Information: Mayor and council held an information meeting on Wednesday evening at 7.30 p.m. at Victoria Hall.
Wednesday-Night began at Vic Hall
at 21:30h we continued at 33 Rosemount as usual
AUDITOR GENERAL DELIVERS STINGING REBUKE TO OTTAWA
Canada's Auditor General had some harsh words for the federal government
in an 83-page report released just days before an expected election
call. [FULL STORY:]
TECHS DRAG DOWN MAJOR INDEXES
Stock markets in Canada and the U.S. took a beating Tuesday, led lower
by techs which sank on worries of lower corporate profits.
[FULL STORY:]
October 17, 2000 Mount Tobin REX MURPHY: Jean Chretien is out on a ledge with Mount Logan. I'm with Sheila Copps on this one.
Oct. 26, 2000 
[Real Video]
REX MURPHY: In Canada, geography is everything. Rivers, prairies, sea coasts, Niagara Falls. The water goes in. The water goes over. The water comes out.
We will then repair to 33 Rosemount [map] where we are delighted to welcome Dian Cohen, C.M., LL.D., economist, journalist, broadcaster, former national business editor of CTV Television, author of five books including Class Action, co-authored with our very own Dr. Guy Stanley. Check the http:/www.Wednesday-Night/DianCohen.htm page for further notes on Ms. Cohen
Dr. Antal Deutsch will also be with us (his last appearance until Christmas season).
Martin confirms Wednesday 3pm mini-budget will likely accelerate tax cuts, speed up debt reduction, and serve as a kick-off to a federal election ...
23/Oct/2000 MINI-BUDGET'S TAX CUTS: DEEPER, FASTER, LONGER
Finance Minister Paul Martin's mini-budget provides nothing less than a
warp speed increase to the tax cut program he unveiled in his last
budget just eight months ago.
[FULL CBC STORY]
A PRIMER ON CAPITAL GAINS TAXES IN CANADA
The federal government first introduced capital gains taxes in 1972.
Prior to that time, all capital gains were tax-free.
23/Oct/2000 [FULL CBC STORY]
David and Diana Nicholson
The U.S. Presidential race remains on the agenda through the first week in November.Time say Dead heat?
Telecom and IT doubts grow
Wall Street can no longer rely on the rapid growth of tech and telecoms companies to support
the market, explains Richard Waters
Published: October 18 2000 20:26GMT
An obsession with growth - particularly in the information
technology industry - was the fuel that boosted the stock
market in the late 1990s. But now doubts about the
growth potential of technology and telecommunications
companies are gathering fast.
Wednesday Night Salon #972
18 October 2000
PROLOGUE
Tony Deutsch, briefly home from his endeavors in Hungary, with his wife Hanna, an economist in her own right and one who specializes in such socio-economic issues as healthcare costs.
John Ciaccia plays
Please use our
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Wednesday Night Salon #972
October 18, 2000
ELECTION FEVER
It's autumn and elections and such are in the air. With elections in the United States a mere three weeks away, Wednesday Night mavens predict that the American electorate, seriously questioning the intellectual level of George Dubbya Bush, will elect Al Gore by default. Here in Canada, not to be outdone, and with the Canadian economy in super shape, it appears that the Liberals, having taken the precaution of borrowing a plank from the Alliance's platform, will follow suit.
In Québec, we do things more thoughtfully and leisurely, with contemporary tradition dictating that one or more referenda precede an election of the National Assembly. Although some referenda appear to impose on legislators the obligation to respect the expressed views of the electorate, others appear to serve the purpose of simply permitting small, disgruntled groups to express their opposition to government policy, while still others might even be considered illegal.
With several years of referenda ahead of us before national (provincial) elections, Westmounters have begun what they hope will prove to be a trend. Although it is as yet unclear which category of referendum it represents, over six hundred Westmounters showed up at Victoria Hall to express in unanimity, their opposition to the conclusions of the Bernard Report on municipal amalgamations, on the basis of the lack of congruity between the perceived problems with the current inter-municipal borders and the solution proposed. A referendum will be held in Westmount on Sunday, November19th, in the hope that municipal councils across Québec might decide to offer their citizens a like option.
It may seem like just another election campaign, but there have been a
few changes to the way elections are run since the last federal
campaign in 1997.
EDUCATION AND TEACHING
While textbooks are not really in danger of extinction, there has been in the last quarter century, a rapid evolution in teaching methods, with the student receiving much material via the Internet. Are professors in danger of becoming an endangered species? Not likely, but an explanation of the nature of the developing phenomenon requires the distinction between content and delivery. In its original sense, a "lecture", especially prior to easy access to printed matter, was a "reading" of class material, with both content and delivery the responsibility of the teacher. Having acquired his knowledge from his own teachers, he added to the sum of his knowledge, transmitting the whole to his students. The printing press revolutionized the process, providing content that was more permanent and accessible.
Today, we are on the cusp of a major change. The Internet has provided students and teachers with information and multi-faceted interpretation of facts, history, and technology that could not have been dreamed of by previous generations. Older teachers, including most who have recently retired, while probably having used the electronic media as a source of information for themselves and their students, could not be expected to feel as comfortable with the electronic world as future university level students, now in kindergarten, primary or secondary classes. These young people are as comfortable with computers and the Internet as their older brothers, sisters and parents are with the telephone or television.
THE STOCK MARKET
The obligatory topic of discussion on Wednesday night is the stock market. Given the presence of such an economic authority as Dian Cohen, the topic assumed greater importance - and interest. As is normal in September and October, many mutual funds, anticipating their October 31st year-end are tidying up their portfolios, so that the return in October to last year's levels was not totally unanticipated. The amplitude of the swings, however has caused much concern among investors. Interest rates, usually a large factor in determining the direction of the stock market, are stable, but with perceived weakness of the Euro, questions arise as to whether it will be necessary for the Europeans to raise interest rates in order to protect their currency.
THE EURO
The Euro is flagging in value and may possibly be heading the way of the collapse of the gold standard in 1939. Some member nations have a history of being chronic inflators, possibly hastening or even causing the ultimate demise of the Euro. The recent rejection vote in Denmark was not however, brought about through a deep understanding of the situation, but rather by a popular perception that somehow the Danes' pension plan would be adversely affected.
How long can the United States survive an increasing current account deficit and negative savings rate? Measurement of inventory buildup is no longer an indicator with the widespread adoption of just-in-time manufacturing. The market economy in technology and junk bonds appears to have collapsed, market calls are increasing and within the wide market swings, the appearance of excellent values should encourage the wise investor to maintain some cash reserves, permitting him or her to take advantage of them.
QUOTES OF THE EVENING
ON BUSINESS, THE STOCK MARKET and WORLD ECONOMY
- "We've seen five decades of market busts and market booms ... phenomenal values beginning to appear ... When you begin to see values like we're beginning to see, don't be a wimp."
- "Its (business cycle) amplitude and length are not predetermined."
- "I don't see any explosion in interest rates. If you look at Mr. Chrétien's motive in calling an election at this time, it may just be concerns about an impending decline in the business cycle."
- "In the global economy, countries don't have control over their own economy, making the business cycle less predictable."
- "The nature of the world now is uncertainty and volatility."
- "When you look at the market now, what used to be called defense issues have gone so high they are no longer defensive, safe havens. There is no place to hide."
- " We once had a world currency. It was called the gold standard and it broke down."
ON THE CHANGING ROLE OF THE TEACHER:
- "The roles of the teacher and student have been transformed from our day and one can only expect that they will be transformed further in the future."
- "I think that we should distinguish between content and delivery."
- "I think there is going to be a drastic change when the 2 or 3 year olds become 6, 15 and 21 year olds who will have a totally different concept of learning than we have. The teacher will probably be there as elder statesman to answer questions."
- "Knowledge is a social artifact, but for a time, the creation of this artifact has been in the heads of a small number of individuals. People (now) know what they want and where to find it. This has been a big change."
ON ELECTIONS AND REFERENDA:
- "They (the Liberals) have bracketed him (Stockwell Day) quite well."
- "The process is more important than the product. Nobody knows what is going on, but a referendum forces citizens to focus on what is being done to them."
Notes by Herbert Bercovitz, Sculptor
Edited by Diana Thébaud Nicholson
Rex Murphy's analysis and comment on Stockwell Day and his appearance in a wetsuit was superb. While Day wanted the press to see his arrival on a JetSki, most of them focussed on his departure, which gave a rear end view complete with a plume of water!
Sept. 12, 2000 
Available on Real Video
With Day moving into Stornaway and making most of the political gains, there should be a more meaningful public debate. Since there is such diversity among the opposition parties, is there any chance of the consolidated opposition to oust the Liberals? There is reason to believe that Reform can seriously damage the Liberals and this should be cause for concern. It will be interesting to see how Day performs in Parliament and how the Canadian public reacts - while a number of Wednesday Nighters believe that there is little substance, will the voters realize that "deep down he is shallow"?
notes for early October 2000
see our Westmount page for news & Breakfast meeting with Dr Louis Drouin
Air Quality and its Impact on Respiratory Health
Wednesday, October 25 at 8.30 a.m
Pease note our sell on NT September
at $84 click for chart
Rex Murphy on the Politics: watching the same old play? July 13, 2000 How far have we come?
WASHINGTON--As the U.S. presidential candidates gear up for the final laps of
their respective campaigns, Silicon Valley and other technology hotbeds will be
watching closely as Vice President Al Gore and Texas Gov. George W. Bush flesh
out their positions on technology issues.
the US November Race to see candidate positions on each issue. George Bush vs Al Gore
Do visit our Bermuda Site new
Congratulations to our Peter Trent who courageously - and wisely - led the way on the municipal referendum question. Now the other mayors have followed his example and the suburbs, speaking with one voice, may be heard. Peter will be with us later in the evening.
So, Health, the Economy, a Healthy Economy, Healthy Travel and many healthy cities... are on the menu for tomorrow evening. It should be a fascinating one.
The People and Ideas that Make Modern Investment The Ultimate Investor a book writen by many, on the web. It was produced by Dean Lebaron and Romesh Vaitilingam and includes BCA Martin Barnes with the chaper on International Money
From time to time we will link to Dean Lebaron's one min. tv video clips. 
To view these videos, you'll need RealPlayer.
Click here to download the latest version
Friday - October 13 - Risk
RealVideo
link: Course
Material for a Brandeis University class on Risk RiskGrades,
BOMBS, GUNFIRE EXPLODE IN MIDDLE EAST
The week has begun in the Middle East with continued street fighting, a
bomb explosion, and a proposed coalition with a man Palestinians
distrust.
[FULL STORY]
25/Oct/2000
16:16:55 TORONTO - A massive sell-off of Nortel
Networks stock was so heavy by Wednesday
afternoon that the Toronto Stock Exchange
shut down trading of the telecommunications
giant.
Canada's favourite stock tumbles
Poor results spark Nortel selloff: Millions of Canadians hit by high-tech firm's $66-billion loss and Nortel skids on sales fears
Optical gear slows: Roth still bullish on capital spending by traffic carriers Michael Lewis Financial Post
Please see ourNT chart and note our sell call at $84us $128.62cdn
Please see our Is Nortel still a buy? WebPosted Wed Oct 25 15:39:09 2000 [Wednesday-Night coment you may start to cover you shorts Now at $45us from $84us. Donot be a big!]
JIMMY CARTER QUITS CHURCH OVER WOMEN'S RIGHTS
Jimmy Carter is saying good-bye to the church he was born into. The
former U.S. president says he can no longer belong to the Southern
Baptist Convention because it doesn't see women as equal to men.
[FULL STORY]
10/27/00 U.S. growth slows sharply in third quarter
U.S. economic growth slowed to an annual rate of 2.7 per cent in the
July-September period, a decline of more than half from the 5.6 per cent
rate in the second quarter. [FULL STORY:]
JDS Uniphase posts solid Q3 results
Fibre-optic maker JDS Uniphase posted strong third quarter results
Thursday that beat analysts' estimates, and prompted its beleaguered
stock to soar in extended hours trading. [FULL STORY:]
Nortel plunges; TSE can't cope with flood of sell orders
It wasn't a good day to be a Nortel investor. In the space of a few
hours, some $80 billion worth of Nortel's market capitalization vanished
as the market punished the one-time market darling for bringing in a
less-than-perfect earnings report. [FULL STORY:]
Air Canada announces seat sale
Air Canada and Canadian Airlines announced a seat sale on Wednesday,
with discounts of up to 40 per cent on Canadian, U.S. and international
destinations. [FULL STORY:]
October 21, 2000 Internet in the balance: Al Gore's regulatory threat George Gilder .. "I gave you the Internet -- and I can take it away." This is no joke. .. impose an energy, tax and regulatory garrote on
the Internet. .. With each Web device draining as much as a megawatt-hour a year, a billion
always-on Internet computers ..will account for an estimated total of
four thousand trillion watt-hours, or close to half the world's current electricity use. With
the restrictions negotiated in Kyoto, a global broadband Internet cannot happen. Must Read with links!
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Dian Cohen