"The fundamentals are strong"
No, I'm not quoting Prime Minister Harper... I'm quoting ScotiaBank's Deputy Chief Ecomomist Aron Gampel, who said on CTV's Canada AM, "We have really wonderful fundamentals."
"Let's face it, the U.S. is the epicentre of big problems," Aron Gampel, deputy chief economist at Scotiabank, said Tuesday on Canada AM. "A recession in housing which is dragging down their economy, compounded by a credit crunch and the earlier episodes of high food and energy costs, you couldn't have asked for a more toxic mix of problems."
Gampel predicted that sound economic policies established by previous governments would allow Canada to weather the current storm better than most countries.
"We have a government balance sheet from successive Liberal and Conservative governments, which is able to stimulate the economy through increased tax cuts that we've had in recent years, increased spending which is still flowing through the economy and we still have surpluses that can be spent," Gampel said. "We have really wonderful fundamentals."
posted by Christian Conservative @ 3:58 p.m.
2 Comments:
At Tue Oct 07, 04:42:00 p.m. EDT,
John M Reynolds said…
And on the CTV news at noon, a vetran economist was quoted saying that the current drop is worse than the 1929 crash. Oddly enough, if you google 10 worst stock market crashes, you get links like this:
http://leatherheadblog.com/2008/09/30/current-market-crash-equals-the-great-depression/
That shows that the 1929 crash to which crashes are often benchmarked is rated as the 4th worst since 1900 (not including the current crash).
And when it comes to fundamentals, don't forget that the feds have an extra 3 billion that was promised to pay down the debt that could be used to prevent a deficit in a pinch.
At Tue Oct 07, 07:23:00 p.m. EDT,
wilson said…
Yet these are the same guys that came out guns blazing...recession recession!!!
what`s up with that.
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