I was able to watch a few minutes of the Soloman Show before heading to work on Wednesday, and I got a good laugh seeing Evan doing a big story on the Toronto Stock Exchange with Jack Layton as his "expert" witness. Yes because whenever there is news in financial markets, the first person that I want to hear from is Jack Layton (that was sarcasm if you didn't notice). In my own experience, I find that I very rarely agree with Jack Layton on financial matters. Okay so I rarely agree with him on any matters, but most especially financial ones, and he was Evan's go to guy on the TSX.
One person that I do trust on financial matters is Kevin O'Leary and he thinks that the merger with the London exchange is fantastic. It opens up Canadian equity to millions of new buyers, which will increase the value of Canadian companies. Others are trying to argue that we are giving up our "economic sovereignty", but that's absurd. Companies operating in Canada still have to play by Canadian rules, just like foreign companies who operate in Canada. Basically Canadian stock values are going to go up, meaning that anyone who owns any Canadian stock will see an increase in the value of their portfolio. Opposition to this initiative is naive.
Craig Alexander of TD was interviewed on Power Play. He was sounding in favour of it as well.
ReplyDeleteYeah Kevin O'Leary is hoping politicians don't muck things up. Good luck there Kevin.
Here’s what our PM in waiting thinks:
ReplyDeleteLiberal leader Michael Ignatieff said he thinks there's a "risk" that Canada could lose its control of its key stock exchanges, particularly in areas such as mining development, where it has been a "world leader.”
Control? What does that mean? The whole purpose of markets is to free it up from control. Besides in areas of mining development what does the stock exchange do? Does it drill drill drill? No, it provides cash for others to drill. Wouldn’t more access to cash be a good thing?
Furthermore Iggy never owned a stock and brags about that. So wouldn’t he be the last person to ask.
nomdeblog
It baffles me that the CBC would cite Jack Layton, the socialist leader of the NDP, as a financial expert on the TSX. What reality are they living in?
ReplyDeleteThe Dippers simply don't have financial intellect. They would be the worst protectionists imaginable as well indulging their union-ista buddies if they were in charge of decision making. Canada would have an electric fence with a 'Do not enter' sign.
ReplyDeleteThis discussion was had on PP too and it didn't sound like the Libs have decided where they stand on this initiative where the NDP (Mulcair in this case) have. It only make sense from a CBC ideological perspective that they would interview the closest thing to their pov, a socialist tax loving protectionist.
The Lang/O'Leary exchange is a good example of head-to-head ideas which are straight forward and well worth the read. As well, the TD has many excellent people who have solid ideas and a cranium containing substance rather than sawdust.
ReplyDeleteSoloman and his choice of so called "experts" leave much to be desired and certainly Jack Layton is not one of them. Lately the word sovereignty comes into play, which in most cases has absolutely zero to do with the subject at hand. I refer you to the merger of Canadian/American border agreement meetings that has just concluded, which Ignatieff says Canada will have to give up their sovereignty. He is another "expert" that talks through his hat, but hey, everyone perceives themselves to be an expert. In keeping with the times, let the real financial experts do the homework and present their professional views as opposed to wannabes, who have NO credibility whatsoever.
Politicians are a given to skew things into policy that are sometimes unreflective of the true direction they should be heading, no doubts there. Time will tell but I would hazard a guess this will come to pass with hopefully a true positive vision of the future.
This could be a win-win situation if the cards are played the right way!
Canada needs to keep and open mind and ever vigilant eye as we move forward on this one.
E Mac
E Mac, that was solid!
ReplyDelete