Out of the medals


Stephen Harper, March 10Canada was the last advanced country to fall into this recession.  We will make sure its effects here are the least severe and we will come out of this faster than anyone and stronger than ever. So far, in fact, while the global recession has hit Canada hard, it has hit us not nearly as hard as it has other countries. The American economy has been hit twice as hard as Canada. The same is true for the Europeans.  The Japanese have been hit four times as hard.

Stephen Harper, August 14“Canada is not yet out of this world recession. We must continue our efforts, we have to persevere. Now is not the time for political instability,” Harper told a news conference in the Quebec town of Chelsea.

AFP, last nightJapan’s economy has grown for the first time in more than a year, climbing out of its worst recession in decades thanks to rebounding exports and government stimulus measures, data showed Monday … Japan follows Germany and France in exiting recession in the second quarter.


Out of the medals

  1. The PM made a political calculation and said we're not out of the recession. I have no earthly clue whether we are or not, but the Bank of Canada said we are out of it. Where's my bronze?

  2. It's not a fair comparison because France, Germany and Japan went into recession before we did. Canadian would have received Gold if we were comparing who went into recession last. Not that this should be read as defence of Harper/Flaherty because I think their policies are hindering our recovery.

    • Harper said we were not even going to go into a recession despite the worldwide recession.

      Then he said we would be the first out.

      Is anyone else at all surprised that he is still spinning and still not getting it right?

      • We may very well be the first out. Measuring GDP is not a simple thing, and it takes time to get an accurate reading for each quarter. Aaron has (or course) failed to make a proper comparison, because the article linked with Harper's quote fails to make any mention of Canada's second quarter performance, so we have no idea if Harper is simply stating that we cannot make conclusions about Canada's status until the numbers are out.

        • Uh huh. And if the numbers for that quarter show we're still waist deep in the s**t, will you eat crow?

          • STILL waist deep??? We havent been that bad yet…it certainly has been worse than this before….I would say the 89/90 or was it 90/91 was pretty bad. Home values dropped significantly, construction stopped in many places, think the bay adelaide centre that was a huge concrete bunker for over a decade.

          • What are you talking about, Boethius?

            I didn't say we are the first out, I said we "may" be! The whole point is that we cannot yet conclude that we are out. I have absolutely no idea if we are out of recession, and neither does Harper, so that's why he is saying to be prudent. I hope we are out.

            I know that Canada has fared well so far compared to other countries.

  3. Beware the dead cat bounce…..

    As for the larger question of does stimulus work, the results are decidedly mixed. Germany and France had very small incremental stimulus packages and relied largely on the auto stabilizers. Japan has been led by export growth, hardly a domestic thing….need to see the German figures if it is exports that have led the way.

  4. Harper is the same guy that said "If we were going to have a recession we would have already had it."

    He is out of ideas and poltically bankrupt. We need to get rid of him.

  5. Another brain-dead post from Aaron.

    There is absolutely no question that Canada has fared better during this global recession. But Wherry wants to indicate otherwise, so he shows how he can pull a bunch of quotes out of context and make false comparisons.

    • Quoting the Prime Minister is proof – proof I tells ya! – that Wherry is biased.

      • Funny how quoting Ignatieff in ads is not an attack but just a search for truth, context be damned, but quoting Harper in his own words is proof of bias and context is suddenly important.

        • I think it's a whole lot more funny that you are comparing Conservative attack ads to Aaron Wherry's blog posts. We already know the former is biased.

          • It would be if that was what I was doing.

            I was not comparing Wherry and the Conservative Party. I was comparing the reaction of the Conbots to the misuse of quotations in a direct personal attack campaign by their own leader to the reaction of Conbots to the use/misues of quotations in mildly highlighting how off Harper was in his predictions, once again.

            I have said it before and I'll have to say it many times again: fThat could be due to a number of reasons: for whatever reason, it just doesn't seem to have been able to embed itself in the public political consciousness as tightly as the constant undermining of Dion as a leader (which, let's face it, turned out to have been far more effective than anyone predicted) or, alternatively, that it simply hasn't yet garnered enough media coverage.

            For Conservatives, non-cheerleading is the equates with anti-Conservative bias, so it is no wonder they see The Vast Leftwing Media Conspiracy swirling around them, the only barrier between them and a majority and utter political domination from sea to sea to sea.

          • I know that was the angle you were going for (and I think it's a valid point) but for that comparison to work as well as it does the Conservative ads and the blog posts have to be at least somewhat comparable themselves. Otherwise, you're comparing two different reactions from two different situations and taking the reactions out of context.

            At any rate, Wherry probably should have waited for the BoC to release the second quarter numbers. That would provide the needed context for the statement and would have made his point one way or another.

          • Actually – and I really don't want to belabour this minor side-discussion with nitty detail as I am guessing you don't either – but part of the point is the fact that you have this multi-million dollar nationwide negative attack ad on Ignatieff personally and the response is misuse of quotations is OK; contrasted with a simple blog post attempting to make a mild and cheeky point with Harper quotations and we have The Vast Leftwing Media Conspiracy.

            In other words, one would normally have a higher standard and threshold for the mega ad campaign and give more lattitude for the simple blog post, but they have reversed it in their blind partisanship.

          • Undermining? You're funny. Dion was the author of his own demise. The Conservatives just pointed out the obvious. Dion was a fool. If he was incapable of defending himself, then that confirms it. The fact that you prefer spineless leaders says something about you, not Dion.

        • Old School Liberal: 'Funny how quoting Ignatieff in ads is not an attack but just a search for truth, context be damned"

          Who said that? I didn't. Can you read properly?

  6. Cranky baby needs a diaper change.

  7. As someone said a little earlier, let the data tell the story and not all of it is in. But a positive Q2 is highly unlikley given that April was -.2 and May was -.5….you would need an extroidinary June, it would amount to an annulaized (for the quarter) of 6.4% to yield the same result as Japan's quarter….not unheard of but really unlikely.

    Of course May might be revised upward meaning less pressure needed for a 6th sigma June performance.

    Might as well wait and see what the Canadian data says before sarc'ing off all over the place.

    Once again, the export side is the interesting one. Where are the Japanse exports going (China?) China needed a stimulus program, there were and are significant doubts if many other countries needed the same jolt. DO you think the Americans might save their money if things turn out to be better than expected?????

  8. Politically Harper is probably clever enough to let others declare we are out of the recession when the economy starts to grow again. For most of the general public employment numbers are more important that the stock market and employment will lag the economic numbers that technically define a recession. Although he did make the "buying opportunity" gaffe at the front end of this, I expect the talking to he got from his mother will make sure he doesn't repeat the mistake on the back end.

    • I disagree that employment numbers are more important for most. Think about it. Our unemployment rate has risen a couple of points. Two to three percent of the population. The labour force participation rate is lower, probably a few points.
      Meanwhile, something like 50% of the population has investments in the stock market (I'm just guessing). RSVPs, pensions, savings.

      So, for most people, the stock market is more important than the employment numbers.

    • And, even with the 3% mini-crash dip today, The "buying opportunity" was actually remarkably prescient.

      • Though not as prescient as it would have been six weeks later . . .

        • Hey, I didn't say the guy was perfect. Look at the damage he's done to conservatism.

  9. RSVP's. What are they and how did they take Canadians down since 50% own RSVPs?

    News flash! The answer is NO, we don't want to come to your party. RSVPs indeed.

    More gafflefarb from Mr. Depression Harper. He did say 'depression'. the only so-called leader in the world that did.