Mark Carney to replace Justin Trudeau as the next prime minister of Canada
Mark Carney to replace Justin Trudeau as the next prime minister of Canada
Mark Carney has been elected as the new leader of the Liberal Party of Canada. Carney clinched victory decisively, on the first ballot.
Summary
Mark Carney has been elected as the new Liberal Party leader in Canada with a commanding 85.9% of votes, following Justin Trudeau's resignation.
The former Bank of Canada and Bank of England governor will become Canada's 24th prime minister within days.
In his victory speech, Carney took aim at both Donald Trump and Canadian Conservative Leader Pierre Poilievre, vowing to maintain Canada's tariffs until Americans "show us respect."
Carney, despite never holding elected office, enters leadership as Canada faces trade tensions with the U.S. and a potential early election. He must secure a parliamentary seat and finalize the transition with Trudeau.
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Is this good? For you guys? I hope so. Canada is now the guiding star.
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He has a PhD in Economics and was the head of the Bank of Canada and more recently the head of the Bank of England. So yeah……can’t think of a better resume to navigate us through a trade war.
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Worth noting he was head of Bank of Canada during the 08 crash and was pretty widely lauded for navigating it so well. So he's proven himself in a crisis.
Would I prefer someone further left? Of course, but as long as we live in a market economy we may as well have someone knowledgeable about it and who has at least expressed a desire to make it more fair.
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He at least won’t privatize your healthcare.
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According to this 2013 BBC article:
My conclusions? He didn't singlehandedly rescue the Canadians from the worst of the global financial crisis - he didn't really need to. But boy, did he win over the press.
This is a man who established a reputation as a "working-class hero" to many Canadians, despite having spent 13 years at Goldman Sachs.
I don't know anything about him, but given the current economic climate, I'm skeptical. Hopefully he's good for Canada, and can deal with the economic catastrophe Trump is creating.
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Compared to Pierre Poilievre (Maple MAGA forgone winner of the next election before Trudeau resigned)... 10000000000000x better
Overall? probably a bit better than usual
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I just heard that many companies are simply eating the tariff costs and going us only....probably spiraling into a path leading to their eventual demise and the loss of investor money. All this will hurt everyone in the US at some point if not already. But its just gonna hit real hard.
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Bank director as prime minister...
This will be bad in the long run.
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There's going to be an election this year, so he may not be PM that long.
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Well said.
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No, he pushed mass immigration, in order to derive what he calls economic growth as we trade homes back and forth for ever larger sums, as zoning and developer fees prevent new development.
Housing and rents doubled in 10 years as we did 4% population growth and bought 50% of mortgage bonds, all as he was a Liberal advisor. He's a champaign socialist like our NDP, and we have no real worker parties left.
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If your rents doubled while your population increase was only 4%, it sounds like immigration wasn't the issue, now was it?
Blaming poor people for the housing bubble is like blaming a fish for the rain. Look up.
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The problem is nimbyism, sprawled zoning, and large developer taxes used to lower property taxes; which is why matching immigration to housing completions is important, and an obvious thing to do if you care about the poor.
But people downvote criticism of their faux progressives. People got a whole 400$ in dental work as their rents doubled, wholly unfunded and paid with future austerity of course.
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I'm pretty sure Carney is onboard with tying immigration to housing. It seems like it's basically just consensus within Ottawa at this point.
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Matching population to available housing... Seems a little cart-before-the-horse. In your opinion what is the motivation to build housing, since we are controlling the demand not the supply?
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There's always some being built but not ready to go, so depending on the exact requirement in place it doesn't exclude massive growth.
Actually, if it was literally letting in an immigrant family for every empty house on the market, you'd still get prices skyrocketing. To achieve the policy goal of continuing growth without sparking a cost crisis and a backlash, you have to leave room for domestic growth in demand, and maybe the effect of the other various push and pull factors on immigration. How exactly you do that, I don't know. It's probably pretty complicated.
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Profits are why developers build housing, for consumers its an inelastic good obviously.
We have simply made land costs too valuable via regressive zoning and greenbelt, alongside the slow bureaucracy, poor mass transit. Then you have high developer taxes as I mentioned, which directly erode profit.
When supply is diminished and debt is cheap it becomes a liquidity sponge where supply doesnt increase to match capital, and people speculate on rising values like they do Bitcoin or gold, except with cheaply borrowed money that is insured and a liability to our own government as they buy half of all mortgage bonds.
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Our population increased by 10 million during Trudeau. As a homeowner I'm not complaining lol
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Because it increased house prices? I'm a home owner myself but fail to see how that's good for anyone; unless you own multiple properties.
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It's just 4 million, actually. It was almost 36 million in 2015 and it's just over 40 now.
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No, he pushed mass immigration
When? as the head of the Bank of Canada under Harper?!
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The last 5 years he's been advising Trudeau.
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where does it say that in the link you posted? looks like just another think tank
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Oh. I'm sorry. I guess then pay attention as to how trump's story goes. I don't know now how it's going to go. I hope to be dead by then.
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Id guess it knocks over Canada's housing bubble they built, and we have a lost decade like Japan due to trillions in misallocated capital.
Its mainly full recourse loans as well, its incredibly irresponsible to do mass immigration and stoke demand to distort the market. Its almost like they wilfully broke our country to push climate policy, I can't see any other way to explain it.
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