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Editorial                                                                                               "Think Canada"... Cdn Flag 

 

On this page your editor, John Budden, will take some interpretive license and introduce you to some great investment ideas in a timely fashion.
In addition he will point you toward relevant articles and opinion from some of the best investment minds...


Rob Snow

John Budden

Rob Snow

Greg Hebert

John Budden

 


Wednesday March 12, 2008:Today's Lunch Bunch features Rob Snow, Michael Harris and
CFRA Market's Commentator John Budden.



Wednesday March 12, 2008: John Budden's Market Minute with Ron Corbett on CFRA's Afternoon Edition.

Tuesday February 12, 2008: Bubbles and Bailouts by John Budden

Tuesday January 22, 2008: John Budden in conversation with Business@Night's Greg Hebert


Friday January 18, 2008: John Budden's Market Minute with Rob Snow on CFRA's Afternoon Edition


Monday July 16, 2007

 

How much is the London Telegraph worth?

 

We'll never know for sure.

 

There are only two people that really know. They are David and Frederick Barclay - and they aren't talking. 

 

You'll recall in 2004, with Conrad on the ropes, the Barclay boys swooped in and snatched up Hollinger Inc. for a little more than $600-million. They later grabbed 100% per cent of the London Telegraph from Hollinger International, for about $1.8 billion.

 

At the time, Conrad Black called it "distressing".
 
Since taking ownership, the Barclays have fired 100 journalists from the Telegraph. The paper is on its third editor in a little more than a year. 

 

In addition, the Barclay boys would seem to be in an enviable position. Rupert Murdoch is willing to pay $5-billion dollars for Dow Jones & Co., publisher of the Wall Street Journal. Former Hollinger shareholders will never get to realize a pay-day on the Telegraph. They don't own it anymore.

 

What is The Telegraph worth? What will The Telegraph be worth in 5 or 10 years?

 

Since the ouster of Conrad Black, shares in (the crumbs) the Sun Times Media Group (SVN) are down from a high of $20 to $5.34.

 

Patrick Fitzgerald (the next Governor of Illinois) proclaims "this is how the US Government will protect investors!" The US Government will protect your investment by making your investment disappear.

 


Thursday, July 12, 2007: Our thanks to Rob Snow for this well articulated piece.

 

The Rio Tinto bid for Alcan is the most dramatic and brazen of all Canadian takeovers.

 

Here is what we can learn from it:

 

1) The days of massive investments in mining infrastructure are over. In industrialized economies, they are now uneconomic. No longer will any company, not even a 100-billion dollar company like Rio Tinto, spend long lengths of time and vast amounts of money to, explore, discover and (hopefully...someday) mine natural resources. Labour costs are too high. Material prices are too high. Energy prices are too high. The environmental lobby is too powerful. The costs of building from scratch are exponentially higher than acquiring top-notch, existing operations. Boone Pickens is right, "the best place to drill for oil is on the floor of the New York Stock Exchange."

 

2) Aluminum prices are undervalued in the "green economy". Inco sold to the Brazilians for an astronomical amount of money, $17-billion (U.S). That deal followed a 500% increase in the price of nickel - the commodity moved from under $5.00 U.S./lb to almost $25.00 U.S./lb. Aluminum is up only 100% in the same time frame, from $0.60 U.S./lb to $1.25 U.S./lb. Yet Rio Tinto is willing to pay more than double for Alcan, $38-billion (U.S.). While nickel is used to give materials a finished "strength", aluminum is used to keep things "light". Expensive vehicle parts are made of aluminum - they are light. The new Boeing Dreamliner is made of aluminum, because it is light. Expect Nissan's new $3000 car, to be sold in India, to have a lot of aluminum.

 

3) Interest rates are low, but won't stay low for long. Rio Tinto will borrow every last dime to finance its purchase of Alcan. Think about this, Rio Tinto is going to borrow $38,000,000,000. With central banks around the world warning of inflationary pressures - witness our own Bank of Canada today - Rio Tinto will borrow the money now - the sooner the better - failure to do so could easily add 2.00% to the carrying cost (or in this case about $750-million). 

 

4) Hunt or be hunted. Alcoa wanted Alcan. It failed - out-bid by 30%. Alcoa is now the hunted, and could be grabbed by BHP. Inco wanted Falconbridge and lost to Xstrata - Inco was swallowed by CVRD. Phelps Dodge wanted Inco - lost - and was taken out by Freeport McMorhan. There's no reason to think Alcan, Alcoa and Rio Tinto could not ALL be taken over in one fell swoop. Anglo American has yet to make its move.

 

5) If China slows, we're all doomed. The combined value of all these miners is now above $1-trillion. The speculation is torrid. BHP is up 700% in five years. Alcan is up 350%. Rio Tinto is up 300%. The foundation of the speculation is a never-ending Chinese need for natural resources. A loss of faith in China, via rancid toothpaste and cardboard sticky buns, could spell d-i-s-a-s-t-e-r.

 

6) Why Canada? Buy Canada. Canada is not Venezuela. We are not about to nationalize our commodities. We won't seize your property or expropriate your mineral rights. Rebels will not kidnap your workers. There won't be a coup in Canada next week. Our government will 'study' the issue of foreign investment, but the Conservatives will allow the free market to function - crown jewels be damned.



Tuesday July 10, 2007

 

Prior to the start of Conrad Black's criminal trial, you'd be hard pressed to find anyone to say a kind word about the man.

 

Now the wind has shifted in the windy city.

 

Conrad is now "our boy". He's the underdog. He's the victim of an overzealous, politically motivated prosecution. The fan club is convinced, "there's no there, there."

 

We live in the bizarro world. Up is down, right is left and people openly cheer for Conrad Black.
--
The Bank of Canada raised the overnight rate today, the first time it's felt the need to do so in more than a year. As a result, mortgage rates moved higher at the Big Six, up 25bps across the board.

 

The Canadian prime rate at most chartered institutions is 6.00%.

 

Some global mortgage rates:

 

Bank of Montreal - Fixed Rate - 5 year closed -  7.240%

 

Bank of America -  5/1 (ARM) - 6.625%

 

ING Belgium - Formula 5+5+5 - Combi Rate - 5.60%

 

Bank of Scotland - Fixed rate - 5 year closed - 5.99%
 

 

HSBC Australia - Fixed Rate - 5 year closed - 7.70%
--
In other news...

 

Canadians smoke more pot than Jamaicans. Canucks smoke the most marijuana of any industrialized nation. "16.8 per cent of those between the ages of 15 and 64 used cannabis at least once in 2006." (Globe and Mail)

 

It takes nine hours to travel 193 miles from Bend Oregon to Union Idaho - in a lawn chair powered by 105 helium balloons. "When you're laying in the grass on a summer day, and you see the clouds, you wish you could jump on them," said Bend resident Kent Crouch. (CNN)

 

NBC's Live Earth concerts was the least-watched show on mainstream US television on Saturday night. "It attracted an average audience of 2.7 million viewers and was beaten by a re-run of the animated film Monsters Inc." (BBC).


Friday, July 6, 2007

 

In 'the news' this week...

 

1) The Canadian government is in "advanced negotiations" with General Electric in a deal that would see GE take an ownership stake in Atomic Energy of Canada Limited.

 

2) A series of threatening letters was sent to newspapers around the United States, reading: "Goldman Sachs. Hundreds will die. We are inside. You cannot stop us," signed A.Q.U.S.A."

 

3) The 2014 Winter Olympics will be held in Sochi, Russia. "Sochi has a humid, subtropical climate. Winter temperatures rarely fall much below freezing and the average winter temperature is +6 °C."

 

4) George W Bush commuted Scooter Libby's prison sentence.

 

5) Top 5 on The New York Times Bestseller List (Hardcover Non Fiction): "The Diana Chronicles", "The Reagan Diaries", "The Assault on Reason" (by Al Gore), "God is Not Great" (Richard Hitchens).

 

6) #1 on Billboard Magazine 'Top 10 Mainstream Rock Tracks' ... "I Don't Wanna Stop", by Ozzy Osbourne.

 

7) An 11 year old was caught driving - drunk - in Alabama. "The car belonged to a relative and police were still trying to find out where she got the alcohol."

 

8) There were 160 murders in the Netherlands in 2006. Most murders were committed on weekends. "On weekends, the risk of being murdered is 25% higher than on weekdays."

 

9) Breaking News! It's very hot...in Nevada...in July. "Air conditioners were hot sellers at the hardware store."

 

10) Coming to a theatre near you...John Travolta and Christopher Walken star in the new musical "Hairspray"..."It's 1962 and Baltimore's Tracy Turnblad is a big girl with big hair..."

 

Wednesday, July 4, 2007

 

Blackstone, KKR, Carlyle and a crop of no-name hedge funds are hitting the big board.

 

Having had their fill of spilled blood, it's time to tap another vein. 

 

The LBO firms are the bankers to the New World Order. Hedge fund managers are the self-indulgent builders of Versailles replicas. How foolhardy, these financial prophets, believing they can walk upon shark infested waters.

 

Perhaps KKR, like Blackstone before it, feels sheltered by its offering structure. These are "partnership units" and not traditional shares. There are limits to the voting rights attached to those units. While that may offer immunity to a shareholder revolt, it's becoming clear - shareholders are not the problem.

 

Patrick Fitzgerald is the problem. He's the new Elliot Spitzer - maybe even the next Governor of Illinois. He is the steward of the common share and the common shareholder.

 

Fitzgerald may very well succeed in throwing Conrad Black in prison for having nothing more than a heated towel rack.
 
With that precedent set, what's the penalty for the hedge fund manager that builds a palace - yet fails to beat the S&P 500?


Monday, June 2, 2007

 

 

GET OUT OF JAIL FREE

 

A ONE ACT PLAY

 

THE CAST

U.S. President George W Bush

Former U.S President George HW Bush 

Russian President Vladimir Putin 

U.S. Vice President Dick Cheney

White House Press Secretary Tony Snow

President's personal secretary

Lewis "Scooter" Libby 

 

Act 1

 

Scene 1

(The White House - President's personal secretary is busy working at her computer.)

 

(Phone Rings. It's the Vice President's personal line.)

 

SECRETARY: (She starts to tremble and sheepishly answers the phone.) "Ah-hem, Good Afternoon, the office of the President of the United States."

 

CHENEY: "This is the Vice President, when is the President to return from Kennebunkport?"

 

SECRETARY: (In a cracking voice) "Mr. Vice President, I am told his father, the President insisted on taking his son, the President and Mr Putin, the President for another spin around the cape in the speed boat.

 

CHENEY: (In an annoyed tone) I see. Well..when the "Presidents" (delivered with sarcasm) are off the water, I will need to speak with the President.

 

SECRETARY: If it's urgent, sir, I can try and patch you through to the speedboat.

 

CHENEY (sigh): That won't be necessary right now, thank you.

 

(Cheney hangs up the phone abruptly).

 

Scene 2  

 

(The office of the Vice President)

 

(Cheney is seated at his desk. He is staring at a two-line note, written by his secretary. It reads "Scooter called. Needs answer today.")

 

(He buzzes his secretary)

 

CHENEY: "Get me Scooter on a secure line...now."

 

(picks up the phone)

 

SCOOTER - "This is Libby."

 

CHENEY: "W is with HW and Pooty. HW is showing off the new speedboat."

 

SCOOTER: "The clock is ticking, Mr. Vice President."

 

CHENEY: "I know Lewis. Damn that liberal appeals court! We'll need another 8 years to turn that pinko bastion around."

 

SCOOTER: (with desparation) "With all due respect Mr. Vice President, I have been very loyal to the administration, one of the true believers. However... prison..... that was never part of our agreement."

 

CHENEY: (calmly) "The President understands your predicament, Scooter. And he appreciates all your hard work and your sacrifice, as do I. If I could switch places with you, I would."

 

(Scooter rolls his eyes)

 

CHENEY: "But you have to understand something. This would be a feeding frenzy. If the President were to do what you are suggesting, the pinkos would have a field day. That traitor... Wilson...picture it now...taking softballs on Larry King. A real mess."

 

SCOOTER: "Well, Mr. Vice President. You might want to consider it as the lesser of two evils."

 

CHENEY: "The lesser of two evils?"

 

SCOOTER: "In prison, Mr. Vice President, one has a lot of time on one's hands. I was thinking I might do some writing...

 

CHENEY: "What do mean...writing?"

 

SCOOTER: (gulp) "umm...my memoirs...sir."

 

CHENEY: (suddenly looking pale) "I'll try the President again. I'll have to call you back."

 

(Cheney hangs up the phone and then throws it against the wall, shattering it.)

 

(Buzzes Secretary)

 

CHENEY: (Face red - yelling.) "Bring me another god-damn phone!! And is the President off that f***ing speedboat yet!?" (Under his breath) "London is burning...the dollar is tanking...Scooter wants to write his memoirs...and the f***ing President is playing sailor with Daddy and Pooty Poot...God help us all."

 

    

Scene 3

 

(The Bush Summer Retreat at Kennebunkport, Maine)

 

(Former President George HW Bush is at the wheel of the speedboat, on choppy water. George W Bush and Vladimir Putin are in the passenger seats.)

 

W: "Alright Poot, I'll get the Generals to come up with some reason to justifcate this radar base in Abarzijan. That should keep the folks back in the motherland quiet for a while, right?"

 

Pooty: "Keeping people quiet has never been a problem for me, Meestor President."

 

HW: (Laughs out loud) He's right there Georgie, just ask that Kordokovski fella. He wanted to buy a soccer team...instead he's taking cold showers in Siberia, hoping he don't drop the soap! (Laughs again.)

 

Pooty: "It's important, Meestor President, to not tolorate these little annoyances."

 

W: "It ain't that easy Poot, I tell ya what. I can't even put terrorists in prison camps without getting grief!"

 

Pooty: "Who is giving you grief, Meestor President?"

 

W: "That damn liberal media."

 

HW: "Pooty never seems to have trouble with the media, do ya Pooty?"

 

Pooty: "After my "reforms", the media became very supportive of my agenda, Meestor President."

 

HW: "There ya go Georgie! That's how ya do it. Throw a few of those pinko reporters in Gitmo...they'll come around."

 

W: "Gitmo! I can't even get Scooter to do a year in club fed."

 

(The speedboat docks)

 

Pooty: "Who is this "Scoot-or?"

 

W: "He helped us out with something. (Leans in). You see, Poot, we were having a problem with one of our spooks. You see, she didn't see it OUR way. So...we had to take of it. 

 

Pooty: "I understand...of course...so how did you take care of this little annoyance?"

 

HW: "Word got around about what line of work she was in."

 

Pooty: "I see. It is difficult to work in espionage, if everyone knows you work in espionage."

 

W: "Exactamundo!"

 

Pooty: "So this Scoot-or. He did what you asked him to do?"

 

HW: "No... Georgie....he just made it look that way."

 

Pooty: "I don't see the problem."

 

W: "Well Pooty, some hot-shot lawyer...from up north...he figured he would make an example of poor old Scooter. That yankee went after him like a bull on a cow in heat. Damn pinko yankee Fitzgerald. What a pain in the ass."

 

HW: "Ya, just ask Conrad."

 

Pooty: "What about the judge?"

 

W: "Don't get me started with judges.. another liberal...(fades...grumbling)"

 

Pooty: "I must say.. I never have these problems...judges...lawyers...media."

 

 

Scene 4

 

(Split scene: Cheney's office at the White House / President's office at Kennebunkport)

 

(After dinner, a presidential aid informs the President of an important phone call from the Vice President)

 

CHENEY: "Good Evening, Mr. President, sorry to interupt."

 

W: "Dick! No problem. Pooty's into the vodka with pa, sharing old spook stories. What's up?"

 

CHENEY: "It's Scooter, sir."

 

W: "Ya, I heard. Motherf***ing appeals court. Ya know.... Pooty tells me he never has these problems."

 

CHENEY: "Scooter would like to know if you have made a decision on clemency, sir."

 

W: (deep breath) "You see...it's tricky, Dick."

 

CHENEY: "I undertand, sir, but we have a problem...a big problem."

 

W:" What's that?"

 

CHENEY: (quietly.. in a low monotone voice) "Scooter...well...he ...says he wants to write his 'memoirs'...says he would have lot of time on his hands...in prison."

 

W: (sigh) "I see. What's it's going to be called Tales of a Fourth Grade Nothing?"

 

CHENEY: "Not exactly sir, more like John Perkins."

 

W: "Who?"

 

CHENEY: "Perkins sir, you know... Confessions of an Economic Hit Man."

 

W: "Can't say I've heard of it."

 

CHENEY: (rolling his eyes) It's not important, sir. The fact is Mr. President, Scooter has been with us a long time.

 

W: "Yes he has..."

 

CHENEY: "He's seen it all, sir. He knows it all. The whole story. We're not talking just Plame and Wilson. I mean... the Florida vote, your brother...Powell, O'Neill...Rummy...Wolfy...Carlyle ...the Saudies. He says he might even write a chapter on Brownie.

 

W: "That ungrateful little weasle. What do you think Dick?

 

CHENEY: "You can't pardon him, sir. Maybe closer to the end of the term, it would be OK. The next guy would wear it. We can't afford to hurt the true believers right now. You see Obama's numbers?...32-million..."

 

W: "Yer right Dick. Geez. I dunno...(trails off)...Pooty never has these problems...

 

CHENEY: "Sorry sir, but we can't send Scooter to the gulag."

 

W: "I'll call Tony and get back to you."

 

CHENEY: "Yes, Mr. President."

 

 

Scene 5

 

(Office of White House Press Secretary, Tony Snow)

 

(Snow's assistant informs him of an incoming call from the President.)

 

SNOW: "Good evening, Mr. President."

 

W: "Tony, we have a siteeation."

 

SNOW: "Scooter Libby, sir?"

 

W: "Yer a sharp one Tony, I always liked about you...always thinkin ahead."

 

SNOW: "Sir, here's what we do and here's how we'll spin it. You do not grant Scooter clemency. But you commute his sentence. We'll say it's too harsh...that he's 'served the country with distinction'...blah blah...I'll call some of the hopefuls...make sure they're in line. The last thing we need is the NEXT President of the United States disagreeing with the current President of the United States.

 

W: "I dunno Tony...sounds like 'i smoked but didn't inhale'.

 

SNOW: "Trust me Mr. President. I've already called Coulter. She's on with O'Reilly tonight. She's agreed to say something outragious about Plame and Wilson...she'll call 'em traitors...that'll deflect some of the heat from us. She'll say 'Wilson and Plame... they may as well have been flying the planes into the buildings themselves'. IN a few moments you are going to issue a statement...it's already written... Short and sweet... In it you point out that Scooter's reputation is ruined...he's still on probation...he needs to pay his fines...career is over...blah blah".

 

W: "It's good Tony, very good. Commute the sentence...but don't pardon him. Brilliant. Thanks Tony...I gotta call Dick."

 

 

Scene 6

 

(back at Kennebunkport)

 

W: "Dick, it's W. Did ya'll talk with Tony."

 

CHENEY: "Yes sir. Tony's moving on it now."

 

W: "Ya know Dick, even after this, Scooter's finished in Washington...what's stopping him from biting us in the ass somehwhere down the line?"

 

CHENEY: "I've got that covered sir. Scooter's days may be over in Washington, but I understand he may be offered a position in Dubai. I know a big oil services company there... in need of good help."

 

W: "Ah...Dick.. just don't givem him any more material."

 

CHENEY : "Goodnight, Mr. President."

 

W: " 'night Dick."   
 


Wednesday June 27, 2007

 

Jury deliberations are underway in the trial of Conrad Black and his co-defendants.

 

Depending on the outcome, Conrad could either die in prison, or turn plaintiff and begin the most vengeful legal retaliation the world has ever known.

 

Judge Amy St. Eve finished instructing the jury today. Here are some of the highlights.

 

"You have heard testimony from David Radler, who has pleaded guilty to an offense. Radler received benefits from this government, including the promise of a reduced sentence in return for his cooperation. His guilty plea is not to be considered evidence against the defendants...it must be considered with caution and great care."

 

"If you find that a defendant had a strong suspicion that criminal conduct was occurring, yet intentionally shut his eyes for fear of what he would learn, you may conclude that he acted knowingly. You may conclude that a defendant had knowledge if he was merely negligent in not discovering the truth."

 

"If the material facts concerning a controlling shareholders interest in a particular transaction were disclosed to, or known by the Board of Directors or the Audit Committee when the Board or Committee approved or ratified the transaction, or the transaction was entirely fair to the corporation and its public shareholders...the controlling shareholder has not breached his duty of loyalty to the corporation."

 

"Your verdict, whether it be guilty or not guilty, must be unanimous."

 

"Your sole interest is to determine whether the government has proved its case beyond a reasonable doubt."

 

Her entire instruction is 77 pages and can be found here: http://www.ctv.ca/generic/WebSpecials/pdf/070625.GovtFinalJuryInstructions.pdf

 

After 14 weeks, the pundits can't agree on anything.

 

Black supporters, Mark Steyn (MacLean's) and Peter Worthington (Sun Media) think it would be a terrible miscarriage of justice to convict these men of anything.

 

Rosie Dimanno (The Toronto Star) is convinced Black's defense blew it and that Conrad is sunk.

 

CTV legal analyst Steven Skurka predicts "sweeping verdicts of acquittal for all defendants on all counts." (Chicago Tribune)
 


Monday, June 25, 2007

 

Another one bites the crust.

 

Foreigners are still cherry picking Canada's best income trusts.

 

What happened to E.D. Smith?

 

Why is E.D Smith, in the jam business for 125 years, now owned by an American pickle giant - TreeHouse Foods?

 

I will admit to having a soft spot for E.D. Smith.

 

My mother is a prize winning baker. The wall in the kitchen of the Snow homestead was covered in plaques, recognition for her numerous 1st place awards in our town's annual baking contest. The secret to her award winning cherry cheesecake was simple, E.D. Smith cherry pie filling.

 

E.D Smith was a farmer, with 120 acres in Winona, close to Ontario’s Niagara Peninsula. He started with grapes and onions, but stawberries are his legacy.

 

Today, E.D Smith is Canada's largest seller of jams and spreads. It's also the private label supplier of salad dressing to grocery giants, Kroger, Loblaw and Sobey's.

 

Today, it was acquired for less than a year's sales - $217-million (can). The buyer is TreeHouse Foods, the largest pickle company in the United States, spun out of milk giant, Dean Foods three years ago.

 

It's a decent pay-off for frustrated E.D. Smith unitholders. The units were crushed by the Flaherty income trust news and traded as low as $6.00 just six months ago.

 

That tax change is to blame for today's development, according to CFO Bruce Smith.

 

“I would say it's highly unlikely this process would have taken place without the change in the legislation. It created challenges for us to raise capital and was one of the leading reasons we got into this strategic review process.” (Globe and Mail)

 

For its part, TreeHouse says it's not anticipating any layoffs. That's beyond E.D. Smith's control.

 

Get to Winona now folks.

 

The E.D. Smith pick-your-own cherry farm is open for business, as it has been since for 125 years.

 

25 bucks a pail. They're still accepting Canadian dollars.

 


 

June 20, 2007

 

You may be aware the jury of Conrad Black's "peers" will be given the dreaded "ostrich instruction" by Judge Amy St. Eve.

 

Essentially, the judge will tell the jury it can convict Conrad Black if he simply "stuck his head in the sand" and allowed  fraudulent behavior to occur. The prosecution welcomed the news as a win. The defense says it's symbolic of a woeful and weak government case.

 

The ostrich instruction secured convictions against Ken Lay and Jeff Skilling of Enron and Bernie Ebbers of WorldCom. We could find out as soon as next week if the same fate awaits Lord Black.

 

Curiously, if one wishes to convict Harper's Tories of presiding over the hollowing out of Canada's industrial base, the ostrich instruction would be mandatory. For clearly, this government has decided to stick its head in the sand.

 

From today's Globe and Mail:

 

"The hollowing out of Canada's corporate sector by foreign takeovers is a myth; senior federal Finance Department officials are telling their superiors in Ottawa.

 

"Concerns about 'hollowing out' are not borne out empirically, but the media and business community continue to raise fears," says a confidential May 3, 2007, briefing prepared for deputy finance minister Rob Wright by his department."

 

So one is to conclude - according to the brain-trusts in our finance department - the loss of 200,000 manufacturing jobs didn't happen. The disappearance of all of Canada's steel and nickel companies was a bad dream. RBC's Gordon Nixon and Manulife's Dominic D'Alessandro are liars. And our beloved CP hotels aren't owned by the House of Saud.

 

For those in the barley business, keep this in mind. During the last election campaign, the Conservatives promised they would give western farmers a choice in how they want to market their wheat and barley. The Wheat Board's monopoly on barley is to end August 1st. In turn, the Wheat Board is taking the matter to court. It is so strange to see this government win almost every seat in the prairies, yet fail to please Canada's farmers.

 

In other news..

 

Those at the highest levels of political power in France are being told they will soon have to give up "Le Blackberry". A report in Le Monde says "E-mails sent from "Le BlackBerry" pass through servers in the United States and Britain. France fears that makes the system vulnerable to snooping by the U.S. National Security Agency."

 

Your Editor has long loved the shares of Royal Dutch/Shell. "They've been in business for a hundred years, in a hundred countries and a hundred currencies", he is fond of saying. PetroChina will soon have a higher market cap than Shell. It's IPO will raise roughly $5.7-billion US.

 

Nissan announced today it will soon offer a car in India. Price-tag - $3,000 US.

 

Finally, if you live in the National Capital Region and drink beer, buy it in Quebec. From the Ottawa Business Journal - "a case of 24 Labatt Blue cost $26.94 in the Costco store on Maloney Boulevard in Gatineau . In Beer Stores in Ottawa, a case of 24 Blue cost $36.35. In both cases, the price included all federal and provincial taxes and a bottle deposit of $2.40."

 

A votre sante!

 

Rob Snow hosts The Afternoon Edition with Rob Snow - weekdays from 3-7 pm on News/Talk Radio 580 CFRA, in Ottawa.



June 18, 2007

 

Thanks to your Editor, John Budden, for allowing me to share my thoughts in this wonderful forum.

 

If you believe some of the star columnists on Parliament Hill, Prime Minister Harper can't wait for the House to break for the summer. The Prime Minister, we are told, is an angry and bitter man.

 

I guess he can't wait to get home and yell at his kids.

 

He's mad. He's mad at everyone. He's mad at the media. He's mad at Atlantic premiers. He's mad at his Atlantic MP's. Mad at the opposition. Mad at the pollsters. Heck, he may even be mad at you.

 

If Jean Chretien was "the little guy from Shawinigan", Stephen Harper, I suppose, is "the angry guy from Calgary".

 

He's not a consensus builder, we're told. He's muzzles his MP's. He manipulates the media. He's in the back pocket of the oil companies, a climate change denier and a closet republican.  

 

No wonder they think he's angry.

 

He's not an angry man. But I'm sure he's a frustrated one. He wants, as all other Prime Ministers have wanted, to pursue his agenda. And that's hard to do in a minority parliament. It's even harder to do, when dealing with an unelected, unaccountable and increasingly belligerent, Liberal Senate.

 

Here are a few examples.

 

His Tories want to set term limits for Senators. Senators are appointed to terms of as long as 45 years. Some folks find that unreasonable. Harper's bill would bring that down to 8 years. The Senate stalled the bill for a year and then had the audacity to attempt to send the bill to the Supreme Court, for reference. Harper claims that move is unconstitutional.

 

The Premier of Ontario is crying for Ottawa to do something about gun crime in Toronto. "We need tougher penalties!" If the Premier had been paying attention, he would know the Feds are trying, but his Liberal pals in the Red Chamber are again holding things up.

 

There has been no greater thorn in the side of the Prime Minister and his government than the environment file.

 

This government is already on its second Environment Minister, the attack dog of the House, Mr. Baird. There are not one, but two useless bills on the order paper. Neither are the brain children of this government. Both in one way or another seek to force the government to meet unattainable Kyoto targets. Harper is seen as late to the ballgame and any principled stand on climate change will come at the expense of polarizing his power base in Calgary.

 

In closing, yes the Prime Minister is frustrated. He wants to do what conservatives are supposed to do - cut taxes, restrain spending, and be tough on crime. Yet to in order to accomplish any of this, he needs to be the consensus builder. It's not his strong suit. Thus he has taken to courting the political middle. The result - disappointed liberals who think he doesn't far enough - and disgruntled Tories who think he's selling them out.   


 

Now that was great hockey!


 


Don't gamble. Take all your savings and buy some
good stock and hold it 'til it goes up, then sell it.
If it don't go up, don't buy it.
- Will Rogers -

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