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  #16081  
Old Posted Nov 10, 2019, 1:03 AM
casper casper is offline
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Originally Posted by Black Star View Post
Canada is doomed under Trudeau and headed for a recession says Kevin O’Leary.



The economic backdrop for Canada, already grim, is now looking even poorer under the new minority Liberal government, led by a re-elected Justin Trudeau, says Kevin O’Leary, chairman of O’Shares ETFs and star of the hit show Shark Tank.

“What is the definition of leadership if it isn’t to unite a country? Here’s a guy that’s so poor in executional skills, in strategic skills, in any kind of vision and leadership, and if I may be critical, he has destroyed unity in Canada because he doesn’t know what it means,” O’Leary told Kitco News.


https://youtu.be/DmSGQAgLGF4
For comparison lets look at the predictions after the 2015 election....
  1. Justin Trudeau won't survive his four years as prime minister
  2. Trudeau mandate is going to end in economic catastrophe
  3. The budget I see coming is going to be between $40 and $45 billion deficit (it was actually half that)


https://www.huffingtonpost.ca/2016/0...n_9325546.html

I don't he is credible.
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  #16082  
Old Posted Nov 10, 2019, 1:17 AM
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NetMapel NetMapel is offline
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A note to Western Canada: The rest of the country understands tough economic times

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In 2006, Ontario had more than 1 million manufacturing jobs. By the middle of 2009, it had about 750,000. Those jobs never came back; employment in the sector has hovered around that level ever since. One-quarter of the province’s long-standing economic lifeblood looks to be permanently gone.
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This happened at a time when Alberta, because of sustained strong oil prices, escaped the recession with barely a scratch and flat-out boomed thereafter. Its economy grew by more than 30 per cent from 2009 to 2014, its employment by 13 per cent, its per capita provincial government-program spending by more than 20 per cent.
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In 1992, Ottawa imposed a moratorium on cod fishing off the Atlantic coast, citing the near-extinction of several species due to overfishing. That ban, which continues to this day, effectively permanently shut down Newfoundland and Labrador’s cod fishery, the mainstay of the provincial economy for nearly 500 years. Overnight, the moratorium wiped out more than 35,000 jobs – roughly 15 per cent of the province’s labour force – most of them in hundreds of small fishing communities where there was essentially no other industry.
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In 1995, British Columbia (that other part of Western Canada that Alberta and Saskatchewan seem to have forgotten about in all their alienation talk) had more than 100,000 people directly employed by its forest-products industry, the historic bedrock of the provincial economy. Two decades later, employment had shrunk to half that. Towns all over the tree-rich province, from Port Alberni to Chetwynd, endured the devastation of mill closings. This long, painful downturn came during that same 20 years that employment in Alberta’s oil-and-gas-extraction industry more than doubled, to 110,000.
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  #16083  
Old Posted Nov 10, 2019, 2:54 AM
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Loco101 Loco101 is offline
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Originally Posted by misher View Post
Canada is extremely uncompetitive when it comes to business. Brining in people who make money elsewhere to live here and spend it is our economy. Until we fix our competitiveness don’t you dare try to go after the only thing making a profit.
I disagree with that. It really depends on the type of business as well. Most of the businesspeople I know are saying that things haven't been better. The biggest factor preventing businesses from being competitive is being able to find employees as unemployment is so low.
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  #16084  
Old Posted Nov 10, 2019, 3:03 AM
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Originally Posted by zahav View Post
I know some people who worked at Tolko, and this was absolutely not a shock to them, there have been so many layoffs before, and recently of course the shift cut. It is bad for these employees no doubt, but apparently Tolko has been looking to offload this property for a long long time, to consolodate operations in areas that aren't in the heart of Kelowna on the waterfront. So many forestry companies did this before, same reason all of the Vancouver ones left in the 90s, it made no sense having them there. People are resilient and will make due. When things stabilize, it will be the mills in smaller towns that will be back up and running because they can expand and modernize better and don't have a massive property worth a fortune to developers that sweetens the deal to close permanently.

I'd be interested to know how many of these laid off workers find something else soon. The closures have been going all year and have yet to make any difference in the employment numbers overall (the rate is still very low), but obviously that's a lot due to the number of employees in the forestry sector being small compared to the overall provincial employment numbers
We had huge losses of forestry jobs in Northern Ontario back in the 2000s and early 2010s. Luckily mining has done well since then and many of those laid off are now working for mining companies and contractors. It won't really be an issue for those laid off to find well paying jobs but they would have to be open to moving.
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  #16085  
Old Posted Nov 10, 2019, 4:34 AM
casper casper is offline
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Originally Posted by Loco101 View Post
I disagree with that. It really depends on the type of business as well. Most of the businesspeople I know are saying that things haven't been better. The biggest factor preventing businesses from being competitive is being able to find employees as unemployment is so low.
Lack of immigration is a major problem. In Vancouver and Victoria I know of a number of business turning away project because of the lack of skilled workers.
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  #16086  
Old Posted Nov 10, 2019, 4:47 AM
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Quote:
Originally Posted by Black Star View Post
Canada is doomed under Trudeau and headed for a recession says Kevin O’Leary.



The economic backdrop for Canada, already grim, is now looking even poorer under the new minority Liberal government, led by a re-elected Justin Trudeau, says Kevin O’Leary, chairman of O’Shares ETFs and star of the hit show Shark Tank.

“What is the definition of leadership if it isn’t to unite a country? Here’s a guy that’s so poor in executional skills, in strategic skills, in any kind of vision and leadership, and if I may be critical, he has destroyed unity in Canada because he doesn’t know what it means,” O’Leary told Kitco News.


https://youtu.be/DmSGQAgLGF4
LOL, Kevin "Sorry We Killed You With Our Powerboat" O'Leary.

Relegated to the dustbin of history.
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  #16087  
Old Posted Nov 10, 2019, 5:03 AM
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Struggling oil and gas industry to blame for cuts, closures at Edmonton truck dealership, president says

BY JULIA WONG GLOBAL NEWS
Posted November 8, 2019


Changes will soon be on the way for a business that has been in Edmonton for 35 years.

Edmonton Kenworth, a truck dealership with six locations in the city, will be cutting jobs and restructuring, and the company’s president said it is due to the struggling oil and gas industry.

President Gary King said business has been rough.

“We’re used, in essence, to doing double the volume we’ve been doing over the last five years,” he said.

King said the company is dependent on oil and gas, and he is blaming two levels of government for the struggles: the former NDP leadership in Alberta and the federal Liberals.

...

https://globalnews.ca/news/6148105/c...-gas-industry/
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  #16088  
Old Posted Nov 10, 2019, 5:16 AM
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Trans Mountain time-lapse video shows Burnaby pipeline work moving fast

Chris Campbell / Burnaby Now
NOVEMBER 9, 2019



On-water work at the Westridge Marine Terminal in Burnaby. Screengrab/Trans Mountain

Trans Mountain released a new video showing the pace of work so far on projects related to the pipeline in Burnaby.

Construction started up again on land at Burnaby’s Westridge Marine Terminal during the summer and more recently on the water.

...

https://www.burnabynow.com/news/tran...ast-1.24002725
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  #16089  
Old Posted Nov 10, 2019, 5:22 AM
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Quote:
Originally Posted by theman23 View Post
Kevin O’Leary is not a serious person.
And yet, he is wealthier than all this forum combined.
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  #16090  
Old Posted Nov 10, 2019, 6:28 AM
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Quote:
Originally Posted by Nicko999 View Post
And yet, he is wealthier than all this forum combined.
So is Donald Trump, let's all get on our knees and worship everything that comes out of his mouth

https://www.youtube.com/watch?v=5GqJna9hpTE
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  #16091  
Old Posted Nov 10, 2019, 7:27 AM
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Quote:
Originally Posted by casper View Post
Lack of immigration is a major problem. In Vancouver and Victoria I know of a number of business turning away project because of the lack of skilled workers.
This means that they were not offering market wages. An alternative interpretation is that they could offer to pay more or maybe their projects simply aren't economical in Vancouver or Victoria (the project value is lower than its cost). They might be uneconomical for a bunch of reasons that have nothing to do with the labour supply, like regulatory problems or simple poor productivity. "Fixing" these industries with more immigration leaves us with lower overall productivity and a poorer working class.
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  #16092  
Old Posted Nov 10, 2019, 8:21 AM
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Quote:
Originally Posted by Nicko999 View Post
And yet, he is wealthier than all this forum combined.
Kevin "Mr. Wonderful" O'Leary is a has-been hack who sold his soul to corporate America. For all intents and purposes, he really isn't Canadian or relevant in Canada anymore.
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  #16093  
Old Posted Nov 10, 2019, 8:49 AM
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Quote:
Originally Posted by Nicko999 View Post
And yet, he is wealthier than all this forum combined.
As is Jerry Sienfield. You sure grew up to be smort.
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  #16094  
Old Posted Nov 10, 2019, 9:07 AM
casper casper is offline
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Originally Posted by someone123 View Post
This means that they were not offering market wages. An alternative interpretation is that they could offer to pay more or maybe their projects simply aren't economical in Vancouver or Victoria (the project value is lower than its cost). They might be uneconomical for a bunch of reasons that have nothing to do with the labour supply, like regulatory problems or simple poor productivity. "Fixing" these industries with more immigration leaves us with lower overall productivity and a poorer working class.
That is a assumption and simplistic view of the labour market. These are the four examples I am aware of:

- Software company - struggling to get any django/python software developers. Turning away projects for CDN and US retails.

- Data analytics company - struggling to get anyone with an advanced degree or equivalent experience. Turns away projects for two large US aerospace companies.

- Roofing company - Could staff one to two more crews. The problem is LNG and pipeline projects consuming all available labour.

- Trucking company turning away work, since they can't hire sufficient drivers.

In all four cases if they turn away an applicant it is because of fit not salary expectations.

There is a serious lack of resources in this province.

It is not just skilled waged positions. A number of grocery stories in Victoria have been reducing the number of hours they are open due to a lack of resources.
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  #16095  
Old Posted Nov 10, 2019, 2:32 PM
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Originally Posted by whatnext View Post
LOL, Kevin "Sorry We Killed You With Our Powerboat" O'Leary.

Relegated to the dustbin of history.
"Dustbin of history?" What an odd analogy....

He's right....worst leader in the history of mankind.....couldn't unite 2 - 8 year old girls working a lemonade stand.....yet enough fools in this country voted for him....his charisma must have charmed all the ladies...no different than how Hitler used his.....
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  #16096  
Old Posted Nov 10, 2019, 4:14 PM
WarrenC12 WarrenC12 is offline
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Originally Posted by Nicko999 View Post
And yet, he is wealthier than all this forum combined.
Maybe I'm wealthier than the vast majority of this forum. Keep that in mind next time I spout something.
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  #16097  
Old Posted Nov 10, 2019, 4:15 PM
WarrenC12 WarrenC12 is offline
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Originally Posted by someone123 View Post
This means that they were not offering market wages. An alternative interpretation is that they could offer to pay more or maybe their projects simply aren't economical in Vancouver or Victoria (the project value is lower than its cost). They might be uneconomical for a bunch of reasons that have nothing to do with the labour supply, like regulatory problems or simple poor productivity. "Fixing" these industries with more immigration leaves us with lower overall productivity and a poorer working class.
I've heard "labour market shortages" in the Metro Vancouver area construction industry every year for over 20 years. I just tune it out at this point.
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  #16098  
Old Posted Nov 10, 2019, 4:27 PM
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Quote:
Originally Posted by casper View Post
That is a assumption and simplistic view of the labour market. These are the four examples I am aware of:

- Software company - struggling to get any django/python software developers. Turning away projects for CDN and US retails.

- Data analytics company - struggling to get anyone with an advanced degree or equivalent experience. Turns away projects for two large US aerospace companies.
Between 30-60% of Canadian graduates in computer science, software engineering and systems design engineering leave Canada for work. Pay more. All else being equal, a University of Waterloo CS grad is more skilled than a University of Hyderabad CS grad, so you'll get better talent.

If we only compete on medium-skilled talent for low prices, we'll never be at the vanguard of tech discovery and we'll always be relegated to performing back office work for multinationals.

Quote:
- Roofing company - Could staff one to two more crews. The problem is LNG and pipeline projects consuming all available labour.
Hire underemployed roofers from parts of the country experiencing an economic downturn in the trades, such as neighbouring Alberta. That's the handy thing about Canada - our provincial economies aren't ever in complete sync, so there's always a supply of domestic labour somewhere...

Also - maybe a bit simplistic in the short term - but lower immigration would lead to lower demand for new housing in the long term.

Quote:
It is not just skilled waged positions. A number of grocery stories in Victoria have been reducing the number of hours they are open due to a lack of resources.
Invest in self-checkout lanes and online shopping and collect services. Redeploy existing front line staff to less outsourceable jobs, like deli counter and stocking.

Quote:
- Trucking company turning away work, since they can't hire sufficient drivers.
Higher pay might lead to a lower demand for trucking services - which can't be entirely a bad thing. Anecdotally, we seem to have a lot more trucks on the road than other industrialized countries with a high material standard of living and similar levels of manufacturing. If anything, this would hopefully spur advancements in logistics, packaging and societal expectations about just-in-time delivery or obtaining pre-assembled products.

That's the thing about investing in technology rather than finding cheap labour: you actually stimulate the next generation of jobs and industries.
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  #16099  
Old Posted Nov 10, 2019, 4:44 PM
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Quote:
Originally Posted by SpongeG View Post
Struggling oil and gas industry to blame for cuts, closures at Edmonton truck dealership, president says

BY JULIA WONG GLOBAL NEWS
Posted November 8, 2019


Changes will soon be on the way for a business that has been in Edmonton for 35 years.

Edmonton Kenworth, a truck dealership with six locations in the city, will be cutting jobs and restructuring, and the company’s president said it is due to the struggling oil and gas industry.

President Gary King said business has been rough.

“We’re used, in essence, to doing double the volume we’ve been doing over the last five years,” he said.

King said the company is dependent on oil and gas, and he is blaming two levels of government for the struggles: the former NDP leadership in Alberta and the federal Liberals.

...

https://globalnews.ca/news/6148105/c...-gas-industry/
Therein lies part of the problem. If Alberta made trucks instead of selling trucks to Albertans made somewhere else those jobs would be far more secure. What's important to Alberta's long term prosperity isn't signs of a turn around in energy but signs of diversification of the economy.
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  #16100  
Old Posted Nov 10, 2019, 5:45 PM
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re: Kevin O' Leary, and his article.

Isn't he more self made then Trump?
I put more stock into whatever Mr. Wonderful says, even if he is a little colourful..Just cut through the BS.
Give most rational people 5 million or whatever Trump was given, and they can multiply it more easily then starting from scratch. Kevin is more self made in that regard. The old adage.."The first million is the hardest to make."

Whether he should be in politics and would make a good leader is a big question mark. He does have stuff to say though.
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