Monday, November 24, 2008


British Columbia knows how to do optimism right. We're world leaders in optimism. If only we could bottle it up and export it, we'd be even more sheltered from the worldwide financial crisis than we already are. The Globe and Mail on the weekend: Vancouver Games to face money hurdles, CEO says
... B.C. Finance Minister Colin Hansen said yesterday that some Canadian economists are forecasting an economic recovery in late 2009 or early 2010.

"If that scenario plays out, the fact that we're hosting the Games in February of 2010 couldn't be a better opportunity for the world to celebrate," he said. "If consumer confidence is starting to rebound in late 2009, then I think the Games couldn't be better timed for us and better positioned for us to be attracting the attention of the world."

Some Canadian economists. Hmmmm. I have a feeling that these economists are from British Columbia. Because there's one Canadian economist who is not so optimistic. In fact he thinks it would be premature to speculate on that kind of a timeline. And the timeline he does not want to speculate on is less optimistic than whoever the f**k Hansen is talking to (unless late 2009 can be considered to be mid-2010. Come on BC, get on it!)

The Globe and Mail today: [A Canadian economist] ponders 'unprecedented fiscal stimulus'

In contrast to [a Canadian economist's] gloomy outlook, the APEC summit of 21 Pacific Rim countries concluded Sunday with a declaration that the global financial crisis can be overcome in 18 months -- by mid-2010.

"We are convinced that we can overcome this crisis in a period of 18 months," reads a line added to the joint statement released earlier in the weekend. No explanation was given for the change, and the optimistic prediction prompted skepticism from some summit participants and economists.

[A Canadian economist] said the line came at the behest of Peruvian President Alan Garcia, chair of this year's summit.

Asked what he thought about the prediction, [the Canadian economist] replied: "We're obviously entering ... a period of severe slowdown in economic growth with deflationary pressures, particularly in the industrialized world. And I think it would be premature to speculate on that kind of a timeline."

That kind of talk doesn't help, sir. Perhaps this economist is not aware that it is possible to golf in the morning, go sailing in the afternoon, and then ski in the evening in Vancouver. Yeah, that's right: golf, sail, and ski on the same day. And as that link also mentions: Major industries [in Vancouver] include technology, tourism, finance and real estate. Last time I checked, all of those industries were doing just fine, thank you very much.


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