During interviews in the past week McCain's talking point on Powells endorsement of Obama is that he is backed by five former Republican Secretaries of State. On Meet the Press on Sunday he couldn't remember them all.......
SEN. McCAIN: No. I'm disappointed in General Powell, but I'm very, very happy to know that five former secretaries of state who I admire enormously--Henry Kissinger, Jim Baker, Larry Eagleburger, Al Hague--Jim Baker, Henry Kissinger, Al Hague, Larry Eagleburger and one other, and over 200 retired flag general--generals and admirals are supporting my campaign. I'm very proud of their support.
MR. BROKAW: Senator, we opened today with a--how you're doing in Iowa. The Des Moines Register has endorsed...
SEN. McCAIN: George Shultz. George Shultz is the other one.
MR. BROKAW: George Shultz, right.
SEN. McCAIN: George, I'm sorry I left you out to start with. George Shultz, the great--one of the great secretaries of state in history. Anyway, go ahead. I'm sorry.
And this is not the first time poor McCain has been confused...........
Did John McCain confuse autism with Down syndrome?
Is McCain Senile? He Confuses FEC with SEC, Sunnis with Shiites ...
A mind is a terrible thing to see go to waste......
We know from a May review of some of John McCain's medical records and from previous reports that the Arizona senator has battled the most deadly form of skin cancer melanoma. His physician says McCain, who at 72 would be the oldest man ever sworn into a first term as president, has not displayed any memory problems, but she has not said whether her patient has undergone cognitive tests.
After this week perhaps its time for that cognitive test.....since he never has been given any psychological testing even after his years as a prisoner of war and his failed suicide attempt.
McCain has released more details about his health than the other three nominees, though he has done so in a phased way and has apparently not agreed to any extensive interviews about his health. A handful of reporters were allowed to view his records during his bid for the 2000 Republican presidential nomination. Another group of reporters were permitted to see newer records last May. By not allowing reporters to interview him or his doctors extensively about his entire medical history, he has made it impossible to get a complete picture of his diagnoses and treatment.In 1999, early in his first run for the presidency, McCain allowed a small number of reporters, including me, to review an estimated 1,500 pages of his medical records without photocopying or recording the information.In doing so, McCain gave the public its broadest look at the psychological profile of a presidential candidate. He released psychological records about him that were amassed as part of a Navy project to gauge the health of former prisoners of war. Assessments were based on standard psychological tests and what McCain told his doctors after his release. The records mentioned that in 1968, about eight months after his capture and after some particularly brutal beatings from his North Vietnamese captors, McCain attempted suicide, trying to hang himself with his shirt.The records and his doctors, whom I interviewed with the senator’s permission in 1999, said he had never been given a diagnosis of a mental health disorder or treated at the project’s center for a mental health disorder.
McCains mental health is the Republican 800 lb Gorrilla in the room...
The other gorilla in the room
John McCain has his own gorilla.
The Republican gorilla (Shush, he’s old. Is he senile?)
Is John McCain senile, forgetting long held principles, becoming a caricature? With all due respect to this elderly man of integrity and honor, he may not be clinically senile, suffering actual dementia, but he may be past his best years.
Senator McCain acquitted himself well at the first debate; he recalled names, places and events with sufficient clarity so as to deny any clinical disease. However, his interviews with the press have become increasingly angry and hostile. More and more observers have posited that his erratic behavior, adopting contradictory and mutually exclusive positions may be caused by the stress of the campaign and his 72 year old body not being able to get the rest that it requires to function properly. That isn't ageism—that is a simple fact of life.
There have been public comments suggesting that Senator McCain may not have the mental strength and capacity to handle the job of President. Again, just as with the “concerns” about Senator Obama’s race or faith are not well founded and are framed as worries about his “inexperience”, the shifts in John McCain’s positions, sometimes within hours, are raided as issues of senility rather than simple political opportunism. For example, on one day at 9:00 A.M., he declared that the United States economy was basically strong; later that day he called for a massive bailout that would cost our children and grandchildren close to $1 Trillion!
And let us not forget that the mere fact that Democratic VP Thomas Eagleton had been treated for clincal depression led to his resignation when the Republicans exposed it is there any wonder that McCain has not had a cognitive psych test.....
Of course depression and mental illness has not been a limitation for U.S. Presidents in the past.....49% of US Presidents suffered mental illness in Duke study
Tags
John McCain, republican, U.S.presidential election, mental health,
Monday, October 27, 2008
McCain A Socialist
Call this a case of the pot calling the kettle black, McCain calls Obama's economic policies socialist Yesterday on Meet the Press McCain admited his own home mortgage buy back plan originated in the 1930's under FDR, and was originally proposed by Hillary Clinton. Now who is a socialist?
MR. BROKAW: But there, there is this continuing use...
SEN. McCAIN: ...I feel that...
MR. BROKAW: ...of the phrase "socialism." How would you describe the $700 billion bailout that has the United States government buying shares in American banks, in effect nationalizing those banks to a degree, and even your own mortgage plan of spending $300 billion to buy bad mortgages from banks, having taxpayers who have done the responsible thing, in effect, subsidize people who've done the dumb or wrong thing?
SEN. McCAIN: Because we are in a financial crisis of monumental proportions. The role of government is to intervene when a nation is in crisis. A homeowner's loan corporation was instituted in the Great Depression. They went out and they bought people's mortgages, and, over time, people were able, then, to pay back those mortgages. And the Treasury actually made some money.
This Treasury in this administration is spending its time bailing out the banks. The cause of the crisis was the housing crisis, as we know. And how--home values, as long as they continue to decline, then we're not going to see a turnaround in this economy. A lot of other things have to happen, have to happen, but at least let's understand that we ought to keep people in their homes. That's the American dream. And they say now that maybe they're going to address that problem. Let's address it first. And so when a, when a nation is in crisis, that's when a government has to intervene.
Now, a lot of the times you were talking about, 2004, other times, times were pretty good overall. You had different--you have to have different roles of government in different times. I'm a fundamentally--obviously, a strong conservative. But when we're in a crisis of this nature, that's when government has to help. That's, that's what, that's what our fundamental belief--the reason why we have governments. In times of crisis, we go in and we try and help the people, especially in this situation where they're the, the victim of a drive-by shooting by excess, greed and corruption in Washington and Wall Street. And again, I and others said we have to have legislation to rein it in. Senator Obama didn't lift a finger.
MR. BROKAW: Well, you did--you made your comments about Fannie Mae and Freddie Mac at the time of the accounting issue, when that was first raised. Can you cite a time...
SEN. McCAIN: In, in reality, we, we proposed legislation and made a statement that said, "Look, it's not just the accounting, this whole process is going to lead to disaster." I'd be glad to provide you with the letter.
MR. BROKAW: Let me ask you quickly about your $300 billion bailout of, of mortgages.
SEN. McCAIN: Hm.
MR. BROKAW: Some people have said, look, if there's a homeowner out there who's done the irresponsible thing...
SEN. McCAIN: Mm-hmm.
MR. BROKAW: ...and a bank is looking at that foreclosure and saying, "Hey, I don't have to work this out. I can just get the government to pick it up," why should a taxpayer in Waterloo, Iowa, or in Akron, Ohio, have to subsidize somebody who has done the dumb, wrong thing?
SEN. McCAIN: Well, in simplest terms, if their neighbor next door throws the keys in the living room floor and leaves, then the value of their home is going to dramatically decrease as well. And again, this has been done before. As I said, during the Great Depression and...
MR. BROKAW: And that's when Republicans called it socialism under FDR.
SEN. McCAIN: Well, look, in the Great Depression, there were some things that worked and some things that didn't work. But for the government to do nothing in the face of a massive crisis of proportions that we have not seen, I mean, it's hard for us to imagine how, in, in retrospect, how serious the Great Depression was, but the fact is that Senator Obama, by the way, opposes that, that; and I want to use some of the $750 billion to go and buy those mortgages and that, I think, will stabilize the market. It's not the only thing that needs to be done, but I think it's a vital first step so Americans can realize the American dream.
SEE:
No Austrians In Foxholes
tags
Great Depression, John McCain, market crash, free trade, Republicans, recession,
MR. BROKAW: But there, there is this continuing use...
SEN. McCAIN: ...I feel that...
MR. BROKAW: ...of the phrase "socialism." How would you describe the $700 billion bailout that has the United States government buying shares in American banks, in effect nationalizing those banks to a degree, and even your own mortgage plan of spending $300 billion to buy bad mortgages from banks, having taxpayers who have done the responsible thing, in effect, subsidize people who've done the dumb or wrong thing?
SEN. McCAIN: Because we are in a financial crisis of monumental proportions. The role of government is to intervene when a nation is in crisis. A homeowner's loan corporation was instituted in the Great Depression. They went out and they bought people's mortgages, and, over time, people were able, then, to pay back those mortgages. And the Treasury actually made some money.
This Treasury in this administration is spending its time bailing out the banks. The cause of the crisis was the housing crisis, as we know. And how--home values, as long as they continue to decline, then we're not going to see a turnaround in this economy. A lot of other things have to happen, have to happen, but at least let's understand that we ought to keep people in their homes. That's the American dream. And they say now that maybe they're going to address that problem. Let's address it first. And so when a, when a nation is in crisis, that's when a government has to intervene.
Now, a lot of the times you were talking about, 2004, other times, times were pretty good overall. You had different--you have to have different roles of government in different times. I'm a fundamentally--obviously, a strong conservative. But when we're in a crisis of this nature, that's when government has to help. That's, that's what, that's what our fundamental belief--the reason why we have governments. In times of crisis, we go in and we try and help the people, especially in this situation where they're the, the victim of a drive-by shooting by excess, greed and corruption in Washington and Wall Street. And again, I and others said we have to have legislation to rein it in. Senator Obama didn't lift a finger.
MR. BROKAW: Well, you did--you made your comments about Fannie Mae and Freddie Mac at the time of the accounting issue, when that was first raised. Can you cite a time...
SEN. McCAIN: In, in reality, we, we proposed legislation and made a statement that said, "Look, it's not just the accounting, this whole process is going to lead to disaster." I'd be glad to provide you with the letter.
MR. BROKAW: Let me ask you quickly about your $300 billion bailout of, of mortgages.
SEN. McCAIN: Hm.
MR. BROKAW: Some people have said, look, if there's a homeowner out there who's done the irresponsible thing...
SEN. McCAIN: Mm-hmm.
MR. BROKAW: ...and a bank is looking at that foreclosure and saying, "Hey, I don't have to work this out. I can just get the government to pick it up," why should a taxpayer in Waterloo, Iowa, or in Akron, Ohio, have to subsidize somebody who has done the dumb, wrong thing?
SEN. McCAIN: Well, in simplest terms, if their neighbor next door throws the keys in the living room floor and leaves, then the value of their home is going to dramatically decrease as well. And again, this has been done before. As I said, during the Great Depression and...
MR. BROKAW: And that's when Republicans called it socialism under FDR.
SEN. McCAIN: Well, look, in the Great Depression, there were some things that worked and some things that didn't work. But for the government to do nothing in the face of a massive crisis of proportions that we have not seen, I mean, it's hard for us to imagine how, in, in retrospect, how serious the Great Depression was, but the fact is that Senator Obama, by the way, opposes that, that; and I want to use some of the $750 billion to go and buy those mortgages and that, I think, will stabilize the market. It's not the only thing that needs to be done, but I think it's a vital first step so Americans can realize the American dream.
SEE:
No Austrians In Foxholes
tags
Great Depression, John McCain, market crash, free trade, Republicans, recession,
Pinocchio Conservatives
Remember last election when the Harpocrites said they wouldn't tax Income Trusts? Well this election they said they wouldn't run a deficit. Yep their noses are growing again.....Canada finance minister won't rule out budget deficit
SEE:
Deja Vu
tags
asset-backed commercial paper ,, goldhomes, mortgages, housing, bubble, US, economy, oil prices, sub-prime mortgage, Wall Street, crash, recession,Bernanke, Inflation, Staglation, Stock-Market, US, Federal-Reserve-Chairman, Oil, gold, commoditiesSmoot-Hawley, protectionism, tariffs, Herbert Hoover, U.S., U.S. economy, Canada, Great Depression, market crash, free trade, recession, Harper, Conservatives, deficit, Government, politics, Flaherty, Budget, GST, politicsCanada, Surplus, Economy, Taxes, EI,
Did Big Bang Create Crash???
Since the economists and advocates for the free market seem to be at a loss as to why the current international financial system collapsed, perhaps they should look at the coincidence between the start of the Big Bang experiment in Europe and the fact that perhaps this is a quantum economic meltdown, the result of the firing of the Hadron Collider in France.
After all the marketplace that manipulates capital in the money markets and theshadow economy; hedge funds, dirivitives, etc. is the result of the use of computer technology and in particular the access that the internet allows computers. The internet which was created by CERN in order to facilitate the international scientific coordination of the Hadron Collider project.
And remember those folks who worried that the start up of the collider would create a black hole? They were laughed at. Yet within days of the collider start up and failure, the international financial market blew up in a big bang not seen since the Great Depression.
Coincidence? In a quantum universe I think not. After all what is a bigger black hole than the collapse of international capitalism?
Cern CIO talks about the credit crunch and black holes
CERN's Large Hadron Collider, the biggest and most complex machine ever built, will study the smallest building blocks of matter, sub-atomic
particles.
CERN scientists launched the experiment on September 10, firing
beams of proton particles around the 27-km (17-mile) tunnel outside Geneva 100
meters (330 feet) underground.
But nine days later they had to shut it down
because of a helium leak caused by a faulty electrical connection between two of
the accelerator's huge magnets
When it works again, the collider will recreate conditions just after the
Big Bang believed by most cosmologists to be at the origin of our expanding
universe 13.7 billion years ago.
It will send beams of sub-atomic particles
around the tunnel to smash into each other at close to the speed of
light.
These collisions will explode in a burst of intensely hot energy and
of new and previously unseen particles.
CERN, which invented the Worldwide
Web nearly 20 years ago, has set up a high-power computer network linking 7,000
scientists in 33 countries to crunch the data flow, enough to create a tower of
CDs more than twice as high as Mount Everest.
CERN Unveils Global Grid For Particle Physics Research
The network can pull in the IT power of more than 140 computer centers in 33 countries to
crunch an expected 15 million GB of data every year.
By Antone Gonsalves
InformationWeek October 3, 2008 04:57 PM
CERN, the world's largest particle physics lab and creator of the World Wide Web, on Friday launched a
global computer network that links the IT power of data centers in 33 countries
to provide the data-crunching muscle needed in conducting experiments on the
nature of matter.
The Cern nuclear-physics laboratory in Geneva, Switzerland, is helping
the technology industry refine the multicore processors and fat gigabit networks
destined for the datacentres of tomorrow through the Openlab
initiative.
Through the project, the IT department at the lab behind the
Large Hadron Collider pushes cutting-edge kit to breaking point to perfect it
for its own use, and the consumer and business markets.
The lab has
partnerships with companies including HP ProCurve, Intel and Oracle, who provide
the backbone of its IT infrastructure, its 8,000-server computer centre and its
links to the Worldwide LHC Computing Grid, consisting of more than 100,000
processors spread over 33 countries.
Cern's chief information officer,
Wolfgang von Rueden, told ZDNet.co.uk sister site silicon.com: "We wait for
industry to develop the technology, then we take it and see how far we can push
it and feed back to them."
CERN Orchestrates Thousands of Business Services with ActiveVOS
Visual Orchestration System Integrates Diverse Systems
for More Effective Mobile Workforce
Last update: 9:00 a.m. EDT Oct. 21,
2008
WALTHAM, Mass., Oct 21, 2008 (BUSINESS WIRE) -- Active Endpoints, Inc. ( http://www.activevos.com/), the inventor of visual orchestration
systems (VOS), today announced that CERN, the European Organization for Nuclear
Research, of Geneva, Switzerland, has successfully deployed ActiveVOS(TM) to
orchestrate and manage its core technical and administrative business services.
As one of the world's largest and most respected centers for scientific
research, CERN is the nucleus of an extensive community that includes over 2,500
on-site staff, and nearly 9,000 visiting scientists. These scientists
principally work at their universities and laboratories in over 80 countries
around the world. Using ActiveVOS, CERN has now integrated and automated all its
core processes as well as integrated those processes with the many external
systems required by this dispersed workforce.
"Automating all of the
essential business processes such as arranging travel, ordering materials,
authorizing access to controlled areas for our 11,500 users from all over the
world was a complex challenge," said Derek Mathieson, section leader, CERN.
"Using ActiveVOS's capabilities including process versioning, retry policies,
error and exception handling, integrated debugging and support for open
standards, we now have completed over 1,200,000 process instances. We add, on
average, approximately 12,000 new BPEL processes every day. ActiveVOS has also
automated internal administrative processes, such as annual performance reviews
and safety alarm activation. We are now able to support our large community of
scientists and our staff, ensuring they spend their time on research and not
administrative tasks."
SEE:
No Austrians In Foxholes
CRASH
Black Gold
The Return Of Hawley—Smoot
Canadian Banks and The Great Depression
Bank Run
U.S. Economy Entering Twilight Zone
Tags
gold,homes, mortgages, housing, bubble, US, economy, oil prices, sub-prime mortgage, Wall Street, crash, recession,Bernanke, Inflation, Staglation, Stock-Market, US, Federal-Reserve-Chairman, Oil, gold, commoditiesSmoot-Hawley, protectionism, tariffs, Herbert Hoover, U.S., U.S. economy, Canada, Great Depression, John McCain, market crash, free trade, Republicans, recession, Harper, Conservatives, Cabinet, Government, politics, Hadron Collider, Budget, black holes, politicsbig bang, Surplus, Economy, CERN
After all the marketplace that manipulates capital in the money markets and theshadow economy; hedge funds, dirivitives, etc. is the result of the use of computer technology and in particular the access that the internet allows computers. The internet which was created by CERN in order to facilitate the international scientific coordination of the Hadron Collider project.
And remember those folks who worried that the start up of the collider would create a black hole? They were laughed at. Yet within days of the collider start up and failure, the international financial market blew up in a big bang not seen since the Great Depression.
Coincidence? In a quantum universe I think not. After all what is a bigger black hole than the collapse of international capitalism?
Cern CIO talks about the credit crunch and black holes
CERN's Large Hadron Collider, the biggest and most complex machine ever built, will study the smallest building blocks of matter, sub-atomic
particles.
CERN scientists launched the experiment on September 10, firing
beams of proton particles around the 27-km (17-mile) tunnel outside Geneva 100
meters (330 feet) underground.
But nine days later they had to shut it down
because of a helium leak caused by a faulty electrical connection between two of
the accelerator's huge magnets
When it works again, the collider will recreate conditions just after the
Big Bang believed by most cosmologists to be at the origin of our expanding
universe 13.7 billion years ago.
It will send beams of sub-atomic particles
around the tunnel to smash into each other at close to the speed of
light.
These collisions will explode in a burst of intensely hot energy and
of new and previously unseen particles.
CERN, which invented the Worldwide
Web nearly 20 years ago, has set up a high-power computer network linking 7,000
scientists in 33 countries to crunch the data flow, enough to create a tower of
CDs more than twice as high as Mount Everest.
CERN Unveils Global Grid For Particle Physics Research
The network can pull in the IT power of more than 140 computer centers in 33 countries to
crunch an expected 15 million GB of data every year.
By Antone Gonsalves
InformationWeek October 3, 2008 04:57 PM
CERN, the world's largest particle physics lab and creator of the World Wide Web, on Friday launched a
global computer network that links the IT power of data centers in 33 countries
to provide the data-crunching muscle needed in conducting experiments on the
nature of matter.
The Cern nuclear-physics laboratory in Geneva, Switzerland, is helping
the technology industry refine the multicore processors and fat gigabit networks
destined for the datacentres of tomorrow through the Openlab
initiative.
Through the project, the IT department at the lab behind the
Large Hadron Collider pushes cutting-edge kit to breaking point to perfect it
for its own use, and the consumer and business markets.
The lab has
partnerships with companies including HP ProCurve, Intel and Oracle, who provide
the backbone of its IT infrastructure, its 8,000-server computer centre and its
links to the Worldwide LHC Computing Grid, consisting of more than 100,000
processors spread over 33 countries.
Cern's chief information officer,
Wolfgang von Rueden, told ZDNet.co.uk sister site silicon.com: "We wait for
industry to develop the technology, then we take it and see how far we can push
it and feed back to them."
CERN Orchestrates Thousands of Business Services with ActiveVOS
Visual Orchestration System Integrates Diverse Systems
for More Effective Mobile Workforce
Last update: 9:00 a.m. EDT Oct. 21,
2008
WALTHAM, Mass., Oct 21, 2008 (BUSINESS WIRE) -- Active Endpoints, Inc. ( http://www.activevos.com/), the inventor of visual orchestration
systems (VOS), today announced that CERN, the European Organization for Nuclear
Research, of Geneva, Switzerland, has successfully deployed ActiveVOS(TM) to
orchestrate and manage its core technical and administrative business services.
As one of the world's largest and most respected centers for scientific
research, CERN is the nucleus of an extensive community that includes over 2,500
on-site staff, and nearly 9,000 visiting scientists. These scientists
principally work at their universities and laboratories in over 80 countries
around the world. Using ActiveVOS, CERN has now integrated and automated all its
core processes as well as integrated those processes with the many external
systems required by this dispersed workforce.
"Automating all of the
essential business processes such as arranging travel, ordering materials,
authorizing access to controlled areas for our 11,500 users from all over the
world was a complex challenge," said Derek Mathieson, section leader, CERN.
"Using ActiveVOS's capabilities including process versioning, retry policies,
error and exception handling, integrated debugging and support for open
standards, we now have completed over 1,200,000 process instances. We add, on
average, approximately 12,000 new BPEL processes every day. ActiveVOS has also
automated internal administrative processes, such as annual performance reviews
and safety alarm activation. We are now able to support our large community of
scientists and our staff, ensuring they spend their time on research and not
administrative tasks."
SEE:
No Austrians In Foxholes
CRASH
Black Gold
The Return Of Hawley—Smoot
Canadian Banks and The Great Depression
Bank Run
U.S. Economy Entering Twilight Zone
Tags
gold,homes, mortgages, housing, bubble, US, economy, oil prices, sub-prime mortgage, Wall Street, crash, recession,Bernanke, Inflation, Staglation, Stock-Market, US, Federal-Reserve-Chairman, Oil, gold, commoditiesSmoot-Hawley, protectionism, tariffs, Herbert Hoover, U.S., U.S. economy, Canada, Great Depression, John McCain, market crash, free trade, Republicans, recession, Harper, Conservatives, Cabinet, Government, politics, Hadron Collider, Budget, black holes, politicsbig bang, Surplus, Economy, CERN
Mutual Aid Down Under
Leo the dog made world news yesterday for saving a litter of kittens in a house fire in Melbourne. People are alsways surprised by altruism in nature and especially interspecies solidarity. Proving again Kropotkin's theory of Mutual Aid.
And in this case a male dog refused to abandon helpless young kittens, showing that nuturing is not simply a matter of biological destiny,mothering, males too nuture the young.
Compassion is a necessary outcome of social life. But compassion also means
a considerable advance in general intelligence and sensibility. It is the first
step towards the development of higher moral sentiments. It is, in its turn, a
powerful factor of further evolution.
Chapter 2 Mutual Aid Among Animals
Mutual Aid: A Factor of
Evolution
Peter Kropotkin 1902
SEE:
Find blog posts, photos, events and more off-site about:
Tags
Saturday, October 25, 2008
Deja Vu
Stephen Harper, Jim Flaherty and Mark Carney assured us that the economic fundamentals in Canada are sound, despite the current meltdown of international finance capitalism. Wearing Bush/McCain like rose coloured blinders they refuse to admit that Canada faces a pending recession and the government will likely incur a deficit. Something Harper and Flaherty denied during the election campaign. Instead they say steady as she goes.
Of all the leaders, Harper was most determined to stay the course.
"What leaders have to do is have a plan and not panic," he said. Revising the plan
based on new data was considered to be a sign of panic, not prudence.Harper, in
the dying days of the campaign, proclaimed that he would not run a deficit,
raise taxes or cut spending. That may be a difficult circle to square, and those
words may come back to haunt him.
Wait I have heard this before...why in 1929 when then PM William Lyon Mackenzie King said he would stay the course.....
October 24, 1929 went down in history as "Black Thursday". On that day, stock prices plummeted on the New York Stock Exchange, creating a domino effect on world stock markets. It signaled the beginning of the Great Depression.
Canada was one of the hardest hit by the economic crisis. The country relied heavily on its exports. Pulp and paper, wood and wheat represented two-thirds of Canadian exports and accounted for much of the country's prosperity.
Governments in Canada were slow to respond to the desperate economic and social conditions. Until the Great Depression, government intervened as little as possible, letting the free market take care of the economy. Social welfare was left to churches and charities.
When the Depression began William Lyon Mackenzie King was Prime Minister in 1930. He believed that the crisis would pass, refused to provide federal aid to the provinces, and only introduced moderate relief efforts.
Although unemployment was a national problem, federal administrations led by the Conservative R.B. BENNETT (1930-35) and the Liberal W.L. Mackenzie KING (from 1935 onwards) refused, for the most part, to provide work for the jobless and insisted that their care was primarily a local and provincial responsibility. The result was fiscal collapse for the 4 western provinces and hundreds of municipalities and haphazard, degrading standards of care for the jobless.
The Depression altered established perceptions of the economy and the role of the state. The faith shared by both the Bennett and King governments and most economists that a balanced budget, a sound dollar and changes in the tariff would allow the private marketplace to bring about recovery was misplaced.
Library and Archives Canada / C-000623Bennett Buggy in the Great Depression in Canada
October 1929 – Stock Market Crash: Markets Suffer the Worst Losses in Canadian History
In the late 1920s, Canada’s economy and stock exchanges were booming. From 1921 to the autumn of 1929, the level of stock prices increased more than three times. But these heady days came to a swift end with the stock market crash on Black Tuesday, October 29, 1929, in New York, Toronto, Montréal and other financial centres in the world. Shareholders panicked and sold their stock for whatever they could get.
Overnight, individuals and companies were ruined. It was estimated that Canadian stocks lost a total value of $5 billion on paper in 1929. By mid-1930, the value of stocks for the 50 leading Canadian companies had fallen by over 50% from their peaks in 1929.
The stock market collapse affected all investors—individuals who had been persuaded to buy shares as well as speculators looking to make a fast dollar. Despite the market crash, 1929 was a good year for banks, mines, manufacturing and construction in Canada. All reported record profits at year-end.
Although the crash was sudden and deep, there were signs that it was coming. Earlier in 1929, stock prices had been volatile. Economic slowdowns in May and June hinted that the booming economy was heading for a recession. Export earnings were declining and the price of wheat plummeted.
Economists and historians are still debating what caused the crash. At the time of the crash, Canada had no monetary policy or central bank, so there was little government intervention in the market. (See 1934—Bank of Canada.) Canadian firms had healthy profits and did not expect the boom to end. Corporate profit expectations were inflated. Canadian corporations took advantage of the bull market to issue new stock, which overheated the supply. Banks gave out easy and cheap credit, and let people buy stocks on margin: buyers paid only a fraction of the share price and borrowed the rest. Speculation was rampant: bidding drove up the value of stocks as much as 40 times the companies’ annual earnings. Investors seemed to pay less attention to corporate earnings than to how much their shares would appreciate in value.
The economy could not sustain its rapid growth and the bubble burst. Investors lost confidence in the market. In the United States, the government was blamed for not controlling the speculative frenzy. Because Canada’s economy was so closely tied to that of the United States, the New York crash brought down Canadian markets, too.
It is widely felt that the stock market collapse started a chain of events that plunged Canada and the Western world into the decade-long Great Depression, which ended only with the outbreak of the Second World War.
1929 - 1939 —The Great Depression.
The Roaring Twenties saw boom times in Canada. Unemployment was low; earnings for individuals and companies were high. But prosperity came to a halt with the stock market collapse in New York, Toronto, Montréal and around the world in October 1929. The crash set off a chain of events that plunged Canada and the world into a decade-long depression. It was the beginning of the Dirty Thirties.
The Great Depression caused Canadian workers and companies great hardship. Prices deflated rapidly and deeply. Business activity fell sharply. There was massive unemployment—27% at the height of the Depression in 1933. Many businesses were wiped out: in Canada, corporate profits of $396 million in 1929 became corporate losses of $98 million in 1933. Between 1929 and that year, the gross national product dropped 43%. Families saw most or all of their assets disappear. Governments around the world, including Canada’s, put up high tariffs to protect their domestic manufacturers and businesses, but that only created weaker demand and made the Depression worse. Canadian exports shrank by 50% from 1929 to 1933.
THE CAUSE OF THE DEPRESSION
Many Canadians of the thirties felt that the depression wasn't brought about by the Wall Street Stock Market Crash, but by the enormous 1928 wheat crop crash. Due to this, many people were out of work and money and food began to run low. It was said by the Federal Department of Labor that a family needed between $1200 and $1500 a year to maintain the "minimum standard of decency." At that time, 60% of men and 82% of women made less than $1000 a year. The gross national product fell from $6.1 billion in 1929 to $3.5 billion in 1933 and the value of industrial production halved.
Unfortunately for the well being of Canada's economy prices continued to plummet and they even fell faster then wages until 1933, at that time, there was another wage cut, this time of 15%. For all the unemployed there was a relief program for families and all unemployed single men were sent packing by relief officers by boxcar to British Columbia. There were also work camps established for single men by Bennett's Government.
The Great Depression, also known as The Dirty Thirties, wasn't like an ordinary depression where savings vanished and city families went to the farm until it blew over. This depression effected everyone in some way and there was basically no way to escape it. J.S. Woodsworth told Parliament "If they went out today, they would meet another army of unemployed coming back from the country to the city." As the depression carried on 1 in 5 Canadians became dependent on government relief. 30% of the Labour Force was unemployed, where as the unemployment rate had previously never dropped below 12%.
It was estimated back in the thirties that 33% of Canada's Gross National Income came from exports; so the country was also greatly affected by the collapse of world trade. The four western prairie provinces were almost completely dependent on the export of wheat. The little money that they brought in for their wheat did not cover production costs, let alone farm taxes, depreciation and interest on the debts that farmers were building up. The net farm income fell from $417 million in 1929 to $109 million in 1933.
Canada suffered a major depression from 1929 to 1939. In terms of output it was
similar to the Great Depression in the United States. However, total factor productivity
(TFP) in Canada did not recover relative to trend, while in the United States TFP had
recovered by 1937. We find that the neoclassical growth model, with TFP treated as
exogenous, can account for over half of the decline in output relative to trend in Canada.
In contrast, we find that conventional explanations for the Great Depression - monetary
shocks, terms of trade shocks and labor market and competition policies – do not work
for Canada.
Our conclusion is that the reason that Canadian output per adult was still 30 percent below
trend in 1938 was that productivity failed to return to trend.
Relative to trend, consumption fell more in Canada, and remained below that of
the United States throughout the 1930s. Investment in Canada fell to 15 percent of its
trend value by 1933, and recovered very slowly in both countries (remaining roughly 50
percent below trend in 1939). Government purchases in the two countries followed a
similar pattern during the downturn, before diverging in the late 1930s when U.S.
government spending remained above trend, while in Canada it fluctuated about trend.
U.S. government output increased more relative to trend
than Canadian government output. A large part of the difference in government
expenditure can be attributed to different government policies towards providing
unemployment relief. In the United States, the government relied much more heavily
upon make-work projects (government relief projects) than in Canada. The fraction of the
workforce employed by the government doubled in the United States, while increasing by
less than 50 percent in Canada. The increase in U.S. government employment was mainly
due to public works, as nearly 7 percent of U.S. employment in the late 1930s was in
relief projects. Relief workers were never more than 1.5 percent of the total number of
employed people in Canada.
Canada was the first country to leave the gold standard, suspending gold
shipments in January 1929 (Bordo and Redish (1990)). Despite the suspension of
convertibility, the Canadian government took steps to prevent depreciation of the dollar,
motivated in part by a wish to maintain access to American capital markets to refinance
Dominion debt (Shearer and Clark (1984)). As a result, the government maintained the
advance rate at its 1928 level throughout 1930, despite the fall in world rates. This policy
was ultimately abandoned in 1931. Despite this, the Canadian dollar did depreciate
relative to the U.S. dollar by approximately 15 percent between 1929 and 1931, before
recovering to its 1929 level in 1935.
The “debt-deflation” view of the Great Depression asserts that deflation and high
private debt levels contributed to the Great Depression by reducing borrower wealth and
constraining lending. Haubrich (1990) argues that the debt crisis was much less severe in
Canada than in the United States. He argues that there is little evidence to suggest that the
debt crisis caused the Great Depression in Canada.
A common view is that banking crisis played a significant role in transforming the
1929 downturn into the Great Depression. For example, Bernanke (1983) states that “the
financial crisis of 1930-33 affected the macroeconomy by reducing the quantity of
financial services, primarily credit intermediation” (p. 262). As has been pointed out by
numerous authors, however, Canada did not experience any bank failures.
Can the usual explanations of the Great Depression account for the Great
Depression in Canada? Our answer to this question is no. As we show, money shocks,
policy shocks and terms of trade shocks cannot account for the 10-year depression.
Explanations based on these shocks fail because their effects are quantitatively too small
to explain the Great Depression.
Our findings in this paper tell us where to go next. Future research into the Great
Depression in Canada should focus on models in which changes in the level of trade
affect the level of productivity. Such models are consistent with the fact that Canada’s
TFP and trade both declined from 1929 to 33. Beginning in 1934, trade began to slowly
recover, and so did TFP. This also matches the fact that the only large shock that hit
Canada but not the United States was trade, while the main difference in macro
performance is the behavior of productivity.
Journal of Economic Literature Classification Numbers: E30, N12, N42.
Key Words: Great Depression, Canada, productivity, terms of trade, deflation
Community Voices
GWINNETT COUNTY: Depression days brought to mind
By Rick Badie
The Atlanta Journal-Constitution
Saturday, October 25, 2008
Elwood Hart lived in Canada during the Great Depression. He considers himself lucky. A Salvation Army was next to the family’s home in Hamilton, Ontario.
“Maybe it was a bowl of soup or a bologna sandwich, but I got something to eat,” said Hart, now a Lawrenceville resident. “If it weren’t for that, I don’t think we could have ever made it. We weren’t living in the United States, but the situation was the same all over.”
Comparisons and contrasts are being drawn between the current economic crisis and the Great Depression. Conventional wisdom says this is the worst financial crisis since the Great Depression. Generally, experts say the odds of a full-blown depression are nonexistent. Let’s hope they are right.
Not many of us were around between 1929 and 1939, so we can’t compare the impact of that period’s economic crisis to today’s turmoil. Hart is now in his mid-80s, so his take on what he saw then and what he sees now carries weight.
We met years ago at the Gwinnett County Veterans War Museum, where his military career is on display. He served with the Canadian Army in Normandy during World War II. With the U.S. Army, he saw two tours of duty in Korea and Vietnam. He received an honorable discharge in 1967.
As for the Great Depression, “I remember it well,” Hart said. “People don’t realize what it was like back then.”
He remembers people lining up at food banks to get a hunk of cheese and powdered milk. He remembers stuffing newspapers in his shoes because they were way too big. And he remembers a white pet rabbit that just disappeared one day.
“I got up one morning and asked my dad where my rabbit was,” Hart told me. “He said, ‘It’s down your stomach. You had it for dinner.’ You ate anything you could get back then. There was no waste of clothes or food. Today, when I throw out trash, wild animals won’t find any food. I don’t throw it away.”
But how does that compare to today’s economic woes, particularly among everyday people barely making it?
Every Monday, Tuesday and Wednesday morning, Hart drives to a local Publix to load his car with day-old breads, cakes and pastries. When he pulls up to the Salvation Army, where the goods are doled out, people are waiting.
“It’s gotten so bad right now that there are twice as many every day as there were a couple of months ago,” he said. “In fact, it’s so bad that, a lot of time, me or some of the women in the church have to stand there. We have a sign that says everyone is to get two loaves of bread and a pastry. If you don’t watch them, they will fill up on all they can get. That’s why I say things are getting bad, similar to the 1930s, I tell you.”
As a brass collector, Hart routinely visits Goodwill stores in search of treasures. He said he’s seen a noticeable uptick in the number of people buying clothes. And at his church, clothes donations have fallen off considerably.
“It’s not that bad yet now,” Hart said.
“But it’s getting there.”
SEE:
No Austrians In Foxholes
CRASH
Black Gold
The Return Of Hawley—Smoot
Canadian Banks and The Great Depression
Bank Run
U.S. Economy Entering Twilight Zone
Tags
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CRASH
Black Gold
The Return Of Hawley—Smoot
Canadian Banks and The Great Depression
Bank Run
U.S. Economy Entering Twilight Zone
Tags
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Friday, October 24, 2008
No Austrians In Foxholes
The old joke goes there are no athiests in foxholes. With the crash of international financial capitalism there are no Austrians in foxholes. Capitalism rushes to the embrace of it's state to bail it out. Everyone now accepts that State Capitalism resulted from the previous Great Depression and in order to avoid another one, the State is required to save the financial market. Some American libertarians and conservatives decried the state bail out of the banks, but no rational self interested capitalist was listening to them.
Nor contrary to some wags were they thumbing through the Communist manifesto to find a solution. They simply were returning to their Keynesian roots, apologizing abjectly for their folly of declaring him dead and useless.
Suddenly the darlings of the neo-cons, Ayn Rand, von Mises and Hyaek, were no longer the belle's of the ball. They once again quickly became relegated to the dustbing of history. Once again an anomaly of booming capitalism, a joyful ideology for those who embraced the greed of an unregulated market, an excuse to line pockets of the wealthy while ignoring the neccisity of producing real value; goods, services, infrastructure. Today the bankers and financiers are now fully fledged Keyensians.
In the Nouvel Observateur weekly, columnist Jacques
Julliard rejoiced that France was no longer hearing “diatribes” against its
“archaic” system.“Where have the (economic)
liberals gone?” he asked. “Since Bush nationalized the American banking system
we don’t hear from them anymore.
Even the most stalwart follower of Ayn Rand has admitted the failure of her ideology.
Alan
Greenspan is having a crisis of faith.
The former chairman of the Federal
Reserve and long-time deregulator admitted to U.S. lawmakers yesterday he "made
a mistake" in assuming banks could self-regulate the complex derivatives
market.
It was an about-face for Mr. Greenspan, a diehard supporter of
deregulation. He was a close friend of Ayn Rand, the most notable of
libertarians who champion the individual over the state. Yesterday, he threw her
theories under the bus, but it was no shock to Ms. Rand's followers.
It is in fact startling to hear the right wing President of France sounding like a socialist, but not unexpected given the gravitas of the current crisis.
"The
idea of the all-powerful market that must not be constrained by any rules,
by any political intervention, was mad. The idea that markets were always right
was mad," Mr Sarkozy said. "The present crisis must incite us to refound
capitalism on the basis of ethics and work & Self-regulation as a way of
solving all problems is finished. Laissez-faire is finished. The all-powerful
market that always knows best is finished," he added.
In fact it appears that the only ones proclaming the joys of unregulated markets are those from the Eastern Bloc, former communists and socialists who have never experienced the joys of American capitalism in all its gory glory.
In a
letter published on Tuesday by the daily Mladá fronta Dnes, Czech
President
Václav Klaus says that the global financial crisis did not result
from
insufficient market regulation, but, on the contrary, from excessive
government
interventions and increasing public spending.
According to
Klaus, there is a
risk that the rescue packages proposed by some governments
will turn the
European banking system into a partially state-owned and
centrally regulated
sector.
Ironic that. He sounds like Bush, Paulson, and Greenspan prior to the crash. They now have abandoned their faith in self regulated markets, and have embraced the need for state capitalism; a regulated capitalism supported by huge investments of public funds.
"I
know many Americans have reservations about the government's
approach,
especially about allowing the government to hold shares in private
banks. As
a strong believer in free markets, I would oppose such measures under
ordinary circumstances. But these are not ordinary circumstances," Bush
said.
But in reality the state promoted the ideals of the financial and monopoly capitalists as their own, they did their bidding, even as they do it now. Its about power in and over the markets. There never was an unbridled capitalism of small self employed artisans, which is the libertarian ideal, in fact capitalism is not about work or business, but about accrual of capital for its own sake.
Whether it was Keynes and the social contract after WWII or the shift towards monetarist policies and free trade in the seventies, eighties and ninties, it was all done by the capitalist state, in order to maintain and stabilize capitalism.
The mistake made by the left and the right was to assume that state capitalism was 'socialism'.
This mistaken link between public ownership and socialism was the result of the ideologues of the 2nd International, who adovcated that capitalism would evolve into socialism, that is public capitalism would arise from private monopoly capitalism.
After the Bolshevik revolution, and the subsequent Great Depression, capitalism was in a historical crisis, its old models no longer sufficient to meet the demands of those who create capital, the working class. Class war was on the horizon, the final death knell of capitalism was being wrung by a mobilized militant working class and by the failure of financial capitals coinciding.
The capitalist state was reformed to meet this crisis,based on variations of models of Keynes General Theory. State Capitalism is the highest form of capitalism, and that is what Randites and Austrian School apologists forgot.
Is this ciris out of the ordinary as Bush claims? Was i unpredicatable as Greenspan and Volker claim. Why no. Many pundits have pointed ot the similarities of this crash to those in the past; some going as far back as the Great Crash of 1873 in the U.S., the Great Depression of 1931-33, the 1973 post Viet Nam war crash.
What do all these crashes have in common? They occurred in relation to rapid industrialization of economies during and after large scale wars. In the case of 1873, it occurred after the civil war destroyed the last of the small scale artisinal base of American industry replacing family shoe making businesses and the like with large scale factory production.
The Great Depression occurred after WWI and the 1973 crash occurred as a result of America's incurssion into Viet Nam.
At the begining of the Bush regime in the U.S. the Republican government went from having a surplus to having a deficit. And those wags on the right, the very same neo-cons who a decade before had deonounced government deficits that led to expanded public sector infrastructure growth, now were cheering on the Bush government to expand its deficit especially when it came to planning for war against Afghanistan and then Iraq.
The wat in Iraq led to a government deficit that dwarfs those of the seventies and eighties.
That is the elephant in the room. America celebrated like it was 1929 for eight years under Bush, while sending their sons and dughters to fight in a foriegn war. There was no war rationing, no draft call, no need to commit by Joe or Jane Yank to Bush's war. So it was party time back home.
America also ended it dominance in manufacturing and actual production during the Reagan era. As we entered the new millineum right wing libertarian mags like Reason praised the end of America's dominance in production claiming the new capitalism in America would be based on service sector jobs.
And they were partially right. With contracting out and offshoring an essential part of the New World Order of the WTO and expanding globalization of capital, America now found itself no longer manufacturing goods at home, but buying them at WalMart from newly emerging fordist economies in Asia.
Americans laid off in manufacturing ended up in low paid jobs selling products they once made at the local WalMart. America now relied upon its citizens to produce capital not through manufacturing but through consumption.
America made credit easily available, and American's liquidated their savings in an orgy of spending that kept America going for the past eight years.
Was this crash unexpected? Of course not. It began a year ago, but Bush, Paulson, Greenspan, Bernake, and the right wing neo-cons were in denial. I have blogged as have others predicting this crash. That it would be as serious as the Great Depressions of 1873 and 1933 was also not unexpected, nor was the fact that the monopoly and financial capitalists flight back into the safe arms of the Nanny State unexpected.
There are no Austrians in foxholes when the economy melts down. Ideology is tossed out and capitalists and their politicians once again embrace state capitalism to bail them out.
SEE:
CRASH
Black Gold
The Return Of Hawley—Smoot
Canadian Banks and The Great Depression
Bank Run
U.S. Economy Entering Twilight Zone
Tags
asset-backed commercial paper ,, goldhomes, mortgages, housing, bubble, US, economy, oil prices, sub-prime mortgage, Wall Street, crash, recession,Bernanke, Inflation, Staglation, Stock-Market, US, Federal-Reserve-Chairman, Oil, gold, commoditiesSmoot-Hawley, protectionism, tariffs, Herbert Hoover, U.S., U.S. economy, Canada, Great Depression, John McCain, market crash, free trade, Republicans, recession,
Tuesday, September 16, 2008
Forget Ike It's PetroCan's Fault
P.O. about the 13 cent rise in gasoline prices at the pump last Friday. Don't blame hurricane Ike, rather it was exasperated by the shut down of Petrocan here in Edmonton. The plant has been offline since July!
And so we have gasoline shortages on refinery row.
It is the lack of tertiary refining that causes gasoline shortages in Canada and subsequently price increases. And wqe won't get more refineries built until there is a national initiative to make it so including a Green Plan.
Call it a Green National Energy Program. If you want to end price gouging lets have a made in Canada Energy Plan that includes increased bitumin processing and tertiary refining capacity.
Of course others have solutions too, like importing more dirty gas from the U.S. but that is all refined in Hurricane Alley, and we know what that means. 13 cent price increases in one day.
SEE:
royalties, oil, profits,
Bill Hunter, Alberta Royalty Review,
Alberta Cabinet, CAPP, Ed Stelmach,
Big Oil,oil royalties, PC, Calgary, Party of Calgary, politics, NEP, Conservatives, Fort McMurray, One Party State,
Parkland Insititute, Encana, Nationalize, Nationalization, Workers Control, public ownership, Petro Canada, Anarchism, NEP, Self-Management
Since Petrocan, Shell and Imperial Oil are the area's main refiners losing Petrocan put pressure on their retail outlets. Of course this should have been predicated. Add to that the shut down of East Coast gasoline due to Ike and you have the perfect storm.
As for the solution it is as clear as the nose on Uncle Ed's face, we need more refinery capacity in Alberta and Canada. Of course given the anti regulatory anti-public ownership attitude of Big Oil and its government in Alberta that ain't gonna happen any time soon.In March, a shut down at Imperial's 187,000-barrel-a-day Strathcona refinery near Edmonton caused gasoline shortages at Esso stations throughout Alberta, Saskatchewan, B.C. and Manitoba.
Around the same time, Shell Canada Ltd. said its Scotford refinery and upgrader near Fort Saskatchewan, Alta., were operating at reduced rates because of unplanned maintenance.
Last year, Ontarians experienced gasoline shortages for several weeks after a fire at Imperial's Nanticoke refinery.
Canada's refining infrastructure is aging, but companies are not keen on investing in new facilities, said Roger McKnight, an energy analyst with Oshawa, Ont.-based consulting firm En-Pro.
Not only would it would take up to 10 years and billions of dollars to build a new refinery, but they would tilt the market against the companies' favour.
"Their refining margins would drop because of excess supply. So there's no incentive at all for them to do that," McKnight said.
Another factor discouraging the industry from spending money on new refineries is uncertainty about government regulations.
"If I was an oil company, I would like to know in 10 years, when I'm going to have this refinery built, what the eventual specs are going to be and what the emission standards are going to be," McKnight said.
And so we have gasoline shortages on refinery row.
Back in August, it was Petro-Canada. Now, it’s Shell that has run out of gasoline at some of its Alberta stations.
In Medicine Hat, the Shell stations on Dunmore Road and Eighth St. NW have been out of gas since Friday, while the Shell on South Railway had gas as of Monday but wasn’t sure how long its supplies would last. Shell stations on Redcliff Drive SW and Trans-Canada Way were reporting they still have gas.
Jana Masters, spokesperson for Shell Canada, said there are also a couple of stations in Calgary and Edmonton that are running on empty.
“But these are very small numbers compared to our total operations across the province,” she said.
While the Petro-Canada gas shortage in August had to do with a problem at that company’s refinery, Masters said that is not the case at Shell.
“It’s just a temporary challenge keeping up to customer demand,” Masters said.
It is the lack of tertiary refining that causes gasoline shortages in Canada and subsequently price increases. And wqe won't get more refineries built until there is a national initiative to make it so including a Green Plan.
Call it a Green National Energy Program. If you want to end price gouging lets have a made in Canada Energy Plan that includes increased bitumin processing and tertiary refining capacity.
Of course others have solutions too, like importing more dirty gas from the U.S. but that is all refined in Hurricane Alley, and we know what that means. 13 cent price increases in one day.
Of course the solution is not unrestricted trade with the U.S. for dirty gas, rather the solution was in hand until the Liberals under Paul Martin sold off the last of Canadians taxpayers shareholdings in Petrocan.There is a solution to price gouging, that is worker and community control of the refineries.Petro-Canada said it’s pulling out all the stops to make sure supplies of gasoline keep flowing.
Company officials said on Petro-Canada’s website that it was able to use trucks to ship approximately 200,000 litres of gasoline per day from its Vancouver storage facility last week, but that volume has now more than quadrupled.
That’s been partially accomplished by hiring truckers from Ontario to move more product, Stevens said.
The company is also trying to find rail cars that could be pressed into service to deliver gasoline to destinations in B.C. and Alberta.
The company also is trying to boost its gasoline supplies by looking to its other Canadian refineries and to the United States and overseas, Stevens said.
An industry group that represents independent gasoline retailers is calling for a harmonization of gasoline standards between Canada and the U.S., which would allow for more importation of American products during shortages.
Canadian gasoline has hard caps on sulphur and benzene levels in gasoline, which prevents the importation of the product from the U.S. to ease any shortages, said Dave Collins, a director with the Canadian Independent Petroleum Marketers Association.
"It’s great if you’re a refinery because it blocks competition and helps you keep our prices up," he said in an interview from Halifax.
"But it’s not good for consumers and, at times like this, it’s not good for our operations either because we can’t get any gas," he said.
The federal government’s failure to ease importation restrictions means such shortages will likely happen again, Collins said.
SEE:
It's Time to Take Back Our Oil and Gas
NDP And Workers Control
Nationalize the Oil Industry
The Myth of the NEP
Aren't you sorry you sold your shares
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