2/20/2009

The Alberta Disgrace II

Now the disgrace comes home to roost. This makes me so angry I could just.....just.....I don't know.....vote Liberal.

Yes it's that bad.

At least then I could live without the expectation of the government doing the right thing.

"The touchstone of their concern is the single largest pool of money under de Bever's control: the Alberta Heritage Savings Trust Fund. The fund was established 33 years ago to store up oil profits for the benefit of future generations. But successive Conservative governments first stopped funding it, then began skimming its profits. As of Sept. 30, it stood at $15.8 billion—20% lower than it was 20 years ago (adjusted for inflation). Now, with resource revenues poised to fall sharply and remain depressed for the next few years at least, Alberta could soon face humbling fiscal challenges it should have headed off when times were rosy. By the time de Bever has fixed AIMCo, the province could very well be mired in a full-blown fiscal crisis on par with that of the 1980s—leaving it no choice but to tap the Heritage Fund or run up massive deficits. It's hard to believe, but Alberta, the Wonderland of Canada—with its oil sands, no sales tax and debt-free balance sheet—has pissed away another oil boom." Sean Silcoff, Globe and Mail

Yes Mr. Silcoff it is hard to believe.

Very hard.

The question is how bad will it get?

Read the full Globe and Mail story here.

7 comments:

Jules said...

What a shame...Alberta's indeed a wonderland...gave me 10 really happy years, and her oil funded part of my education.

Solfest said...

There is no more dangerous animal in the world than a politician with a fist full of money.

We the people are to blame as we let them do it.

At some point in the history of democracies are we ever going to stop demanding lower taxes and more services?

That is the platform of every political party that gets elected.

The people of Alberta were given a gift, have we "hired" the right people to manage it?

This government was spending money so fast they determined they should "tax" the oil companies more to pay for it.

The oil and gas industry responded by moving capital to Saskatchewan and British Columbia. Now the Alberta govt is contemplating some sort of "bail out" for junior oil and gas companies.

Unbelievable.

Sandy said...

Sol,

Saw your rules on the "Five rules....". Interesting. Thanks for sharing. Good to know there are similar traders out here in the "Wild west".

Solfest said...

Thanks Sandy, do you have one product that you mainly trade or do you trade them all?

Sandy said...

Only one (NQ Mini Futures), on only one time frame.

Solfest said...

One time frame eh, (that's my first official eh on the blog) do I sense a critique, or a mere difference of opinion?

I love a hearty trading discussion. :)

Solfest said...

That's a bit of a drive for me Sandy. Maybe someday.

Thanks