Crash!

In just about an hour and a half Premier Christy Clark will unveil her full “Jobs Plan” with the Vancouver Board of Trade.

The timing isn’t the best because today the assembled guests are watching their companies tank on the TSX, S&P and the Dow as the Global economy is hit with more evidence that we are in a double dip recession.

It’s unlikely Clark will have the room’s full attention as tables of suits, Blackberries in hand, watch the value of their companies and holdings drain away.  At just after mid-day the TSX is off over 400 points, or over 3% of its value.  The Dow is running about the same.

And the big losers?  Energy and Mining stocks.  The big losers include all the names in those sectors:  Suncor, Barrick, Enbridge and Teck.  BC’s own Teck Corp. has suffered some of the largest losses with its shares losing 6% of their value.

Mining and Energy are two of Clark’s big targets for new jobs.  Not going to happen.

Worldwide the markets are moving into bear territory for one reason… and its not debt.  The markets are tanking because people aren’t buying their products.  The sell-0ff started with new European data on demand, pointing to a new recession.  It intensified with new higher than expected jobless claims in the U.S., again pointing to a new recession.

And when nobody is buying it means nobody is buying things made out of the commodities BC sells.

Copper (along with coal) Teck’s bread and butter is falling in price as Asian companies stop buying.  Coal has hit an unexpected low as demand falls amongst steelmakers.  The same is true for just about every commodity BC sells.

The news is no better in the energy sector.  Without BC Hydro, there are no buyers for BC’s run of the water energy companies.  And the news is no better for oil.

So the question for Clark is ‘what if you unveiled a non-stimulus based jobs plan and nobody came to play’?  What if, as is likely, she ends up with job losses instead of job gains at election time?

Despite all the ooing and awing she’ll face today in her controlled media event Clark is on very dangerous ground.  She has completely misread the direction of BC’s economy and the associated human needs.  Her government is looking for cuts with no room for stimulus, meaning more job losses.

Clark’s insignificant job plan is geared to 2020, not now. It would unlikely achieve much in the long run.  It will achieve nothing in the short run.  And the people who will pay for her inability to focus on the here and now are the average working people of BC.

Say hello to growing job losses and a spreading recession in Christy Clark’s BC.

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2 Responses to Crash!

  1. Gloria says:

    All of Christy’s credit for bringing jobs to BC, is nothing but a farce.

    The expansion of Prosperity Mine. Harper had left the back door open, right from day one, the expansion could be reapplied for.

    The liquid gas plant at Port Kitimat, was also planned by Harper and Campbell, long ago.

    Campbell and Harper had already planned to drill oil and gas wells, off BC’s coast. Watch for that too.

    Harper and Campbell worked on, the Port of Prince Rupert’s, port expansion to receive the large freighters.

    Harper and Campbell expanded the rail yard in Rupert, to be able to switch the yard, to send the goods from China, to Ashcroft BC.

    Harper and Campbell had the Ashcroft rail yard expanded, to accept the goods from China to be stored there. Until they have to switch the yards, to send the goods from China to where ever the goods destination will be.

    Christy has no right to take the credit for the jobs coming to BC.

    The rail yard in Prince George, Harper and Campbell had planned, to carry freight from all new mines going to Northern BC.

    The BCR, thieved and sold to the CNR by Campbell, is going to be revamped to connect to the CNR on the U.S. border, so goods from China and other goods from Canada, has easier access to the U.S.

    There is also, supposed to be a, super highway in Canada to connect up to the U.S.

    The new prison in Lumby BC was already planned.

    It remains to be seen, if there will be any ships built in BC. The ship building company in BC, is American.

    Christy had better protect our Rain Forests, that’s the home of the Spirit Bear, the home of the unique small wolves. We are sick to death, of the bears being hunted in the Rain Forests. That’s also where the channel is, that the dirty oil tankers from China will pass through. There in that channel are, our beautiful Orca and Humpback Whales. And thousand of other marine life species live there.

    There are salmon runs there too. The salmon are already being killed by, the dirty diseased fish farms, and the run of the rivers. The bears, eagles, wolves and thousands of wild critters, depend on the salmon for food. The First Nations, depend on the salmon and the food from the sea, to feed their family’s.

    Campbell utterly destroyed BC financially. Now they want to turn BC, into a polluted wasteland. There will be deadly civil disobedience, if the Enbridge pipeline, the dirty tankers and logging the Rain Forests comes to pass. There is far too much anger in this province as it is.

  2. tf says:

    Gloria, you are glorious!
    Right on sister!

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