Canadian PM blames US financial woes on 'irresponsible' policies
Agence France-Presse | 10/03/2008 12:04 PM
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OTTAWA - Canada's Prime Minister Stephen Harper on Thursday blamed the current US financial crisis and its worldwide fallout on "irresponsible" policies.
"The economic and financial mess in the US is disastrous and the policies have been irresponsible," Harper said during a televised political debate ahead of an October 14 vote.
"In the US right now, let's be clear, they are bailing out the banking system because of misregulation. We are not doing that in Canada," he said, dismissing accusations his Conservative government has not done enough to bolster Canada's slowing economy.
Harper's comments come one day after the US Senate approved a 700-billion-dollar Wall Street rescue package designed to stem the financial crisis. The bill faces a vote in the House of Representatives Friday.
"Obviously, economic uncertainty is the big question of the election," said Harper. "Canadians are worried about the volatility in markets. And what leaders have to do is have a plan and not panic."
The prime minister pointed out that Canada has not followed the same policies as the United States, resulting in a federal budget surplus, debt repayments and a stronger mortgage and housing sector.
"We took actions early to ensure we had ... good regulation of our financial institutions and didn't have the sub-prime crisis and we're not bailing out big companies in Canada," he said.
Harper's rivals accused him of glossing over a possible spillover of US economic and financial woes across the border into Canada, which is the United States's largest trading partner.
On Thursday, the Toronto Stock Exchange was down 6.95 percent, or 813.97 points, to close below 11,000 for the first time in two years, at 10,900.54.
"It is like don't worry, be happy," said Bloc Quebecois leader Gilles Duceppe of Harper's attitude on the economy.
"The economy is not fine," said leftist New Democratic Party leader Jack Layton.
Polls have so far indicated a preference for Harper at the helm during uncertain economic times.
His main rival Liberal leader Stephane Dion meanwhile has struggled to make inroads in this election touting the largest tax shift in recent Canadian history, proposing to massively cut income and corporate taxes to offset a new pollution tax.
Critics have accused Harper of promoting policies that have benefited western Canada's booming oil and gas sector while its eastern manufacturing sector struggles with massive job losses.
In the debate, Harper, Dion, Layton and Green Party leader Elizabeth May also squabbled over climate change, health, crime, Afghanistan, taxes, trust in politicians or lack thereof, and arts and culture funding.
Dion promised "more fun in Canada" by boosting arts funding.
Harper said the US invasion of Iraq "was absolutely an error," reversing his past stated support for the war. "It's obviously clear the evaluation of weapons of mass destruction proved not to be correct."
And when arguments got a bit too heated, the moderator invoked the US vice-presidential debate taking place at the same time, saying: "Guys, I'm trying to make sure Palin and Biden don't take our audience."
