True Patriot Love - Carney’s $1 Trillion Bet： Plan or Political Theater？

00:00:00.720 Friends need to stick together.

00:00:02.340 As the Canadian-American relationship continues to sour,

00:00:05.420 Prime Minister Mark Carney proposed a deeper partnership Sunday.

00:00:08.760 We're not looking to become a member of the European Union,

00:00:11.840 but we are looking and beginning,

00:00:14.020 we'll begin discussions for a unique alliance.

00:00:22.680 Well, it has been quite a week here at TPL Media.

00:00:26.620 Mark Carney hosting billionaires in Toronto,

00:00:28.980 jet sitting on can't force one eu tariffs mike wickson got more handsome paul macucci better

00:00:35.380 dressed we can't wait to talk gentlemen well some of that is true actually uh yeah this has been a

00:00:41.900 uh a very interesting week you know we've got a lot of big announcements this uh this first of all

00:00:48.520 the motorcades in toronto are really disturbing we've got tiff we've got yes uh enormous investor

00:00:54.940 event going on oh by the way real quick poor seth rogan they had barricades he tried to get into one

00:01:00.540 of his old movie premieres and he was trying to get his what are they like the big ford or chevy

00:01:06.140 suburbans he they wouldn't let him get by the barricade he's like but sir i gotta park there

00:01:09.980 to get into the building they made him walk around the barricade seth rogan show him some respect i

00:01:14.860 know he's canadian too jeez you know we could have at least recognized him on that exactly but it has

00:01:20.380 been motorcade city in toronto and for good reason uh yeah carney has invited the world here to talk

00:01:26.220 about how to stimulate investment in canada and he put a number on it trillion one trillion dollars

00:01:32.860 exactly well so he's one trillion dollars he did say that yeah yeah yeah well and then can i throw

00:01:40.140 some at you because it was it was interesting because in the middle of that it kind of broke

00:01:44.540 that his eu trip he was being going to become an associated member but canada was going to be an

00:01:49.740 associated member of the eu no he tried to downplay it at first right he went to tiff a

00:01:54.380 member at tiff he's like no we're not we're you know we're going to do trade and we're going to

00:01:58.780 be okay and at the same time over the weekend trump was in his plane i don't know if you saw

00:02:03.740 this one trump went bananas yeah on the way back from wherever he was he's like slamming his he was

00:02:09.180 coming back from ireland actually ireland where he told every irishman that they should be unified

00:02:15.580 and then uh he was coming to see the irish leader just kicked him out of the country

00:02:19.900 i know it was jesus yeah well playing golf the uh so you at tiff he gets up he says no we're not

00:02:27.740 um we're just gonna you know work together and i'm going there and all of a sudden you know trump

00:02:34.140 goes bananas and all lights go out on trump so we don't hear much from trump it actually goes quiet

00:02:39.980 and and then we're actually moving on to the investment summit yeah i i it's incredible he

00:02:47.420 has this uh lineup you know what's interesting it's kind of wwe to me or or uh what's it called

00:02:53.740 now yeah you're right wwe yeah brother it feels a little bit wrestling like i wonder how the

00:03:00.700 investors and the other uh delegates from around the world feel about this but the first thing he

00:03:05.980 does is he starts making announcements like deals have been done in the first 15 minutes

00:03:10.380 yeah bell bell so i'm like bell what what well that was that was an expansion of an existing deal

00:03:17.260 that we have talked about on this channel yeah no no we have talked about yeah but okay that's not

00:03:21.980 real um it's a deal it's a deal it's not really it's kind of a pseudo deal and i know you and i

00:03:27.740 have argued about this before why do you think it's a pseudo deal well bell is a duopoly that

00:03:32.700 basically has been created it's been pseudo government created uh by legislation and regulation

00:03:40.060 and over the years people have tried to get into that business but good luck to you it failed

00:03:46.060 because it's too hard so and we've and i've argued this and we've had this on other shows whether it

00:03:51.180 be sports we use telecommunications to do other projects sports teams pet projects of the government

00:03:58.620 and it works right it works because it gets us great teams and it gets us great stadium it doesn't

00:04:04.540 get us great it doesn't get us great pricing on home internet or data on our phone or we

00:04:09.740 indirectly pay for it through those but i like grief i'll give it yeah you pay for that but we

00:04:14.300 indirectly you get crave free somehow no no i like it i'll let me pay for it all right we indirect

00:04:21.180 yeah no but we indirectly pay for those things through our you know our cell bills yeah yeah

00:04:26.620 yeah our bills so quite frankly but so i asked you know i'm sitting there and i'm listening i'm

00:04:32.460 thinking oh okay i thought we were going to talk about new things exactly well oh right away okay

00:04:40.220 i thought we were going to talk about you know the 27 new projects and stuff now we're jumping 1.00

00:04:45.820 up and down and you know all of a sudden all of a sudden harper rolls out on the stage and

00:04:52.300 chretchen rolls out on the stage i'm like what the heck is going on here there's a hug fest and i'm

00:04:57.500 going are we going to start talking business are we going to just like okay validate what i'm doing

00:05:02.860 now you guys got a you know he did you guys got an appearance fee right to come here so jump on

00:05:08.780 the stage right and validate what i'm doing here well okay so if i'm currently real quick yeah okay

00:05:14.860 yeah no i want this trust me you're more than conflict at this table it's my you're mike wickson

00:05:19.900 and you're a hedge fund like blackrock and you're an investment firm with like two trillion in

00:05:26.380 assets are you actually going to say yes to a deal in a two-day summit oh hell no you are going to go

00:05:33.260 back with your team right and say this is what canada and carney and the canadian people can

00:05:39.900 offer is it good for us wait why is that why are you putting okay sorry you're taking you're saying

00:05:45.420 carney doesn't really have the opportunity at this moment he's having this he just gave the pitch

00:05:50.980 i like i understand like so this is this is all dog and pony show bell announcement to look like

00:05:56.780 the canadian people and the public and the media were doing something chretchen who is riding a

00:06:01.440 real wave right now of nostalgia and is basically we will not you know bend a knee to usa everyone

00:06:07.460 loves it harper everyone's starting to like him now because he's saying all the right things he's

00:06:11.640 on team carny but as far as the real meat and potatoes of the investment that'll come in weeks

00:06:19.020 and months hopefully maybe they'll take a month a full month some of these hedge funds to review

00:06:24.540 everything before they even make an announcement yeah i would agree with that and so to that end

00:06:28.740 don't use this as the opportunity to talk about by the way the bell thing don't don't use this

00:06:33.680 as the opportunity i'm with you paul i'm gonna be honest i thought it was a weird way to start

00:06:38.060 is cheerleading and and with regard to uh with regard to kretchen who i think is a lot of fun

00:06:43.980 and uh stephen harper which i i don't even i don't understand his face good piano player oh i did not

00:06:49.340 know yes uh these guys it's so funny because pier poliev has mario of the north and suddenly

00:06:54.940 carney's got kretchen i mean his influencers uh are who would you rather listen to honestly

00:07:01.340 come on yeah so that's an easy one obviously but uh having said that bell has this announcement

00:07:08.580 is folly and then the other thing that it says i read twice guys did you see this you know what

00:07:13.320 it's going to do for our economy it's going to create uh uh hundreds maybe thousands of jobs

00:07:19.700 okay but if you're scott moe and i'm the premier of saskatchewan right now my main things are

00:07:26.180 agricultural and potash yeah he's got to be thinking if i have a huge ai data center maybe

00:07:32.980 there's more and we have three pillars to our economy which has only got two legs right now to

00:07:38.260 stand on right oh no he's what listen he's i get it why he wants to do it he's up there and and he

00:07:43.460 had the sign made yeah i think it looked good and for him it looked great you know he got some

00:07:47.700 economic stimulus i'm not sure again on a local basis for him i get it from a canada around the

00:07:55.460 world basis i'm like oh that's i'm like that's kind of a dull start okay that's a basic mozzarella

00:08:02.340 stick appetizer to the main course that you're going to get hopefully with the hedge fund people

00:08:07.220 i wish i never mentioned that pizza company before the show so but okay jim porter churchill yeah

00:08:13.460 right it's going now rail yeah right those are all things that should have been like up front

00:08:19.620 like big projects that should have been out there promoted you know again the list of projects

00:08:25.220 here's the money here's the pro here's the 27 list of projects we have here's what we need

00:08:30.820 here's how we participate as a country so here's how canada participates here's what equity stakes

00:08:36.740 seed money we're going to put into it we're going to back up with this here's what infrastructure

00:08:40.660 we're going to put into it we've had a year more than a year but paul i know i know i agree i can't

00:08:48.020 even say the number of months we've had to put this together into a plan to present to people

00:08:52.500 but he has the hedge fund people the heads they are not going to make a decision no they're not

00:08:58.160 going to make a decision after cocktails downtown and king street but but wouldn't it be nice if it

00:09:02.580 was all laid out and quite frankly of course it would be as shareholders in in the country of

00:09:08.260 canada now that i agree with love to see what the structure being presented is now that's not saying

00:09:14.780 the final deal structure to your point i understand and i agree with you that's not

00:09:18.920 saying the deal structure ends up that way but at least i know where the leader of the country

00:09:24.780 is taking the country and what structure he's promoting whether it's pref equity how we

00:09:29.280 participate correct and then how as canadians do we benefit from that and it's very clear it's very

00:09:35.300 transparent we all see it and i'm like okay all right so now we're we're gonna talk about great

00:09:42.780 okay we wait around two days but but fortunately for carney he right now he's got no deal to offer

00:09:51.460 to canadians from the meeting because they have to digest what he said i'm not even waiting that's

00:09:56.280 fine i'm not even waiting for a deal i get this show us why okay this is yesterday we had a guest

00:10:02.480 on the show uh and i'll shout him out because he said something that really made a difference to

00:10:06.520 my mind uh tony romanelli oh tony good guy in the room he uh he said this to me um you know

00:10:13.620 there's businesses out of there out there and they realize they have to make fifty thousand

00:10:17.280 dollars a month to survive and so they'll do whatever they have to to get that fifty thousand

00:10:22.020 dollars that is not a business plan that is a survival plan and it's not even a great survival

00:10:27.840 plan so to paul's point i would love to see a business plan that says this trillion dollars

00:10:33.140 represents this actual yes application i think canadians would like to see it and now we're going

00:10:40.180 out there to do it yeah so we have a budget right we have a budget so it's interesting he gets up

00:10:45.620 and he says by next year a year ahead i'm going to balance my operating budget yes because he's now

00:10:51.300 he's split his budget into capital and operating so he's about to spend all this money so yeah

00:10:57.300 he will take revenues and he'll offset expenses but then he has all this capital expenditure

00:11:04.660 that's going to go out somewhere right that's what we've done yes re-jigging our accounting

00:11:09.860 for government right so there'll be a payback there'll be a return on investment like he's

00:11:15.860 the one who did it right so now i'm waiting for him to show us okay here's the projects i'm going

00:11:20.500 to put the capital in here's what they're going to return here's how it's coming back you know at

00:11:25.300 at least set me off on a structure and we go through and then we get to the

00:11:30.400 end. Right. And I'm thinking, okay, all right. We didn't see that.

00:11:34.120 Well,

00:11:34.160 even champagne isn't out there saying anything that makes any kind of sense

00:11:37.480 with regard to this deal. And you would expect that, you know,

00:11:40.060 this specific individual would be able to at least on the prime minister's

00:11:44.920 behalf, be able to say, okay, here's the bell deal in, in a nutshell,

00:11:49.260 press conference, these things, have a discussion,

00:11:51.460 let the press say,

00:11:52.520 why are you bringing this up at an international trade conference?

00:11:55.300 that you're hosting the second one that came up and i found this pretty disturbing was he's making

00:12:01.300 an announcement yesterday i call paul you know jim i tried you you might have noticed i called

00:12:06.420 you guys right away and i'm like i was at chapter zindigo he's uh sorry you're such a i was taking

00:12:12.500 selfies with my books i've written you know jim that's cheesy and lovely i did yeah so uh i called

00:12:19.460 and said paul he's privatizing the airports paul went oh for the love of god we never privatize

00:12:24.580 anything properly and then we find out that the airport itself is not being privatized and none

00:12:31.220 of them are well not to be again i'm not trying to be difficult but quite frankly he's standing

00:12:36.580 on the podium or being presented or uh uh celebrated off the stage by two former prime

00:12:45.700 ministers who did horrifically bad jobs at privatizing anything they touch well what do

00:12:51.620 do you mean petro canada right who destroyed it right to absolutely rip the heart of where we

00:12:58.180 could have been in canada right now you know actually real quick name one prime minister

00:13:02.500 who privatized anything well no we don't we don't do it there's no there's no example and harper the

00:13:07.860 quietest prime minister we ever had right the weed board i guess we sold to the saudis quite frankly

00:13:15.700 and when you when you read up in that that's totally there's 50 of the people who absolutely

00:13:22.820 were devastated by that deal and 50 of the smaller group that liked it so it wasn't

00:13:28.260 well received it's still they still talk about it and then the can do deal which quite frankly

00:13:34.660 we sold for 15 million and then when trudeau got in we had to give them 75 million to snc lavalin

00:13:40.980 who bought it by canadian standards that's lightweight we only lost 60 million come on

00:13:48.100 paul tell us when you get to a billion and then for those for those are unreasonable come on for

00:13:52.980 those ontarians who are watching right don't you see the 407 don't you say it we still we still

00:14:00.580 sting every day when we get on you know our head just goes i don't know about you when i go in here

00:14:05.700 beep beep it's like a like a dagger it's like i literally my my heart it takes me a little minute

00:14:12.660 to get positive again i hate the negativity i gotta go to my happy place you know i'm driving

00:14:17.620 through that beep it's worse for me i get suspicious now i'm like oh they're making

00:14:21.780 traffic on the regular route so i have to take this so you ask about announcements

00:14:26.100 this huge tinfoil hat guy i just double checked so monday september 21st parliament resumes for

00:14:32.980 the fall session 11 a.m i i will go to my betting app right now and put the over that carney's

00:14:40.140 making some announcement either while he strolls by the media and does this flyby wait till i have

00:14:47.700 we hear what i have to say right and we'll do one of these and start parliament fall session

00:14:52.260 by the way paul bakuchi is giving 15 billion dollars to the mike wickson fund well the interest

00:14:59.540 so it's interesting he's just brought that up what's the date he goes back on monday the 21st

00:15:04.120 okay so it's interesting because i didn't even think about it but where is pauliev oh he's he

00:15:11.960 was in vancouver no where did he come from on the way i don't know he was on his american trip

00:15:18.460 oh jesus you remember he was supposed to remember hit texas and he was supposed to do his trip where

00:15:25.260 he did podcasts again oh could you notice you notice he wasn't anywhere right he was you know

00:15:31.740 definitely wasn't on the podium right and he definitely wasn't with the other former prime

00:15:36.460 ministers but he wasn't anywhere so is he opposed to this oh yeah oh yeah no he every so before he

00:15:44.140 was out before it saying you know what deals have been done you know what have we accomplished then

00:15:50.540 during it he's saying what investment deals did we get done you know they were lobbying in things

00:15:56.620 but quite frankly he was like you said he was returning from what was supposed to be a pr

00:16:01.340 campaign in the us to get pr uh uh goodwill going again yeah and we didn't hear anything because

00:16:09.020 okay but here's what he should have been doing telling his own mp jamal javani to sit down and

00:16:15.420 shut up all he does is go on social media and promote america and slam canada and so he can't

00:16:23.020 even control his own caucus read the room javani like read the room well i mean if you if you look 0.95

00:16:29.340 at the sheer numbers that carney is talking about replacing i mean there's still an 80 billion dollar

00:16:35.340 uh deficit in trade that we need to replace from the u.s with some better deal out there

00:16:40.620 there's uh over 780 billion dollars in offset revenues that have to be found someplace

00:16:47.260 and he's out there trying to get a trillion dollars in against deals that we don't know

00:16:52.860 about as jim points out but to your point talking about the airport talking about a bell deal

00:16:58.060 referring to uh his uh his his he's so revered by everybody he's times man of the year but what

00:17:09.640 we're not he's a beautiful evangelist and people say and i've seen it the comments so you're not

00:17:15.800 conservative you're not liberal what are you i'm watching you're canadian i'm watching as a canadian

00:17:20.820 to say okay what is really happening to your point and your point we don't really know what

00:17:26.900 the mission was and what's coming out of this and we won't for some time well and then to have the

00:17:31.960 com the european commission president ursula von der land start the whole conference basically

00:17:38.920 begging carney in canada to become the european union's first associate member this is unprecedented

00:17:44.860 well yeah this is the kind of times first but we're not doing it apparently no but i mean the

00:17:49.620 thought of that six months ago was kind of unheard of well it really is it's got to be a poke in the

00:17:54.380 eye to trump he must hate that that's the case right absolutely we see him on the on the plane

00:17:58.940 uh the press addresses him about he's slamming doors and slamming but we already have a tariff

00:18:04.780 deal with europe right with the eu so we already have a free trade agreement yes uh c-a-c-e-t-a

00:18:12.560 but we wouldn't need any more travel visas as canadians to go anywhere in the eu under this

00:18:17.200 new deal i believe correct yeah no it would open up it would definitely open up uh as far as basically

00:18:22.820 cargo and certifications and all that stuff it would open up all those right which makes good

00:18:27.540 for business but it does but it's interesting jim you give up basically um all your what you have

00:18:38.400 to do and what i'm going to look at norway for a minute okay i'm going to kind of fast we love

00:18:42.280 norway yeah when we talk about norway a lot right so norway has uh an associate relationship with

00:18:51.340 the EU, right? Iceland, Norway. So, but they're not a member of the EU. So we're talking about

00:18:59.200 something similar to that, maybe not the same. But what this means is like, for example, in Norway,

00:19:05.740 it means that Norway's domestic laws regarding consumer protection, corporate law,

00:19:12.360 environmental standards, and food safety are essentially written in Brussels.

00:19:16.580 so so the reason you don't have to go through all those regulations for goods and service and

00:19:24.100 travels and people moving back and forth it's all done to the eu headquarters in brussels

00:19:28.660 it does but it's so now you're not a uh you're not a member so you're not a you're not a voting

00:19:36.020 member of eu correct so when they make a change to one of their laws with respect to corporate

00:19:42.420 law or regulation you have to change yours but you don't get to vote on it you can only lobby it

00:19:49.460 right interesting with respect to norway and i so we might have to jump through a lot of regulatory

00:19:54.660 hoops just to be doing business there that we're not even considering at the moment we might have

00:20:00.420 to change the way that we ship the way we tariff ourselves the way that the pricing goes and we

00:20:07.220 we have to abide by new regulations potentially that we don't now well let me raise a scenario

00:20:12.560 mike that what you just said when the eu president basically stands up in public and begs carney and

00:20:19.340 canada to come could he not go yeah i'll do that but i'm going to tweak the rules a bit to benefit

00:20:25.040 canada so we're not going to do exactly what maybe you think we have to do we're going to do this and

00:20:30.440 this and then we'll do is that okay right because he's in the driver's seat now it kind of feels

00:20:35.240 like he might be yeah hopefully hope well let's let's let you listen i'm optimistic but quite

00:20:41.640 frankly realistic too norway's a pretty so um let me let me kind of condition it right

00:20:50.200 norway from a financial stability perspective and a fund for their wealth fund is very powerful in

00:20:58.440 the world oh it's right yeah much more powerful than we are our little you know our little alberta

00:21:04.040 fund that we have is minuscule compared to the fund that that the you know norway has so quite

00:21:10.840 frankly to think that we're going to be able to sway the eu more than norway norway yeah i'm

00:21:17.400 skeptical about so that's what i put out so that's my only you know but and that's why i'd like to

00:21:22.600 get the devils in the details right i think that's fair i think everyone should see the details yeah

00:21:27.640 so i'd like to figure out um what that is now also norway pays hundreds of millions of euros

00:21:36.920 to the eu in order to get access to the eu market so there's a financial component so they can

00:21:42.760 freely trade within the eu so they're an associated member but they have to basically they gotta pay

00:21:48.520 an entry fee and then they have to abide by the laws so um there's there's lots to this right

00:21:56.280 right now we don't pay anything right now yeah but you know we're still waiting for i think um

00:22:01.960 you know 20 plus uh eu partners and members to ratify the free trade agreement say we don't

00:22:08.920 that free trade agreement is not actually in place it's it's not fully not fully in place

00:22:13.320 it still needs to be signed so we're still waiting so so there's work to be done he's got work when

00:22:17.880 he's over there he can get all those farmed up you know it's interesting because the airport

00:22:24.200 the airport idea got lukewarm reception i'm announcing today that we will seek private

00:22:28.920 investment through long-term concessions to operate canada's four largest airports

00:22:35.880 following best practice in other countries the government of canada will retain ownership of

00:22:41.240 the underlying land and assets but we will unlock their true value by bringing in new capital and

00:22:47.720 expertise to their operations and their growth we will reinvest the tens of billions of dollars of

00:22:55.480 capital that we raise into infrastructure that canada needs for the next generation

00:23:02.520 that will mean investing in regional airports providing better and more affordable regional

00:23:09.000 and remote air connections it will mean a better passenger experience it will mean

00:23:15.800 investing in new local transportation infrastructure to make commutes easier and faster for all

00:23:22.040 Canadians. And it will mean helping to finance new nation building infrastructure, including

00:23:28.920 a sovereign broadband backbone that connects Canadians from coast to coast to coast with

00:23:35.000 more direct and secure links to Europe and Asia.

00:23:38.600 right so you know we go back to the airports for a minute airports are airport authorities right

00:23:46.920 so run airports in canada um you know there's a lot of uh unions and and laborers that are

00:23:53.960 concerned the smaller airports are are really worried right now they're going to be left in

00:23:58.760 the dust well if it's privatized and uh someone comes in quite frankly they're going to make the

00:24:03.720 financial decision which airport to leave open and which to shut and then they're going to think that

00:24:08.120 eventually they'll be just given back given back to the government again right right and then we'll

00:24:13.160 be holding the bag because we'll have a bunch of debt getting everybody back at that we'll get all

00:24:17.000 the wowsy we'll get all the airports that don't make money back into our portfolio and the ones

00:24:21.320 that do make money that make that 500 million a year will be outstanding and they're the will

00:24:26.520 they'll be with the new entity oh my god and it's a real fear because it's a real quick because a

00:24:30.920 lot of people brought up wait a sec i'd like to vote on something like this as a canadian i'd

00:24:35.880 like this on the ballot well what he did was he took the sting out of it by saying i'm actually

00:24:39.800 not doing it with the airports i'm doing it with the plaza to soft sell it yeah i think that's what

00:24:46.040 this was yeah i could we probably could take over the airports we could uh you know offer those up

00:24:51.400 entirely for privatization but that would require a vote that would cause too much i think yeah

00:24:57.160 that's the thing you need to go to the ballot and i can still put this on the books and and

00:25:01.560 get past canadians that's what it feels like but so can i throw up so airport authorities

00:25:06.920 actually do like as far as the leasing of um food venues and you know beverages and stuff

00:25:14.200 the clothes and the stores everything in there that's under their purview i guess so you could

00:25:19.480 pick some of that out and try to do that but then you'd still have an airport authority and you have

00:25:23.960 to run that airport but you're not going to get a lot of money you know having spent time i mentioned

00:25:28.840 ti spend time in that business um uh basically you're not gonna get a lot you're gonna get some

00:25:33.320 money for it it's not a lot of money quite frankly it's not billions of dollars you know it's maybe

00:25:38.200 hundreds of millions because think about your own buying behavior you don't go when you go through

00:25:43.080 an airport you might buy food maybe a beer you know maybe a t-shirt for a souvenir i've never

00:25:49.800 done shopping uh yeah i've done a little bit but it's mostly when i was doing a lot of business

00:25:55.480 and quite frankly i'd buy like uh a new briefcase if mine was broken yeah my headphones like yeah

00:26:01.240 yeah yeah stuff like that but yeah but you're right jim it's not like serious shopping and

00:26:05.000 so yeah so the amount of money that's offshoot it comes off of that isn't a huge number so

00:26:09.880 you're not going to get a huge multiple on that meanwhile he's asking for a company to come and

00:26:14.680 give a one-time uh access payment to take over that element and look my concern is i've either

00:26:22.840 i fly out or in or i'm picking up family members at pearson our busiest biggest airport all the

00:26:29.000 time in a calendar year and there are some times uh into a long weekend into the holidays where

00:26:35.080 anyone who's been tried to drop someone off or pick someone up it is hell on earth

00:26:39.880 nightmarish and it could get worse if it's privatized and that's a big fear a lot of people

00:26:44.360 have or less because if you're if your passenger charges and your ground fees go up and ticket

00:26:49.880 prices your number of people try you know you're going to lose airlines potentially potentially

00:26:55.320 yeah can you you know you scared me a minute ago when you said you know okay we're gonna have to

00:26:59.240 take one of these airlines back pull the airlines back in why do i see one of these airports turning

00:27:05.320 into flare airport oh no i like flare i fly them all the time i actually like them no no no my bad

00:27:10.600 flare no no i'm team flare no no but you do honestly you don't it's something we have to

00:27:16.200 but again the devil's in the details and quite frankly he's got to start to talk i think the

00:27:21.160 prime minister is when he comes home he's got to sit down with canadians and say hey here's what

00:27:26.040 i'm thinking i'm going to enroll here's what i might you know yes i want to do the airports

00:27:30.920 you know there's there's got to be some conditions or guard rails with respect to fee increases on

00:27:36.760 an annual basis that are built into the agreement here's where it looks like here's where we go

00:27:41.560 and maybe you get there maybe you get there um you know again we we all struggle as canadians

00:27:49.160 because we've never seen anything privatized well so quite frankly we're scarred from it we're

00:27:53.880 scarred right there's no one you know you know you're not sitting in a bar and someone says yeah

00:27:57.720 remember that great privatization nobody saw that announcement so i can only buy one drink because

00:28:02.360 i have a 407 bill to pay i wanted i want to describe what it felt like when we were watching

00:28:07.240 this yesterday as a group here and and everybody just did this oh can i oh no so that was our all

00:28:14.920 of us had the same reaction i was at the other business right and quite frankly they were angry

00:28:21.880 well a lot of people angry i had the the you know my yeah cfo yeah he was f-bombing he was really

00:28:29.320 he was really pissed he brent we walked right out at the end of the day it was like five o'clock he

00:28:33.080 he's like cursing and walked out of the building and i'm like oh wow that's an interesting reaction

00:28:37.500 to that i think canadians that's they're a little protective of stuff like that and there's yeah

00:28:41.960 and i think carney has has a lot of runway right now yeah to do things but i think this is like

00:28:47.960 to your point mike he realized oh maybe i overshot the runway a little bit and then i'm gonna have

00:28:53.580 to like by the way it only means this and this right because i think they saw the temperature

00:28:58.600 and went oh oh oh every announcement he does this we're shareholders in his corporation

00:29:04.760 but not we're b-class c-class shareholders in his corporation not voting shares he gives us these

00:29:10.760 annual general meetings weekly where he gives us updates on how wonderfully we're doing financially

00:29:16.760 but when the devil in the details arises it's ebitda oh yeah in the greatest scenario before

00:29:23.240 this this this and this it's a trillion dollar billion dollar deal but i did feel sorry for him

00:29:28.200 a little bit and i gotta admit so when you know he looking hard so he is like you know hats off to

00:29:35.400 him he's really you know he to go do the summit then get on a plane fly to europe this morning

00:29:41.080 i'm up early and i'm actually picking up the news on um oh he's over in um strasburg strasburg

00:29:47.880 thank you and so he's over there and i'm watching you know that announcement that we're going to be

00:29:52.360 an associate member right and i'm thinking and i'm looking and they pan to him and he's kind

00:29:57.240 of like a deer in a head i don't think he expected her to say no because he had just said a tiff he

00:30:01.800 wasn't going to be so he's like oh like that's a gaffe right because he can't remember like

00:30:07.720 he can't control all that becomes a meme now yeah he can't control all the conversations

00:30:12.440 no so she's going off he's like oh yeah right away right away and it wasn't me who kind of

00:30:18.440 picked this up you know out of curiosity i'm like you know chat gbt it's pretty easy right now what

00:30:25.240 does that mean right well i think most canadians did the same thing and right away it pops up and

00:30:30.200 says well if we're an associate member we'd be kind of like in the case of norway then we'd have

00:30:36.360 to change or we'd have to go along with their rules protection corporate laws environmental

00:30:43.080 standards and there's also and i'm like oh oh we just got that's not good no i don't get into a

00:30:48.600 a lot of new work she also alluded to a sort of loosely based military alliance she did okay now

00:30:55.820 that that was also slipped under the radar there too correct i got what i took from that was

00:31:01.700 peacekeeping what peace is there to keep right now i don't know but that's that was the way i

00:31:07.640 think that sounded like nato with canada and ukraine that's what it sounded like well okay

00:31:12.720 that's interesting you just brought up ukraine without the usa so right away i'm sitting there

00:31:17.080 thinking oh i wonder what putin's thinking because we just signed a deal with vladimir zelinski in

00:31:23.480 ukraine to build one million drones in canada and now and now we're thinking of being an associated

00:31:28.920 mentor of eu who who who and who doesn't get along with the eu the most in the world putin

00:31:35.160 yeah and i'm thinking oh so well so now carney's thinking geez i wish i had a

00:31:42.360 pipeline to send them gas and oil right now because they're obviously want it right i wish i had that

00:31:48.040 pipeline to church i'd be shipping it right now yeah it's right which okay which is interesting

00:31:53.560 right so they did we're coming back to the initial conversation because then i'm thinking okay why not

00:31:58.520 in the two days did we if we this is where i i don't understand the connect right and i wish we

00:32:04.440 did understand it better and i wish it was communicated better if we did know we were

00:32:09.320 going to do this because he knows he's going to like you know he roughly knows the direction he's

00:32:15.160 going when he gets into the summit here in toronto correct right the investment summit

00:32:19.720 but not that announcement he didn't know i think that kind of cool yeah i don't think where's my

00:32:26.280 i do like the look on his face he gives that smirk like oh come now

00:32:32.120 but you know he's sitting there and i'm thinking i would have liked him to actually kind of drawn

00:32:37.560 the dots for me yeah so the projects that we were going on fit into where we were going with the eu

00:32:44.440 so i go oh i get it right but now you know the only thing sitting and maybe a pr gaffe right

00:32:51.640 because quite frankly the only thing sitting in my mind is bell right and my high sell bills and

00:32:57.160 quite frankly until and the airport oh great i'm going to buffalo to get my flights from now back

00:33:03.560 in because when's the last time you said i had such a good time going to pierce in this yeah

00:33:07.720 well you know and people don't i think people my age remember remember actually having to do

00:33:13.080 business in the u.s and for years in order for us to do it economically you drove the buffalo

00:33:19.240 we had to drive i've done it no yeah and it was horrific i've done it to detroit too and a week

00:33:24.760 on week base like i'm talking this went on for weeks or years for me back and forth back and

00:33:30.280 for and crossing the border and trying to explain and i parked my car over in buffalo i'm flying out

00:33:35.720 to you know maryland today i'm like oh my goodness and then the drive home and it's just like oh

00:33:43.880 and finally we got to a point like this is where you know and people won't get it the younger

00:33:48.760 people today won't get it because you you guys have done it we'd have to live through it but

00:33:53.240 you know when i go to the airport and i'm able to come directly home to me now i cherish it

00:33:59.880 because i lived you saved a lot of time i lived through that decade where yeah i couldn't do that

00:34:04.680 anymore and quite frankly did you ever have to take one of the bus trips down there you park at

00:34:09.160 yorkdale and they would take you down on the oh yeah and then there was inevitably somebody on

00:34:13.080 the bus that needed to be pulled in by customs like we gotta go guys i bought a beater ford

00:34:18.680 explorer that went forever because the motor those motors went forever they go and i drove the heck

00:34:24.040 out because you didn't care what happened in the parking lot i didn't care if it got ripped off in

00:34:27.160 buffalo right but we're back to that and i'd leave it for the week and go right well okay real quick

00:34:33.000 my cousin yeah who lives in southern california she now think about this she's a retired uh

00:34:39.320 podiatrist foot doctor uh did okay her husband is a bank manager and she went to fill up her

00:34:46.120 medium-sized car in southern california 111 us well like that like 6 30 some a gallon us

00:34:55.160 it like they are dying at the gas pump in the states right now well my well yeah but look

00:35:00.600 we're used to it right where we are my truck's going at my truck's going at 180 right now

00:35:05.800 oh the pickup yeah oh jesus that's what it is is it diesel no thank god it's no idea it'd be 250

00:35:11.960 right i know but you know we drive volkswagons yeah they run on sewing machine oil and the you

00:35:17.080 know we started we started this show on tariffs right yeah and the interesting thing is i was

00:35:22.040 talking to jim before just before he came in my and we actually had terrorists from the u.s come

00:35:28.200 on this week and come off yeah the canadian cement was taken off oh i didn't even notice that yeah

00:35:33.160 they added uh outboard motor boats some metal products and paper products but then took the

00:35:39.000 tariff off canadian cement and we're like well i guess they need cement in america desperately

00:35:44.120 for so they're cherry picking as they're putting them on they're like oh we can't do that i remember

00:35:47.960 they did salt right away salt they did road salt remember roads well so but the funny thing is our

00:35:53.480 attention when you notice like i just brought it up because i noticed this morning yeah no one

00:35:59.240 talked about it very much it was very quiet you know what i mean like they these retaliatory

00:36:04.200 tariffs so we've kind of whether by design or just by luck or just whatever our attention is gone now

00:36:13.080 right we're not really that interest so canadians are kind of okay we're we've kind of went you know

00:36:18.200 squirrel look over there okay we're in the yeah now well well now we're off if you're trump now

00:36:23.480 think about this that's a good point straighter hormuz gong show forget it so saudi arabia was

00:36:29.640 shipping all their oil to by the red sea yeah and now the houthis have mined it yeah and now

00:36:36.280 saudi arabia will not ship any oil through those two waterways that is a disaster for america

00:36:43.080 disaster disaster for them as well absolutely it is well and a disaster for us jim not only for

00:36:48.680 america so quite frankly that another thing you know at this conference and i'm which we're going

00:36:53.160 to do another show on quite frankly let's start talking big time about oil we got it like it

00:36:58.760 shouldn't be in every week we'll just talk about it once it should be we should talk about oil i

00:37:03.240 want to see a video talk about refineries of a bunch of guys welding pipelines together should

00:37:08.040 be all we do yeah pipelines jim let's get to alberta and build some refineries again and

00:37:14.280 start to actually like we gotta we gotta figure this out because you know better be shipping gas

00:37:19.160 to ourselves ourselves we gotta figure out ourselves now for a while you know because

00:37:23.000 yeah we can get more pipelines going to other people we gotta you know get ourselves going

00:37:28.200 again because here's the thing i get why you know he he you know the two days of the investment

00:37:34.280 summit great right he's got to get us some investment going in coming into canada that

00:37:40.040 actually gets us more productive that gets us those jobs you know in the refinery the pipeline

00:37:46.440 and the transportation to ship the gas and oil liquid natural gas around the world yeah exactly

00:37:52.840 uh yesterday night i'm watching a show and the guy's talking about the fact that you know

00:37:57.960 all the things that uh oil goes into it's everything and uh uh moshe lander the professor

00:38:05.000 we do the shows with all the time oh yeah he's on naming off like leather goods this

00:38:09.400 goods that good sure all the stuff that oil goes totally and byproduct is in the man while

00:38:14.360 infirming exactly staggering so he's going so you know if if to your point which is a great point

00:38:21.240 if saudi is out of the game now and we're in this for a longer period of time we better start to

00:38:26.760 focus on ourselves a little and stop you know worrying about pipelines but it would have been

00:38:31.800 nice quite frankly to figure that out if we're going to do it at that summit if we're going to

00:38:36.280 do it ourselves yeah what our strategy for as a nation would be to partner in these things

00:38:41.800 okay i get it if we're going to get back in that game first of all we have to be competitive which

00:38:46.200 means a capital investment that takes longer to pay back because we have to enter the market at

00:38:50.840 the right price he lower he did lower the taxes he did for investors which is which is a start

00:38:56.120 a really good start but what a plan to paul's point to be able to say okay here's what we're

00:39:02.040 going to do with getting back to business with our own oil we're going to do a deal with bp or

00:39:06.760 we're going to do a deal with such and such and we're still going to own it we're still going to

00:39:10.600 operate it we're going to have this lead share of it yeah yeah so he said that he did the mega

00:39:15.800 deduction yes which was a great you know great i would have loved that to be the first so if i would

00:39:23.240 have before bell i would have said hey guys i'm here i'm gonna do the mega deduction we were

00:39:29.080 already at 13 so it allowed the direct invest so if you put capital into the following list

00:39:34.920 of projects you're able to expense it in year one which then took your effective tax rate down to

00:39:40.440 like six percent from an already low 13 which we were already the lowest in the g7 as far as

00:39:48.520 effective tax rate it reduced it in half that's significant so it was a fire sale it's a fire sale

00:39:55.320 as far as putting you know your effective tax rate is the lowest in by far in the g7 even more

00:40:00.680 than the us so it did make us attractive from that perspective and that's what i thought was a great

00:40:05.880 announcement do you think that was part of looking as a looking at sorry no but as you said that i'm

00:40:12.280 like well maybe the bell announcement was meant to look like look we've got infrastructure coming

00:40:17.080 for your data investment how could it not be airports no it was that's the future i think

00:40:22.680 these were not meant these announcements were not meant for us they were meant for the delegates

00:40:27.240 at that conference hey hey hey this is what you could get into yeah well look we're revamping our

00:40:31.640 airports we've got opportunities uh you know we're open for business we're gonna be doing data like

00:40:36.120 nobody else look at bell i think it might have been a show for the pr gap though right yeah you

00:40:41.400 gotta connect the dots because because we we follow the news and we're not delegates yeah we're not

00:40:46.040 those but quite frankly take me from here to the investment summit to the eu right and show me how

00:40:52.760 they all connect and then okay i see i see a rational path to this i get behind it but you

00:40:58.200 know so monday he's at the house of commons parliament resumes yeah well no matter what

00:41:03.720 we think about the opposition they're going to have the same questions we have about the same

00:41:08.200 topics we're just talking about so he has to be armed with the answers and not the theater we see

00:41:14.680 in the house of comments question period but when they go questions well no but when he goes to the

00:41:19.640 media afterwards and he has the best political reporters in the country grilling him he can't

00:41:25.480 spin it like he does the house of comments he'll have to answer questions yeah which hopefully by

00:41:30.920 you know again the the show we did was his short runway yeah this is where the short runway is

00:41:36.280 right so now you have to and and you know he's got a week he's working listen he the travel the

00:41:42.840 meetings everything else he's not a guy who's resting a lot so he's like he's in the air he's

00:41:48.200 trying to get it done i know he likes his morning runs but part of me thinks he's running and he's

00:41:53.240 doing like ted lasso like doing double things so he can stay on top of everything but you know it's

00:41:59.480 so funny because my wife says to me why do you have to beat up on the prime minister so much and

00:42:02.840 it gives me a pause for a second to just say i kind of like the guy actually has a personality

00:42:07.400 he's you know like you love the way he coaches you know he's he's inspiring he's going to be

00:42:13.700 times man of the year he's inspiring the world right now that is one thing i don't think trudeau

00:42:19.260 did that i haven't seen so i give him that credit he's put on a really good marketing effort to

00:42:26.840 bring canada to the forefront but we have to know where the red we're going to draw the red line

00:42:32.680 of we're not going to do this to be part of the eu we're not going to do this to we won't sell

00:42:37.880 this just for a buck just to get that budget right satisfied because but think about carney

00:42:43.860 harvard hedge funds bank of canada bank of england all those decades sort of angel

00:42:51.560 hell spell yeah i'm just associate i made that part up associate associate member

00:42:56.600 building up to now and like you see how way he comports himself the way he speaks

00:43:03.120 it is it does inspire confidence and at the same time like you no matter what you think of trump

00:43:09.720 even his biggest supporter some of his rants lately he's melting down slowly carney does what

00:43:16.440 for you he provides comfort and confidence you ever heard of a confidence man before

00:43:22.980 i say we keep an eye that's okay well fair enough thanks guys i appreciate you talking about this

00:43:29.580 thank you let's do a deal

True Patriot Love - September 17, 2026

Carney’s $1 Trillion Bet： Plan or Political Theater？

Episode Stats

People

Transcript