Canada's economy is suddenly the envy of the world

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    Jun 21, 2010 3:27 PM GMT
    "TORONTO - Canada thinks it can teach the world a thing or two about dodging financial meltdowns.

    The 20 world leaders at an economic summit in Toronto next weekend will find themselves in a country that has avoided a banking crisis where others have floundered, and whose economy grew at a 6.1 percent annual rate in the first three months of this year. The housing market is hot and three-quarters of the 400,000 jobs lost during the recession have been recovered.

    World leaders have noticed: President Barack Obama says the U.S. should take note of Canada's banking system, and Britain's Treasury chief is looking to emulate the Ottawa way on cutting deficits .

    The land of a thousand stereotypes — from Mounties and ice hockey to language wars and lousy weather — is feeling entitled to do a bit of crowing as it hosts the G-20 summit of wealthy and developing nations.

    "We should be proud of the performance of our financial system during the crisis," said Finance Minister Jim Flaherty in an interview with The Associated Press."

    [url]http://m.yahoo.com/w/search/lp/news/story/http%3A%2F%2Fnews.yahoo.com%2Fs%2Fap%2F20100620%2Fap_on_bi_ge%2Fcn_canada_the_ottawa_way_6/detail.bp%3B_ylt=A0WTcOY4hB9MAV4A7AFwOy4J%3B_ylu=X3oDMTF2cTc5ajEwBGNiaWQDBGNvbmNlcHQDBGNwb3MDBGNzZWMDBHBvcwMyBHF1ZXJ5A2NhbmFkYQRzZWMDbmV3cwRzbGsDbmV3cw--?.intl=us&.lang=en[/url]
  • Posted by a hidden member.
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    Jun 21, 2010 4:28 PM GMT
    Yep, haven't really felt a downturn over here in vancouver
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    Jun 21, 2010 5:51 PM GMT
    southbeach1500 saidYeah, and they did it all without spending hundreds of billions on "stimulus".... go figure!

    They didn't have a gov't totally controlled by Repuglicans, who repealed the laws that had kept our financial system sound since the Great Depression.
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    Jun 21, 2010 6:25 PM GMT
    southbeach1500 said
    Caslon14000 said
    southbeach1500 saidYeah, and they did it all without spending hundreds of billions on "stimulus".... go figure!

    They didn't have a gov't totally controlled by Repuglicans, who repealed the laws that had kept our financial system sound since the Great Depression.

    Nor Democrats who controlled the Congress for 2 years prior to the financial meltdown.

    That Dem's Congress didn't have enough control to override a presidential veto. And once the financial institutions had been allowed to get themselves into such an overleveraged position since the laws had been repealed 10 years prior by the Repug gov't, the Dems couldn't wave a magic wand and fix the mess. The damage had been allowed to occur.
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    Jun 21, 2010 7:27 PM GMT
    southbeach1500 said
    Caslon14000 said
    southbeach1500 saidYeah, and they did it all without spending hundreds of billions on "stimulus".... go figure!

    They didn't have a gov't totally controlled by Repuglicans, who repealed the laws that had kept our financial system sound since the Great Depression.

    Nor Democrats who controlled the Congress for 2 years prior to the financial meltdown.

    You keep singing that discredited song, and I & others must continue to correct your deliberate falsehoods on that claim. The groundwork for the downturn was laid years before it happened, macroeconomic effects taking years to happen.

    When the Democrats did finally control Congress by a slim majority, they still had to deal with a Bush veto, which he used generously. With less than a supermajority in Congress, and unified Republicans, it was mathematically impossible to overcome a Bush veto. Plus Republicans used Congressional tactics to defeat every Democratic financial reform measure before they could even get to the White House.

    Republicans also achieved their secondary goal, besides stopping financial reforms, of getting Americans to listen to distortions like yours, that it was all the Democrats' fault, because they were nominally in charge of Congress (but not the White House) for a brief time before the financial house of cards collapsed. A house that was already imploding before the first Democratic-authored budget had even been enacted.

    But still you keep trying to sell this lie, and members like me have to keep setting the record straight here, so that newer members will not be deceived by your propaganda. But that's a Republican tactic, too, to keep repeating the same lie over and over again, trusting to the short memory of American voters, and using modern propaganda techniques first successfully employed by Josef Goebbels in the Third Reich.
  • roadbikeRob

    Posts: 14372

    Jun 21, 2010 11:17 PM GMT
    Canada is obviously a very well run country. You look at the economy, population growth, and development in the State of New York and the Province of Ontario and the difference is like night and day. Ontario like the rest of Canada is booming, growing, and prosperous while my dysfunctional home state of New York is debt ridden, corrupt, and overtaxed. The contrast between New York and Ontario is very obvious when you look at the two cities of Niagara Falls. The Canadian City of Niagara Falls is a prosperous, growing, exciting city of over 100, 000 that just cannot stop building itself up while the American City of Niagara Falls, NY is a decrepit, depressing, contaminated, corrupt shithole of around 52,000 and still shrinking in population.