What a poor take on Avi’s opposition to privatization of Canadian infrastructure. I can’t think of a single instance of selling public infrastructure to American equity or hedge funds that has worked out. Keeping travel costs down is not the main reason, however it may be an argument for the general public to understand. Carney’s whole investment summit is a nightmare. Selling of the Canadian Wheat Board was a bad idea. Selling Connaught Labs was a bad idea. Even selling the Oil Sands to American operators was a bad idea. Selling any successful Canadian enterprise is a bad idea, particularly to American hedge funds.
I can’t think of a single instance of selling public infrastructure to American equity or hedge funds that has worked out.
Or even selling public infrastructure to any private entity, American or not.
When something is privatized, there is a new incentive added - that the formerly public thing starts earning a profit for the new owner.
A profit that needs to grow annually.
And that leads to reduction of service, reduction of staff, deferred maintenance, nickle-and-dimeing new “service” fees, and a general loss of accountability to the public.
What a poor take on Avi’s opposition to privatization of Canadian infrastructure. I can’t think of a single instance of selling public infrastructure to American equity or hedge funds that has worked out. Keeping travel costs down is not the main reason, however it may be an argument for the general public to understand. Carney’s whole investment summit is a nightmare. Selling of the Canadian Wheat Board was a bad idea. Selling Connaught Labs was a bad idea. Even selling the Oil Sands to American operators was a bad idea. Selling any successful Canadian enterprise is a bad idea, particularly to American hedge funds.
Or even selling public infrastructure to any private entity, American or not.
When something is privatized, there is a new incentive added - that the formerly public thing starts earning a profit for the new owner.
A profit that needs to grow annually.
And that leads to reduction of service, reduction of staff, deferred maintenance, nickle-and-dimeing new “service” fees, and a general loss of accountability to the public.
Yes we sold the telephone infrastructure that didn’t work out long term. Or some provinces did.
What about the sale of Petrocanada? Was that also a terrible idea? My understanding is it served its purpose and made a profit for the government.
More then if they would have kept it?