John Horton MCDERMID

MCDERMID, The Hon. John Horton, P.C., F.R.I.

Personal Data

Party
Progressive Conservative
Constituency
Brampton (Ontario)
Birth Date
March 17, 1940
Website
http://en.wikipedia.org/wiki/John_McDermid
PARLINFO
http://www.parl.gc.ca/parlinfo/Files/Parliamentarian.aspx?Item=71c118d7-3cce-4efc-865f-821d79ecc257&Language=E&Section=ALL
Profession
marketing manager, public relations officer, radio announcer, television announcer

Parliamentary Career

May 22, 1979 - December 14, 1979
PC
  Brampton--Georgetown (Ontario)
February 18, 1980 - July 9, 1984
PC
  Brampton--Georgetown (Ontario)
September 4, 1984 - October 1, 1988
PC
  Brampton--Georgetown (Ontario)
  • Parliamentary Secretary to the Minister of Energy, Mines and Resources (November 1, 1984 - October 14, 1986)
  • Parliamentary Secretary to the Minister for International Trade (October 15, 1986 - September 15, 1988)
  • Minister of State (International Trade) (September 15, 1988 - January 29, 1989)
  • Minister of State (Housing) (September 15, 1988 - January 29, 1989)
November 21, 1988 - September 8, 1993
PC
  Brampton (Ontario)
  • Minister of State (International Trade) (September 15, 1988 - January 29, 1989)
  • Minister of State (Housing) (September 15, 1988 - January 29, 1989)
  • Minister of State (Privatization and Regulatory Affairs) (January 30, 1989 - February 25, 1991)
  • Minister of State (Finance and Privatization) (February 26, 1991 - June 24, 1993)
  • Minister of State (Housing) (March 15, 1991 - April 20, 1991)

Most Recent Speeches (Page 5 of 1002)


June 3, 1993

Hon. John McDermid (Minister of State (Finance and Privatization)):

Madam Speaker, I find the comments coming from my hon. friend rather interesting. She says that the government dictates the monetary policy of the Bank of Canada when she knows full well that does not happen.

The Bank of Canada runs the affairs of the country through financial matters and the market dictates levels of interest rates. We agree with the Bank of Canada in getting interest rates and inflation down. They did that.

Governor Crow and the deputy minister of finance are having an interesting debate right now. I guess hindsight is 20/20. Anybody can go back and say they should have done this or they should have done that. That is an honest discussion on what has gone on in the past. However we believe and the governor believes the actions he took were the right ones.

I think we are finding that the results were right. The reports coming out of the OECD today indicate that we are poised for the best job creation, the best growth over the next two years, the lowest inflation and the lowest interest rates, all good signs for the economy. One of these days the Liberals are going to wake up and say that was the right thing to do.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
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June 3, 1993

Hon. John McDermid (Minister of State (Finance and Privatization)):

Madam Speaker, I think the hon. member is interpreting the words of the deputy minister rather loosely, if I can put it that way.

What has gone on in the past was a decision that we had to get inflation under control and that we had to get interest rates down in order for us to get through the

recession and come out the other end on top. That is exactly what is happening.

We can question till the cows come home whether the move should have been done a month earlier or a month later, whether we should have stayed on a month longer or a month less. We can question that and the economists will have a field day with that over the next number of years. They will discuss it in economics classes throughout Canada and probably the world.

The fact is that we are coming out of the recession in the best shape of any country in the G-7.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
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June 2, 1993

Mr. McDermid:

If she can be cute so can I.

Obviously those at the meeting of the OECD at the present time where a number of countries are represented, including Canada, are seized with the worldwide problems of unemployment and job creation. The problem is that at the same time they are wrestling with

debt and with very serious economic problems in all countries. It is something they are discussing.

It is unfortunate the employment end of things lags recovery. As recovery comes employment follows unfortunately later than recovery. Employment will improve over the next period of time, albeit not as fast as we all would like. It is not just a Canadian problem; it is a world-wide problem.

Topic:   ORAL QUESTION PERIOD
Subtopic:   EMPLOYMENT
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June 2, 1993

Hon. John McDermid (Minister of State (Finance and Privatization)):

Madam Speaker, again the hon. member is way off base. I was at those meetings of finance ministers and I did not hear the finance minister of Quebec or the treasurer of Ontario ask the government to intervene. I did not hear them ask that.

I did hear them say that we have debt and deficit problems. We do not have that under control yet. They all admitted that and that they have to continue to fight that. They also indicated they wanted to see growth and job creation in this country, as we all do and they believe we are on the right track to that.

However, neither of those individuals requested direct intervention in the Bank of Canada by the Government of Canada. Therefore, the hon. member is totally wrong in his question.

June 2, 1993

Oral Questions

Topic:   ORAL QUESTION PERIOD
Subtopic:   THE ECONOMY
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June 2, 1993

Hon. John McDermid (Minister of State (Finance and Privatization)):

Madam Speaker, I think that points out more poignantly than any other words could why the NDP will never ever form a national government in this country.

Those interest rates are not dictated by the government and the hon. member has been around here long enough to know that. If he is truly interested in finding out how things work, he should go to committee this afternoon and hear John Crow, the Governor of the Bank of Canada.

Topic:   ORAL QUESTION PERIOD
Subtopic:   THE ECONOMY
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