Thursday, March 17, 2016

Michael Bloomberg In Content-Free Fawning Over Trudeau

Michael Bloomberg takes to his namesake news agency to pen a mushy, feel-good paean to former pot-smoking school teacher and now Canadian Prime Minister, Justin Trudeau.  Canada's future looks bright says Bloomberg because Trudeau talks "inclusion" and is going to dump billions of Canadian dollars down the rat hole of renewables/clean energy. 

Aside from the generalized content-free nature of this elitist mutual ass-licking, Bloomberg is wrong on several counts.  Ontario, for instance, has been plowing billions of dollars into its infrastructure for years now, Justin Trudeau had nothing to do with it.  Just ask anybody who's been stuck on the Gardiner Expressway anytime in the last five years. 

Second, Bloomberg says that the market has been reacting well to Trudeau's initiatives.  Poppycock.  The market is noticing that oil has bounced off its lows - West Canada Select is up 90% from its lows.  The Canadian dollar has rallied with oil but it remains depressed from 2015 levels after Trudeau reneged in grand fashion on his campaign promises to run "moderate" deficits.  Now elected, Trudeau's government will blow the doors off with massive deficit spending and all sorts of Keynesian nonsense.

Bloomberg's argument it nothing more than "he's young and he's liberal, so all looks good."  Sorry, that doesn't cut it.


Post a Comment

<< Home