Author Topic: Government Day-to-Day  (Read 10358 times)

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Offline Gorgeous Graham

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Re: Government Day-to-Day
« Reply #1035 on: December 04, 2020, 04:31:35 pm »
Whatever it is everyone will be in the same boat but just arguing they're in different oceans.

If you stab yourself in the eye it doesn't make you feel much better if the guy next to you stabs himself too.
I can tell how good of a person you are by how you treat the people you disagree with.

Online eyeball

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Re: Government Day-to-Day
« Reply #1036 on: December 04, 2020, 04:39:02 pm »
If you stab yourself in the eye it doesn't make you feel much better if the guy next to you stabs himself too.
And yet you both still feel the same.

Offline wilber

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Re: Government Day-to-Day
« Reply #1037 on: December 04, 2020, 05:47:29 pm »
Interesting local story. A local LTC home got hit with its first infections at the middle of November. They have 16 workers infected and have been looking for help with things like cleaning, kitchen and grunt work. Out of desperation they are now hiring patient's family members as regular employees and getting a good response. They thought that with all the cutbacks there would be lots of hotel workers looking for work but it hasn't been so. "We run adds, we get 35 plus responses but when we call, they are on EI and just want to be able to say they have been applying".
"Never trust a man without a single redeeming vice" WSC

Offline the_squid

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Re: Government Day-to-Day
« Reply #1038 on: December 04, 2020, 06:19:23 pm »
Oil is the life-blood of our economy.  If the price of oil rises, so does the cost of making/buying products, which is called inflation.  When there is significant inflation, the feds raise interest rates to stop it.  This isn't theory as it already happened in Canada:

https://en.wikipedia.org/wiki/Early_1980s_recession

"The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and early 1983.[1] It is widely considered to have been the most severe recession since World War Two.[2][3] A key event leading to the recession was the 1979 energy crisis, mostly caused by the Iranian Revolution which caused a disruption to the global oil supply, which saw oil prices rising sharply in 1979 and early 1980.  The sharp rise in oil prices pushed the already high rates of inflation in several major advanced countries to new double-digit highs, with countries such as the United States, Canada, West Germany, Italy, the United Kingdom and Japan tightening their monetary policies by increasing interest rates in order control the inflation. These G7 countries each, in fact, had "double-dip" recessions involving short declines in economic output in parts of 1980 followed by a short period of expansion, in turn followed by a steeper, longer period of economic contraction starting sometime in 1981 and ending in the last half of 1982 or in early 1983.[4] Most of these countries experienced stagflation, a situation of both high interest rates and high unemployment rates.

Globally, while some countries experienced downturns in economic output in 1980 and/or 1981, the broadest and sharpest worldwide decline of economic activity and the largest increase in unemployment was in 1982, with the World Bank naming the recession the "global recession of 1982."[1] Even after major economies, such as the United States and Japan exited the recession relatively early, many countries were in recession into 1983 and high unemployment would continue to affect most OECD nations until at least 1985.[2] Long-term effects of the early 1980s recession contributed to the Latin American debt crisis, long-lasting slowdowns in the Caribbean and Sub-Saharan African countries,[1] the US savings and loans crisis, and a general adoption of neoliberal economic policies throughout the 1980s and 1990s.
"


The sharp rise in oil prices pushed the already high rates of inflation in several major advanced countries to new double-digit highs...

We just experienced years of high oil prices with no increase in interest rates.  In fact, Canada made buckets of money on it....

So please explain how mid-east oil will affect our interest rates in the future, not 40 years ago.

« Last Edit: December 06, 2020, 05:15:03 pm by the_squid »
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Offline wilber

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Re: Government Day-to-Day
« Reply #1039 on: December 06, 2020, 11:59:22 am »
So much for transparency and accountability. This will not end well. In fact, it won't end at all.

https://www.cbc.ca/news/canada/tracking-unprecedented-federal-coronavirus-spending-1.5827045

"Never trust a man without a single redeeming vice" WSC

Offline JMT

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Re: Government Day-to-Day
« Reply #1040 on: December 06, 2020, 12:06:08 pm »
So much for transparency and accountability. This will not end well. In fact, it won't end at all.

https://www.cbc.ca/news/canada/tracking-unprecedented-federal-coronavirus-spending-1.5827045

Let's be honest - we knew this from the start. All of these programs were designed with trust then verify philosophy, because they had to be.  There's no way to do this all with up front accountability and get $1B per day out the door.

Offline JMT

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Re: Government Day-to-Day
« Reply #1041 on: December 06, 2020, 12:06:53 pm »
The cost of low interest rates on the federal pension plan is incredible. It's highlighted in blue:


Offline wilber

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Re: Government Day-to-Day
« Reply #1042 on: December 06, 2020, 12:21:15 pm »
Let's be honest - we knew this from the start. All of these programs were designed with trust then verify philosophy, because they had to be.  There's no way to do this all with up front accountability and get $1B per day out the door.

So why are other countries so open about where this money is going? We can't even get the information after the fact, not because it isn't there but because government flat out refuses to give it.
« Last Edit: December 06, 2020, 12:22:59 pm by wilber »
"Never trust a man without a single redeeming vice" WSC

Offline JMT

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Re: Government Day-to-Day
« Reply #1043 on: December 06, 2020, 12:23:47 pm »
So why are other countries so open about where this money is going?

You can see where the money is going with the same level of detail that anyone else is providing.

Offline wilber

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Re: Government Day-to-Day
« Reply #1044 on: December 06, 2020, 12:24:43 pm »
The cost of low interest rates on the federal pension plan is incredible. It's highlighted in blue:
d

Interest rates are directly linked to lender's confidence in your currency and ability to repay.
"Never trust a man without a single redeeming vice" WSC

Offline wilber

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Re: Government Day-to-Day
« Reply #1045 on: December 06, 2020, 12:25:09 pm »
You can see where the money is going with the same level of detail that anyone else is providing.

No you can't, read the article.

Quote
But in most cases, the federal government refuses to provide details that may serve to identify who has received these funds even when it's a business. For example, while the Canada Mortgage and Housing Corporation has recently responded to an access to information request by providing CBC News with more than 330,000 applications made under its $2-billion Canada emergency commercial rent assistance (CECRA) program, the names of all landlords and tenants were redacted. And CMHC refuses to release them, citing privacy laws.

That stands in stark contrast to other Western countries that provide context and details about their pandemic spending. Like the U.S. government, for example, which has almost full disclosure on funding for businesses via a searchable website that details the names of companies, their location and the amounts received.

"Never trust a man without a single redeeming vice" WSC

Offline JMT

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Re: Government Day-to-Day
« Reply #1046 on: December 06, 2020, 12:29:16 pm »
d

Interest rates are directly linked to lender's confidence in your currency and ability to repay.

The important take away is that under current accounting rules, low interest rates are just as much if not more damaging than high interest rates to federal finances.

Offline JMT

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Re: Government Day-to-Day
« Reply #1047 on: December 06, 2020, 12:30:24 pm »
No you can't, read the article.

Did you not read this part of the article?

Quote
But in most cases, the federal government refuses to provide details that may serve to identify who has received these funds even when it's a business. For example, while the Canada Mortgage and Housing Corporation has recently responded to an access to information request by providing CBC News with more than 330,000 applications made under its $2-billion Canada emergency commercial rent assistance (CECRA) program, the names of all landlords and tenants were redacted. And CMHC refuses to release them, citing privacy laws.

The same would apply to corporations, and even other types of businesses. We need to know the overall numbers. The Canada Revenue agency can worry about enforcement.

Offline wilber

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Re: Government Day-to-Day
« Reply #1048 on: December 06, 2020, 12:34:41 pm »
Did you not read this part of the article?

The same would apply to corporations, and even other types of businesses. We need to know the overall numbers. The Canada Revenue agency can worry about enforcement.

Revenue Canada has a reputation for going after low hanging fruit. But don't worry, be happy, big brother is looking after you, you don't need to know anything and you don't need investigative media poking around disturbing your betters.
"Never trust a man without a single redeeming vice" WSC

Offline JMT

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Re: Government Day-to-Day
« Reply #1049 on: December 06, 2020, 12:36:09 pm »
Revenue Canada has a reputation for going after low hanging fruit. But don't worry, be happy, big brother is looking after you, you don't need to know anything and you don't need investigative media poking around disturbing your betters.

It's not the job of the Government of Canada to out people and corporations who needed pandemic assistance. Corporate filings will require that info to be public. Privacy laws exist, and should be followed. I don't want to live in a rescue shaming country.