Thursday, November 6, 2008

Harper's idea of "consulting"?

This is the very same crowd Harper kowtowed to on income trust panic exercise....banks and life insurance companies

Harper seeks Bay St. input before Washington summit

Prime Minister in town to meet bankers to talk about financial crisis
Nov 06, 2008 04:30 AM
Comments on this story (1)
Bruce Campion-Smith
Ottawa bureau chief

OTTAWA–Prime Minister Stephen Harper is in Toronto today for discussions with senior executives from Canada's big banks and insurance companies about the financial turmoil and economic downturn.

Harper will attend a roundtable at the C.D. Howe Institute, an economic think-tank, in the morning.The Prime Minister is then scheduled to meet privately with the business executives to canvass their opinions ahead of the emergency meeting with G-20 world leaders in Washington on Nov. 14-15, where economic concerns will top the agenda.

Harper also intends to sound out the Toronto executives on their views on Ottawa's economic and fiscal update, which is planned before the end of the month, a senior government official told the Star.

Because of the extent of the economic turmoil, that update is taking on added importance and could become a mini-budget containing measures meant to dampen the effects of the slowdown and help out Canadians.

While the Prime Minister has heard from "legions of bureaucrats" on the extent of the problems and possible solutions, Harper also wanted to consult experts outside of government for their advice, the aide said.

"Talking to more people is not usually a bad thing and talking to people outside of Ottawa is not a bad thing either," he said.

Federal Finance Minister Jim Flaherty is in Peru this week for a meeting of finance ministers from the Asia-Pacific Economic Co-operation forum.

While Ottawa has taken some measures to help protect Canadian financial institutions from the credit crunch, they have so far escaped the devastating meltdown that has dragged down other banks around the world.

Harper today is hoping to hear the lessons of what's worked and take the lessons of the Canadian banking system to share at the international summit, the aide said.

"Not everyone's bank system collapsed," the official said. "Ours withstood the tremendous shocks and remained on its feet."


Dr Mike said...

I think Harper is consulting with the wrong guys here.

Life-cos like Manulife are in the dumper with reduced earnings of near 50% for the quarter.

Maybe he should find out how it is really done by talking to that good old Ponzi Scheme Yellow Pages income Fund whose earnings rose just under 20% for the last quarter & their distributable cash increased by 8.8%.

Talk with success & not failure if you want to know the answers.

And here I thought he was a trained economist.


Dr Mike popovich.

Anonymous said...

The only news that would make my day is that they would tell Harpass that they made a mistake on the threat of Income Trusts back in 2006.

Surely the likes of Dominic d'Alessandro cannot view the decimated Income Trust market as a threat now !