From Yahoo Canada News:
Canada's PM says mother has market jitters too
Wed Oct 8, 4:04 PM
OTTAWA (AFP) - Prime Minister Stephen Harper invoked his mother on Wednesday in a bid to deflect criticisms that he is out of touch with Canadians concerned about stock market slides and economic uncertainty.
Pursued over comments this week that a falling stock market presented buying opportunities for investors, Harper said: "I understand that the opposition parties want to talk about pessimism, about panic on the stock markets, but that doesn't help the situation."
Harper acknowledged that Canadians were upset about "big losses" in recent weeks.
"I know that because ... my mother is one of those people and I hear about it every single day," he said.
"She's the person closest to me who is most worried about the stock market these days. And, believe me, I get quicker updates from her on the stock market than I do from the Department of Finance," said Harper.
"But," he added, "what is the government to do about that? What does a prime minister do about that?"
On Monday, the Toronto Stock Exchange saw its biggest one-day drop in more than two decades. Since the start of the year, the S&P/TSX Composite Index has lost more than 25 percent of its value.
Canada's third largest bank meanwhile said in a report that Canada and its biggest trading partner the United States were on the verge of a recession that could persist well into 2009.
The International Monetary Fund offered a slightly more optimistic forecast on Wednesday, saying Canada would be the only G7 nation to see its economy grow by more than one percent next year.
But it was not enough to quell jitters that again sank the Toronto Stock Exchange in early trading as central banks stepped in to lower rates around the world.
Opposition parties meanwhile hammered Harper on his "stay the course" plan, accusing him of glossing over fears of a possible spillover of economic and financial woes into Canada.
"Rather than acknowledging the fear and hurt being felt by Canadians, Stephen Harper said yesterday that he saw buying opportunities in the stock market," said Liberal leader Stephane Dion.
"He is completely out of touch with the impact the current economic turmoil is having on the lives of everyday Canadians," he said.
Harper shot back: "We know that people are worried and they have a right to be worried about what's going on in financial markets."
"The point I'm trying to make is that governments do not get caught up in stock market panic and pessimism."
Rather, governments must focus on long-term economic plans, he said.
In the interim, Harper urged Canadians "not to panic ... and we will get through this."
http://ca.news.yahoo.com/s/afp/081008/canada/canada_vote_family
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The Average Joe is less concerned about the stock market than what the general economic crisis will mean for their job, retirement, ability to get a mortgage, etc. If all Harper can muster is getting stock tips from his mom instead of thinking and demonstrating how he can manage the coming rise in unemployment, bankruptcies and such, he is quite frankly more out of touch than one can image.
AoD