Live tweeting from Morneaus speech to the Calgary chamber. MC, in her intro, points out the instability in the investment climate in Canada still exists in spite of yesterday’s announcement.
Prior to this, the MC noted that she forgot to introduce Premier Notley because they (the Chamber) “hadn’t seen much of her lately”.
Morneau makes a quip about Notley that falls flat.
Morneau opens up by talking about the investment climate in Canada. He tells the crowd he “shares their worry”, but not to worry. Too bad those worries were created by Trudeau (carbon tax, tanker ban, vetoing of Gateway, etc).
(I’ve never heard such a quiet room at a Chamber lunch).
This is a room full of people who have essentially given up on this government’s ability to sustain an investment climate in which they operate.
Morneau invites the room to give a round of applause to Rachel Notley. A protestor gets up and starts yelling. Unclear if the room is booing her or Morneau.
Morneau just said “hard things are hard”. Room titters.
Morneau talks about how he wouldn’t be standing there today if it wasn’t for Ian Anderson. Audible behind me: “ya, no $hit”.
Morneau tells the room that he wants the federal government to get out of the pipeline, but that he’s “de risking” it. Doesn’t define what that means.
Morneau talks about the role of the private sector in Canada, then segues into why nationalizing the energy sector is necessary under his government.
“We need to have a path to get things done”, then fails to provide details on what that means.
Morneau just tells the room that the private sector in Canada “doesn’t have to ability to deal with interprovincial challenges”. That will inspire more investment in Canada, I’m sure.
Morneau uses his line that he got a “fair price” for a 60 year old pipeline, which 24 hours ago was to bring $7.4B of private investment in Canada, which evaporated under his watch.
Morneau implies that pipelines can’t get built in Canada without government ownership. “We need to step in and resolve challenges”. Trudeau defines this as billions spent on nationalization.
Room is deathly silent.
Morneau tells the room that he’s “looking at the American tax changes”, and “competitiveness” but fails to say how he’s going to address these issues. #carbontax
Speech is finished. Tepid, polite applause.
Confusion abounds as to whether he will take questions. Apparently not.
Morneau make a swift exit via a side door, with a scurry of staffer following in tow.
Morneau gives no details on construction costs, jurisdictional enforcement, relationship with producers under federal ownership, potential sales structure.
Notley is profusely thanking Morneau, who appears to have left the room.
Notley thanks Morneau for “getting the pipeline done”. Fails to mention there are no details on how it is actually going to get built. Seems to be equating “getting it done” with taxpayer purchase of a 60 year old pipeline.
Notley trying to push a congratulatory pump up message to the room. Room remains quiet.
This was brutal.
