Stock tips from the PM
“I think there’s probably a lot of great buying opportunities emerging in the stock market as a consequence of all this panic.â€
– Prime Minister Stephen Harper, Oct 7, 2008, cited in the Globe from his CBC interview
The TSX index closed that day at 9829.55
Today’s close was 7724.76. Thus, the TSX has dropped 21.4% since Harper issued his “buy” recommendation.
OK, that’s for the index as a whole. I don’t speculate in the financial markets but I’d be interested if anyone can point out to me any single stock that has gained in value between Oct 7 and today. Just asking.
Wow, what a coincidence.
Of course, there are some:
Fairfax Financial Holdings (FFH)
George Weston (WN)
Loblaw Companies (L)
But in that same interview, Harper pointed to â€œoil stocks,â€ which are down.
Nice one, Steve. I guess great minds think alike!
Thanks for the contraries, Erin, though it is worth noting that George Weston owns Loblaws.
Indeed, although the two stocks do not always move in tandem.
In any case, your challenge was to name just one stock. 🙂
“The irony is that the slowdown may ultimately help the oil sands by reducing labour costs”. Of course we all know this is what’s really behind Harper’s delay in fiscal stimulus- ‘until next year’, and the slow help for the auto sector; a few media outlets have made clear that the ‘powers that be’ want to beat labour down first with lots of pain and fear of total closure. People have really had enough of these stupid games, i’m betting on labour to hang tough.
If labour and allies can retain wage support along with the demand for green public infrastructure and services, then we can actually shift away from oil to wind, sun, geothermal, buses, trains, enhanced public water/sewage, health care, education, social services while retaining decent pay. Otherwise, its the race to the bottom – minimum wages and fossil fuels.
ps. also sorry for the occasional gaps in comment posts- the internet wireless connection out here in the boonies times out frequently.
Some financiers, bloated with public offerings past and present, are waiting, perhaps encouraging the sell-off panic, for more fruit to fall. These bottom feeders will consume the shares of bankrupted competitors, merged consolidated corporations, and the retirement and education savings of spooked mom and pop investors…I’ll continue this rant in response to the foreign investor post.