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...
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? BuyCanada.
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."
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 -
