Rob Paterson, new thinking required
Rob Paterson, a Web 2.0 advocate and consultant, says we need to stop and take a look at what we’re doing with all these bail-outs. Do we really need to spend billions or trillions on bailing out bad industries in dying sectors. In Budget week – Packing Jobs Racetracks and Lobster – Throwing Good Money After Bad, Paterson writes “Recent spending suggests that government will over-invest in the old that in the world and will not get behind what is really needed.” He also says “With provinces clamouring for handouts from the Feds for infrastructure projects with the hopes of “spending their way out of recession” (that insanity is for another day!), the reality is we cannot simply replace what we have already built and hope that the past can be restored. Cities must change, adapt, even evolve, if they want any hope of surviving.” Worth reading for Paterson’s insight and positive suggestions. This is not the time for old decisions.
Greg Pottie
Bailing out bad industries is one problem. However what really annoys me is what amounts to a public subsidy of the most profitable business in Canada, if not the world.
I’m talking about the major Canadian banks. Recently the Bank of Canada lowered its prime-lending rate. The reduction was only partly passed on to the consumer. This is surely against tradition.
I wrote to one of the major banks about my distain and they were kind enough to reply.
They gave me the predictable response about a downturn in the economy and all that stuff.
The point is that the Canadian public do take notice of these events and many of us are not impressed.
I would point out that the latest drop in the Bank of Canada prime rate was fully passed on to the consumer, as it should be.
Greg Pottie