$620M for Quebec manufacturers hit by loonie rise

CBC News ^ | November 23, 2007

[george76]

Quebec's Liberal government has announced a $620 million aid package for the province's bruised manufacturing sector.

The measures, to be rolled out over the next five years, will help Quebec companies and businesses adjust to the Canadian dollar's unprecedented gains.

Some $256 million of the money announced Friday in Montreal is new funding. The rest was previously included in Quebec's May 2007 budget.

Premier Jean Charest said the measures will help companies adapt to the rapid rise in the Canadian dollar.

"That the dollar rises so quickly is brutal for the Quebec economy," he said.

The upside has been lower prices for some goods. "I don't want to leave the impression that there are only disadvantages to the rise in the dollar,"

Quebec officials estimate some 24,400 jobs were lost in 2006 because of the fallout caused by the strong loonie. So far this year, as many as 36,700 jobs have been cut in the province.

The province’s "buy local" program won’t make much of a difference either, Taillon said.

The province’s largest unions also applauded the Liberal plan...

[Nervous Tick]

Ping!

So much for the “weak dollar” strategy... what happens when the customer’s socialist governments bail ‘em out?

[george76]

” Less painful Freepathons...”

http://www.cbc.ca/news/interactives/map-history-dollar/

by kanawa

[fanfan]

[george76]

[Brilliant]

Message to Canadians: Socialism doesn’t work.

[CanaGuy]

You Americans watching? This is how socialist governments start to control an economy. Government should never be in the business of business. How do they decide who to bail out? How much is awarded to each loser? How much more of our money will they need? When do you stop?

This is what drove the USSR economy into the mud....the constant fiddling and 'control' by incompetant bureaucrats. This whole thing stinks.

[BOBTHENAILER]

You Americans watching? This is how socialist governments start to control an economy. Government should never be in the business of business.

Yep, we're watching, and anticipating that a DemonRat government here would follow suit.

[x_plus_one]

Bailout = Tax increase for Canada = less money in the pocket...The 'weakdollar' is an economic boon for manufacturing in the USA. Manufacturing and the 'weakdollar' is driving the next economic boom in the US.

Buy stock in large caps, industrials and defense contractors... the chinese already have...

[Chode]

Atlas PUKED!!!

[george76]

[george76]

Ritter and his friends have already started.

By the DUmmies freezing much of the mils, property taxes will be up almost everywhere next year.

With his friday night union scam, 49,000 state employees can join a union and...

[taxed2death]

“Yep, we’re watching, and anticipating that a DemonRat government here would follow suit.”

______________________________________________________________

Ohhh, it won’t be too long now before GWB /Bernake cook up a plan to unload the sub-prime mess on the US taxpayers.

I give ‘em about three months...

[Kolokotronis]

Now that was a waste of money. As of right now the rate is $1.00 US to .989 Cdn. The difference is hardly worth measuring except that even at par, prices in Canada are so much higher than they are here that it will be a while before we go back to spending those long weekends in Montreal or Quebec City. Conversely, Canadians will continue to come down here to shop and play.

[BOBTHENAILER]

Ritter & co. will do to CO what Granholm did to Michigan..

[BOBTHENAILER]

I give ‘em about three months...

If'n your a bettin' sort, I'll take the opposite for $20 donated to FR. Bailout date will be on or before 4-1-08, for obvious reasons. That spots you about a month.

[Snowyman]

You Americans watching? This is how socialist governments start to control an economy.

What island have you been living on ? The US government already bails out to the tune of not millions , but BILLIONS .

You're right. It stinks.

[DManA]

Isn’t this a violation of NAFTA?

[george76]

As our generation of baby boomers retire, stop paying payroll taxes personally and matching payroll taxes paid by our small businesses, stop paying other earned income taxes to the feds and state ...

There will be a big shock as these tax revenues drop as fast as their new tax rates increase...

[fanfan]

Now that was a waste of money.

Yes, kind of like the Millions (Billions?) we've given to Bombardier.