Saturday, October 4, 2008

Garth Turner: Wrong too many times to be believed (Now with G&M article)

Some pray that Canada suffers a debilitating recession, and others preach only doom and gloom.

Well, they have an agenda to pursue, don't they?

The Toronto Star, of all places, puts things in perspective:

Yet the wider economy is doing well. The well-publicized loss of manufacturing jobs, concentrated in Central Canada, amounts to 353,000 jobs since 2002. But in that same six-year period, Canada generated a net increase of 1.5 million new jobs, and not only in relatively low-paying tourism and food service sectors but professional, scientific and technical services as well as the health-care and social-assistance fields. Average hourly wages were $20.41 in 2007, up from $17.66 in 2002. And unemployment figures for Canada and the United States are going in opposite directions. The Canadian jobless rate for last month was 6.1 per cent, down from 7.5 per cent in 2002. The U.S. unemployment rate also is 6.1 per cent, but that's up from the 4 per cent to 5 per cent range earlier in the decade.

So, whenever you hear someone crying out that the sky is falling, just remember, they also may have told you to buy Nortel stock:

In a Canoe "Money" chat room back on Sept. 27, 2000, Turner assured participants that the stock market was undergoing a mini-correction, that the Dow would hit 30,000 by 2006, and that "Nortel [then trading at $96.60] is a wonderful company and, given the recent decline, I think it is a strong 'buy.'" That day, the TSE closed at 10,250.

Real the whole article, it provides special insight into Garth Turner's financial acumen.

Cowboy boots and leather blazers distract you from my shortness



Anonymous said...

"...distract you from my shortness." Does this refer to shortness of brains?

Anonymous said...

To give Garth his due, back in the early 90s he strongly advised people to buy government stripped bonds at 10-11%; they're now down to 3.75-4%, so the capital gain on them has been enormous, and if they haven't been sold, they're still paying 10-11%.

Still, I suppose one swallow doesn't make a summer . . . =P

nbt said...

This is one MP I'm hoping we won't see after the election. And I'm not saying that as a partisan b/c I like a lot of other MPs across the aisle.

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