Tuesday, March 10, 2009

Harper falsehoods. Part 2: The Flaherty files

Today at a Senate committee hearing, Mr. Flaherty claimed that “no economist predicted the recession” prior to his tabling of the Harper government’s Fiscal and Economic Update on November 27, 2008.

This is simply untrue:

•TD Report Sept. 8, 2008
. “...we believe the global economy is on the brink of a mild recession.”

•Scotiabank Global Economic Research, Oct. 3, 2008
. “We are forecasting recessions for both the U.S. and Canada...”

•Bank of Montreal, Oct. 10, 2008
. “I suggest that we will see a longer and deeper recession in the U.S. than many are thinking...recession is likely here as well...”

•TD Report Oct. 31, 2008.
“We now deem it likely that the Canadian economy will formally tip into a recession at the end of this year.”


Dr Mike said...

God , this Flaherty guy must think that we are all a bunch of freaking idiots.

He either does not give a damn or he has no idea what is going on here.

All of us with at least one clue heard the oncoming recession footsteps--we were warned--we knew that as the US goes , we go.

So what`s with Flaherty making such statements.

I have come to the conclusion that he just does not know what the hell is going on & needs to be fired for incompetence.

Where is Donald Trump when you need him??

Dr Mike.

CAITI said...

Courtesy of Steve at Far and Wide:

Here's a sampling of what some LEADING "economists" were saying in October and November of last year, all dates PRIOR to Deficit Jim's fiscal, cough, update. Speaking of HISTORICAL REVISION:

October 6th 2008

I think we're looking at a much more serious downturn than a mild recession that most of us are talking about," said Doug Porter, with BMO Capital Markets, at a meeting of senior economists in Toronto...

October 6th 2008

TD Bank's Don Drummond said he sees the economy shrinking until late 2009 and then only gradually recovering.

October 6th 2008

"[We're] forecasting Canadian and U.S. recessions, plus 100 basis points of [Bank of Canada] and Fed cuts that could come at any time. This is not just made-in-U.S.A. weakness as Canada faces its own home-grown recession signals," Scotiabank economists Derek Holt and Karen Cordes

November 1 2008

Toronto Dominion's forecasting director Beata Caranci has issued a new report that not only says a recession has begun, but that it could be severe. While there's still a chance to avoid the worst, it says, the world's industrial nations collectively could be about to suffer the worst economic setback since the Great Depression.

November 12, 2008

A recession in Canada is ``inevitable'' as the economic slump in the U.S. spreads north, Toronto-Dominion Bank chief executive officer Edmund Clark said.

November 20, 2008

"Overall, given that the balance of economic risks is tilted to the downside, our judgment is that the [worst-case scenario] of budget projections represents a more likely range of actual outcomes." Kevin Page

Mr. Flaherty said that Canadians should wait for his government's official numbers, adding he "didn't agree entirely" with some of the assumptions in Mr. Page's report.

November 25, 2008

OTTAWA–Canada has fallen into a recession that will last for most of next year as the world falls into the worst slump in a quarter of a century, says a respected international think-tank.

The Organization for Economic Co-operation and Development says Canada will not be immune from the global malaise, the worst since the deep recession of the early 1980s