Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

American recklessness led to global recession: Canada

Canadian PM blamed non-conservative idea of living beyond one's means.

News18test sharma |

Updated:March 14, 2009, 10:44 AM IST
facebookTwitter Pocket whatsapp
American recklessness led to global recession: Canada
Canadian PM blamed non-conservative idea of living beyond one's means.

Toronto: In the first such attack by any western leader, Canadian Prime Minister Stephen Harper has blamed reckless American consumers and investors for leading the world into the current recession and said the marketplace is not the solution to the problems.

The prime minister of America's largest trading partner also found fault with President Barack Obama's stimulus package to kick-start the economy.

Speaking at a fund raising dinner in the capital Ottawa on Thursday night, the Canadian prime minister said the Americans were reckless in believing that they could borrow without consequences.

The Conservative (party) prime minister said, "We are in a global recession principally - and we have to face this - because a lot of people on Wall Street, because of a lot of people in the private sector more generally - homeowners or consumers - pushed or bought into a very non-conservative idea that they could live beyond their means.''

Harper, who was close to former president George Bush, said the Conservative philosophy of big-spending and big government was not to be blamed for the current crisis.

Harper said, "Regulators may have failed to prevent it but, in the end, it was a failure of the private sector to live according to the values we as conservatives know to be true.''

Obliquely criticizing Obama's stimulus package which raises taxes on those earning more than $250,000, the prime minister said had the opposition party (Canada's Liberal Party which is close to the Democrats in America) been in power here, it too would have raised taxes.

Canada would also have witnessed what is happening "in the States now,'' he said.

Harper said the welfare state was not the solution to all problems. "We didn't believe it before the recession. We are not about to start believing it now. But neither can conservatives believe today that the marketplace - that which I call Wall Street - is the solution to all problems.''

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Reliance 1,561.40 3.42
Bharti Airtel 442.05 0.61
Yes Bank 65.15 1.56
Vodafone Idea 7.00 15.70
IndusInd Bank 1,456.00 4.54
Company Price Change %Gain
Prime Focus 51.30 5.66
Reliance 1,560.75 3.37
Vodafone Idea 7.01 16.45
Larsen 1,383.85 1.35
Yes Bank 65.20 1.64
Top Gainers
Company Price Change %Gain
Zee Entertain 303.00 6.00
Sun Pharma 450.00 5.66
IndusInd Bank 1,455.85 4.53
BPCL 538.80 3.83
Reliance 1,561.10 3.40
Company Price Change %Gain
Sun Pharma 450.00 5.68
IndusInd Bank 1,454.90 4.51
Reliance 1,560.75 3.37
Maruti Suzuki 7,170.15 1.79
Yes Bank 65.20 1.64
Top Losers
Company Price Change %Gain
Bharti Infratel 241.90 -3.45
IOC 131.10 -1.43
Eicher Motors 21,466.95 -1.29
Kotak Mahindra 1,608.70 -0.93
NTPC 116.35 -0.85
Company Price Change %Gain
NTPC 116.55 -0.77
Kotak Mahindra 1,609.55 -0.85
SBI 328.20 -0.64
HCL Tech 1,129.50 -0.46
Bajaj Auto 3,152.00 -0.39

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results