Whoa, I hope you're not serious about "not spending as much money" on your next ski trip in Canada. There goes the budget. We need that money for our universal healthcare and social programs. We depend on you. And the correct terminology from our finance minister was jihad. He stood up in parliament today and I quote "Today I declare jihad on a good part of average Americans who trusted us". And so on.
Isn't it interesting that this is a comment on a Conservative government!! It's unfortunate that today's action cost some people a big chunk, but I agree with those who feel it's a good idea longer term. The writing was on the wall when rumours began to circulate that a couple of the Big 5 chartered banks here were contemplating the conversion to income trusts. With regard to Canada's actions today vis-a-vis our trading relationship with the US... to tell the honest to God truth, there's still a bad taste in my mouth over the shamefully protectionist and bullying behaviour of the US over the softwood lumber issue for me to feel that bad about it. Yesterday we heard that the US is unilaterally claiming that our sovereign territory, the NorthWest Passage, is now somehow US territory. So Canada has no monopoly on bad behaviour towards our nearest neighbour. This decision was an internal one that affected speculators in the US and elsewhere. I don't really think that this affects that many 'average Americans'. I'm pretty sure that this isn't going to prove to be the basis for an ongoing dispute with the US.
You know, I just have this sneaking suspicion that this issue won't provide that much ammo for the Liberals. I mean, it should, given the unequivocal Conservative election promise to leave the income trusts alone, but I just think most people will understand that this was something that needed to be done. Wouldn't it be ironic if this proved to be a positive for the Tories?
I'll assume that this is sort of meant as a joke. If it isn't, you know little about the attitude of Canadians to our valued trading partner to the South. We love to trade with you but most of us wouldn't dream of living down there. It's too nice up here in Paradise, even with a liberal government That sounds like a fair criticism to me I assume that this is a serious suggestion...10 years ago I would have said that no one in their right mind could suggest that the US should 'take' a piece of Canadian sovereign territory, but I know better now. I hope your investment skills are better than your poli-sci theory Add 290 years to that and then we can talk. I say this will be forgotten within a month or two As you said, time will tell...in the meantime, I truly am sorry that you lost a chunk on a semi-black swan event originated by a Canadian pol. Maybe you can play the vol in the next week or so and make it up. Trading in Telus (TSE-T) should be interesting in the next few days.
I think you're right. The Liberals are very tight lipped when they're asked if the Conservatives made the right move. They defer on the question and instead talk about the poor implementation of the policy. I think it took a lot of balls to do this and I have some new found respect for the Flaherty and the Conservatives. I think the Liberals are just glad someone else did the dirty work that they should have done originally. This is only part one. Wait till the next budget comes down. They are going to cut personal income taxes and eliminate the capital gains tax. The income trust issue will be long forgotten by then. Johnny paycheque will be happy with the personal tax cut and Bay Street will LOVE the capital gains tax. I think the tradeoff has been struck.
Agree, and the Liberals, with their not-ready-for-Prime-Time cast of leadership candidates, are going to be hard pressed to give the Tories a decent run for their money, IMO. I just can't see Ignatieff running the country at this point. Bob Rae? Maybe but... too many sour memories here in Ontario. He's actually taking the soundest approach to the problem of his political history by coming right out and saying that he screwed up and that he knows better now. I'm no economist but I am going to spend the rest of the night trying to figure out what the Canadian Dollar 'should' do after this news so that if it doesn't do it, I can identify a tradeable divergence. I presume that this should be mildly bearish for the $CAN so if it holds fairly strong... EDIT: for those who follow the politics up here with one eye on the markets, the Afghanistan situation may be one of the main issue in the next election (presuming that they will be forced to call one within the next year...)
it should of never been allowed anyway... how is it fair that people pay taxes on all other forms of income... it was never gonna last and hopefully will create room for a capital gains tax reduction.
wow, vid of a trust investor when he got the news this am. I think hes saying something about the Prime Minister
Who cares if some retirees loose money - they're old and going to die soon. If they can't do their own DD and just go 'Ooooo, 15% yield, 100% return of capital, yipieeeeeeeee', they get what's coming. In the long run, this should be a good thing for the economy.