Cyberwanderer’s Blog

September 15, 2008

Threat of New Great Depression, in Harper we trust?

Filed under: Canada,Politics — cyberwanderer @ 8:56 pm
Tags: , , , ,

CityTV Toronto started their news broadcast tonight by declaring the Lehman collapse is the worse since the great depression. The scary part is Canada is in slow down and not yet officially in recession and yet we are already bordering on deficits. But knowing Flaherty’s reputation, it won’t be surprising if we are already in deficit and it is being concealed from us. Harper said today the government must be able to act with prudence during hard economic times. Another case of saying something and doing another. The irony is too much to bear. Afterall, economist have been warning Harper about impending recession threat. He ignored them and spent left and right targeting small interest group in an attempt to buy vote from those people. Billions of dollar in surplus suddenly disappeared under his watch. So for him to boldly talk about prudence, when he so readily ignored economist advise and warning, is so hypocritical. He is a liar and would be bad for Canada as Bush was, and still is bad for U.S. economy.

Turbulent times ahead indeed and let’s just hope we at least have an honest, conscientious leader to lead us through bad times to minimize the impact. Remember, unemployment insurance was introduced to prevent re-occurence of the great depression where people struggled for basic food and necessities. Harper and his ideology on the other hand opposed social programs and believe in “every man for himself” with minimal government regulation, which tend to lead to more Walkerton and Listeriosis type massive outbreak. He shared the same ideology as Harris where everyone who have fallen on hard times and have to rely on welfare are beer drinkers and lazy.  They would seek opportunity to privatize Health care and if you get sick and too “lazy” to be able to afford medical help then it’s your fault.

For Harper, it is Canadian who should adjust to his Conservative ideology. He proudly declare few days ago that he is happy to see that Canada is becoming more Conservative. He is under the impression that it will take time but we will eventually adopt the same ideology as him. So it is us who should eventually adjust and not him? Harper’s arrogance knows no bound.

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1 Comment »

  1. Marriner S. Eccles, was the Chairman of the Federal Reserve from 1934 1948

    In his 1951 memoir Beckoning Frontiers, Eccles detailed what he believed caused the Great Depression.
    Our current situation is eerily similar.

    Eccles wrote:

    “As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth — not of existing wealth, but of wealth as it is currently produced — to provide men with buying power equal to the amount of goods and services offered by the nations economic machinery.

    Instead of achieving that kind of distribution, a giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth. This served them as capital accumulations. But by taking purchasing power out of the hands of mass consumers, the savers denied to themselves the kind of effective demand for their products that would justify a reinvestment of their capital accumulations in new plants. In consequence, as in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped.

    Comment by John Petty — October 19, 2008 @ 9:59 pm | Reply


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