Recession over? Come visit St. Thomas

Maybe Mark Carney should take a stroll along South Edgeware Road in St. Thomas before he declares this recession over.

Last week the governor of the Bank of Canada predicted our economy would start to grow again this summer after three consecutive quarters of shrinkage.

But head out to the small cities and towns surrounding London and that prediction elicits a lot of head-shaking and rueful laughter from people who doubt that good times will quickly return to this area.
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2 thoughts on “Recession over? Come visit St. Thomas


    The guy in the wet suit thinks it’s over, really! “I’m not kidding. The recession is over,” says Stockwell Day, the same guy who thinks tasers have not killed anyone.

    Now for something a little closer to the truth;

    “OTTAWA, July 28 (Reuters) – Canadian Finance Minister Jim Flaherty said on Tuesday he sees signs the economy is stabilizing but that it was too soon to declare the recession to be over, with more job losses likely.
    Asked by reporters whether he was ready to say the recession was over, Flaherty said: “No”.

    On Tuesday, Statistics Canada reported a 9 percent increase in the number of people receiving employment insurance benefits in May compared with April to 778,700 — the highest level since data became available in 1997.
    The number of initial and renewal claims rose 5.2 percent, also the highest since 1997.
    Flaherty said he expects more job losses in coming months.
    “There are some signs now that things are getting better … But as I’ve said before, the employment level will lag the recovery of the economy, so people should expect that we’ll have continuing worsening of the employment numbers over a period of time.”
    He spoke to reporters in Ottawa before a Conservative Party caucus meeting. (Reporting by David Ljunggren; writing by Louise Egan; editing by Peter Galloway)”

    As for Mark Carney, this from some of his fans;

    “Mark Carney would have made a great Governor of the Bank of Canada back in the fifties, when every stay at home mom thought that the most nutritious meal was a peanut butter sandwich made with Wonder Bread.

    Today we don’t consume such pulp, and nor should we when it comes to the qualifications required to become Governor of the Bank of Canada or the ethical standards that are required.

    What Mark Carney may possess in academic qualifications is more than rendered useless, by virtue of his complete lack of ethics? Who in their right mind would ever attempt to defraud 2.5 million Canadians of $35 billion of their retirement savings in an act of vandalism ( Michael Ignatieff’s term ) based on something as fallacious (Michael Ignatieff’s term) as Mark Carney’s bogus tax leakage analysis?

    How can Mark Carney conceivably justify leaving out the taxes paid on the 38% of income trusts held in RRSP’s, when doing so makes the difference between “tax leakage” and “tax neutral”?”

    Bill Sandison
    Advocate for a Better Municipal Government
    STR8TALK in St. Thomas

  2. Bill: When the economic nosedive is over will we even recognize the remains? What vestiges of the automotive industry will still be intact? And you and I know the EDC’s strategic marketing plan for the future is nothing more than a patchwork quilt of cliches and bafflegab. Let us all walk down the garden path.

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