David Held, Models Of Democracy, Third Edition, p. 251
It was Wednesday afternoon last. The time was 3:30 p.m., and the Oracle of Ottawa was quite enjoying watching the close of the trading day on the BNN network. It was a hell of a nice rally, well over seventy points, and there seemed to be "legs" for more before closing time at 4:00 p.m..Then out of the blue, BNN decided it would be nice to cut live to the Senate Banking Committee, where the head of the Bank of Canada, Stephen Poloz was giving the scheduled update to the august Senators and members of Parliament.
|Bank of Canada|
It was the young and ardent Nathan Cullen that was asking the questions, and the Oracle of Ottawa was quite impressed at how pointed they were, while Stephen Poloz was not so much impressed. As he started to struggle to give an answer that matched the intelligence of the question, the Oracle of Ottawa could see that the market had already decided for the depth of Stephen Poloz' answer. Much to the horror of the Oracle of Ottawa the market shed over twenty points of the rally as the august Governor struggled. What really killed was the anxious grandma hand ballet, as you could sense the hapless Governor's frustration. Yes Dear Reader, the Bank of Canada has it's very own version of Joe Oliver.
Now Stephen Poloz is no Mark Carney. And as we all know Mark Carney is one of the elite. There is no dispute about that anywhere in the world today. The man had (has?) charisma. While Stephen Poloz is just someones brat. For all those that know of such things, the main reason that Mr. Carney had to bail from the Bank of Canada gig was that he made the boss and minions of the 'Harper Government' look like what they truly are, a bunch of hay seed rubes from Ducks Ass, Alberta. And of course, you guessed it, the 'Harper Government' is much more comfortable with Stephen Poloz.
Now the Oracle of Ottawa will concede that a lot of this rally loss was really caused by Nathan Cullen, who never meet a briefing book that he didn't like and read from the first page to the last. The Oracle of Ottawa can find no fault. But the Oracle realized that he is paying the Governors salary as it is with his tax dollars, the Oracle sees no reason why his stock portfolio has to also chip in!
The Oracle of Ottawa knows perfectly well that it is all right to bitch, but the real thing is to propose a solution. And the solution is Dear Readers, that the present Bank of Canada Governor should not be allowed to give testimony or attempt to give testimony while the capital markets are actually open. The Bank of Canada Governor should only be questioned after the markets are closed, that is in the evenings. Just like a government bringing down a budget.
Soon there will be the next Trudeau government. There will be a new Governor of the Bank of Canada at the first opportunity. The Oracle of Ottawa can only suggest that the present Bank Governor book his mover now to avoid the rush of the soon to come exodus of conservatives from Ottawa.