Don't listen to the prophets of doom
Wed, October 15 2008
Today, the “I told you so” crowd is thumping its chest in biblical proportions as numbers in the billions and trillions rack up, as percentages unheard of before and downward stock graphs are thrust upon us as if we are to blame for the so-called global contagion.
The money gurus who are hogging the headlines with their cacophony of predictions sit on their self-proclaimed pedestals of hindsight creating undue panic in an already fragile world.
Bottom line – stop listening to them.
If you must, at least balance the views of the fear mongers with common sense reality checks.
Anyone can predict an impending crisis.
Just say its going to happen, relate it to an historical precedent such as The Great Depression and string together a bunch of ecomonic theories and given the nature of our capitalistic ways, our desire for materialism, crooked bankers, loose accounting practises, money speculators and a range of other factors your prediction will come true at some turn in the economic cycle.
Don’t get us wrong, we are indeed in some magnitude of a financial downturn.
And yes, Canada needs to take some measures both offensive and defensive to ensure our nation’s protection.
But anyone telling you to pull money out of the banks, sell your house to clear your mortgage and go rent, is doing nothing more than spreading panic.
Unfortunately for Stephen Harper, the economic downturn came at a time when he was gunning for a majority to rule Canada.
They blamed him for the collapse of international financial markets in a disgusting display of partisan politics.
Whatever you think about Harper, he has ruled this country with a responsible financial sense which has led to Canada having the most solid banking system in the world.
It is clear that the global crisis will negatively affect Canada’s economy.
But what good does it do anyone to panic.
The economic pundits who are screaming that the sky is falling threaten the very fundamentals of the system.
They seldom speak about rational antidotes or discuss solutions, because it suits their interests not to.
As we write this editorial, Canadians head to the polls to elect a federal government.
We hope, that the winners of this contest will not fall prey to the worry warts and focus on fixing the economy with sound fiscal forecasts.
Tell us what you think
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