Tuesday, March 16, 2010

The Globe only begins asking the question I asked 3.5 years ago

The Globe and Mail’s coverage of the income trust matter has been nothing shy of pathetic and down right misleading with their constant reference to Flaherty’s bogus tax leakage argument, which we all know to be patently false, and zero acknowledgment of the real tax leakage that has been caused by the 51 takeovers of vulnerable trusts caused solely his inane policy. It’s a good thing that the Globe and Mail isn’t the Washington Post, as there would have been no Watergate, as the Globe has no one on staff that comes close to even Woodward or Bernstein and is incapable of connecting the dots for fear it may offend its owners by properly informing Canadians about the truth.

The Harper government with the help of the Globe and Mail was successful in taking away an essential investment choice from Canadians saving for retirement. Income Trusts were a unique investment class that was ideally suited to saving for retirement and producing retirement income. Nothing else comes close. It would appear that the Globe has come to this realization with articles of last week by Rob Carrick entitled “What next for Income Trusts?” or the inquiry I received from a Globe reporter yesterday asking me to help him write an article advising people what they should now invest in, given that Stephen Harper (along with the help of the Globe) has killed income trusts.

When I speak with that Globe reporter today, I will simply advise him to put that question to Stephen Harper and Jim Flaherty as they are the ones who created this mess, since I have yet to hear back from either of them concerning this question that I put to the two of them in an email dated November 1, 2006. Do you think the Globe will publish it?

P.S. Does the Prime Minister have any good investment advice for a retired
person seeking stable income, now that you've totally killed income trusts
as a viable and sustainable investment class. No?. Surely the Finance
minister does. No? Again accept my apologies, I forgot you guys are into
growth stocks and R&D. Perfect fit with retired Canadians, but what would
you know, between the two of you you have at least three indexed government
pensions plans. Ah yes, the gold standard of pension plans by which all
others pale by comparison.


Dr Mike said...

I wish someone would ask Flaherty why he didn`t do the proper consultations first & then put a plan into place which would have insured proper regulation while at the same time protecting the investor.

It is obvious to us now that the investor was the last person on Jim`s mind.

He was there to protect his corporate CEO buddies & the rest of us could go to hell.

Thanks again Jim for your thoughtful consideration.


Dr Mike Popovich

Anonymous said...

Harper, Flaherty have the wrong approach. Instead of cancelling income trusts, do what the Eskimos did many years ago.....instead of all this nonsense about the "poor" seniors, it would be adviseable to put them all on ice flows and send them off from the Artic to their place in heaven! Think of it Harper, no more expensive senior citizen pensions, less monies for health care, etc. etc. Common guys show your true feelings for seniors....don't be ashamed! You could probably balance the budget. When your senior years come, you can dip into your Swiss bank accounts and live abroad. LOL

Anonymous said...

Hmm what to send this "inquiring Globe reporter" .... an endangered species. May as well have some fun with him and really educate him. You can also tell him to get rid of the negative attitude. It is not over until the fat lady sings.
1.The Yves Fortin document is a good start.

2. A full lecture on the MSP.

3. The TSX listing tax piece (31.5%)

4. The Income Trust = pro energy (both oil and gas and newer clean tech). Can't remember the title.

5. Your Vale piece last week (or response to Gag & Mal's J.S.) is in gaining popularity.

Have fun with this one. LOL.