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Joined: 02 Mar 2009
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Location: Ontario

PostPosted: Tue May 05, 2009 8:20 am    Post subject: 'Reverse Reaganism' Ontario to 'invest' up to $2B in busines Reply with quote

Ontario to 'invest' up to $2B in business
'Reverse Reaganism'; It's government as entrepreneur, Minister says

Lee Greenberg, Canwest News Service
Published: Tuesday, May 05, 2009

Brent Foster, National Post FilesMichael Bryant, Ontario's Economic Development Minister, says the province will invest in companies it thinks are winners.
Ontario's Liberal government is looking to get into business, says Economic Development Minister Michael Bryant, who yesterday heralded the dawn of a new era of government intervention.

"The state has got to be strategic and if that's the case, then we need to act as an entrepreneur and invest directly in businesses," Mr. Bryant told a luncheon crowd in Toronto.

"This is government choosing winners and losers. This is supposed to be the thing that governments weren't supposed to do. But this is the business that we are in."

Mr. Bryant called the new philosophy "reverse Reaganism," in reference to the former U. S. president who once declared: "Government is not the solution to the problem. Government is the problem."

"It's preposterous to imagine that government in this century or last century is not the most impactful institution in our day-to-day lives outside of the family," he said, calling the new role "government as entrepreneur."

Ontario last week joined the federal Conservatives and the U. S. government to announce a $15-billion loan to help Chrysler survive bankruptcy. In return for its $3-billion, Ontario and the federal government will receive a two per cent ownership stake in the new company.

Mr. Bryant said the province will now move beyond bailouts and will invest in healthy companies with growth potential. The government will draw from a $2-billion "fund of funds" to make the loans and to direct grants, he said.

"Just as companies go to banks and apply for dollars, companies come to the government of Ontario and apply for dollars," he said, without specifying what -- if anything -- the government will demand in return.

"We have a situation particularly in Ontario and Canada, where the multinational subsidiaries are in competition with their brethren to avoid the guillotine," he said. "So will it be the office ... or the plant or the operation in Tennessee, or will it be the one in Ontario? And governments have to play a role in assisting those companies in consolidation battles to survive. It's critical to survive."

But one leading observer says Mr. Bryant and his colleagues should think twice before embarking on the type of program outlined yesterday.

"I have no faith in the Ontario government's ability to conduct this kind of industrial policy," says William Robson, CEO of the CD Howe Institute.

"It hasn't worked in the past, and the world has not gotten any simpler or easier to predict since then."

Mr. Bryant said the new tack is a response to the massive U. S. stimulus package.

"Next door, our No. 1 trading partner -- they're in this business in a Walmart kind of way," Mr. Bryant told the Canadian Club of Toronto. "They are in this business not just as partners, but as competitors in this entrepreneurial battle."

Mr. Robson called that perspective short-sighted. He said U. S. President Barack Obama is "breaking the bank" with current subsidies.


Joined: 02 Mar 2009
Posts: 8332
Reputation: 279.6
votes: 3
Location: Ontario

PostPosted: Tue May 05, 2009 8:24 am    Post subject: Reply with quote

ontario liberals are going to pick winners and losers ?

and spend us even more into deficit , doesn't sound like a great idea and i wonder how many of these so called winners are really comapnies with liberal connections ? or who have donated money to the liberals .
there looks to be some room for alot of potential troubles with such a fund and a very strong possibilty that some of these companies might go and likely will go to great lengths to get this money .
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Joined: 29 Aug 2006
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PostPosted: Tue May 05, 2009 11:58 am    Post subject: Reply with quote

It is the Liberal way. Consumers don't know what they want or need. We need the government to pick which industries excel and which ones fail. If it weren't for the government Canada would have nothing but beer and popcorn factories.

Joined: 02 Sep 2006
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Location: Southern Alberta

PostPosted: Tue May 05, 2009 4:40 pm    Post subject: Reply with quote

'Reverse Reaganism'? Apparently the goal here is to openly embrace Socialism and get away with it by playing silly buggers with labels...

Joined: 27 Apr 2009
Posts: 130
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Location: Mississauga

PostPosted: Thu May 07, 2009 11:01 am    Post subject: Reply with quote

Brainless Bryant. i watched him babble his way thru Bill 132, ignoring all the professionals and even Canada Safety Council.
If the #'s are real, he's responsible for the slaughter of 4K dogs, the vast majoritj of them totally innocent of any wrong doing.
As far as the handouts go, fuel is over 4 bucks a gallon. If it stays there, nothing they do will change things, :roll:
iCan't wait for an election

Joined: 03 Mar 2007
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Location: Toronto - Scarborough Southwest

PostPosted: Thu May 07, 2009 12:29 pm    Post subject: Reply with quote

Michael Bryant, a future leadership hopeful in the Ontario Liberal party. He is known for his use of one-liners in the past.

This is a very troubling move, although the Liberal government in Ontario is only following the “Conservative” government in Ottawa.

Joined: 29 Oct 2006
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Location: Southwestern Ontario

PostPosted: Thu May 07, 2009 7:00 pm    Post subject: Reply with quote

'Reverse Reaganism' = Chinese commuism.
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'Reverse Reaganism' Ontario to 'invest' up to $2B in busines

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