David Wolf, Bank of Canada – Different Master, Different Message

We’re worse off but we’re better off. These guys are magicians. -vreaa

[David Wolf, an advisor to Mark Carney, Governor of the Bank of Canada (photo: National Post)]

This priceless juxtaposition of quotes posted by crabman at vancouvercondo.info 11 Jan 2010 1:17 pm

“Now that David Wolf is at the Bank of Canada, he says everything is great?:

“Recent house price increases do not appear to be out of line with the underlying supply-demand fundamentals,” David Wolf, an advisor to the governor, Mark Carney, said in a speech in Edmonton. [11 Jan 2010]

That’s not how he felt in 2008 when he was at Merrill Lynch!:

It may just be a matter of time before the Canadian housing market tanks like the U.S. market did, Merrill Lynch Canada economist David Wolf said, warning that Canadian households are now nearly as overextended as households in the U.S., and even more so than those in Britain, prior to the bursting of the housing market bubbles in those countries. [24 Sept 2008]

3 responses to “David Wolf, Bank of Canada – Different Master, Different Message

  1. It’s not really fair to attribute the recent comments to David Wolf. If you look up the article it clearly says the speech was written and attributed to Timothy Lane, and only delivered by David Wolf on Lane’s behalf.
    http://tinyurl.com/yzg9aqu

  2. skif -> Thanks for the comment, a worthwhile point to raise.
    One could, however, argue that Mr Wolf would have to agree with the position to be able to stand up and make the statements.
    Otherwise, why not get somebody else to read the speech? Or why not simply release it as a written press-release?
    If Mr Wolf substantially disagreed with any of the statements, shouldn’t he have stepped aside?

  3. Further re the above exchange:
    This excerpt from a 2 Feb 2010 Maclean’s article bears out that these words are indeed attributable to David Wolf:
    “Recent house price increases do not appear to be out of line with the underlying supply-demand fundamentals,” David Wolf, an adviser to the bank, said recently. “We see the housing market requiring vigilance, not alarm.”

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