November 8, 2007
Rich Folks Have Money, Ontario's Losing Money, Pinball To Make Money
The Canadian Centre for Policy Alternatives has announced that the rich pay the lowest tax rates of all income groups. Heather Reisman, Jim Balsillie, and everyone who lives on the Bridle Path celebrated this by heating their gigantic mansions with a fireplace full of money and cackling. Maniacally.
Dalton McGuinty is adding to economic fear-mongering by claiming that the rising loonie is hurting Ontario’s economy and that interest rates should be lowered. Meanwhile on Bay Street, a bunch of sulking economists were blubbering something about not being able to predict the dollar’s rise.
Mike “Pinball” Clemons will be resigning as head coach of the Argos at the end of the season. Pinball machine manufacturers can't wait to use a newly-retired Clemons in the world's most ironic marketing campaign. In related news, Wayne Gretzky has suddenly become terrified of losing his spot as Canada’s premier sports sellout.
And after seeing how well it worked for Pakistan, the government of Georgia (the country, not the birthplace of Coca-Cola) has declared a state of emergency.
Photo by Steve'o from the Torontoist Flickr Pool.
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McGuinty needs to realize that having politicians meddling with interest rates is a terrible idea. The central banks of the world are independent for a reason.
Even if the central bank was to lower rates, it wouldn't make much of a dent. The increased value of the dollar is driven as much by the strength of the Canadian dollar as the weakness in the US dollar, particularly as China announced yesterday it is looking to diversify its $1.4 trillion in US$ holdings.
Ultimately, Canada's manufacturers will have to adapt. The good news about a high dollar is that it gives manufacturers an ideal opportunity to recapitalize (buy new equipment) and increase the productivity of their remaining workforces.
With the strong loonie maybe you guys can get your shit together and start rebuilding the factories and cities that you stole from the upper midwest and east coast in the 80's and 90's.
I don't get the Pinball comments. When has he ever sold out?
Matty - Are you saying Carmen Sandiego is somehow connected to the strong dollar?
duh!
Factories? What? That's not even true.
Technically there's only one pinball manufacturer left.