Mr. Speaker, a member opposite asked a very good question. It was the Saskatchewan Party. I am very pleased to say that.
One of my jobs was to interview prospective candidates. After I went through a long list of qualifications and questions to the candidate, I always asked this final question: “Do you have the 100% support of your family, whether it be your wife, your significant other or your children?” I told them that if they did not have that 100% support, then do not get into this game. It can be a tough game at times. I call it a game which is probably a little disrespectful for the job that we do. However, my point is that unless we have that undying and unyielding support from our families, it is a tough business to be in.
I want to thank my wife, Diane, who always believed that I would be elected. Even when I did not believe it in 2004, she was the one who said I would get elected, even though the odds were against me. Since that time I have been very fortunate to be elected twice more with increasing majorities and an increasing percentage of vote each and every time.
I want to say one other thing before I get into the body of my remarks. I have noticed since being back here in Parliament, a renewed sense of cooperation among all members in this chamber. I am so very happy to see that. We know this is a very partisan business and I do not know how long the spirit of cooperation and goodwill will last, perhaps not as long as we would all like, but it seems now we have a real willingness on behalf of all members in the chamber to work together.
We have some very challenging times ahead of us. Our throne speech identified those challenges. Without question, the single biggest challenge that we parliamentarians and all Canadians face is the economy. Let me be more specific. It is not just the economy, but the unprecedented global economic crisis in which Canadians and citizens throughout the world find themselves.
I would argue to members in this place that we have never seen the type of economic crisis in our lifetime that we are currently facing. Many financial observers are equating this to the Great Depression of the 1930s. Some observers are suggesting that in history, no one has ever seen the type of economic problems and economic crisis we are currently facing. All I can say is I know I have never seen anything like this in my lifetime. I think my father could also say he probably never saw anything as severe as this in his lifetime.
Once again what we need to do is try to identify the root causes of this crisis that we are facing globally. We want to ensure that whatever actions we take as a Parliament--and I say as a Parliament as opposed to as a government, because we all have to work together to find solutions--but whatever solutions we do come up with to rectify the problems we currently face, and we know what caused these problems to begin with, we should try to avoid any solutions that might even border on the same type of situations that placed us in this crisis to begin with.
It has been fairly well documented that only a few short months ago this global economic upside-down crisis started unfolding rapidly. We all know it was unfolding because of what is called the subprime mortgage crisis in the United States where, because of a lot of lax regulatory provisions put in by the government of the United States, there was an absolute meltdown of the mortgage business.
The result is it manifested itself into a credit crunch. It first started in the United States but then rapidly spread worldwide. Why the credit crunch had such a devastating effect on our economy and economies across the world and stock markets both here and abroad was the fact that financial institutions found themselves in a situation where they did not want to lend money to individuals or businesses. There were liquidity problems. There were bailouts. Mortgage companies and financial institutions were going under. This is the root cause of the problems we are facing at this moment.
The other thing I should point out is that it was an unprecedented, at least in my observation, rapid deterioration of the world's economies. This was not something that slowly progressed over a number of months. This was something that progressed over a number of weeks. Now on a daily basis we see the economy getting worse and worse.
The only thing I can suggest is a silver lining in all of this is the fact that here in Canada, even though we are facing very difficult times, we are the best positioned country in the industrialized world. That does not mean we are going to escape this economic crisis unscathed. We are not. There will be some very difficult times in the months ahead and Canadians know it.
Consumer confidence is down to probably an all-time low. Canadians are more than just concerned; I would suggest they are frightened. Canadians are frightened because they feel that they may lose their jobs. They may lose their pensions. They may lose their homes. There are people living off their investment income who have seen the value of their investments reduced by close to 50% within the last six months.
All of us in this place understand that. We fundamentally understand the fear that all Canadians are feeling. We understand their concerns. Canadians are turning to us to come up with some solutions. I would suggest that it is incumbent upon all of us to work together to try to find those solutions.
The Speech from the Throne that was read just a few short days ago dealt primarily with our economy for the reasons I have just mentioned, not to the exclusion of some of the other initiatives that our government wishes to move forward with over the course of the next term of office, but the priority is on the economy and for very good reason. It is our economy and some of the possible solutions to the problems we are facing that I want to deal with in the next few minutes.
We have heard many people say over the course of the last few weeks that an economic stimulus package must be forthcoming and forthcoming shortly. A lot of people have asked me what that exactly means. If a stimulus package is forthcoming at all, what form will it take? What does it mean? Some people suggest, and when I say some people I mean governments across the world, that what it means to them are bailouts to specific and targeted industries and companies.
We know all too well some of the situations that are happening to the automotive sector both here and south of the border. It is obviously far more severe south of the border because the auto sector in the United States has seen its sales drop precipitously over the course of the last few months. There has been a 15% to 20% reduction in sales. We have seen the big three automakers, General Motors, Chrysler and Ford, collectively go to Washington to talk to legislators and Congress. They have said that they need financial help and they need it now or else they may not make it.
There is an old saying that we have heard time and time again. It was first coined probably close to 80 to 100 years ago, and that is what is good for General Motors is good for the country and what is good for the country is good for General Motors. That is being turned on its head as we speak. There is a real and I think distinct possibility that unless something is done quickly, we may see the unthinkable, General Motors claiming bankruptcy. I think that is absolutely a distinct possibility.
What will it mean if some of our largest automakers in North America go under? I know what the auto sector means in Canada. I believe either directly or indirectly one in seven jobs is tied to the auto sector in Canada. Yet we are still having a debate, and I have certainly heard it from constituents in Regina—Lumsden—Lake Centre, as to what to do about it.
Make no mistake, many in our country, well-intentioned individuals, intelligent individuals, prudent fiscal conservatives, are telling not only myself but I am sure other parliamentarians that there should be no bailouts to the auto sector. It got itself into this problem because of the fact it did not anticipate the needs of its consumers or it did not anticipate the transformation that was required to keep its industry healthy and therefore the industry should not now come cap in hand to the Canadian taxpayer and ask for a handout.
I know many people have suggested that Parliament should not engage in any financial aid to the auto sector. I suggest at least 50% of parliamentarians have already heard that. They have either received emails or letters or have talked to constituents who have suggested the same thing. However, we need to have a rational debate in this place about that very situation. Would it be appropriate? Is it in the best interest of the Canadian taxpayer to assist the auto sector in our country? Is it in the best interest of the Canadian taxpayers?
Many in different regions of the country are saying that if we help the auto sector, where does the lineup for financial aid end? Do we then turn to the forestry sector or other manufacturers and say, “You are in trouble, we understand that, we will help you?”
How does one answer workers in the forestry industry, who make approximately half the hourly wage of auto workers, when they stand and say that they are opposed to any bailouts to the auto sector because it is not helping them. The auto workers make twice as much as they do on an hourly rate, yet they do not see any financial aid coming to them. How do we deal with that? We need to have intelligent, rational, reasonable debate and discussions about the appropriate course of action.
The Minister of Finance and the Prime Minister have said that they are looking for suggestions from members of the opposition and they have received some. I hope we receive more. This is not to say that every suggestion on how to deal with this economic crisis will be received and acted upon, but the government, any government of the day, does not have the exclusive purview on good ideas.
If we are truly and honestly sincere that we want to work together and we want to avoid playing partisan and political games, then we as a government and opposition members, as parliamentarians representing constituents in their ridings, have to come together on this, but we cannot do it in a knee-jerk manner.
Even though aid is required, and I suggest required very quickly, the solutions, or at least the proposed solutions, have to be dealt with in a manner that gives all the due diligence in the world before we make a decision as a Parliament.
What we are trying to do, and I can say this quite openly because it has occurred starting today, is get the standing committees of the House up and running as quickly as possible, particularly those committees that concentrate on economic issues, for example, finance committee and industry committee.
The procedure and House affairs committee met for the first time today. We elected a chair and we went through the routine motions. Our whips are getting together and have probably already discussed committee membership.
We hope by no later than Thursday to have all standing committees struck. Then standing committees can start meeting as early as next week to deal with some of the issues that will come out of this place with respect to the economic crisis and the proposed solutions.
I do not profess to have all of the answers. I do not even know if I have any of the answers. I do know that on Thursday of this week, at 4 p.m., the Minister of Finance will be delivering an economic and fiscal update to all members of this chamber. I sincerely hope all members pay close attention to his words.
At the end of that presentation, we have agreed to let each opposition party have 15 minutes in response. On top of that, we suggest that on Friday of this week we have an open debate on that economic and fiscal update.
I say this because there is an opportunity for all members of this chamber to participate in that debate in an honest, open, non-partisan manner. It will be difficult I am sure for a lot of members, including myself.
I would be the first one to say that from time to time, and perhaps more times than not, I have stood and made presentations that are highly partisan, and I make no apologies for that. The time for partisanship on this issue is long past. In fact, I would suggest if members wants to start playing political games on this issue, they do so at their own political peril.
I recall seeing one of my favourite movies called Apollo 13. There was a scene where the Apollo 13 spacecraft found itself in some very dire circumstances. One of the commanders who was in charge of trying to work out a solution said two things: first, that failure was not an option; and second, that this would not be known as NASA's greatest defeat; that this would be known as their greatest triumph. All of us here have an opportunity on behalf of all Canadians to do the same thing.
Canadians are looking to us to help them, to find a solution to something that we have not seen in our lifetimes. I urge all my colleagues to put aside the partisan feelings and work together. If we do that, it will be Parliament's finest hour.
