It is human nature to go through a stage of anger when we experience a loss. And if we feel unable to do anything about that loss, then we tend to want to lay blame.
In the current financial crisis, it is easy to point fingers – at governments, big unions, greedy corporations, big banks, George Bush and anyone else who comes into our range of vision.
Mr. True Blue and I feel somewhat jaded about investment planners as we watch our portfolio sputter along on life-support. If we only knew then what we know now…
And I am confident that I am not alone on that sentiment.
Who are we to believe? Who should we trust?
Why is the auto sector demanding taxpayer assistance on one hand but posting strong sales on the other?
How is the Bank of Montreal able to post a 24% rise in profits , but was one of the big banks requiring government intervention?
Does anyone have any answers?
Makes me want to dust off my old piggy bank.
* * * *
More questions:
Can anyone tell me what Don Drummond’s game is? Why all the gloom and doom all the time? How is that helpful?
And will he also be pushing for more bailouts if and when the auto industry gets theirs?
…Don Drummond, chief economist for TD Bank, told CTV’s Canada AM that an auto bailout is the best option for Ottawa and Queen’s Park.
He said the failure of one of the automakers’ Canadian operations would be devastating to the economy, flooding the job market with skilled workers with no place to go.
He pointed out the auto industry contributes a minimum of 5 per cent of Ontario’s gross domestic product, and there would be reverberations across Canada.
"I think you’re stuck, you have to give a lifeline," Drummond said.
"We have to preserve the value and the skilled labour in there, that’s just too much of a knock-on effect to come to the rest of the economy cold turkey," Drummond said… (CTV)
* * * *
Update: Perhaps we have found an answer to some of our questions (H/T Bluetech and an email from a regular reader) – Voice of Sanity: SDA.
Terence Corcoran appears to agree – Now for the real Shock Doctrine. (Obama and the rise of Disaster Socialism.)
* * * *
And on the other other hand … Economists warn Ottawa stimulus may fail – FP.
Wednesday Update: Charles Adler – Refuse to attend the panic party.
Excellent advice.
