WEBVTT - Trudeau: oil regions in Canada face difficulty

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<v Speaker 1>This is Bloomberg Surveillance. You can think of cash as

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<v Speaker 1>effectively a very very short duration asset. The problem is,

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<v Speaker 1>right now it's not very attractive. What change does the

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<v Speaker 1>US need more than anything else economically? I would argue

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<v Speaker 1>tax me for a pretty poor way to judge the

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<v Speaker 1>strength or lack there of, of a once vibrant American

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<v Speaker 1>economy and say we're doing better than Japan or Europe,

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<v Speaker 1>which are not growing at all. Bloomberg Surveillance your link

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<v Speaker 1>to the world of economics, finance, and investment on Bloomberg Radio.

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<v Speaker 1>Good morning everyone, Michael McKee and Tom Keane in this

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<v Speaker 1>hour a conversation with a twenty three Prime Minister of Canada,

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<v Speaker 1>Justin Trudeau. Of course, with the heritage of the family

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<v Speaker 1>across all of Canada. Trudeau with degrees from McGill and

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<v Speaker 1>from the University of British Columbia, including working and studying

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<v Speaker 1>in engineering and environmental geography. UH, the Prime Minister has

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<v Speaker 1>made a significant splash across all of international politics and

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<v Speaker 1>economics as well. John Minichols Waite will have that interview

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<v Speaker 1>for us here in a moment Bloomberg Surveillance in a

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<v Speaker 1>four X brief that will be calmer than it would

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<v Speaker 1>have been an hour and a half ago. Um, the

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<v Speaker 1>four X brief has always brought you by interactive brokers

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<v Speaker 1>and we thank them for their support. Doll again one

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<v Speaker 1>eleven sixty nine. That's a stronger yet, but nothing like

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<v Speaker 1>it was an hour and a half ago, where it

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<v Speaker 1>was a solid one ten. We've come back to one

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<v Speaker 1>eleven year, one thirteen oh three in the emerging market currencies,

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<v Speaker 1>and clearly looney, which is not an emerging market, but

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<v Speaker 1>with the commodity challenges of Canada, Canada was a one

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<v Speaker 1>nine handle. That's remarkable coming down from one forty and

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<v Speaker 1>right now, excuse me, the looney Michael McKee one thirty

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<v Speaker 1>uh sixteen as well. So there is our foreign exchange

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<v Speaker 1>report the morning, yea, and the Lunei as it as.

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<v Speaker 1>As the morning goes on, it is all of a

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<v Speaker 1>sudden become very fashionable to talk about Canada, uh and

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<v Speaker 1>what's going on there. They suffered tremendously from the drop

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<v Speaker 1>in oil prices and the Lunei falling right along. Yeah,

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<v Speaker 1>I I think that in my I know for certain

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<v Speaker 1>that you and I are guilty of conflating culture and

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<v Speaker 1>nation across the border. Of course, as you all know,

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<v Speaker 1>this is the Hockey Network, and Mike and I have

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<v Speaker 1>a real predilection to hockey. But but it's not funny.

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<v Speaker 1>The provinces are more discreet and there's a unique politics.

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<v Speaker 1>And as I mentioned this morning the Dutch disease, there

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<v Speaker 1>is an economic rigidity that they have with hydrocarbons in

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<v Speaker 1>the West and the industrial East, and what Vancouver's doing

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<v Speaker 1>that is very, very different, very different. They try to, um,

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<v Speaker 1>they're trying to overcome that, but it's true of of

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<v Speaker 1>hydrocarbon and natural resource countries in general that those tend

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<v Speaker 1>to dominate. They're getting ready for the interview. Um, it

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<v Speaker 1>looks like they're not quite ready yet for for Justin Trudeau.

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<v Speaker 1>But he's here and we will be uh talking with him.

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<v Speaker 1>John Mickelpoint will be talking with him shortly. And I'm

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<v Speaker 1>sure that John, you mentioned the Hockey Network, would not

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<v Speaker 1>be so rude as to point out that no Canadian

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<v Speaker 1>teams are in line to make the playoffs right now,

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<v Speaker 1>you know, the Toronto the Toronto maple Leafs are I

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<v Speaker 1>would suggest a ten year building plan which perhaps after

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<v Speaker 1>he serves as Prime minister, he could take the head

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<v Speaker 1>coach job of his choice across the NHL. That would

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<v Speaker 1>help out as well. To review the currency, folks. And

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<v Speaker 1>I've done this chart uh many times. We'll put this

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<v Speaker 1>out on Bloomberg Radio plus here, I'll run it on

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<v Speaker 1>television tomorrow. Is well, the basic idea of dollar Canada

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<v Speaker 1>is a weaker Canada uh years ago towards his father's

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<v Speaker 1>tenure than his father left office. I'm gonna eyeball it

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<v Speaker 1>in the the early eighties. And then the dollar, the

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<v Speaker 1>Canadian dollar got even weaker, uh right now. And then

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<v Speaker 1>we had the huge dollar Canada boom off commodities and China,

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<v Speaker 1>and they've given up a good portion of that in

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<v Speaker 1>the recent oh eighteen months or so. Right now, we

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<v Speaker 1>need to synthesize quickly here what we see in foreign

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<v Speaker 1>exchange today and in central bank news into our equity

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<v Speaker 1>markets here quickly is David Wilson, Good morning, Good morning

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<v Speaker 1>Tom up. Oh absolutely, I mean Caterpillar was definitely a

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<v Speaker 1>stock to watch in early trading, Dan about two and

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<v Speaker 1>a half percent, the biggest maker of construction and mining machinery,

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<v Speaker 1>said first quarter earnings and sales will trail analyst estimates.

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<v Speaker 1>Commodity producers are cutting capital spending by billions of dollars

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<v Speaker 1>because of lower prices for their products. Mondoliese International also

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<v Speaker 1>down two and a half percent. Billionaire investor Bill Ackman's headspun.

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<v Speaker 1>Pershing Square Capital reduced its steak in the food maker

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<v Speaker 1>through an eight hundred and twenty four million dollar share

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<v Speaker 1>sale Pershing Sentence. Mondoleese Holding became an outside position after

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<v Speaker 1>a plunge in shares of Valiant Pharmaceuticals UH, and the

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<v Speaker 1>fund's net asset value is down twenty six point four

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<v Speaker 1>percent this year. On the other hand, you've got FedEx

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<v Speaker 1>shares higher. The package delivery company's profit and remedy for

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<v Speaker 1>the fiscal third quarterbeat estimates. FedEx raised its full year

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<v Speaker 1>earnings forecasts, and the company expects to cut costs by

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<v Speaker 1>more than one point six billion dollars after completing a

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<v Speaker 1>takeover of Europe's t n T. FedEx at the moment

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<v Speaker 1>up almost six percent in early trading. Office Depot also higher.

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<v Speaker 1>Amazon dot Com is earning the office supply chains corporate businesses,

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<v Speaker 1>according to The New York Post, citing a person from

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<v Speaker 1>the of an unnamed activist investor who bought a stake

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<v Speaker 1>in Office Depot because that company a takeover target for

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<v Speaker 1>Staples and UH at the moment office depot up about

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<v Speaker 1>seven percent. Some other stock moves Jable Circuits higher and

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<v Speaker 1>UH that's a result of fiscal second quarter results that

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<v Speaker 1>beat estimates. Also their forecasts exceeding projections. Company is a

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<v Speaker 1>contract manufacturer of electronics. Williams Sonoma is also up. I

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<v Speaker 1>should say down. Actually the House Squares retailer with fiscal

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<v Speaker 1>fourth quarter earins in remnue that we're lower than estimates.

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<v Speaker 1>The powermaker Gas is lower with an unexpected loss with

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<v Speaker 1>the fiscal first quarter. That's their forecast anyway. On the

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<v Speaker 1>other hand, the arts and crafts retailer Michaels is higher. UH.

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<v Speaker 1>Their fiscal fourth quarter profit in sales exceeded estimates, and

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<v Speaker 1>International Game Technology I D i g T also up.

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<v Speaker 1>Fourth quarter earnings and sales at the maker of casino

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<v Speaker 1>and lot of re equipment beat projections. The Caterpillar one

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<v Speaker 1>really caught my eye this morning because obviously it had

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<v Speaker 1>a big market impact when the headlines hit that they

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<v Speaker 1>were cutting their first quarter earnings, but they are reaffirming

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<v Speaker 1>their full year earnings. UH forty two billion and three

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<v Speaker 1>fifty to four dollars in earnings per share, which suggests

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<v Speaker 1>to me that they're seeing a bad first quarter, but

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<v Speaker 1>they don't think the year is gonna be that bad.

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<v Speaker 1>Things may get better as time goes on. It's a

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<v Speaker 1>matter of anticipating a turnaround. And you actually see that

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<v Speaker 1>more broadly, Michael, in the numbers for the Standard and

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<v Speaker 1>Poor's five hundred people looking for a first quarter decline

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<v Speaker 1>in earnings, little change to the second quarter, and then

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<v Speaker 1>rebound in the third. David Wilson, thank you so much.

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<v Speaker 1>So we're gonna have a conversation with John michaels Waite

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<v Speaker 1>or under in Chief, with the Prime Minister of Canada.

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<v Speaker 1>And right now we're looking for introductions here from our

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<v Speaker 1>Jason Kelly at our New York head corners. Uh. This

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<v Speaker 1>is the twenty third Sime Minister of Canada with John

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<v Speaker 1>michaels wag. Um, justin to thank you for talking to

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<v Speaker 1>Bloomberg where live on Bloomberg Radio and television around the world. Um,

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<v Speaker 1>let's start with the economy. Canada has never done very

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<v Speaker 1>well when commodities are doing badly. Camody is doing badly. Now,

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<v Speaker 1>where do you hope growth is going to come from? Well,

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<v Speaker 1>there's no question that the oil prices were very good

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<v Speaker 1>on water as well, not soil. Um. The oil prices

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<v Speaker 1>are are certainly impacting on a number of regions in

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<v Speaker 1>our country that have seen tremendous growth and contribute contributed

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<v Speaker 1>significantly to Canada's overall economic growth in in meaningful ways

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<v Speaker 1>over the past ten years. Now with the prices falling,

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<v Speaker 1>those areas are going through difficulty. But as as we

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<v Speaker 1>have to understand the pivot that climate change is going

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<v Speaker 1>to require of us, we need to be diversifying, investing

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<v Speaker 1>in the opportunities that that that highlight the the climate

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<v Speaker 1>change isn't just a challenge, it's it's an opportunity. So

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<v Speaker 1>right now we're looking at a frame in which UH,

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<v Speaker 1>with interest rate slow, with our debt to GDP ratio

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<v Speaker 1>being down around thirty one UM, and a need for

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<v Speaker 1>investment in our economy, there's there's an opportunity to get

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<v Speaker 1>those out of work, uh you know, construction jobs in

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<v Speaker 1>the in the oil industry for example, to work at

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<v Speaker 1>building municipal infrastruys or a country. I just thinking, is

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<v Speaker 1>there a country you would like to replicate or is

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<v Speaker 1>there an error in Canada's history you'd like to take

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<v Speaker 1>take Canada back to we'll see his inspiration. I think

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<v Speaker 1>you know, everyone is in in Western economies is thinking

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<v Speaker 1>about the client of the middle class. The challenges you know,

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<v Speaker 1>the post war boom years where the middle class was

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<v Speaker 1>doing well and therefore the economy was doing well. Uh,

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<v Speaker 1>seem a long way away in that question, how do

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<v Speaker 1>we create an economy in which the largest number of

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<v Speaker 1>people have the best possible jobs, understanding that income inequality

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<v Speaker 1>can be a drag not just on success for the

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<v Speaker 1>middle class, but on the overall growth profile of the economy. Uh.

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<v Speaker 1>You know, that question and how to solve it is

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<v Speaker 1>one that is being challenged around the world now. A

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<v Speaker 1>lot of people are on the austerity side, thinking that,

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<v Speaker 1>you know, we have to control a government spending UM.

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<v Speaker 1>Canada's positioning itself on the investment side of that. This,

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<v Speaker 1>this idea that confident, optimistic countries will invest in their

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<v Speaker 1>future is really very much what we're we're focused on. So,

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<v Speaker 1>whether it's investing in innovation around clean tech, around renewable energies,

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<v Speaker 1>around startups and and the knowledge economy, whether it's investing

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<v Speaker 1>in roads and bridges and hospitals and and the kind

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<v Speaker 1>of infrastructure that's going to lead to both quality of

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<v Speaker 1>life and better productivity in the coming years. We think

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<v Speaker 1>that this is a great opportunity to be to be

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<v Speaker 1>building for the coming coming decades. You've talked my investment

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<v Speaker 1>or lot and you've just talked about it again then.

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<v Speaker 1>But a lot of people look at Canada's economy. You've

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<v Speaker 1>got a budget next week. They see economy. It it's

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<v Speaker 1>only growing by one and a half percent a year,

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<v Speaker 1>and they think that needs stimulus, not long term spending

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<v Speaker 1>light infrastructure. Your government seems unable to mention the word stimulus. Well,

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<v Speaker 1>I mean a stimulus. We had a massive stimulus package

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<v Speaker 1>and I'll say stimulus as many times as you like.

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<v Speaker 1>Uh in uh a following following the recession at the

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<v Speaker 1>way that the two thousand and eight thousand nine recession,

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<v Speaker 1>and you know, we're talking at eighty billion dollars. There's

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<v Speaker 1>such an in debt uh that we had kicked off

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<v Speaker 1>with um. This is much more modest, much more responsible.

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<v Speaker 1>What we're what we're looking at is not so much

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<v Speaker 1>trying to jolt the economy into life as try to

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<v Speaker 1>lay the found work, the groundwork and the foundation for

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<v Speaker 1>better growth, better productivity over the long term, and not

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<v Speaker 1>just an instant influx of the need for an instant

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<v Speaker 1>I think, I think the challenge when you're trying to

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<v Speaker 1>you know, shovel money out the doors, it doesn't always

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<v Speaker 1>get spent on the right things. For example, what we've

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<v Speaker 1>decided on our on our infrastructure spend, which is going

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<v Speaker 1>to be a massive expenditures investments in infrastructure over the

0:12:06.360 --> 0:12:09.199
<v Speaker 1>next ten years. The first two years, we're going to

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<v Speaker 1>do the unsexy things that governments you hate to announce,

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<v Speaker 1>recapitalization of infrastructure, um, you know, maintenance upgrades, the things

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<v Speaker 1>you don't get the class needed, and not sending it

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<v Speaker 1>to wealthy families like mine. And that's that's very clear.

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<v Speaker 1>On old aged security. UM. Actually, there's a there's a

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<v Speaker 1>nice parallel here. Uh. My predecessor went to Davos and

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<v Speaker 1>announced in a Bloomberg interview that he was going to

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<v Speaker 1>be raising very wisely. Uh there's a reviews are mixed

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<v Speaker 1>in Canada on how wise this was of announced he

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<v Speaker 1>was going to raise the age at which you reached

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<v Speaker 1>old aged security uh at to sixty seven from sixty five.

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<v Speaker 1>And we think that was a mistake and I certainly

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<v Speaker 1>campaigned against it, but I'm happy to confirm here in

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<v Speaker 1>New York in a blue Berg interview that next week's

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<v Speaker 1>budget will feature that we will confirm that we are

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<v Speaker 1>keeping the old retirement age at sixty five because how

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<v Speaker 1>we uh not raising into sixty seven? Because how we

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<v Speaker 1>care for our most vulnerable in society? It is really important.

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<v Speaker 1>But don't you worry about that? In a sense most

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<v Speaker 1>you look around the world, most people are gradually pushing

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<v Speaker 1>out um the age at which people can take pensions.

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<v Speaker 1>With the age at which people would take these benefits

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<v Speaker 1>you're running against most economists would push forward. Well, I

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<v Speaker 1>think the sense is that just you know, tweaking the

0:13:34.840 --> 0:13:39.840
<v Speaker 1>age like that is a very simplistic solution that won't

0:13:39.880 --> 0:13:44.080
<v Speaker 1>work to a very complex problem. How do we encourage

0:13:44.160 --> 0:13:47.760
<v Speaker 1>people to stay active as members of the workforce for longer.

0:13:48.240 --> 0:13:50.240
<v Speaker 1>How do we make sure that we're you know, creating

0:13:50.240 --> 0:13:53.880
<v Speaker 1>the opportunity to stay healthy longer. How are we encouraging

0:13:54.280 --> 0:13:58.240
<v Speaker 1>a link and mentorship between our older citizens and the

0:13:58.320 --> 0:14:01.000
<v Speaker 1>younger citizens who need to have all the capacities they

0:14:01.000 --> 0:14:03.960
<v Speaker 1>can if they're gonna you know, be created the success

0:14:04.000 --> 0:14:07.080
<v Speaker 1>needed to support our aging demographics. All those things together

0:14:07.679 --> 0:14:09.720
<v Speaker 1>means there's a lot of discussions to have. We're gonna

0:14:09.760 --> 0:14:14.240
<v Speaker 1>be working on increasing the Canada pension Plan. So there's

0:14:14.280 --> 0:14:17.560
<v Speaker 1>a bundle of things to look at. But the place

0:14:17.640 --> 0:14:21.240
<v Speaker 1>that we are, uh, you know, returning to because it

0:14:21.280 --> 0:14:23.120
<v Speaker 1>was a mistake to bounce it up to sixty seven,

0:14:23.280 --> 0:14:25.560
<v Speaker 1>is we're starting from sixty five. But that's in general.

0:14:25.600 --> 0:14:28.000
<v Speaker 1>I'm just thinking whilst you were talking, you look at Europe.

0:14:28.040 --> 0:14:30.880
<v Speaker 1>The sort of things that places like France get criticized

0:14:30.920 --> 0:14:34.320
<v Speaker 1>for is keeping the pension age really low. And in general,

0:14:34.360 --> 0:14:38.120
<v Speaker 1>your generation, my generation, your on more than mine, we're

0:14:38.120 --> 0:14:41.000
<v Speaker 1>all likely to live much longer. Surely the whole pressure

0:14:41.000 --> 0:14:43.360
<v Speaker 1>on pensions is to push out these benefits longer. Well,

0:14:43.360 --> 0:14:45.360
<v Speaker 1>I think that there needs to be a little bit

0:14:45.400 --> 0:14:47.760
<v Speaker 1>of sophistication in the way we look at it. Obviously,

0:14:47.920 --> 0:14:51.520
<v Speaker 1>someone who has worked as a as an investment banker,

0:14:51.640 --> 0:14:54.240
<v Speaker 1>as a lawyer all their life, sixty five is not

0:14:54.360 --> 0:14:57.960
<v Speaker 1>necessarily an age where they need to retire. Someone who's

0:14:57.960 --> 0:15:01.240
<v Speaker 1>still getting recently strong, indeed, even my but someone who

0:15:01.280 --> 0:15:05.840
<v Speaker 1>has yeah, but he's nowhere near sixty. Uh. Anyone who

0:15:05.920 --> 0:15:08.200
<v Speaker 1>who has worked with their hands as a as a

0:15:08.320 --> 0:15:10.480
<v Speaker 1>laborer or as an assembly line worker, or work in

0:15:10.520 --> 0:15:13.400
<v Speaker 1>the resource industries. Uh, and has been in a much

0:15:13.440 --> 0:15:16.720
<v Speaker 1>more physical job once you start reaching sixty five. Regardless

0:15:16.720 --> 0:15:19.840
<v Speaker 1>of all the advances in Canada's extraordinary medical system. UH,

0:15:20.000 --> 0:15:22.720
<v Speaker 1>the the you know, there are real challenges around how

0:15:22.800 --> 0:15:25.200
<v Speaker 1>much longer someone can keep working in certain jobs. So

0:15:25.600 --> 0:15:30.440
<v Speaker 1>I think, UH, a nuanced and responsible discussion around that

0:15:30.640 --> 0:15:32.680
<v Speaker 1>is is what we're waiting for. So to go back

0:15:32.680 --> 0:15:34.560
<v Speaker 1>to the very rich, you know you target to them

0:15:34.560 --> 0:15:37.920
<v Speaker 1>a bit in the marginal tax rate. Um, what about

0:15:38.040 --> 0:15:40.400
<v Speaker 1>what other things might you look at it, especially in

0:15:40.400 --> 0:15:42.320
<v Speaker 1>this budget. Would you look at capable gains? Would you

0:15:42.320 --> 0:15:44.800
<v Speaker 1>look at stock options? These are things that you talked

0:15:44.800 --> 0:15:47.440
<v Speaker 1>about on the campaign trail. Well, we'll we'll certainly see

0:15:48.080 --> 0:15:51.320
<v Speaker 1>next Tuesday afternoon what what actually is in the budget.

0:15:51.360 --> 0:15:53.520
<v Speaker 1>But I mean the phrase that we the frame that

0:15:53.560 --> 0:15:57.000
<v Speaker 1>we've always taken on this is, uh, we certainly have

0:15:57.360 --> 0:15:59.640
<v Speaker 1>nothing against success. Indeed, we want more people to be

0:15:59.640 --> 0:16:05.000
<v Speaker 1>success full in Canada and in I have very um

0:16:05.360 --> 0:16:09.280
<v Speaker 1>few worries that if we put more money in the

0:16:09.320 --> 0:16:12.560
<v Speaker 1>pockets of average consumers in our country, if we make

0:16:12.600 --> 0:16:14.840
<v Speaker 1>the middle class more confident not just about their own

0:16:14.880 --> 0:16:19.239
<v Speaker 1>future but about their kids future, Uh, the general economic

0:16:19.320 --> 0:16:22.600
<v Speaker 1>climate will be such that our big businesses will find

0:16:22.600 --> 0:16:26.680
<v Speaker 1>plenty of opportunities to make already already seeing tech companies shopify.

0:16:26.760 --> 0:16:28.960
<v Speaker 1>These sort of people coming out against this again. I

0:16:29.000 --> 0:16:31.320
<v Speaker 1>go back to France when Alone came in. He came

0:16:31.400 --> 0:16:34.160
<v Speaker 1>up with all these different ideas. Somebody got quote at

0:16:34.160 --> 0:16:37.120
<v Speaker 1>the times would be like Cuba without the sunshine. Um,

0:16:37.720 --> 0:16:39.960
<v Speaker 1>do you do you worry that you might be driving

0:16:39.960 --> 0:16:43.280
<v Speaker 1>a why entrepreneurs? Well, I mean, I'm I'm going to

0:16:43.560 --> 0:16:46.440
<v Speaker 1>answer those questions more clearly once we put forward the

0:16:46.480 --> 0:16:50.040
<v Speaker 1>budget in a few days. But I will underline the

0:16:50.080 --> 0:16:53.200
<v Speaker 1>fact that I got to be in the position I

0:16:53.240 --> 0:16:56.360
<v Speaker 1>am by listening to people, by listening to experts, by

0:16:56.440 --> 0:17:02.600
<v Speaker 1>understanding what economists and business owners and ordinary Canadians had

0:17:02.640 --> 0:17:04.520
<v Speaker 1>to say about where they wanted the economy to go,

0:17:04.680 --> 0:17:06.280
<v Speaker 1>what was going to help them, what was not going

0:17:06.320 --> 0:17:09.000
<v Speaker 1>to help them. Uh. And we've made our decisions very

0:17:09.080 --> 0:17:12.760
<v Speaker 1>much based on evidence based research and policies. So you

0:17:12.760 --> 0:17:15.720
<v Speaker 1>don't worry about a brain drain if people are talent

0:17:15.800 --> 0:17:18.880
<v Speaker 1>drains the south of the border, if you too hard,

0:17:18.920 --> 0:17:21.959
<v Speaker 1>I don't worry about hypotheticals. I worry about what really

0:17:22.040 --> 0:17:25.120
<v Speaker 1>going to happen. Uh. And and The decisions that we're

0:17:25.160 --> 0:17:30.639
<v Speaker 1>taking are ones designed to encourage entrepreneurship, to reward businesses

0:17:30.640 --> 0:17:34.560
<v Speaker 1>that are growing, UH, and to encourage Canadians to feel

0:17:34.560 --> 0:17:36.920
<v Speaker 1>optimistic and confident, not just about their own future, but

0:17:36.960 --> 0:17:39.199
<v Speaker 1>about their their their children's future. You just talk You

0:17:39.240 --> 0:17:42.119
<v Speaker 1>just talked about entrepreneurship and businesses that are growing. You

0:17:42.160 --> 0:17:46.400
<v Speaker 1>take the Planemaker Bombardier. It's stock I just looked. Used

0:17:46.440 --> 0:17:49.720
<v Speaker 1>to trade seven dollars. Now it's barely a dollar. It

0:17:49.800 --> 0:17:53.119
<v Speaker 1>wants to take it wants a billion dollars from you.

0:17:53.119 --> 0:17:56.159
<v Speaker 1>You seem inclined to give it to them. You know,

0:17:56.240 --> 0:17:59.400
<v Speaker 1>why should the government be helping businesses like that? Well,

0:17:59.640 --> 0:18:02.040
<v Speaker 1>first of all, UH, you start with the place that

0:18:02.080 --> 0:18:05.320
<v Speaker 1>the new C series aircraft that Bombardi has put forward

0:18:05.359 --> 0:18:09.320
<v Speaker 1>has been allowed it as an extraordinary airplane. It really

0:18:09.400 --> 0:18:13.520
<v Speaker 1>it is uh more efficient, more uh more fabulous in

0:18:13.600 --> 0:18:16.119
<v Speaker 1>all ways than than than just about any other plane

0:18:16.119 --> 0:18:19.000
<v Speaker 1>on the market. So there is an understanding the Canadian

0:18:19.640 --> 0:18:25.000
<v Speaker 1>aerospace UH and Bombardi itself has a bright future product

0:18:26.040 --> 0:18:29.880
<v Speaker 1>of course, but we also know that from Boeing to Airbus,

0:18:29.960 --> 0:18:34.080
<v Speaker 1>to to Embryo, to all the big aerospace companies around

0:18:34.080 --> 0:18:38.040
<v Speaker 1>the world, they've always needed significant government support. And what

0:18:38.160 --> 0:18:41.000
<v Speaker 1>we look at is how do we ensure that there

0:18:41.040 --> 0:18:44.000
<v Speaker 1>is a strong aerospace industry in Canada, Uh, not just

0:18:44.160 --> 0:18:46.240
<v Speaker 1>right now, but in five years and ten years and

0:18:46.280 --> 0:18:48.240
<v Speaker 1>thirty years. How do we continue to make sure that

0:18:48.280 --> 0:18:52.120
<v Speaker 1>the high quality jobs and the innovative solutions put forward

0:18:52.160 --> 0:18:55.280
<v Speaker 1>by our aerospace industry are there for the long haul.

0:18:55.359 --> 0:18:58.080
<v Speaker 1>So we are very much looking at this as you know,

0:18:58.119 --> 0:19:01.639
<v Speaker 1>what is the right investment and is smart investment for

0:19:01.880 --> 0:19:05.399
<v Speaker 1>Canadian jobs, for the Canadian economy and for the global market.

0:19:05.440 --> 0:19:09.800
<v Speaker 1>And that's that's the lens we're taking on that decision,

0:19:09.800 --> 0:19:11.440
<v Speaker 1>and that's why we're taking our time. You would feel

0:19:11.440 --> 0:19:14.000
<v Speaker 1>happy to get saying to people at the hospital you

0:19:14.040 --> 0:19:17.520
<v Speaker 1>can't build, say I'm happy about putting this money behind Bombody.

0:19:17.680 --> 0:19:20.840
<v Speaker 1>Then something that I think your government is about choices

0:19:20.880 --> 0:19:25.359
<v Speaker 1>and when you make the right choices to create opportunities

0:19:25.400 --> 0:19:27.240
<v Speaker 1>to grow the economy to make sure that there are

0:19:27.240 --> 0:19:30.040
<v Speaker 1>good jobs. In many cases, it doesn't have to be

0:19:30.119 --> 0:19:32.800
<v Speaker 1>in either or it can be knowing that you're growing

0:19:32.840 --> 0:19:35.800
<v Speaker 1>the economy in meaningful ways which will allow you to

0:19:35.880 --> 0:19:38.280
<v Speaker 1>continue to invest in things that matter. And do you

0:19:38.320 --> 0:19:40.480
<v Speaker 1>have an idea when we could expect and answer to

0:19:40.640 --> 0:19:43.200
<v Speaker 1>the question of you know, when this is when when

0:19:43.240 --> 0:19:46.360
<v Speaker 1>you're going to answer bombody is questions this this will

0:19:46.640 --> 0:19:50.000
<v Speaker 1>be answered when we have the right answer to give

0:19:50.280 --> 0:19:53.160
<v Speaker 1>and and we're taking our time. We're taking our time

0:19:53.520 --> 0:19:55.720
<v Speaker 1>in a deliberate and thoughtful way to make sure that

0:19:56.359 --> 0:19:59.200
<v Speaker 1>we're doing the right thing in the interests of both

0:19:59.280 --> 0:20:02.359
<v Speaker 1>the Canadian industry and you know, high quality jobs, but

0:20:02.400 --> 0:20:07.119
<v Speaker 1>also our responsibilities towards taxpayers to to get the opportunity

0:20:07.160 --> 0:20:09.760
<v Speaker 1>costs right. What's your biggest worry on the economy when

0:20:09.800 --> 0:20:14.560
<v Speaker 1>you when you, um, I just you know, a lot

0:20:14.760 --> 0:20:19.359
<v Speaker 1>of what I worry about is that uh, ordinary folks

0:20:19.359 --> 0:20:20.200
<v Speaker 1>are going to withdraw