BTC: Don’t panic


“What Canadians are worried about right now is not the job situation, not losing their homes like in the U.S. What they’re worried about is they see the stock-market problems.”
—Stephen Harper, Oct. 2

“Look, the main thing the government has to do in a time like this is not panic. A lot of people out there are panicking. I think there are probably some great buying opportunities emerging on the stock market as a consequence of all this panic.”
—Stephen Harper, Oct. 7 (afternoon)

“Canadians are worried right now, those worries are understandable. My mother is with my kids tonight. I’m sure she’s worrying about her savings. I worry about my kids’ future.”
—Stephen Harper, Oct. 7 (evening)

“People are worried about the global economy and its effects in Canada. They’re also worried about their job security, they’re worried about their homes. I share their concerns.”
—Jim Flaherty, today


BTC: Don’t panic

  1. Canada is ranked as the World’s soundest banking system.

    (see Andrew C’s post below).

    Course you’d have to live in Austrialia for that to be news as that’s where Andrew had to get it from.

    Today’s media,

    deciding that the most salient, relevant, material facts of the political day,

    need not be seen by us Canadians.

    Back to the cartoon birds, and one line “gotcha” moments.

  2. kody: Take it up with Jim Flaherty then.. he’s the one talking things down at the moment.

  3. I worry about the future of Prime Minister Steve’s kids too. Maybe they should think about using their mother’s last name.

    Heh. Who am I kidding? They’re set for life.

  4. Just checked the Google News headlines for Canada and the story of the day is the cost of Afghan mission.

    The Canadian press was nice enough to gratuitously editorialize mid report, that this may “hurt” Harper.

    There seems to be three possibilities:

    – It’ll hurt Harper, as suggested,
    – It’ll help Harper as he’s recently taken heat for his troop withdrawal announcement
    – It’ll hurt Dion among “progressives” as the Liberals have put us there, and Layton has consistently attacked the Libs on this point.

    The CP was nice enough to invite us to draw a conclusion on the political impact, rather than letting us freely thinking readers decide for ourselves,

    and they were also nice enough to suggest that we use this against Harper.

  5. No word yet on whether the most important news of the day given the current banking crises,

    will be offered to Canadians (as opposed to Australians),

    and also no word on whether the CP will invite us to conclude that this HELPS Harper.

    Any bets?

  6. Any bets on when Kody-Biff here starts using that dramatic, punctuated, rich….compelling…prose style he’s famous for?

    Not that I care. I’d just like to hook him up to one of Frank Luntz’s emotion detectors to find out what it is in reaction to.

  7. globeandmail.com has a story about the strength of the Canadian banking system somewhere on it’s web site. Yes, this is a very important news story, front page on other outlets.

    I defy anyone to find it on globeandmail.com without using google or the G&M internal search engine.


    The G&M runs a CP story that Nova Scotia’s premier says the carbon tax will cost his province $600M per year…

    But then provides Liberal talking points as a defense:

    1) He doesn’t mention the funds the province would recover
    2) He “admits” the Tories haven’t costed their cap & trade policy

    Even in a story about how much the Liberal carbox tax is hated, the CP still finds a way to make the story a criticism of the Tories.

  8. Hey, Aaron, Paul, or any other media types here,

    do you think Canadians, who have a basic sense of fairness and a legitimate desire to be fully informed as we enter the election period, will appreciate that they have to get this information from Andrew

    (or Kate at SDA who’s linking to the Reuter’s Aus. story- where thousands upon thousands of Canadians are learning this hugely important story for the first time)?

    Quick follow up:

    Do you think they’ll appreciate being told that a cartoon bird on a website, IS news, in fact headline grabbing news,

    but Canada’s supreme position in the banking world, in the middle of a banking crises,

    isn’t newsworthy (let alone headline worthy)???

  9. Yay. Canada is supreme!

  10. kody, CTV has the story on it’s front page. As does Bourque and National Newswatch. The CBC just added it to their front page.

    The G&M refers to it, only to link to it in a blog posting in it’s “Markets” section.

    The post title? “Canadian banks are tops. For now.”

    But Wells knows this. He posted 3 years ago that the G&M headlines might as well read “For the Love of God, Just Vote Liberal”. It seems it’s like that dirty little family secret that everyone knows about but wishes no-one would bring up.

  11. I like this line out of the Economist’s Con endorsement


    “In what is the first credit-crunch election in a big Western country, Mr Harper’s ejection would set a dispiriting precedent that panic plays better politically than prudence.”

    There are more good quotes in there…

  12. The G&M ran a story reporting on the requests of the “totally non-partisan” (that was actually in the article) Sierra Club and Greenpeace to not vote for the Conservatives.

    Will they display even a semblance of balance and report on the Economist’s endorsement of Harper?

    I won’t hold my breath waiting.

  13. Kody, toady, whatever your name is — Google Canada’s headlines are ranked by page views. So if more people are clicking on the story about Harper, Jimbo and whomever is in charge at DND “misunderestimating” the cost of the Afghan War (vs. a story about bank deposit ratios), it’s not the fault of any journalist working at Macleans or anywhere else.

    Why do you conbots always blame the public when their concerns or opinions don’t match up with your talking points?

  14. comment by stephen on Thursday, October 9, 2008 at 2:49 pm:

    I like this line out of the Economist’s Con endorsement


    “In what is the first credit-crunch election in a big Western country, Mr Harper’s ejection would set a dispiriting precedent that panic plays better politically than prudence.”

    There are more good quotes in there…

    Like what they say about the carbon tax?

  15. Meanwhile, the TSX plunges again today, as does the Dow.

    Canadian banks strength as compared to others is a red herring.

  16. Nobody ever seems to learn. It all reminds me of something my very wise first boss said to me many, many years ago:


    Wise boss: When the market is collapsing, and you feel that urge to panic, do you know what you must do?

    Young Me: Yes, master. I must not panic.

    Wise boss: No, stupid boy. You need to panic. It is much better to panic at the top than at the bottom.


  17. I would just like to remind everyone complaining on the lack of interest in the Canada’s Banks ranked #1 story: Canada’s economy is dependent on more than just our banks. And since we don’t live in 17th century Japan, we are fairly dependent on a healthy global economy… or at least a decent economy in the US, EU, and the larger Asian markets.

    I’m happy to hear that the Canadian banks are good and solid, it will make such a difference to know I’ll be able to cash my severance check when layoffs hit.

    (For those who can’t follow- if there’s nobody to sell to, companies can’t make money. If they don’t make money, they try and save. The first step tends to be layoffs.)

    As for the Economist’s backing of Harper, it’s hardly a ringing endorsement. Big endorsements generally don’t have lines like:

    Simply to rubbish this as a “crazy” idea that would “screw everybody”, as Mr Harper has done, shows a disappointing lack of leadership, and is grounds enough to deny the Conservatives a majority.

    So there you have it. According to the Economist, Stephen Harper is not a leader.

  18. So you lib bots think the best approach is to panic? What form should this panic take? Should we all start forming pillaging gangs stealing what we can? Actually that sounds like the Chretien years.

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