Mr. Harb also had some words for Finance Minister Jim Flaherty.If your business model depends on a future supply of greater fools and the present supply actually realizes that, perhaps you need to find a new line of business.
“I have a developer in Ottawa who told me to tell you, governor, so you can tell the Minister of Finance, that it’s great about [interest rate] tightening but he told me ‘I couldn’t sell a condo cause everything came to a stop as soon of the Minister of Finance was talking about strengthening the borrowing and all of this stuff’.”
First, Mr. Carney set the senator straight. ”The Minister of Finance has to take many decisions, but that [interest rates] is not one.”
As for “your developer friend,” the governor said that “if the possible withdrawal of some considerable policy stimulus in Canada” is taken in context with any possible global and domestic risks, “and we would proceed with caution . . . [then] if that possibility means that his condominiums are unsaleable, perhaps his condominiums are unsaleable. Full stop.”
Saturday, April 28, 2012
If his condominiums are unsaleable, perhaps his condominiums are unsaleable. Full stop.
Carney’s ‘central-banker speak’ raises ire of Senators