Sunday, May 09, 2010

Beyond the Bubble on TVO

7 comments:

Bill Bell said...

Thank you for posting this.

Dr Laxer, you say that it's unsustainable for around 20% of the American economy to be generated on the basis of various forms of financial instruments such as credit swaps. Would you be willing to sketch the argument that supports this claim? Or is it in your book?

Thank you.

Filostrato said...

I watched this on TVO yesterday. It was really good.

The part about the banking system in Canada was right on the mark. People seem to have forgotten that before everything went haywire and anybody who was looking could see what was going to happen, Flaherty was busy pushing the zero/forty mortgages and trying to deregulate the Canadian system to allow U.S. mortgage brokers to move into the Canadian market.

If Harper and Co. had been in longer or had had a majority, we would have been underwater, too. We were just a little too late to board the sinking economic ship and it sailed without us. It had nothing to do with competence or sound economic practices by the minority government.

They think that everyone develops amnesia every thirty days or so and "recalibrates" to the Conservative default position of the day.

The fact that a party with little more than one-third of the popular vote can wreak such havoc in the country should be enough to scare anybody. It scares me.

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