Chill Out Jack

Jack Layton is either out to brunch (minus the cantaloupe) or is plain misleading.

We're all aware of the economic meltdown in the U.S. and the attempts by meddling politicians to prepare a care package to save and stabilize the markets.

The debate up here is whether we will see a similar crisis.

The answer is probably no. Never say never, so that's why I smartly used the word "probably."

Layton is leading the "Harper doesn't care and the Canadian market will crash" charge. Except he's not on a white horse but a donkey on this one. The Canadian economy will inevitably feel the pinch. I say inevitably because, well, close to 90% of our economy is tied to the American economy.

So some negative spill over should take place. It may even get painful.

More importantly, what Layton is deliberately overlooking (and I know he knows this) is that Canada's financial system is extremely regulated and stable. It's a completely different system than from the U.S.

Unlike one NDP rep (business simply isn't their strong suit) I heard say on the radio, the industry doesn't need more regulation. That's crazy, pointless socialist talk for its own sake. In fact, Canada's system is highly efficient and a model for the world.

Sit back. Let it ride. Don't sell. Drink some cider and ignore the prophets of gloom and doom.