Financial Post: Alberta to bleed 31,800 jobs by end of year in oil price carnage

[captain morgan]

That's an added bonus in responding to the likes of you... All of your sad little points are founded on sketchy and highly faulted logic so this allows me to submit an abridged and general rebuttal that is effective across all threads that you post in.

 

[Locutus]

He's a sociopath.

 

[petros]

And a half.

 

[Locutus]

And a half.

wit.

 

[captain morgan]

He's a sociopath.

And a half.

Is there such a thing as a tard-o-path?

 

[petros]

Waldo

 

[waldo]

That's an added bonus in responding to the likes of you... All of your sad little points are founded on sketchy and highly faulted logic so this allows me to submit an abridged and general rebuttal that is effective across all threads that you post in.

I certainly don't object to you showcasing your overt deflection/distraction routine in your attempt to run-away from the challenge put to you over your big-time equalization/transfer payment FAIL. As I said, based on your nonsense statements, you haven't a clue as to how equalization works. So, of course, when challenged to substantiate your position in the face of the countering reference I provided, you deflect, you distract, you insult, you bluster!

He's a sociopath.

U still mad? At some point you'll need to move on, move forward, move ahead. Surely you can't stay mad..... or is you being mad, just you being you?

Is there such a thing as a tard-o-path?

capitan, why you so run-away, run-away? You sir, you are unwilling to stand and support the nonsensical statements you made concerning equalization/transfer. Run-away, run-away, hey capitan!

 

[petros]

Nana Nana boo boo.

 

[captain morgan]

Yep.. Looks like we have a tard-o-path on our hands

 

[JLM]

He's a sociopath.

SO..............................he's not the only one on here!

 

[petros]

SO..............................he's not the only one on here!

We know. We have that loser Putz

 

[JLM]

We know. We have that loser Putz

Among others!

 

[waldo]

---

Equalization Questions and Misconceptions

One of the common misconceptions is that equalization is entirely paid for by the so-called “have provinces”, notably Alberta.

It isn’t uncommon to see comments on blogs or online media stories calling for Alberta to “pull out” the equalization program, or about how other provinces are spending the money they get from Alberta via transfer payments from that province.

Provinces keep all the money they raise from resources and all their other tax bases. No provincial government funds go to support equalization. There is no special “equalization tax” or levy paid to the federal government by richer provinces such as Alberta, and even if the equalization program were cancelled tomorrow, this would not affect how much money the federal government collects from individuals and businesses in the forms of taxes, duties, etc. This can’t be stressed enough: no province “pays into equalization” – all individual taxpayers and businesses pay into the federal government’s general revenue fund, from which equalization is just one of many programs funded. So in answer to questions such as, how much money does Alberta transfer to Quebec or how much money does Alberta pay to equalization, the answer is simply “$0.00″. No province transfers any money to any other province. Individuals and corporations transfer money to the federal government.​

You would do well to understand how equalization works, where the money is generated and how it is 'equally' (definitely the wrong word) distributed back to the provinces. From there, you might (albeit unlikely) be able to form a reasonable and possibly, coherent response

Tard...

you haven't a clue! I strongly suggest you read that article I linked to... but, of course, you won't. You'll simply charge back with thundering bravado... and "tard labeling"!

It amuses me to observe you self-destruct over and over again.

feel free to take that linked article I posted, challenge particular point(s) relative to your understanding of equalization/transfer and provide your sourced countering claim/statements. Will you do so... or will you simply bluster, insult and distract/deflect?

so... it appears El Capitan is all bluster, insult and distract/deflect! And here the guy tried to come off as if he actually knew something about equalization/transfer payments. Go figure!

 

[JLM]

We are two months into the new year and yet we are concerning ourselves with sh*t that MAY happen 10 months from now and besides how accurate is that figure anyway? Thirty thousand may be plausible, 31,800 is out and out bullsh*t. Who else but a retarded lunatic would even bother thinking about this sh*t? We could all be dead by then, but I sure as Hell wouldn't dwell on it.

 

[waldo]

Thirty thousand may be plausible, 31,800 is out and out bullsh*t. Who else but a retarded lunatic would even bother thinking about this sh*t?

uhhh... Global bank Macquarie ...... projects 60,000 lost jobs, 69-cent loonie

The Canadian economy is about to flatline, according to the research arm of major global bank Macquarie.

In some of the most bearish commentary on Canada coming from a major financial institution, Macquarie analyst David Doyle turns to history for a look at what to expect from a major collapse in oil prices.

His report points out that, in 1986, following the last supplyside driven crash in oil prices, Canadian economic growth decelerated from 5 per cent to zero.

What's more, the Canadian economy was buoyed by three tailwinds that won't be around this time: more momentum in the labour market heading into the shock, a pick-up in housing starts and residential mortgage credit growth and an expansion in consumer credit growth.

Mr. Doyle writes that in the first half of this year, "there is a possibility of a technical recession" - back-to-back quarters in which GDP declines.
​

 

[mentalfloss]

Top Canada economy forecaster: Lower oil to hurt till mid-year - Reuters poll

(Reuters) - Canada's resource-dependent economy will reel from the sting of a slump in oil prices until mid-2015 at least, when exporters may start to benefit from stronger U.S. growth and a weaker Canadian dollar, according to the top forecaster for the Canadian economy in Reuters polls in 2014.

Brent crude prices LCOc1 halved between June 2014 and mid-January amid a global supply glut and weak demand. That has already started to hurt Alberta, the main oil producing province, with job losses, falling home sales and business investment.

Although oil prices have begun to rebound, there is still more damage in store, according to JPMorgan's Canada economist Silvana Dimino, who topped the Reuters economic poll accuracy league for 2014, compiled by StarMine.

"We expect (oil) prices to remain pretty weak at least until March. As long as you have uncertainty around oil prices, business investment is going to be weak," said Dimino.

She expects economic growth to average 2.1 percent this year on an annualized basis, scaled down from the 2.4 percent she had forecast in a poll last month.

A sharper slowdown in growth could prompt the Bank of Canada to cut rates by another 25 basis points in March, Dimino said, after the central bank trumped all economists' predictions with a surprise rate cut at the January meeting.

Governor Stephen Poloz said on Wednesday the bank had taken the right amount of insurance with its January rate cut, a remark that prompted several economists to ditch predictions for another rate cut in March.

Before that move, the Bank of Canada, U.S. Federal Reserve and the Bank of England were the only major central banks expected to raise rates any time soon.

Still, Canada's economy is expected to improve toward the end of the year as exports start to pick up, she said.

Canadian policymakers have long hoped a significant pick up in exports will replace household spending as the main driver of economic growth, especially with household debt at record highs and the risk of a sharp fall in record-high home prices.

"We don't really have a lot of consumption-driven growth in 2015 ... expectations have really taken a nosedive," Dimino said.

While the average home price in Canada has nearly doubled over the past decade, many analysts have been concerned that prices are overvalued and a steep fall is imminent.

Cheaper oil has only exacerbated risks that the market is due for a correction, a recent Reuters poll showed.

Dimino says the number of high rises being built in Toronto, Canada's financial capital, is proof there's no sign of a slump in demand.

The rankings of economists according to the accuracy of their forecasts, compiled by StarMine, are based on each firm’s estimates for key economic indicators in 2014.

(Reporting by Deepti Govind; Editing by Bernadette Baum)

Top Canada economy forecaster: Lower oil to hurt till mid-year - Reuters poll | Business | Reuters

 

[petros]

Sooooo. The oil thing is going to cause a crash in TO region housing prices eh? A Freaky deaky Dutch bubble?

 

[captain morgan]

Equalization Questions and Misconceptions

No provincial government funds go to support equalization.

There is no special “equalization tax” or levy paid to the federal government by richer provinces such as Alberta, and even if the equalization program were cancelled tomorrow, this would not affect how much money the federal government collects from individuals and businesses in the forms of taxes, duties, etc. This can’t be stressed enough: no province “pays into equalization” – all individual taxpayers and businesses pay into the federal government’s general revenue fund, from which equalization is just one of many programs funded.
​

The tard-o-path strikes again.

Here's the deal Einstein, the facts are such that Equalization is sourced from Federal Taxes collected nationally. The 'program' then distributes capital on a preferential basis in order to provide a level playing field to all jurisdictions for the purpose of having 'equal ' services available throughout. That said, those funds do originate in a specific province and may, or may not, make it back to where it was paid in order to support those common services.

With this theoretical basis of knowledge, ALL provinces should have a semblance of equality like $7/day daycare available, not just Quebec... Goes to show that some Provinces are a little more equal than others, eh?

Nor is this program intended to be used as a line-item revenue stream in a provincial balance sheet, but the reality is, a number of provinces do employ this as a revenue stream and then turn-around and make cuts in the expenditures that are the sole responsibility of the Provincial in order to appease the local electorate.

The end game here is that the Feds, having extracted the tax funds for the common national costs, should (in theory) return the remaining funds to each Province to support the top tier cost centers like healthcare, education and infrastructure.... But that doesn't happen, does it?

Add in the reality that as Equalization is a formal program, it IS a tax on a de facto basis; they just use a different word to describe it.

Nonetheless, thanks for submitting the bleeding heart leftie article engineered to justify the existence of welfare Provinces... Had a good laugh at the logic

uhhh... Global bank Macquarie ...... projects 60,000 lost jobs, 69-cent loonie

The Canadian economy is about to flatline, according to the research arm of major global bank Macquarie.

In some of the most bearish commentary on Canada coming from a major financial institution, Macquarie analyst David Doyle turns to history for a look at what to expect from a major collapse in oil prices.

His report points out that, in 1986, following the last supplyside driven crash in oil prices, Canadian economic growth decelerated from 5 per cent to zero.

What's more, the Canadian economy was buoyed by three tailwinds that won't be around this time: more momentum in the labour market heading into the shock, a pick-up in housing starts and residential mortgage credit growth and an expansion in consumer credit growth.

Mr. Doyle writes that in the first half of this year, "there is a possibility of a technical recession" - back-to-back quarters in which GDP declines.
​

Sucks to be a have-not province I guess... The ole Provincial welfare payments will be drying-up for the next few years

 

[JLM]

Boy, this thread sure has a lot of traction for something that may never happen. When I checked this morning the sky was still up there.

 

[petros]

uhhh... Global bank Macquarie ...... projects 60,000 lost jobs, 69-cent loonie

The Canadian economy is about to flatline, according to the research arm of major global bank Macquarie.

In some of the most bearish commentary on Canada coming from a major financial institution, Macquarie analyst David Doyle turns to history for a look at what to expect from a major collapse in oil prices.

His report points out that, in 1986, following the last supplyside driven crash in oil prices, Canadian economic growth decelerated from 5 per cent to zero.

What's more, the Canadian economy was buoyed by three tailwinds that won't be around this time: more momentum in the labour market heading into the shock, a pick-up in housing starts and residential mortgage credit growth and an expansion in consumer credit growth.

Mr. Doyle writes that in the first half of this year, "there is a possibility of a technical recession" - back-to-back quarters in which GDP declines.
​

What were interest rates in 1986?