Saturday, October 11, 2008

Renegades of Our Time And Age

Here is my take on the financial crisis at my long lost blog, Renegades! Read. Reflect. React.

Money quote:

But what were we preparing for during the Liberal years when they created a
contingency fund? Why did we care if we had high credit ratings during the years
Canada was flush with cash if we couldn't utilize our relatively low debt levels
to take on marginally more debt during a downturn?

The rainy day is here.

We need to loosen the purse strings to keep things going, and yes, possibly
run the risk of going into the red. I don't like it, but that is the reality of
the current situation. That doesn't mean wasting money, and it doesn't mean
opening the flood gates, but prudent government spending in a downturn will
stave off some of the worst of the affects of a crisis, but the time to spend is

That's riiiiight...Advocating a loosening of purse strings during a downturn. Not exactly revolutionary, but necessary.

Ideology can take a backseat to pragmatism during a crisis. Ideology is and will remain a luxury of the times of prosperity.

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