The National Telegraph - Wyatt Claypool - April 29, 2026


Poilievre LAUGHS in Carney's Face - Says Justin Trudeau was a better PM!


Episode Stats


Length

24 minutes

Words per minute

166.04

Word count

4,094

Sentence count

193

Harmful content

Toxicity

9

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Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode of the National Telegraph, Wyatt Claypools his thoughts on the latest polling numbers and what it says about the state of the economy. He also talks about the question period where Pierre-Olivier Polyvencic was getting the better of Mark Carney.

Transcript

Transcript generated with Whisper (turbo).
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
00:00:00.000 Hey guys, Wyatt Claypool here, and welcome back to the National Telegraph YouTube channel.
00:00:06.680 Canadian politics has a very peculiar flow to it.
00:00:10.620 One week, we're all panicking that the liberals will never lose another election again, 1.00
00:00:15.180 and then the next week, Mark Carney's looking like a complete moron, 0.99
00:00:18.840 with Donald Trump eating his lunch on trade by going directly to Canadian businesses. 0.97
00:00:24.320 And in this video, I do want to get into the question period that happened today,
00:00:28.900 where Pierre Polyev was getting the rhetorical upper hand on Mark Carney again. But before I
00:00:34.220 get into that, I want to show you guys where the polling currently is. Now, I would say the two
00:00:39.940 most consistent pollsters right now to follow are Abacus Data, run by David Coletto, and also
00:00:46.740 Angus Reid. Angus Reid even has a slight liberal bias to it in the sense that any result they put
00:00:53.480 out, usually you can take one point off the liberals and add one point to the conservatives.
00:00:58.680 But not even adding in that factor, right now, Angus Reid only has the Liberals leading by seven points.
00:01:06.620 Now, remember, last election, they won it by about two and a half percent.
00:01:11.380 But all the other pollsters, you have so many of these terrible pollsters putting out these awful numbers saying the Liberals are leading by plus 14.
00:01:21.040 No, they're not.
00:01:22.200 This is actually all far tighter than you think it is.
00:01:25.280 don't let the media, don't let propaganda polls turn you into what Trump calls a panikin.
00:01:32.460 Whenever something happens, you immediately react and assume all is lost. Canadian politics is
00:01:38.140 always going to be a tight race between the Conservatives and the Liberals outside of the
00:01:43.740 2011 election where it was the Conservatives and the NDP. It's always going to be a very close back
00:01:50.120 and forth. Never let the liberals, never let the liberal media convince you that what you should
00:01:55.860 do is sit at home and do nothing because we can't win anyways. That's going to guarantee you never
00:02:00.920 win. All these elections are always within a very small amount of votes in particular ridings and
00:02:07.100 disengaging is the dumbest thing you could do. Anyways, now I want to get into QP because Mark
00:02:13.480 Carney definitely is in a bit of a rhetorical hole right now. Definitely not in a polling hole. He is
00:02:19.300 leading. But all the liberals have been getting really overconfident. The idea that all of the
00:02:25.600 issues are in their favor and it's just going to remain that way until the end of time. Well,
00:02:31.440 Donald Trump proved that that wasn't true this last week when it was discovered that he's just
00:02:36.000 going directly to Canadian aluminum and steel companies and saying that if they make their
00:02:41.040 next expansion in the United States and make a good proposal, he'll remove the tariffs for them
00:02:45.400 individually. Now, Mark Carney is scrambling all over himself trying to recover that.
00:02:50.320 And the Liberals' big piece of good news this week was the Canada Strong Fund. That makes no
00:02:57.020 sense. We'll be talking about that a little bit later on the show. We're in massive amounts of
00:03:01.000 debt and we're going to take out more debt to put towards a fund that's not going to benefit us for
00:03:05.540 like over a decade. And then the other piece of good news is the deficit, guys, is slightly lower.
00:03:11.960 apparently we were all supposed to like kiss the feet of mark carney because our deficit instead
00:03:18.940 of being 78 billion dollars is like 67 billion dollars you know still almost double what the
00:03:28.060 liberals had projected back when justin trudeau was still prime minister but guys it's slightly 0.95
00:03:33.120 lower apparently we all now need to vote liberal because i don't know they suck a little bit less 0.98
00:03:38.920 than you expected. And by the way, that's just because they have more tax revenues than they
00:03:43.600 assumed they would. And that's because, you know, prices went up during tariffs, which meant that
00:03:48.620 they collected more GST than they assumed that they were going to do. This isn't special. It's
00:03:53.380 not because Carney is some financial wizard. But anyways, in just a second, we're going to get into
00:03:58.760 this QP. But before we do that, I just want to remind you guys, if you like the channel, consider
00:04:03.460 hitting the join button below the video and becoming a monthly contributing member. It really
00:04:08.200 does help the channel be more sustainable and allows me to be less reliant on the YouTube
00:04:13.200 algorithm. And of course, do the other stuff like subscribe, leave a comment. Thank you. I always
00:04:18.480 appreciate it, guys. Engagement is apparently king right now on YouTube. I hate how meta it has all
00:04:24.240 gotten. I wish it was just I put out good videos. I didn't have to say anything and they did well.
00:04:28.860 But apparently all the other metrics matter a lot right now. But here is pure poly of today,
00:04:34.080 laughing in the face of Mark Carney and saying that Justin Trudeau is actually kind of better
00:04:39.340 than him as prime minister, which, you know, when you look at the numbers, fact check true.
00:04:46.820 Mr. Speaker, it's just that this liberal prime minister has gone from writing Justin Trudeau's
00:04:52.100 policies to plagiarizing his talking points. Actually, that's not fair to Justin Trudeau.
00:04:59.240 this liberal prime minister has done the impossible and that is he has doubled the
00:05:06.320 deficit that trudeau left behind more cost more debt more taxes more on the national credit card
00:05:15.360 and more interest payments for canadians so once again with canadians spending three thousand
00:05:21.700 dollars per family on interest for the debt is there any limit on the liberal credit card
00:05:26.220 now a lot of this is just kind of standard political rhetoric that any leader would be
00:05:34.540 using from their own ideological perspective you know this guy spends too much or if you're
00:05:39.520 an ndb this guy doesn't spend enough he's just like the conservatives but overall though look
00:05:45.000 at the response from mark carney if this was just pierre poly of mouthing off and he had no
00:05:50.520 particular point this should be very easy for mark carney to kick out of take a jab at pierre
00:05:55.680 Polyev and move on. That's not what's going to happen here, and you're going to realize why
00:05:59.760 Carney has not been showing up to QP. When he is not dominating, when the news cycle isn't amazing
00:06:05.580 for him, he ducks out because he doesn't really understand how to defend his record because
00:06:09.680 right now there's really no defense. There's certain things he's okay with, but it's more so
00:06:14.240 just obvious improvements that they had to make over what Trudeau was doing. Other than that,
00:06:19.060 I don't know why people always act like he's this super genius. Super genius? He just keeps in
00:06:25.400 place the old Trudeau policies and then justifies them with slightly more business sounding
00:06:30.560 rhetoric. Mr Speaker in the face of a tariff war in the face of an actual war this government
00:06:37.460 has reduced the deficit by 11 billion dollars. This government has reduced the level of debt
00:06:47.040 across the entire forecast to rising. This government is on track to deliver 60 billion
00:06:52.000 dollars of savings for Canadians. This government's on track to reduce spending on consultants by
00:06:57.240 20%. This government will build Canada strong. I will note that Polyev at his worst is Polyev
00:07:08.660 sloganeering too much. And right there, Mark Carney basically fell back on slogans. Oh,
00:07:14.600 well, you know, we've reduced the debt by 11 billion, the deficit. No, you haven't. No,
00:07:19.060 no, your deficit is slightly less terrible. And it's only slightly less terrible, in fact,
00:07:24.360 because of Donald Trump, because of the tariff war, prices are up. And so the GST that the
00:07:30.360 government is collecting is up. In a sort of strange way, the only reason that they're a
00:07:36.220 little bit better on finances is because prices went up. And so they're collecting more money
00:07:40.940 in terms of sales taxes. It's not because they were cutting a lot of wasteful spending. They
00:07:46.160 haven't cut any wasteful spending they lucked out and they didn't luck out into a surplus they
00:07:50.660 acted like they they have a surplus of 11 billion they're putting towards debt repayment no the
00:07:56.400 the deficit is not 78 billion it's 67 billion and apparently we're now going to celebrate
00:08:02.920 by starting up a canda strong fund that's going to be purely funded with debt like what but anyways
00:08:11.660 This is getting back to Pierre Pauly of here.
00:08:16.100 Leader of the Opposition.
00:08:17.700 Mr. Speaker, the deficit Justin Trudeau had provided for this year was $31 billion.
00:08:29.080 Yesterday, the Liberal Prime Minister provided a deficit of $65 billion.
00:08:37.320 65 is bigger than 31.
00:08:40.420 And if you read, I know I'll speak slowly for the Liberal mathematicians on the other side of the house, because as the Globe and Mail said, in the upside down land of the Liberals, a spending spree is a spending cut. Blowing a windfall of billions of dollars is prudent. And failing to prepare for a fiscal storm is, well, just good.
00:08:56.840 Thank you.
00:09:10.420 see what the speaker is doing right here is he didn't like the line of questioning for the
00:09:15.960 prime minister and so he's basically interjecting and saying oh well you know your time to answer
00:09:20.680 a question uh you exceeded it and now i'm cutting you off in any other parliament in the legislatures
00:09:26.300 i work in the legislature if you start going over time the speaker's just saying you have to get to
00:09:30.100 a question can you get to a question they don't just stop cut your mic and then stand up and act
00:09:34.980 all like incredulous about oh i didn't know what you were doing so that's why i stopped you
00:09:38.960 They need to buy Carney time because, again, Carney, his entire career is based on the idea.
00:09:45.380 His entire career in politics is based on the idea that he's a sober minded businessman.
00:09:50.460 He's a Goldman Sachs guy. He was the governor of the Bank of Canada, the Bank of England.
00:09:55.600 He knows the numbers. You can trust him.
00:09:58.180 The problem is, is if people, business liberals, start paying attention to the fact that, you know, Carney kind of sucks at economics.
00:10:05.960 well what else are you voting for him on other than maybe thumbing your nose at donald trump
00:10:11.220 which business liberals aren't motivated by that nearly as much as the actual elbows up crowd
00:10:16.080 after you blow past the idea that he's not a very good economist he's not very good for finances
00:10:21.940 well there's no reason to vote liberal anymore and this is why this makes the liberals insecure
00:10:26.520 Mr. Speaker, I won't go there, I won't go there.
00:10:48.020 Mr. Speaker, this government's focused on affordability.
00:10:54.020 Affordability. Half of the measures in the update are to make life more affordable.
00:10:58.940 Canadians are reducing and June 5th.
00:11:01.380 Look for 12 million Canadians to getting a check to help with groceries and essential lower cost of gasoline.
00:11:07.480 But we're building the country strong for all, including Canada's youth, the biggest investment in apprenticeships in our history.
00:11:16.940 Again, this is like microwave Justin Trudeau stuff.
00:11:19.840 He's trying to justify just spending us into a giant hole.
00:11:23.080 And he says, well, I am providing school lunch.
00:11:25.900 Oh, there's affordability.
00:11:27.020 We're sending rebate checks to people.
00:11:28.980 Like, well, that's not going to help.
00:11:30.580 In fact, if you're not a CTV news interviewer, spending money, especially just blowing money
00:11:37.680 into the economy, causes inflation.
00:11:40.320 Cutting taxes lowers inflation.
00:11:42.940 But again, he's just going to Trudeau talking points of, well, we're giving people money.
00:11:47.180 So how can I be a bad guy?
00:11:49.400 I'm giving people money.
00:11:51.020 I'm giving free.
00:11:52.080 He's, like, turning into the Joker in, like, the 1989 Batman movie.
00:11:56.040 How am I a bad guy?
00:11:57.560 I'm giving people free money.
00:12:00.340 Honorable, the honorable leader of the opposition.
00:12:03.720 These liberals are like the Bourbon dynasty.
00:12:06.160 They learn nothing and they forget nothing.
00:12:08.960 Over the last decade, they told us that if we racked up the credit card,
00:12:14.120 that somehow it would grow the economy.
00:12:15.480 What did we get?
00:12:16.020 We got the worst growth in the G7, the highest housing cost in the G7,
00:12:20.840 the worst household debt in the G7, the worst investment per worker in the G7.
00:12:26.200 And now it's deja vu all over again with the Prime Minister repeating exactly the same policies.
00:12:32.020 More debt, more costs, more taxes. He's just another Liberal.
00:12:35.640 Will this Prime Minister recognize that Canadians are paying for his mistakes?
00:12:41.560 The right Honourable Prime Minister.
00:12:44.440 Mr. Speaker, Canadians will not forget that the member opposite voted against child care, voted against pharma care, voted against dental care, voted against the groceries and essentials benefit that Canadians are going to see $500 checks in a few weeks.
00:13:03.500 Mr. Speaker, Canadians will see the second strongest growing economy in the G7. 0.97
00:13:09.260 no i hate the stupid thing from the imf no no it's the second strongest growing economy 0.97
00:13:16.800 based on just imf projections which are based on canadian government numbers and their own 0.98
00:13:23.120 predictions by the way we should be number one we had a shrinking economy in 2025 ergo it should be
00:13:31.600 easier than ever to grow because if you come back from a debt if you fall into a hole it's easier
00:13:37.240 to jump out of that hole and a little bit like what am I trying to say here whenever the economy
00:13:43.620 kind of slumps whenever you get out of that hole it's like a bunch of free growth you get to
00:13:49.500 pretend you're growing when you're really just getting back to zero that's why it looks like
00:13:53.500 we're growing fast they put us into a hole and by just slightly and by just coming out of the hole
00:13:59.440 it makes us look like we're growing we're not growing we're getting back to even but the whole
00:14:04.440 thing the whole speech here is just again microwave justin trudeau talking points oh he's he's not
00:14:10.000 voting for school lunch programs oh he didn't vote for pharma care he didn't vote for the 500
00:14:14.300 checks oh remember people vote liberal i'm the one giving you free money i'm giving out free money
00:14:20.400 this is what the goldman sachs guys idea is let's not make it easier to grow businesses let's not
00:14:26.620 try and get bring investment into canada let's give people free money that's how you grow an
00:14:32.000 economy they would like to forget it's my time up the honorable leader of the opposition
00:14:40.320 carney it's so it's so smarmy it's actually one of his underrated traits because he's kind of a
00:14:46.980 boring personality this is the problem for the conservatives it's hard to hate carney if you
00:14:52.700 don't follow politics at a minute like kind of microscopic level he's a pretty like thin-skinned
00:15:00.460 smarmy guy when you actually follow him closely. If you don't, he's boring and no one really wants
00:15:07.520 to hate a guy just because he's not interesting. And that's what I think buoys up Mark Carney's
00:15:12.460 approval rating. He's probably a good guy is the assumption of most middle class people in this
00:15:17.740 country. People need to put more of a spotlight on the fact that this guy's currently screwing 0.65
00:15:24.780 up trade because he has too big of an ego to negotiate with Donald Trump. He just believes
00:15:30.200 he is better than the americans to the point that he'd rather you pay higher prices than him getting
00:15:34.120 into a room with donald trump and trying to hammer this thing out mr speaker this prime minister has
00:15:40.520 this liberal prime minister has been wrong about every major economic issue of the last decade he
00:15:46.680 was wrong to push for bigger and broader carbon taxes wrong to say that we should leave 50 of our
00:15:52.760 oil in the ground wrong to oppose the northern gateway pipeline wrong to say covet would lead to
00:15:57.480 deflation wrong to say money printing would not raise the cost wrong to say that affordability
00:16:03.300 is the best that it's been in a decade he keeps getting it wrong mr speaker yesterday he repeated
00:16:11.200 the same mistakes when will he realize that the more he gets it wrong the more the canadian people
00:16:16.480 have to pay my only critique of peer poly here because i'm fighting this jihad forever is that
00:16:22.520 He needs to not wear a dark Navy suit and a dark Navy tie.
00:16:26.120 I will keep bringing this up.
00:16:27.380 I will keep being a fashion terrorist until he stops wearing that Navy suit and that Navy tie combo.
00:16:32.820 It makes him look a little stiffer.
00:16:34.200 But overall, good points.
00:16:36.560 The right honorable prime minister.
00:16:42.160 Mr. Speaker, wrong on crypto, wrong on Brexit.
00:16:46.800 I could go on.
00:16:48.040 But you know what?
00:16:48.600 This government is right on.
00:16:50.000 those were such like deep cut oh he's wrong on crypto because the price of bitcoin went down
00:16:57.500 temporarily for a couple years and then it went back up like okay what was he wrong i don't even
00:17:03.020 know what his perspective on brexit was probably correct you know mark carney's such a european
00:17:08.520 that he was like in favor of the uk enslaving britain for the rest of time like who cares but
00:17:15.320 that's that's the best shot he had there. Oh, Polly of you something something brexit.
00:17:19.800 To make sure that Canadian energy powers the world. It's about ensuring our competitiveness.
00:17:35.000 It's about working with the province of Ontario, a premier that picks up my phone call and works with us to put Darlington's new nuclear into power.
00:17:45.260 It is about building Canada's strong for us.
00:17:59.480 The Honourable Member for Belleuil, Chambly.
00:18:02.540 Yeah, so that was something to watch right there.
00:18:05.000 um yeah the question period is both interesting and depressing at the same time because although
00:18:11.520 pure poly was making very good points and mark carney looks terrible trying to deflect them
00:18:15.580 there is always still that strange feeling that there this is not an actual conversation these
00:18:21.220 are not actual answers to questions and my goodness all the liberals standing up for the
00:18:27.400 lamest uh counterpunch ever like oh you were wrong about crypto and brexit i'm just bored even
00:18:33.600 listening to him say those words. I don't even know what that means. But now I want to talk a
00:18:37.600 little bit of the Canada Strong Fund because he is apparently, Mark Carney, is apparently a fiscal
00:18:43.600 guru. And so deep into debt, with a massive deficit, we are apparently going to try and
00:18:52.220 invest in a fund that we don't have the money for. But he's the expert. What do I know?
00:18:58.380 You keep referencing the Canadian Pacific Railway as a benchmark here, and that was funded by private investment.
00:19:05.940 But a lack of transparency around that financing led to one of the earliest political scandals in Confederation.
00:19:12.120 So I'd like to know about the transparency on this fund. Who is going to manage it?
00:19:16.480 Yeah, absolutely. Look, I and I'm glad you raised it because there are there are lessons on all in all respects on how from our past and from the specific example.
00:19:27.280 I drew out some of the most important ones about partnership with Indigenous peoples, full partnership with workers, and full participation of Canadians alongside.
00:19:38.780 This will be an independent Crown corporation, reports to Parliament, arm's length, as I say, independent, full disclosure, professionally managed, and the investments that are made will be clear.
00:19:53.400 The objective is to grow wealth for Canadians over the long term.
00:19:59.980 So we are going to dump billions and billions of dollars into a long term fund that is going to be managed by the government with debt, just with with with just rant with just debt money.
00:20:13.800 We're just going to international banks in order to get loans to then invest the money and hope that we outpace the interest rates.
00:20:27.060 It's so foolish that we're doing this right now at a time when we can't balance our own budget.
00:20:30.800 Here is Finance Minister Francois-Philippe Champagne confirming that this is all based on debt.
00:20:36.180 Can you explain a little bit more where the money for this fund is coming from and specifically how much of this $25 billion endowment will be debt versus equity from the government?
00:20:45.340 Well, that's a very good question.
00:20:46.760 So what we said in our release today is that we will invest $25 billion to exceed capital in the fund.
00:20:56.420 As you know, Canada, because we're one of the very few countries in the world, I would say there's only two countries in the G7 which have a AAA credit rating.
00:21:05.720 And Canada can borrow on the international market at some of the lowest rates that you could see.
00:21:11.780 And therefore, by putting the seed money, we will be able to invest in these projects and these Canadian companies and generate higher returns for Canadians.
00:21:22.560 What is unique in what we're saying today, I think, I mean, some people will look at other sovereign wealth fund that exists in the Nordic countries, for example.
00:21:30.700 but the uniqueness i would say of this fund is to build uh canadian projects so what we're doing
00:21:39.220 here because we don't need to watch that full clip so this is all based on debt we're going
00:21:43.940 to use our triple a credit rating in order to take out 25 billion dollars that we objectively
00:21:49.660 do not have as seed money to invest only in canadian companies and projects you know the
00:21:58.500 companies and projects that exist inside a shrinking economy. We're going to invest only
00:22:03.300 on domestic projects, because elbows up, in order to then generate money for Canadians like decades
00:22:11.640 in the future. And I have no problem with a sovereign wealth fund. Go for it. Alberta has
00:22:16.960 one. Obviously, countries like Norway have them. But we're in debt. How about we get out of debt
00:22:23.020 first because i don't think that as we need to balance people today with people in the future
00:22:29.100 and carney is trying to have it the worst of both ways he wants to just fart money out into the
00:22:34.800 economy just send people checks and then invest money into a fund that will not benefit anyone
00:22:40.960 for several years in the future and i really don't trust that the liberals are going to manage it
00:22:45.260 properly so we're just increasing inflation in the here and now taking up more money in loans that is
00:22:51.780 going to increase inflation in the here and now in order to invest in a fund that is going to
00:22:57.840 underperform every other fund because it's limiting itself to Canadian workers and Canadian
00:23:04.960 projects and building infrastructure and whatnot or whatever it's trying to do. Goodness, it's not
00:23:10.800 going to work. Sorry, these are the ideas of a Goldman Sachs man. It feels like all his last
00:23:16.600 good ideas stopped after he stopped being the governor of the Bank of Canada. And that's
00:23:22.820 significant because back then he wasn't using his own ideas. He was just implementing the ideas of
00:23:27.720 Jim Flaherty. Anyways, with all that being said, thank you guys for watching this video. I think
00:23:34.180 that there is sort of an aspect of all this where Carney right now has the polling upper hand. They
00:23:40.080 have the upper hand of the media and whatnot. But rhetorically in the medium to long run,
00:23:45.280 I think that unless Carney can actually start putting up really good positive developments on the economy, eventually he is going to lose a significant portion of his base.
00:23:55.620 Maybe they're going to be too proud to come over and vote conservative, but he's going to lose those votes.
00:24:00.180 The thing is, the elbows-up thing, it can be both a blessing and a curse.
00:24:05.180 A blessing for the 2025 election when he got to run against Donald Trump as his main opponent instead of Pierre Polyev.
00:24:11.500 but also into the future as he keeps failing on trade and Trump keeps eating his lunch.
00:24:17.960 And as he is not actually bringing economic benefits to Canada,
00:24:21.360 he is going to start losing that one-third of liberals who I would define as business liberals
00:24:25.880 who in fact do care about performance and don't just care about saying screw you to Donald Trump.
00:24:32.680 But anyways, with that all being said, like, share, subscribe, consider hitting the join button,
00:24:37.260 and I'll see you guys all later.