CTV’s Ottawa Bureau Chief Robert Fife, in his preface to his “question” (which sounded suspiciously like a tendentious little statement couched in a question) to Prime Minister Harper, just now:
“…people have lost anywhere from 20 to 30 percent of their stock portfolio…”
Preposterous. Junk journalism.
Bob Fife’s Stock Market Math (and Politics —wink!) for Idiots: “…people have lost anywhere from 20 to 30 percent of their portfolios…” So at a minimum, we have lost 20%. And at a maximum, 30%. Yes, all Canadians got into the market when it was at its exact highest point, then all sold at exactly its lowest, this week. Nobody bought in when it was 3% higher than today and lost 3%—and only on paper, by the way. Nope. They all bought high, and sold low. Canadians all lost between 20 and 30 percent. Nobody bought in on the day after the crash of 1987, or the dot-com crash near the end of the Clinton administration’s reign (starting as recently as 2000 and not stopping until 2002 under President Bush when it rose again). Nobody sold a few months ago and made 80% profits and have been sitting on the sidelines waiting for a new low point. And apparently nobody gained 20 to 30 percent in the market recently, as markets hit new historic record highs, as they did during Harper’s term as Prime Minister. And “people” haven’t gained several hundred percent over the last few years, as one or more of our family’s modest retirement investments has. And history ends today. There is no future. Have a nice day.
The more you know.
(And by the way, Harper’s answer was basically to get a grip, and think long term.)
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PTBC was founded by Mr. Johannesen in 2000.
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