Business
‘They’ve Never Been Down 1,000 Points’: Fox Business Host Left Stunned By Wall Street Sell-Off
From the Daily Caller News Foundation
WATCH:
“They’ve never been down a thousand points, ever, not even intraday on the NASDAQ,” Simonetti said after Varney listed the market changes, prompting him to ask her, “Is that true?”
“That is true,” Simonetti responded.
The S&P 500 was down over 120 points in the first two hours of trading, Yahoo Finance reported. Stocks also tumbled Friday following the release of a disappointing jobs report, with only 114,000 jobs being added in July and the unemployment rate climbing to 4.3%. Previously reported jobs numbers for May and June were also revised down.
The Federal Reserve did not cut its federal funds rate on Wednesday from its 23-year high, but chairman Jerome Powell left open the possibility of a rate cut later in the year. The vast majority of investors now predict that the Federal Reserve will cut interest rates by 0.5% in September as the economy shows signs of softening and recession concerns circulate, according to CME Group’s FedWatch tool.
Inflation has also been an issue dogging the U.S. economy, with prices having climbed by over 20% since President Joe Biden took office, even as the Consumer Price Index rose by 3.0% year-over-year in June, slightly below economists’ expectations, two years after inflation hit a recent high of 9% in June 2022.
Ahead of the American stock open, Japan’s Nikkei stock index dropped 12.40% in Monday’s trading, while Taiwan’s TSEC index lost 8.35% and South Korea’s KOSPI index fell 8.77% in Monday trading.
Business
You Won’t Believe What Canada’s Embassy in Brazil Has Been Up To
Canada’s embassy in Brazil has been having a terrific year. Well, at least that’s how it might look from the perspective of the 15 or so Canadians who live and work there.
Oh sure, they just faced a conviction in a local court over labour law infractions. And, OK, there are also multiple related cases pending. But the vibe down there must be great.
The Audit is a reader-supported publication.
To receive new posts and support my work, consider becoming a free or paid subscriber.
After all, it never snows in Brasilia and, not counting a half million Canadian dollars for security and “common services”, they spent $1.1 million keeping their various properties running according to a 2024-2025 budget document I’ve seen. Here, courtesy of Google Satellite, is what the embassy itself looks like:
And here’s how that $1.1 million in spending broke down:
To be sure, this isn’t a story about vast crooked fortunes being gained through devious financial scams. I’m aware of no 300ft luxury yachts being quietly moved between Dows Lake and the Bahamas each fall and spring. And it’s certainly reasonable for Canadians on foreign missions to expect to enjoy an above-average lifestyle while serving their country abroad.
But perhaps some of the spending here is getting a bit too close to the line. Take the ten pool covers purchased last year for nearly $25,000 (Canadian) in total. The budget document actually notes how such covers can help with the high cost of replacing water lost through evaporation.
In fact, water costs (totaling $103,000 that year) have been rising: they’re 20 percent higher than fiscal year 2022-2023. So it does seem that someone on staff is aware of the problem and is trying to address it. But a simpler solution might involve just shutting down at least some of the pools (there’s no way they need 10 covers for just one pool) or switching to using trucked-in water for the pools (which is supposed to be cheaper).
And how about the $16,900 spent on a Rational iCombi Pro Xs 6 2/3 220V Mono Elétrico oven for the official residence? Nice. But that’s around ten times the cost of a standard high-end home oven. Add to that the $2,140 spent on a KitchenAid 6.6L, Espresso Machine, Pasta Maker, Blender, and Electrical Slicer.
Don’t you just hate it when everything breaks down at the same time?
I realize that, in the grand scheme of things, nothing here feels all that evil. And I know it’s not fair to peer over people’s shoulders and judge their actions from such a distance. But it certainly does look like here’s yet one more Global Affairs Canada operation that’s missed the memo on the need to tone down public spending.
The Audit is a reader-supported publication.
To receive new posts and support my work, consider becoming a free or paid subscriber.
Automotive
Carney’s Budget Risks Another Costly EV Bet
From the Frontier Centre for Public Policy
GM’s Ontario EV plant was sold as a green success story. Instead it collapsed under subsidies, layoffs and unsold vans
Every age invents new names for old mistakes. In ours, they’re sold as investments. Before the Carney government unveils its November budget promising another future paid for in advance, Canadians should remember Ingersoll, Ont., one of the last places a prime minister tried to buy tomorrow.
Eager to transform the economy, in December 2022, former prime minister Justin Trudeau promised that government backing would help General Motors turn its Ingersoll plant into a beacon of green industry. “By 2025 it will be producing 50,000 electric vehicles per year,” he declared: 137 vehicles daily, six every hour. What sounded like renewal became an expensive demonstration of how progressive governments peddle rampant spending as sound strategy.
The plan began with $259 million from Ottawa and another $259 million from Ontario: over half a billion to switch from Equinox production to BrightDrop electric delivery vans. The promise was thousands of “good, middle-class jobs.”
The assembly plant employed 2,000 workers before retooling. Today, fewer than 700 remain; a two-thirds collapse. With $518 million in public funds and only 3,500 vans built in 2024, taxpayers paid $148,000 per vehicle. The subsidy works out to over half a million dollars per remaining worker. Two out of every three employees from Trudeau’s photo-op are now unemployed.
The failure was entirely predictable. Demand for EVs never met the government’s plan. Parking lots filled with unsold inventory. GM did the rational thing: slowed production, cut staff and left. The Canadian taxpayer was left to pay the bill.
This reveals the weakness of Ottawa’s industrial policy. Instead of creating conditions for enterprise, such as reliable energy, stable regulation, and moderate taxes, progressive governments spend to gain applause. They judge success by the number of jobs announced, yet those jobs vanish once the cameras leave.
Politicians keep writing cheques to industry. Each administration claims to be more strategic, yet the pattern persists. No country ever bought its way into competitiveness.
Trudeau “bet big on electric vehicles,” but betting with other people’s money isn’t vision; it’s gambling. The wager wasn’t on technology but narrative, the naive idea that moral intention could replace market reality. The result? Fewer jobs, unwanted products and claims of success that convinced no one.
Prime Minister Mark Carney has mastered the same rhetorical sleight of hand. Spending becomes “investment,” programs become “platforms.” He promises to “catalyze unprecedented investments” while announcing fiscal restraint: investing more while spending less. His $13-billion federal housing agency is billed as a future investment, though it’s immediate public spending under a moral banner.
“We can build big. Build bold. Build now,” Carney declared, promising infrastructure to “reduce our vulnerabilities.” The cadence of certainty masks the absence of limits. Announcing “investment” becomes synonymous with action itself; ambition replaces accountability.
The structure mirrors the Ingersoll case: promise vast returns from state-directed spending, redefine subsidy as vision, rely on tomorrow to conceal today’s bill. “Investment” has become the language of evasion, entitlement and false pride.
As Carney prepares his first budget, Canadians should remember what happened when their last leader tried to buy a future with lavish “investment.”
A free economy doesn’t need bribery to breathe. It requires the discipline of risk and liberty to fail without dragging a country down. Ingersoll wasn’t undone by technology but by ideological conceit. Prosperity cannot be decreed and markets cannot be commanded into obedience.
Every age invents new names for old mistakes. Ours keeps making the same ones. Entitled hubris knows no bounds.
Marco Navarro-Genie is vice-president of research at the Frontier Centre for Public Policy and co-author, with Barry Cooper, of Canada’s COVID: The Story of a Pandemic Moral Panic (2023).
-
Alberta2 days agoFrom Underdog to Top Broodmare
-
International2 days agoNetanyahu orders deadly strikes on Gaza with over 100 dead despite ceasefire deal
-
Business2 days agoCanada’s economic performance cratered after Ottawa pivoted to the ‘green’ economy
-
Business1 day agoBank of Canada governor warns citizens to anticipate lower standard of living
-
Agriculture1 day agoCloned foods are coming to a grocer near you
-
Business2 days agoCanadians paid $90 billion in government debt interest in 2024/25
-
International1 day agoUS Reportedly Weighing Military Strikes On Narco Targets Inside Venezuela
-
International1 day agoSagrada Familia Basilica in Barcelona is now tallest church in the world





