Canada right to deny IMF

Originally posted by Ericthenewbie
reply to post by stanguilles7

 

umm Policyalternative, the ones that published the document said themselves it was incomplete;

It also acknowledged its study was incomplete because it could not get access to Bank of Canada and Canada Mortgage and Housing Corp. documents.

I think both sides should show their evidence either for or against.

But if you read policy alternatives report, they explain where their numbers DO come from. They didnt just make them up. But Flaherty offers NO PROOF for his own claims.

Sorry, but the two are not equal arguments.

Read the report yourself and make an informed decision.

This report builds a composite picture of the extent of Canadian banks’ use of government support by combing through aggregate data provided by the federal government, the Office of the Superintendent of Financial Institutions (OSFI) and the Bank of Canada, as well as quarterly reports of the banks themselves. While the estimates contained within this report have been externally reviewed and are based on the best available data, they should nonetheless be considered approximations of the actual values, until those actual values are released by the Bank of Canada and CMHC (or by the banks themselves).

________________________

Political Damage control, the real TRUTH is :

support for Canadian banks from various agencies reached $114 billion at its peak. That works out to $3,400 for every man, woman and child in Canada, and also to seven per cent of Canada's gross domestic product in 2009. The figure is also 10 times the amount Canadian taxpayers spent on the auto industry in 2009.

source


________________________

While I condone Flaherty's position on denying the IMF more funds for European bailouts, I think this is in preperation for our own meltdown here in Canada.

The Canadian Gov't has skillfully hidden amongst public view (because of it's draconian media muzzling rules) the massive bailout of our own banks years ago.

www.policyalternatives.ca...

Also, Flaherty is ready to disassemble our one form of saving grace to prevent an economic meltdown by getting rid of Government mortgage insurance. (CMHC).

www.canadianmortgagetrends.com...

This has the potential to blow the Ponzi house of cards over.

Methinks the gov't senses a crisis about to unfold and are keeping as much money close to home before it hits the fan.

reply to post by stanguilles7


To be clear, I read the report and I'm not defending Flaherty on these supposed "secret bailouts".

All I am saying is I'm not willing to naively believe the first and only thing I read. There are a variety of overt/covert agendas at play in this situation and I'm simply reserving final decision until some time has passed to see what else comes to light and who is able to present the unbiased truth on the matter.

In my experience anger and panic usually lead to the first step in the wrong direction is all.

That being said, you are completely entitled to believe/not believe/defend/attack whomever you please.

Originally posted by stanguilles7
But if you read policy alternatives report, they explain where their numbers DO come from.

Yes, from 3rd party, unconfirmed sources.

Which is actually stated in the report.

The reason is pretty simple. The banks were issued loans (not 'bailouts'). And loans fall under privacy rules, so the Canadian Government can not give details unless the loan recipient agrees, which the banks may do, given enough public pressure.

As of right now, all loans issued by the Canadian Government have been repaid, confirmed by the author of the CCPA report, David Macdonald.

“While these funds were repaid in full, it is clear that the banks benefited enormously from public financing when private funds were unavailable,” wrote David Macdonald, author of the report released Monday.

www.ctv.ca...

I

reply to post by Iwinder


You are right but I think Flaherty deserves those Stars and Flags this time.

reply to post by Ericthenewbie


he absolutely right. Here in Spain, they want to solve all the problems with more borrowing. They don't even want to consider resolving the debt. No, they want to increase it. It is pretty divided in the government. Well, most want to borrow so they can line their pockets as usual, pretty corrupt here. Still, there are many that want to actually solve the problems Spain is facing. The only way out is to start paying off debt and encourage foreign investment.

reply to post by Goldcurrent



CMHC being slashed...! Don't think so. I have lots of friends and family working there right now and although I will not state in what capacity, I can asure you that they are not afraid for their jobs. In fact I believe they have been given more power to recover and investigate fraud in the mortgage insurance world then ever before.
Plus, they are to big of a money maker for the GoC. Yes that's right, they are a Crown Corporation that actually brings in cash to the Receiver General's coffers.

reply to post by palg1


I agree that the CMHC is a solid tax funded corporation that generates profit. But you have to understand that the Conservatives have always had it in for Crown Corps. and chomp at the first bit to privatize.

Obviously you didn't read the link, but ideoligically, if the Cons, are given a chance, they would privatize it all.

That is not to say your friends/relatives will not have a job, but that this particular branch falling under gov't control might no longer exist in it's current form. It will be a rival and similar to Genworth Mortgage Ins.

This way if SHTF, the gov't will not be forced to bail out this corp. if massive defaults were to arise due to a real estate crash.

Sorry for going off the topic of the thread OP but this (relationship to banking, IMF, etc) is all inter-related.

reply to post by tothetenthpower


And I've never been more proud of my country in many many years. My investments are doing quite well and I can at least know that the federal taxes I do pay aren't being blown on out of control suicidal social programs like the idiotic Liberal party is currently doing in Ontario right now. The moron we have for a premiere is destroying Ontario brick by brick, with lie after lie. The man is a disgusting joke who has now disrobed and jumped into bed with the NDP in Ontario so they can now force through even more left wing useless socialist bills, run up Ontario's debt even further.

Under the Tories Canada's proud military heritage is finally being rebuilt as opposed to when I was serving years ago under the traitorous Liberals who ran our military into the ground. In this day and age with rogue nations like Iran and North Korea we need a strong military and we need new advanced aircraft that can deliver munitions under stealth flight. The new F35's will meet this need as it's a complete different ballgame out there as opposed to 25 years ago.

And I see now we have this new ultra left wing nanny state loving douche in charge of the pathetic NDP who just the other week was irritated that the conservatives *DARE* take away health benefits from refugees entering this country that average Canadians don't even receive; dental coverage, prescription eye glasses and prescriptions. And of course Mulcair is also irritated that the Tories want to make sure we are letting in the *Right* kind of immigrants, you know, ones that are actually healthy for the country, ones that want to contribute and be part of Canada, not ones that want to change our system, or acciently let islamic nut-jobs into the country like that traitor Omar Khadr.

The last thing Canada needs in terms of immigration is more radicals being brought in that want to change our country to suit them. Of course Mulcair wants these people here, he needs votes from them Mr. Harper finally did away with the ridiculous 2 billion dollar a year gun registry that was passed by the idiotic Liberals as "inner city feel good legislation" because it did NOTHING to combat the true problem in the inner cities like Toronto; black people shooting black people, your own Rex Murphy at the CBC stated the exact same thing I just did, it's on YouTube.

Still loving that 1.2 billion dollar a year waste of money I see, this is one thorn in my backside with the current Conservatives as were told years ago the CBC budget would be reduced and perhaps even sold as a private entity. It's biased reporting over the years has proved beyond reasonable doubt that they are in bed with the fringe left; they pander to them like they are a majority in this country, it's nauseating. The worst offender at the CBC is that idiot Ian McDonald who's diatribes about middle east issues is enough to make any sane man who knows the facts want to vomit. The CBC should be sold off to the highest bidder and if there's a market for the CBC's style of reporting then it will do just fine on it's own just as CTV has done for many many years.

I am now better off financially than I EVER was under the Federal Liberal Party. Do tell though, what so called "freedoms" has Mr. Harper taken away from you? I no longer have to register my firearms with a database that is connected to the police department, so I've actually gained a freedom. There's talk that the Harper Govt will soon pass new Castle Doctrine laws in this country, meaning you can actually defend yourself with force in your own home without being charged by police under the current idiotic laws. Need some examples? feel free to ask and I'll get them for you.

Originally posted by Jocko Flocko
reply to post by tothetenthpower

 

And I've never been more proud of my country in many many years. My investments are doing quite well and I can at least know that the federal taxes I do pay aren't being blown on out of control suicidal social programs like the idiotic Liberal party is currently doing in Ontario right now. The moron we have for a premiere is destroying Ontario brick by brick, with lie after lie. The man is a disgusting joke who has now disrobed and jumped into bed with the NDP in Ontario so they can now force through even more left wing useless socialist bills, run up Ontario's debt even further.

I got about a paragraph in, saw your first Ad Hominem and realized that perhaps you aren't aware that liberal & conservative mean the same thing in this country.

At least as far as the politicians in power are concerned. Every province is currently being destroyed by the economy, in the simple fact that we are not borrowing from ourselves, but instead allow our financial responsibilities and potential, to lie in a den of thieves.

So budgetary talks, provincially, do not matter at the moment, until we can solve our national economic crisis.

And it's not the recession, it's the unfair, and illegal seizure of Canadian Financial responsibility and economic recovery/future.

Tell me Sir, who is the enemy that requires a military to combat in the 21st century? I see none, when I look at Canada's role, other than how damaged our reputation is globally, due to our meddling in international affairs in the last 20 years.

The F35's are a waste of money, are obsolete in today's military technological terms and capacities and we were lied to about them. I don't recall the government being able to buy things, without consent, at least from each other.

That did not happen.

Canada's immigration policy has been a disservice to us. Immigrants now mostly come to study here and then leave, to pursue jobs that actually pay what they are worth, or come here on contract to work for TDL group.

Please do not attempt make the issue of immigration a partisan one. It's in Canada's best interest to allow immigration and discontinue our silly notion of Xenophobia in the post 9/11 as it's insignificant and damaging to us as a nation.

I'll admit the Gun Registry was a great idea. But a monster does doing one thing that benefits him as well as you, does not remove his title of monster.

ANY talk of Canada's current economic condition, her policies, her future, should be based around borrowing from the BoC as opposed to private lenders as we are legally and morally entitled to.

Paying 160 million a day in compounded interest is not something I would like my children to need to pay for after I am dead and gone. I don't think you'd want that for your future kin either.

So again, discussing who is better, left or right is inconsequential to the actual reality that we are surfs to an international banking cartel and must remove ourselves from it's jaws ( which is easy actually) before me and you, or anybody can discuss our economic future and be taken seriously.

You believe that you are better off financially, but you don't understand the value of things then. We should, if you look at economic growth from the 70's, make an average of 20$ an hour, MINIMUM in Canada for any minimum wage job.

You should be able to save for 4 years, buy a house, and have it paid in the other 6. While not having to give up any form of reasonable leisure. The economic problem in Canada is right in front of our eyes, and the solution is mind-blowingly simple and effective.

Until we as an electorate demand our finances be returned to our control nationally, we have no right to complain about the state of things, we are doing it to ourselves.

Apathy breeds servitude.

~Tenth

reply to post by palg1


You are wrong. I had read the article. I just don't believe the govn't is ready to privatize one of its major money makers at a time when they desperately cash inflows. Apart from that, the article states that the Feds risk of exposure from at risk borrowers is quite "is small and clearly contained". It would not make sense to privatize right now.

I speculate that the comments made by Flaherty were designed to wake up the lenders to the possibility, but that, like Ontario and the LCBO, CMHC is just to good a cash cow to stop milking.