Central bank ditches economic rebound prediction
The Bank of Canada seems to have ditched its prediction for a made-in-Canada economic rebound next year.
Speaking to reporters at the Group of 20 finance ministers meeting in Horsham, Bank of Canada Governor Mark Carney hinted strongly that his last forecast for 3.8 per cent growth in 2010 is no longer valid. “Clearly the risks are breaking to the downside,” he said, referring to the string of grim Canadian and international growth data in recent weeks.
Quite a feat, how Harper consistently positions himself to look completely detached from the reality in front of his nose. If you have stock in the CPC, now might be a good time to SELL.
I am amazed Mr. Carney made those statements to begin with.
It does not take a Calgary School trained economist to realize that this recession is going to be a long and nasty one.
It warms my heart a great deal to know we have someone with Mr. Carney's intelligence and ability taking care of Canada's monetary policy.
Could it be that Harper and Carney are Canada's good-cop, bad-cop on economics?
It seems like the first indicator that Carney would need to adjust his forecast downwards was the moment Harper echoed it. He's become the Baghdad Bob of economic prognosticators. Maybe he's still buying advice from Cramer, but should be getting advice from Kramer.
Hmmm....Carney and Hank Paulson both Goldman's folks.
Feel good now?
I'd sure feel better if Dodge was back.
This probably isn't realistic, but I wonder if Carney was being overly optimistic, to instill some confidence. That said, his projections were immediately slammed, except Flaherty, so you do wonder about competence.
It's possible, seeing the 'scaredy-cat' and uncomforting language coming from the PM, that Carney thought he needed to speak up for optimism. Then, when Harper suddenly put on his cheerleading suit, I guess Carney felt it was safe to speak the truth. Nothing like distancing himself from the sinking ship, I guess.
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