The National Telegraph - Wyatt Claypool - Carney is a FRAUD - CBC Makes Excuses for Liberal Recession!

00:00:00.000 Hey guys, Wyatt Claypool here, and welcome back to the National Telegraph YouTube channel.

00:00:06.220 Yes, Canada is in a recession. If we had a conservative prime minister right now,

00:00:11.960 the Liberal Party and the liberal media would be calling it a recession. But because Prime

00:00:17.780 Minister Mark Carney and the liberals are in power, the media is calling it a technical

00:00:23.280 recession, or bringing on supposed experts to dismiss the idea that Canada's economy is in

00:00:29.620 really bad shape right now. I know throughout all of this, Mark Carney is going to get bit in the

00:00:36.200 rear over his comments about Canada still having the best trade deal with the United States.

00:00:41.520 Because he's effectively admitting, compared to the other countries in the G7, he's playing on

00:00:46.740 easy mode, and yet he is running the only economy currently in a recession. Not a technical recession,

00:00:53.820 a recession, two quarters of GDP decline. And we could also add in other factors that are also

00:01:00.700 often used to determine if you're in a recession or not. And we've had prolonged increases in

00:01:06.440 unemployment. The private sector is not doing very well right now. People defaulting on debts

00:01:11.740 is going up. But apparently, if you listen to people like the CBC, this is nothing to worry

00:01:17.720 about. Don't worry, guys. We have a business guru, a financial guru in Mark Carney leading

00:01:23.760 our country, so it's all okay. And in fact, when you think about it, Pierre Polyev's the bad guy

00:01:29.660 right now. But we're going to get to a panel later on in this video where someone actually attempts

00:01:33.780 to make the argument that this makes Pierre Polyev look bad. But we're going to start off with a CBC

00:01:39.120 segment where they talk about what is a technical recession. But before we get to that, I just want

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00:02:03.920 now. It really helps me out. And of course, leave your comments in the comment section below on what

00:02:08.960 you think about everything we were talking about today. And usually I have the clips lined up to

00:02:15.460 just be in full screen mode right away, but I just want to point out just how pathetic this is.

00:02:21.240 One, look at only 80 people liked this video and 9,300 people watched it. That's a really bad like

00:02:27.900 to viewership ratio and probably indicates a lot of people are watching this two-minute segment

00:02:33.160 and not being very happy with the explanation.

00:02:36.760 The title here is,

00:02:38.240 What's a Technical Recession and is Canada in One?

00:02:42.320 I like it when a title basically just avoids the truth.

00:02:47.060 It's what you could call telling the truth falsely.

00:02:50.740 There is no such thing as a technical recession.

00:02:53.120 There are just recessions or not recessions.

00:02:56.080 And then posing the question, is Canada in One?

00:02:58.880 Makes it sound like there's a potential that Canada isn't in One.

00:03:01.520 even if we were to take the idea of a technical recession seriously we're obviously in one we met

00:03:08.060 the criteria so why is the cbc title leaving it open-ended whether or not this is a real thing

00:03:14.160 or or not anyways let's watch this video then we're going to get into another cbc segment in

00:03:19.540 just a second the r word there uh even with technical in front of it could be all the

00:03:25.120 qualifiers you know whether it's business or politics this is still going to grab a lot of

00:03:29.640 attention these numbers aren't positive that's for sure two consecutive quarters is what we call a

00:03:37.240 technical recession when no that's a recession it's a recession when does a recession actually

00:03:43.520 start unless we're just leaving it up to the government to call the recession themselves

00:03:47.220 in which we would never actually call a recession because nobody would be willing to actually

00:03:51.620 say it like it's a recession two consecutive uh two consecutive quarters of decline is a recession

00:03:59.440 The economy shrinks when there's a contraction in economic growth for six months consecutively, really.

00:04:06.760 But when we say it's a technical recession, it's because there's also different ways to measure this.

00:04:11.300 Do we compare it year over year? Do we compare it quarter over quarter?

00:04:15.560 Do we compare it month to month?

00:04:17.500 And needless to say, while we aren't seeing a lot of green arrows in these numbers.

00:04:21.620 No, no, no. There's not no green arrows. We're not seeing a lot of them.

00:04:25.540 there are no green arrows year over year we're still down it's not like we had a really good

00:04:33.960 boom period for six months and now it contracted but overall over the last year we're still up

00:04:38.420 now it's not like we're down three or four percent we're actually only down like

00:04:42.060 six hundredths of a percentage point but the problem with that is that inflation has happened

00:04:47.960 the population has increased a bit i think we technically decreased population a little bit

00:04:53.080 in 2025. But the problem is that there's no other metrics that are making us look good.

00:04:58.460 Yes, it's not the biggest decline ever. It's a very small decline. But no healthy G7 country

00:05:03.840 should be declining, especially when we have a Goldman Sachs man, the former governor of the

00:05:09.340 Bank of Canada, the former governor of the Bank of England, a man who was the chair of Brookfield

00:05:13.460 Asset Management. How is this guy leading a decline? And by the way, Mark Carney's holding

00:05:18.860 this economy together with like duct tape and bubble gum, because the only reason that our

00:05:23.460 decline isn't bigger than like than six one hundredths of a percent is because we keep

00:05:29.680 throwing money at the problem. In fact, the liberals are basically saying we can sort this

00:05:33.500 out by getting more money out the door from the government. That's not real growth. That's simply

00:05:37.720 government subsidizing like industries that are not healthy or just spending on the military,

00:05:43.080 which doesn't actually help the overall economy. We need to spend more on the military,

00:05:46.960 but don't rest on that as like the thing that's going to get us out. And if we look at any other

00:05:51.740 metric, so the last three out of four quarters have been declining quarters. The only quarter

00:05:57.620 that was positive was the third quarter of 2025. Second quarter was also down. And then the last

00:06:03.180 two ones of first and second quarter of, or the fourth quarter of 25 and the first quarter of 26

00:06:09.080 have been declines too. But unemployment is bad. We lost 120,000 jobs net since the year started.

00:06:16.960 again, default rates are going up. People being foreclosed on their homes are going up. So what

00:06:23.980 is the green arrows that this guy's talking about? None, but we'll just kind of insinuate that there

00:06:29.180 might be good stuff out there, but he can't explain it. Month to month. And needless to say,

00:06:33.380 while we aren't seeing a lot of green arrows in these numbers, by some definitions, this is a

00:06:37.920 technical recession. By some definitions, it's not, but there is not a lot of growth happening

00:06:43.800 here we are seeing no no not there's not it's not that there's not a lot of growth there's negative

00:06:50.000 growth it's declining some shrinking in the gdp the gross domestic product that's one of the ways

00:06:57.940 that we measure how big the economy is to put it simply there and it declined at an annualized rate

00:07:03.900 year over year by 0.1 percent in the first quarter so this is small according to stats canada but it

00:07:10.840 is present. And it's not anything that economists wanted to see or expected to see, David.

00:07:17.160 And that, I think, is the key thing that, yes, the economy has been buffeted by tariffs and war

00:07:21.720 and and and and there's been so much. And yet, as you know, this was not predicted. They thought

00:07:28.300 there would be just narrow growth. Yeah, well, we actually they predicted one point five percent

00:07:33.820 growth in this first quarter of 25 and it went down by like 0.025 or so so yeah it's bad I don't

00:07:44.300 know how they can get away from this they keep the CBC's already trying to make the excuses

00:07:48.600 of saying well there's tariffs and there's wars and all there's everything's on computers and in

00:07:54.440 metric right now it's so complicated you know we can't blame Carney and the liberals because it's

00:07:59.460 so complicated out there people it's like well then why are the other g7 countries the other six

00:08:05.180 of them not experiencing two quarters of decline their numbers come out around the same time why

00:08:11.280 aren't we hearing about why aren't we hearing bad news coming out of japan why aren't we hearing bad

00:08:16.020 news coming out of germany or especially the united states the united states all by the way

00:08:20.780 it's not like the tariffs are good the tariffs are bad for everybody but it demonstrates everyone's

00:08:25.300 suffering from the general same problems. Why are we suffering worse? Because Carney is not an

00:08:30.500 actual businessman. He's a fake businessman. He engages in fake business. At Brookfield Asset 0.94

00:08:35.880 Management, they do mountains of fake business. They invest in areas heavily subsidized by the

00:08:41.480 government, where there's lots of grants, where there's lots of tax breaks, where the government

00:08:45.120 has a lot of contracts. That's what Brookfield Asset Management does. It sits with an open mouth

00:08:49.560 at the end of a spigot and has the government pour money into its mouth, despite the fact that

00:08:53.560 they're not doing anything particularly useful. If you're building, like, you know, clean green

00:08:58.900 energy plants and battery plants that the government's basically ensuring that you profit

00:09:03.460 on, obviously you're going to do well. You're unable to fail in that industry because of the

00:09:09.240 government largesse being given to you. Anyway, so now we wonder why are we failing? Because we

00:09:15.100 have a prime minister who only knows how to run a business on subsidies, and now he's the guy

00:09:18.960 handing out subsidies, and it turns out you can't subsidize an economy into success.

00:09:22.780 Woke up this morning, we were thinking there might be some small growth, and then we get these numbers, and it's smaller, smaller, smaller, red.

00:09:30.500 So it had a few of us in a bit of a flap this morning, crunching some numbers and pulling up spreadsheets.

00:09:35.680 You know, the last time Canada was in a technical recession was during the start of the pandemic back in 2020.

00:09:40.980 We are seeing economists already react to these numbers, though, by pointing out that while the economy is sluggish, you know, there's kind of a bleh vibe to everything.

00:09:49.040 because slight not sluggish sluggish it could imply forward momentum but just slow no backwards

00:09:55.560 momentum slow backwards momentum yeah it's not like 30 percent of the economy was wiped out

00:10:00.240 obviously no but it's backwards but they keep using language implying that well we're still

00:10:04.820 chugging along it's like no we're going backwards we need to train moving in the other direction

00:10:09.360 as if tariffs and energy prices dragging things down this technical recession if it happened may

00:10:16.000 be over by some measures or may just not be as big a deal as it sounds because oil and gas prices

00:10:21.500 have gone up so much and that does inject money into the Canadian economy, David. So now we're

00:10:27.760 going to rely on high gas prices to get ourselves out of the technical recession. Again, we're

00:10:36.020 either in a recession or we're not. I've looked up even the CB Howe Institute's own definition

00:10:41.740 doesn't even require two straight uh quarters of of decline you can technically be increasing

00:10:47.860 but still be in a recession if all of the actual metrics of health are not good like again

00:10:53.780 unemployment shooting up defaulting on debts shooting up people foreclosing on homes all

00:10:59.400 these different things can be metrics of a recession yet you can even be increasing your

00:11:05.420 gdp simply because the government's injecting money but the gut but the economy isn't healthy

00:11:10.760 The economy isn't having organic growth. It's having government subsidized either quote unquote growth or just maintaining what we have. That's the problem we're currently in. But now let's get to this other CBC segment that's very funny because of all the excuse making that goes on in it.

00:11:28.540 We're going to have the CBC panel tell us why. Actually, if you think about it, this makes Pierre Paulyev look bad, at least according to, I think it's Greg McEachern, who is a liberal shill on their panel.

00:11:41.780 Our party insiders are here. Greg McEachern is a former liberal ministerial advisor. Fred Delori is a former conservative campaign manager. Melanie Richie is a former communications director for the NDP.

00:11:53.620 Greg, let's start with you and the economy.

00:11:55.740 So kind of weak numbers last quarter.

00:11:58.460 Seems we've slipped into a tech.

00:12:00.120 Not weak numbers, negative numbers.

00:12:02.800 I wish they would get this right.

00:12:04.300 Negative numbers, not weak.

00:12:06.800 Weak is we only grew by a quarter percent.

00:12:09.860 And it was not really good.

00:12:10.860 You know, even if we grew by, you know, 0.001, it's moving up, but it's barely anything.

00:12:17.280 And effectively gets wiped out by inflation.

00:12:19.260 That would be bad enough.

00:12:20.680 No, it's negative.

00:12:21.620 They have to say negative, but they refuse to do it.

00:12:24.620 Technical recession.

00:12:25.780 Do you think this is a political liability?

00:12:27.700 Are you worried about what you're seeing from StatsCan?

00:12:30.120 It's never good news.

00:12:32.120 And having lived through a couple of recessions, yeah, absolutely not good news.

00:12:38.160 The response today from folks like Desjardins and other places,

00:12:42.840 and the interviews you've done thus far, leading off,

00:12:46.160 Peter Armstrong talked about what a surprise this was.

00:12:49.360 That's not always a good sign. So you can't, even though I think the folks at finance are saying, you know, there are good things coming. Yeah, it's never a good sign. I think, though, if we're going to speak politically in addressing the clip that you showed of the leader of the opposition.

00:13:03.320 We're now having the big butt pivot. Greg McEachern is making a wide turn over a four-lane highway to try and make this about federal Conservative Party leader Pierre Polyev, I guess, smiling too much at a press conference.

00:13:20.040 And maybe my theme today will be communications,

00:13:22.380 but they put out a media advisory to you and the rest of the press gallery

00:13:26.680 that said it was a full-blown recession.

00:13:28.540 So a month ago, if you were the leader of the Conservatives

00:13:32.180 and you said what he said about Mark Carney, that he was badly educated,

00:13:35.620 there was a huge blowback on that from a lot of his own folks.

00:13:38.800 So today, you start off by saying that this is a full-blown recession when it's not.

00:13:44.720 And I watched his media availability.

00:13:48.060 you shouldn't smile or look like you're happy or laugh when there is a fiscal issue that he didn't

00:13:56.760 laugh at the fiscal issue he mocked Mark Carney a bit for again pretending to be some financial

00:14:03.180 wizard and he's not he laughed when a Hill Times journalist Stuart Benson asked him a completely

00:14:09.300 ridiculous excuse-making question about how well this could be forecasted away later you know maybe

00:14:14.680 they readjust their numbers later and it's not actually a negative growth quarter. I'm like, 0.74

00:14:20.220 do you think that they wouldn't be trying to have sweetened the numbers as much as they can?

00:14:25.220 Yeah, maybe sometimes they get revised higher. They could be revised lower. That's what

00:14:29.320 Poliev was smiling about, how ridiculous the liberal response to all this was. And by the way, 0.95

00:14:35.480 you know that New York Economic Club speech that Carney gave? Doesn't this entire thing put this

00:14:40.940 into a new light carney probably knew what the numbers were going to be he probably knew the

00:14:45.040 numbers were very weak and when he went to the economics club and made his make america great

00:14:49.880 again comment i only see that as begging well great elbows up play there mark carney now you're

00:14:55.960 having to basically go down there and be like hat in hand and say you know you know canada can help

00:15:00.200 make america great again it's like i don't even necessarily disagree with his words but it's so 0.86

00:15:06.080 pathetic that only now is he actually trying to get along with them and actually get something 0.76

00:15:09.680 go in here only now are we doing this it looks like begging after having pretending to be the 0.95

00:15:15.280 tough guy for a very long time it's going to affect all canadians going on i think that was

00:15:19.200 a bad look um so i i don't think he helped himself today and that probably gave um the government

00:15:26.160 some leeway or some time that as the day went on the actual financial experts the people who know

00:15:31.440 what they're talking about were able to comment and so far you had you know peter armstrong and

00:15:35.680 someone from the chamber of commerce that has given me personally a little bit of um you know

00:15:40.740 i'm not gonna you know thinking that it's you know it's we're gonna get get the words out greg

00:15:46.620 he can't call it good but he's trying to like say i'm comforted i'm comforted by what they said

00:15:52.320 about the terrible economic number so we can all feel good because someone from the chamber of

00:15:56.200 commerce said it's okay it's nothing to set our hair on fire about again i thought carney was

00:16:03.040 good at this i wasn't voting i didn't vote for him obviously but in terms of the general canadian

00:16:08.080 public were we all voting for mediocre were we all voting for two quarters of decline or was the

00:16:13.760 pitch probably that this guy knows the economy don't worry he's going to be able to move around

00:16:17.440 the chess pieces and he's going to have us throwing at two percent every quarter because

00:16:22.160 he's just going to get all the dumb regulations out of the way and motor on and by the way pipeline

00:16:26.640 ain't coming pipeline's not not going to ride in with the cavalry over the hill and save the 0.79

00:16:31.840 economy because carney doesn't want to do it as pointed out by outgoing liberal mp stephen

00:16:36.400 gilbeau former environment minister carney there's more than 14 liberals in the caucus who don't like

00:16:42.080 the agreement and carney's just finding the the the quiet way of putting a pillow over the pipeline's

00:16:47.360 head and making sure it dies there's no big project he's going to pull out of his back pocket

00:16:51.920 to grow the economy they're all years away it's not creating any gdb growth and but but greg's

00:16:58.160 here telling is that we should all feel comforted that it could have been worse of um you know i'm

00:17:03.060 not gonna you know thinking that it's you know it's we're in completely in the clear there's a

00:17:08.920 lot of government spending still that's not out the door and i think you hear that from the prime

00:17:13.380 minister he's really tied military and energy together and you know that is what you and the

00:17:19.600 ambassador from germany talked about so the energy projects are are small scale or not coming in terms

00:17:24.980 of the pipeline not coming. Some of the LNG expansions, they probably will happen years from

00:17:29.620 now. So we're not really going to see a big economic bump from them for a while. But like

00:17:34.100 the military spending, are we really saying that like, oh, well, don't worry, we're gonna be saved

00:17:38.220 because we're like investing in hiring people to be troops. By the way, we should expand the

00:17:42.400 military. I'm not against it. But the problem is, if these are the things that we're hanging our

00:17:45.800 hats on, that's bad, because these are not productive parts of the economy. Yes, it adds

00:17:51.360 to the gdp but they're not it's not like we're starting a new mine we're not starting a new tech

00:17:55.440 firm we're not you know printing t-shirts and selling them overseas we're not doing any of that

00:17:59.760 we're just putting people in tanks and you know and training them and that's good we should do

00:18:04.080 that we should have more icebreakers we should have a bigger navy we should have more jets

00:18:06.980 at the same time this is not actually something that you're going to go to a boardroom and say

00:18:12.600 don't worry about it guys we ordered some jets they're going to be like well our office spaces

00:18:18.380 are clearing out because we have to fire people and i'm not sure how that helps us here on bay

00:18:22.780 street or in you know downtown calgary or winnipeg or vancouver but you get my point

00:18:28.460 fingers crossed and being very hopeful yeah fred what do you make of what paulieff said on that i

00:18:33.020 mean he also had a kind of prescription for what's ailing the canadian economy right he says he wants

00:18:38.140 to get rid of the industrial carbon tax he's going back to that of course what kind of comment is

00:18:42.940 that he's going back to that of course he just like acts like it's funny and by the way i'll

00:18:46.860 even partially criticize Polyev on this much. I really think this is the time. Polyev, look into

00:18:53.900 my eyes, look into your soul. I'm going to stare into your soul right now, Pierre. Run on a 20% 0.62

00:19:00.460 across the board income tax cut. Corporate, all personal income taxes, take a point off the GST.

00:19:07.420 You just got to cut it down because that's what's going to create a big economic boom

00:19:12.060 to make sure we have growth in the GDP. You really can't grow the GDP by just eliminating

00:19:18.160 one tax here or there. It will help. It will get things moving in a positive direction. But if we

00:19:22.480 want it to be leaps and bounds, it just needs to be a big tax reform policy. In fact, if the

00:19:29.880 government wants to be greedy, cut taxes. You'll bring in more revenues because more people want

00:19:34.220 to be in this economy and there'll be more investment. You'll make more revenues if you

00:19:39.040 lower the price of it. It's basic economics. If you price a bunch, if you run a convenience store

00:19:45.660 and everything's 50 bucks or higher, you're not going to sell a lot. But if you also price

00:19:49.540 everything at five cents, you're not going to actually make a lot of money. You'll sell a lot,

00:19:52.980 but you'll have to bring in nothing. There's an equilibrium here where the price has to be low

00:19:57.080 enough that people buy a lot, but it's also high enough that you bring in good revenues. Right now,

00:20:01.680 we're like in the convenience store where everything's like seven, eight bucks and no one

00:20:05.020 wants to purchase anything because it's just, you know, you'll do it if you're desperate,

00:20:08.040 but that's kind of it. Government needs lower taxes if they want to spur the economy while

00:20:13.280 also actually padding their own revenues. I'm attempting to make the government more selfish

00:20:18.020 here, but here, do that. Lower taxes, 20%, even 15% across the board tax cut. That's what you're

00:20:24.900 going to do day one. That would be brilliant. I'll get rid of the anti-energy laws, blaming

00:20:29.500 the deficit, saying that that's maybe why we're seeing some of the job, you know, the ugly job

00:20:35.020 numbers, the slumping GDP. Economists are not necessarily aligned with him on that, but certainly

00:20:39.380 he pounced on this today, feeling like maybe it's an opening for him, right? Yeah, it is an opening

00:20:43.940 if it's prolonged, if we're into a series of recessions or a prolonged recession, if this

00:20:48.640 goes a long time. But if we're out this month or if we were out last month and don't know it yet,

00:20:52.840 it kind of loses its oomph. But I see, you know, he pivoted to his main message about the industrial

00:20:57.420 carbon tax. So it's an opportunity, a political opportunity to do that. But again, if it's not

00:21:03.200 prolonged if the recession is if we come out of this quickly uh does that mean carney was right

00:21:08.260 does that mean carney's whatever he's been doing uh making announcements is that got us out of the

00:21:12.160 recession i find fred delori the most disappointing commentator on in all of media he's supposed to be

00:21:18.260 a conservative and he's basically sitting there just making potential excuses for carney well

00:21:22.160 if we are out of the out of the recession next quarter then it's all okay um no not really that

00:21:31.620 doesn't compute I'm sorry getting into recessions you don't get forgiven because you get out of it

00:21:37.160 that should be normal that we're not declining every any quarters we shouldn't be declining at

00:21:41.780 all and by the way we've declined three out of the last four quarters so what makes us confident

00:21:46.580 that we're going to grow this next quarter and then we're not just going to slip back into another

00:21:50.360 declining quarter in the third quarter like come on here people but again Fred Delori just has

00:21:56.060 absolutely no teeth to his commentary I find but I want to end this off by going back to that press

00:22:01.480 to that press conference with Pierre Polyev,

00:22:04.120 the one that Greg McEachern was trying to slag Pierre for,

00:22:07.520 casting it as Polyev not taking this seriously

00:22:10.640 and you shouldn't seem like you're chortling over

00:22:13.160 the economy going sour.

00:22:15.480 Why can't we pin some blame on the guy 0.91

00:22:17.820 making the economy suck?

00:22:19.480 We're going after Polyev's tone in reacting to it all. 1.00

00:22:23.040 It's so just high school and stupid. 0.99

00:22:26.180 But check this out, his interaction 0.99

00:22:28.560 with um hilltimes journalist stuart benson i i found this just hilarious just how

00:22:34.720 i guess transparently um flack catching this was in q3 2025 the economy grew at an annualized rate

00:22:43.520 by 2.6 percent we have economists saying that today's numbers are so nominal they could be

00:22:48.400 forecasted away and revised away so aren't you jumping the gun a little bit calling this a full

00:22:52.080 full-blown recession right so um i know that there's a lot of uh excuses being made for mark

00:22:57.880 carney today and i i'm not surprised by the way which outlet are you with it's 2.6 economy

00:23:04.120 excuse or is that just the number it's actually there's no 2.6 economic growth the economy

00:23:10.100 if i could if i could sorry so you're having to go back how many quarters are you having to go

00:23:16.100 back now so you're having to go back okay so let's get this straight so he's basically saying

00:23:21.200 So you're claiming that because in Q3 of 25, we grew at 2% from the previous quarter.

00:23:28.900 That makes it all right when in Q4, we contracted by like, I think, 25%.

00:23:35.080 So I think in Q3, we went up by like 0.47% or something like that.

00:23:41.240 And then in Q4, we went down negative 25%.

00:23:45.440 and then in this last quarter it was only like 0.06 or 0.0 yeah 0.06 or whatever it was a very

00:23:52.960 small drop but it still matters it's still a problem that we go from a christmas season

00:24:00.260 where the gdp contracted to the next year where the gdp contracts again that's kind of pathetic 0.89

00:24:05.780 it should be easy to grow your gdp after a bad quarter because it's like you fell you stepped

00:24:11.080 into a hole and it should be you should be able to gain back a bunch of like GDP by just stepping

00:24:16.160 out of the hole the fact is that we tried to take another step and we didn't even get out of the

00:24:20.260 hole we fell a little bit further into the hole that's the problem here but we're trying to go

00:24:24.380 back in time and give Mark Carney a big pat on the back for having like a you know decent growth

00:24:30.660 in quarter three of 25 but your quarter growth is only good if it's sustainable and it wasn't and

00:24:36.180 year over year we're down a bit. There's been four quarters since Mark Carney became prime

00:24:41.280 minister. The economy shrunk in three of those four quarters. Canada is the only G7 country for

00:24:47.740 which that is the case. There's now been an entire year of Mark Carney that is recorded in economic

00:24:54.340 data and the GDP is smaller today than when he took office. That is only true of Canada among

00:25:01.000 G7 countries. And now there are two back-to-back quarters where the economy shrunk, which is the

00:25:08.840 literal definition of a recession. Canada, and by the way, it's not just that our economy is

00:25:14.180 shrinking quarter after quarter. It's that we have the second highest unemployment in the G7.

00:25:19.840 You think that the 120,000 people that lost their jobs since the beginning of this year

00:25:26.940 call this just a technical recession no they call this real job loss so i'm going to cut off there

00:25:34.400 but i think this is the thing the conservative party should be spreading everywhere just pointing

00:25:39.040 out the media flack catchers trying to defend this you lost a job or you know someone who lost

00:25:45.340 a job or you have never seen wage growth you haven't seen wage growth in years and they're

00:25:50.360 going to come out and say it's a technical recession maybe we can we can round out the

00:25:54.620 numbers in the next couple months and it will raise us back into the positives. No, come on.

00:26:00.980 This guy, Mark Carney, remember him? Hepbridge Farms remembers. He was supposed to be a financial

00:26:06.640 guru. So what's going on? That's the problem here. And again, we can keep blaming out external

00:26:11.860 factors, but guess what? He has a lot of mechanisms he can pull to try and improve the economy. But

00:26:16.540 because he's such a, frankly, just a lame, dopey person when it comes to finances, his only idea 0.95

00:26:22.740 is he keeps hitting the government subsidy button every single quarter, thinking that's going to 0.95

00:26:26.800 fix things. He's like Barack Obama in 2009, 2010, and the economy's like barely recovering from the

00:26:34.280 08-09 recession, because all he does is pumps money into the economy, not actually trying to

00:26:40.320 make sure the money allocation is proper. Money allocation matters. Subsidizing weak industries

00:26:45.960 because they're over-regulated and over-taxed doesn't make the industry better. It just keeps

00:26:50.420 at limping for longer, when if you cut their tax and deregulate it, they would be booming and they

00:26:54.980 wouldn't need anything from the government. But the thing is that Carney doesn't even think about

00:26:59.020 using any of these mechanisms. Because again, he's a welfare queen from Brookfield Asset Management.

00:27:04.220 He runs the economy like a pimp. He just throws money at it. He's just like, oh my goodness,

00:27:09.440 well, that area is not doing very well. How about instead of fixing all the fundamental market

00:27:14.180 issues that we've caused through policy through policy and taxes let's just put some cash under

00:27:20.740 that leg of the couch so it doesn't wobble so much rather than just getting it fixed but anyways with

00:27:26.900 all that being said thank you guys for watching i'm very happy to be back in the calgary studio

00:27:32.180 it's very comfy to be back here i i feel bad for those who get introduced to the channel and they

00:27:37.460 see me in these like dingy hotel rooms looking like i'm being held hostage by the ira or whatever

00:27:43.060 and then you see i actually have this nice place you're like why are you filming there because i

00:27:46.820 was working at the bc legislature i'm the comms director for dallas brody the mla who's the leader

00:27:52.020 of one bc and so sometimes i'm just there for like weeks at a time because i don't fly back on

00:27:57.860 weekends because it would cost an incredible amount of money to have constant round trip travel

00:28:03.300 every single weekend and by the time i get back and you know you wake up the next morning you

00:28:07.300 just feel groggy and terrible from traveling even if it's just an hour and a half flight

00:28:11.700 but now i'm going into too much detail that you guys don't care about uh make sure you like share

00:28:16.900 subscribe consider joining the uh the membership program for the channel so you can help make the

00:28:22.260 the channel more sustainable for me and i'll see you guys all later

The National Telegraph - Wyatt Claypool - May 30, 2026

Carney is a FRAUD - CBC Makes Excuses for Liberal Recession!

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