Chapter 6 - Lobster industry requires short-term investment

http://www.cbc.ca/canada/prince-edward-island/story/2009/05/12/nb-lobster-industry-337.html

Summary


The media report that I am blogging about is how Lobster industry requires short-term investment. Lobster Fisherman needed to revive an industry that is headed downhill because of the global economic crisis, and what they needed was a short-term investment from the government. There were 300 to 400 jobs in fish processing in New Brunswick that had been lost. Lobster Fisherman is getting paid $2.75 a pound because of the collapse of the market and this is some of the lowest prices in decades. Christian Brun said that the federal and provincial governments haven't paid enough attention to the issue in the past few years and now it's up to them to help lobster fishermen deal with the crisis. He also said that if they don’t come up with a short-term plan, workers could be all out of jobs quite soon and that the province will see a lot more problems once the new season in August starts. Fisheries Minister, Rick Doucet, said that the provincial government has no immediate plans for providing financial assistance to the lobster industry. The province said only the federal government can help lobster fisherman with short-term financial assistance.

Connections

This article connects to chapter 6 because chapter 6 talks a lot about Short-term investments. See, since the book talks a lot about short-term investments and the article talks a lot about short-term investments, they both connect. The industry is headed downhill quite quickly and what the industry needs is a short-term investment from the government to get them running well. The book talks about short-term investments in a way that a company invests in a certain place for a little time to gain some cash but this is also true in aiding that place because it could be in financial trouble. So the fishing industry is in need of a short-term investment to help them out, and this relates to ways in which a business company is in need of short-term help to get them back on their feet.

Personal Reflection

I believe that the government should give the lobster industry a short-term investment because this really affects the lives of many families. There are a lot of jobs being lost during this economic crisis and the government has not done enough to keep industries like these on their feet. The federal and provincial governments haven't paid enough attention to the issue in the past few years and now it's up to them to help lobster fishermen deal with the crisis. I don’t find it fair how the government could just let this industry die down, and I believe that they should help with a short-term investment because they just ignored this major fact over the past few years even though it was right in front of their eyes.

Mandeep Dhami
Financial Accounting 12
Block A