing a deficit and now he is accepting one. He also lied when he said we would escape the economic impact of the American induced financial crisis based on our best of breed amongst a bad lot in the global banking system.
Thank to Kevin Page's honest and professional assessment of the Canadian economic reality, it will be more difficult for the Harper government to continue to lie and mislead use about the fiscal facts facing Canada in the economic update expected later this week.
I am astonished that the corporatist Masters of the Universe types, Detroit's "big three" Chapter would be so self-absorbed and unaware. How they handled their recent bailout bumbling in Washington this past week shows just how indifferent and unaware they are of the real world of the rest of us. I can see no reason to justify a bailout of the automotive sector under the current circumstances. If the free market system is to be free, it has to be free to fail. Lets not see governments try to pick winners with public investments that interfere in the marketplace realities. Where will it stop? We in Alberta know first hand it will not work based on past experiences.
I have some stomach for the taxpayer buyouts of some of the banking business bozos. I can even accept the planning shift of TARP away from buying the bogus paper these bastards pushed out the doors for bloated fees and foolishness. Still, letting some financial institutions fail like Bears Stearns and Lehman Brothers is a good thing.
Trying to restore confidence in financial sectors by buying equity positions that essentially nationalized the American financial sector is a necessity to ensure some semblance of a working market place for everyone. That said, it has yet to be proven effective. For example, Citigroup got $25B of bailout money and promptly dropped 23% of stock market value - in one day. This once enormous bank is cutting 52,000 jobs and now has a market capitalization smaller than Home Depot.
So much also for asinine assurances and the mistaken mythological around sound conservative economic management capabilities that inappropriately inure to the Republican Party. They have methodically removed the role of good government and the capacity and flexibility of any government to be reasonably responsive to the worldwide financial crises the Bush White House has aided and abetted.
They have removed required regulatory oversight, instituted low taxes for the rich, were the biggest of tax spenders and have proven to be accomplished deficit builders and incredibly inept fiscal managers. Canadians must never forget that our own Artless Dodger, “Steve” Harper is a disciple of the new-Republican economic strategy - and there is no evidence he has changed.
We have all these indifference greedy and gouging corporate executives pocketing huge personal fortunes all under the guise of socially, environmentally sustainble wealth creation and myths of increased shareholder value in “free” enterprise model. They are now proven to be just plain greedy and reckless at best…profoundly irresponsible and perhaps criminal at worst.
As the recession sets in next year we will see more children remain or be reduced to poverty as their families fail to be able to provide the necessities of life for them to escape the rut of economic want and the social and personal tragedies that are inevitable to at risk kids. Child poverty ha s not improved in a generation where economic growth has been the highest and longest sustained period in history. Child mental health is also a national disgrace and bound to get worse. This is thanks in large part to the personal and institutional greed of these fat cats who are proven to be reckless, feckless and check less, thanks AGAIN to bad politicians with a penchant for irresponsible deregulation coupled with shortsighted and short term policy perspectives.
From now on I am only going to invest in ethical corporations with leadership that sees business as having a social, environmental and wealth creation value set…not just growth at any cost. I am going to call out anyone I see irresponsibly running a public or private enterprise contrary to the greater public good as well as producing shareholder value.