Linda Reimer: Good credit for B.C.
As a former banker, I know the value of a good credit rating. And I can tell you for a fact that it was always a sad day whenever we had to tell good people we could not loan money to them because the risk was too high.
Governments often find themselves in a similar situation when they go to borrow money to build such things as hospitals and schools or to meet other important needs.
For those governments with a poor credit rating, it can significantly boost their cost of borrowing and even limit their borrowing options. And that’s a cost citizens ultimately have to shoulder.
Fortunately for the citizens of British Columbia, our province currently enjoys a rare and enviable Triple AAA credit rating which keeps the province’s borrowing costs low.
However, this Triple AAA credit rating didn’t happen by accident. It’s the result of 12 years of careful management and fiscal discipline by the B.C. Liberal government—even while other jurisdictions have floundered in the face of the global economic meltdown of 2008 and piled on mountains of taxpayer-supported debt and deficits.
British Columbia’s current Triple AAA credit rating contrasts sharply with the six consecutive credit-rating downgrades suffered under the NDP in the 1990s. I’m sure there’s no need for me to rehash the NDP’s sorry economic record from the 1990s; all of that is on the public record.
However, if you were to ask me why I am running for MLA, one of the most important reasons would be to help ensure that we maintain our Triple AAA credit rating in this province because so much of what we aspire to hinges on maintaining that rating.
The NDP certainly won’t be able to preserve the province’s Triple AAA credit rating. They’ve previously shown in spades that they can’t manage an economy well enough to do it. And the cast of candidates and labour bosses they’re fielding in this election should give everyone cause for concern.
I’m certainly not saying that credit ratings are the only measure of success or the only reason I’m running. For the record, I also have a keen interest in education as a former district parent advisory council president and a particular interest in learning disabilities. However, credit ratings obtained from objective rating agencies are a crucial indicator of the over-all health of a provincial economy and there is no getting around this fact.
In my opinion, the B.C. Liberal Party is the only party that can ensure a favourable credit rating for British Columbia, with sound economic policies that support the economic growth needed to support that enviable credit rating.
That’s the power of sound fiscal management and that’s why I’m proud to be part of the B.C. Liberal team of candidates: a strong and renewed team with a clear vision for growing the provincial economy, controlling spending, and securing a bright future for British Columbia families.
Apr 12, 2013 at 4:09pm
Well, Ms. Reiner, since you mention the public record, can you explain why the BC Liberals have been siphoning off money from ICBC that should rightly be returned to BC motorists through lower premiums? And while you're at it, please account for the fire sale of BC Rail...as a former banker, you should have some perspective on the value of holding prized assets long-term. Oh, and explain again why the double cross on the HST...for the public record of course.
Apr 12, 2013 at 7:17pm
Gee was that the Moody's that was recommending all that worthless bank paper before the big crash and had to be bailed out by the taxpayer?
Actually the record shows that despite the Asian Flu the NDP economic record was superior to that of the Campbell fascist party under the biggest resource boom in BC history.
These halfwits actually gave away BC's taxpayers billion dollar investment in BC Rail to pals of the Campbell for free (tax credits) at the beginning of the resource boom that would have seen a massive profit for the taxpayer.
Lets see debt left by NDP in 2001
BCLiberal debt after 10 years of Fascist rule under the odious Gordon Campbell,
The Campbell fascists used slick accounting procedures to hide $100B of that debt as "contractual obligations" which are the same as debt except for some minor differences in accounting rules. Most of that debt was run up during the BC's best ever commodity boom.
Be one thing if the facilities (mostly Pirate Power) could be sold on the open market for something approximating their cost but with contracted prices more than 6 times the value on the grid, the entire $100B is basically worthless without the government contracts.
These stupid fascists couldn't entrepreneur a schoolgirl's lemonade stand.
But make my day Linda. Why not get on this comment thread and defend yourself? Be the first BC Liberal to show some backbone.
Apr 12, 2013 at 7:40pm
Well thank goodness we got a good rating from S&P. These are the same people who rated all the toxic mortgage assets AAA in 2008. You know, right before people discovered they were worthless and the economy crashed. But nothing can go wrong now that we have a good rating.
SPY vs SPY
Apr 12, 2013 at 9:54pm
Ah Lying Linda
110,000 Guest worker in BC, keeping BC Citizens from getting good jobs and a higher pay rate, worry day and night about BC's AAA Rating. They think of nothing else when they eat their meager lunch's out of a paper bag.
The tens of thousands of Unemployed cry themselves to sleep every night over the thought of BC loosing its AAA Rating. Some skip dinner just to help out.
The tens of thousands of BC Children living at the poverty line and below the poverty line have offered to mortgage their Teddy Bears to keep the Blessed High & Holy AAA Rating. They have nightmares about its loss.
You live in a Delusional World and smells like an Ivory Tower made out of the bones of the Middle Class.
Just a little bit of information, to prepare you for May 14,
Youse Aint Gonna Gets Elected!!!!!!!!!!!!!!!!!!!!!!
Apr 13, 2013 at 9:10am
What an absolute load of crap! The fact that the BC LIEberals and the robber baron scumbag Banks think this Province is in good shape financially, is proof enough that both entities are out to lunch.
The only good thing about having a AAA rating is it will be cheaper to borrow all the money we'll need to pay off the debts the'ye foisted on us.
Good riddance you greedy lying bastards!!!
Apr 13, 2013 at 9:10am
I don't trust the Liberals any more. They have been on damage control for way to long and it isn't working. But I don't trust Dix either.Polititions always smile or show their teeth when that is deemed called for. Sometimes a tear.
BC Rail was a slippery outcome we citizens got slapped with. We remember other slaps too.
I want them out so we can have a proper accounting as to what the Liberal cost us so far.
How much does our social contract cost us? Why is DTES a problem and any infusture always outside that area? DTES is a dump in the middle of the city I drive around because of the stink and what is lying on the streets. I don't want to live by a dump. The drug and crime problem will leave when they are gone. Let some other support them. How much is spent on crack heads and gansters to hide the problem? How many has injection sites saved and what cost?
Vancouver. Clean it up and maintain. No more socialistic excuses draining our wallets. Time for a little tough love in the DTES.
Don't worry there are more quests comming.
Apr 13, 2013 at 6:06pm
Why are these liars allowed to publish their self-serving disinformation in GS and not made to answer a polite Q&A afterwards to keep them honest as a condition of access? They're already embedded at the editorial level of the Sun and the Province and all the major broadcast organs, is there no publication that will draw the line? Freedom of speech is one thing but you shouldn't get free space to spread your false propaganda and not have to answer for it. Harumph!
Apr 15, 2013 at 3:49pm
Six consecutive credit rating downgrades? Maybe as a former banker you can explain this doubtful "fact" to us in more detail.
Apr 16, 2013 at 8:46am
My poor dear Linda. Just how delusional are the B.C. Liberals!?--and a banker too?
The corporate typists in the lame stream media might shovel this fiction but Linda be careful,many voters are starting to wise up!