Supporters of Conservative leader Stephen Harper like to tout his credentials as a trained economist. Today, Prof. Harper taught me something I did not know about recessions. Apparently, they respect a rigorous form of scheduling and are never late for their appointments.
“My own belief is if we were gong to have some kind of big crash or recession, we probably would have had it by now,” Harper told reporters as the U.S. financial system continued its Britney-class meltdown.
Are you writing this down, aspiring economics graduates? We can’t possibly have a recession in Canada because we haven’t had a recession in Canada yet. Also, our banking system will be fine if we manage to increase regulatory oversight and sprinkle it with fairy dust.
The good news is that Conservative leader Stephen Harper’s theory about recessions is destined to be torn to shreds on Oct. 15 by Prime Minister Stephen Harper, when he announces that Canada is in recession.