Canada tops, Harper shines?

pegger

Electoral Member
Dec 4, 2008
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Cambridge, Ontario
You have a point there. But I don't think CANADIAN taxpayers bail out banks, that is more of an American practice. Our banks seem to be well run, and from the experience of just getting a small mortgage when I upgraded real estate and finding out first hand how closely I was examined before being approved for a mortgage (even thought I was more than covered by my own investment portfolio) I doubt very much is that problem will occur very often in Canada. Any cash you have over and above about $1000 you have to prove where it came from as they are so leery about laundered money now. Cash is no longer King. Just try buying a house with half a million $ cash....................................:lol::lol::lol::lol::lol::lol::lol:

I'll have to find the exact article - but the Canadian taxpayer DID bail out the banks - well, we bought the "risky" mortgages from the CHMC at the tune of $1 B or $10 B or something like that - to "improve liquidity" for the banks.....
 

Machjo

Hall of Fame Member
Oct 19, 2004
17,878
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Ottawa, ON
About ten years ago Canadians banks wanted to merge. BMO and Royal bank wanted to merge, so did TD and CIBC. Paul Martin refused to give them permission to merge. At that time I thought he was wrong to do so. In hindsight he has proved to be right. We don't want 'too big to fail' banks here in Canada.

Mergers can be a good thing and can even provide stability if well regulated.

personally, I don't necessarily fear monopoly per se, but rather the power that comes with it. With proper regulation, we could make even a natural monopoly harmless while exploiting its increased efficiency.
 

JLM

Hall of Fame Member
Nov 27, 2008
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Vernon, B.C.
Not necessarily. For example, in the US, though Bush Sr. had contributed much to the problem, the US debt had been growing since under Reagan with but a short respite under Clinton. This kind of mess does not just appear over night, but over many decades.

The same applies in Canada. Since under Paul Martin have we been getting our financial house in order, and the rewards have finally come to the fore now. If anything, Harper has proven to be a big spender. It's just that the work of previous governments has helped to quell the damage, and since Harper has always had minority governments, it's kept the damage he could cause to a minimum.

For many years I, like you was enthralled with Martin's financial wizardry, UNTIL I found out that wizardry mainly included off loading debt to the provinces. That's the problem with these bastards, they can put anything on paper they want. It just takes a little imagination to get it into the right column. Home budgets have two columns - income and expenses, but I'm pretty sure these guys have several columns. :lol::lol::lol:
 

JLM

Hall of Fame Member
Nov 27, 2008
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I'll have to find the exact article - but the Canadian taxpayer DID bail out the banks - well, we bought the "risky" mortgages from the CHMC at the tune of $1 B or $10 B or something like that - to "improve liquidity" for the banks.....

Oh, OK I must have missed that. From what I've heard on the news all our Canadian banks have been showing a profit every year.................or so I thought.
 

Machjo

Hall of Fame Member
Oct 19, 2004
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Ottawa, ON
For many years I, like you was enthralled with Martin's financial wizardry, UNTIL I found out that wizardry mainly included off loading debt to the provinces. That's the problem with these bastards, they can put anything on paper they want. It just takes a little imagination to get it into the right column. Home budgets have two columns - income and expenses, but I'm pretty sure these guys have several columns. :lol::lol::lol:

You may be right. But who prevented provincial governments to either raise taxes or cut spending?
 

Machjo

Hall of Fame Member
Oct 19, 2004
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Yes, Harper did bail out the banks along with the car bail out. Corporate welfare at its best. Shockingly enough though, it seems even the NDP supported bailing out the car companies at least. So much for socialism.
 

AnnaG

Hall of Fame Member
Jul 5, 2009
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Sure - the fiscal situation of Canada today was all because of what Harper has done for last 12 months, and nothing can be attributed to any another Canadian Federal government....ever. The previous years of sound fiscal management had NOTHING to do with our country being where it is now. :roll:
Like I said before, it had more to do with our banks, companies, and people than our government (of either brand).
 

AnnaG

Hall of Fame Member
Jul 5, 2009
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"Depression era Canadian Bank regulations saved our collective bacon, not Harper. "

I'm inclined to agree, I don't think Harper had anymore to do with our recovery than Bush had to do with the melt down in the first place.
Actually Bush's deregulating was either one of the causes or one of the aggravators.
 

Machjo

Hall of Fame Member
Oct 19, 2004
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I think in British Columbia they did a little of both.......:lol::lol::lol:

Good on then. But if when Paul Martin decided to cut funding to the provinces, the provinces decided not to respond, then they asked for it. BC did the right thing from what you're telling me here.
 

Machjo

Hall of Fame Member
Oct 19, 2004
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Actually Bush's deregulating was either one of the causes or one of the aggravators.

Deregulation and government spending money it didn't have was well on its way under Reagan, but Bush simply continued further in that direction. It was under Reagan that taxes dropped like a led balloon without any comparable reduction in government spending. The Bushes just took it further, with ever further tax reductions and more government spending. A recipe for disaster.
 

AnnaG

Hall of Fame Member
Jul 5, 2009
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Politicians told them to make houses available to the poor and minorities, but politicians did not ask them to do sub prime lending. Sub prime lending was purely the result of corporate greed.

There is the right way and the wrong way to help minorities buy houses. Right way would be to let minorities know that loans are available, to put the loans withing the reach of the minorities (advertise in minority areas etc.), to eliminate discrimination based upon race etc. That is what politicians meant. The wrong way is to loan money to people who have no possibility whatever of paying any of it back. That was done out fo greed, not because any politician leaned on them.
That's great, but then if you deny the poor the ability to house themselves with low int. loans, and whatnot, you better be prepared to deal with the lack of housing for these people and the Gliberals obviously failed at that. It's great to balance the budget, but who are you helping if the balancing costs as much as it did? :roll:
 

Machjo

Hall of Fame Member
Oct 19, 2004
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But ultimately, responsibility falls on the people. Here's a simple question. Two candidates present their plans for the economy:

The first will raise taxes and/or reduce government spending to balance the budget.

The other will increase spending and/or reduce taxes.

A responsible voter would vote for the first. An irresponsible voter for the second. After all, the people chose their leaders.
 

AnnaG

Hall of Fame Member
Jul 5, 2009
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you mean the Banking institutions,
And who help these Banking institutions to thrive the most through the years, the Conservatives or the Liberals?
Credit on Canada’s Economy should go to the Party who has helped these Banking institutions stay strong thought the years. We know the answer.........:canada:
Giving the aardvark the credit because the ants are so good at surviving? roflmao
"Watta maroon" B Bunny
 

Machjo

Hall of Fame Member
Oct 19, 2004
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And you don't help the poor by piling debt onto them. You help them by giving them work. In fact, if we made it more difficult for people to borrow, what would likely happen is that construction companies would respond to the new demand for townhouses and condominiums and other forms of cheaper accommodation since no one would have the money for the big houses they can't afford anymore. When we make it easier for people to borrow, construction companies respond by moving out of the townhouse and condominium industry into the mansion industry. How does that help the poor?
 

JLM

Hall of Fame Member
Nov 27, 2008
75,301
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Vernon, B.C.
But ultimately, responsibility falls on the people. Here's a simple question. Two candidates present their plans for the economy:

The first will raise taxes and/or reduce government spending to balance the budget.

The other will increase spending and/or reduce taxes.

A responsible voter would vote for the first. An irresponsible voter for the second. After all, the people chose their leaders.

In light of how Gov't.s squander money I doubt if reducing taxes is ever a bad thing. People are generally wiser at spending/investing their own money than what the Gov't is. Naturally I care about what financial shape our Gov't. is in but of much more importance is my own financial condition.
 

Machjo

Hall of Fame Member
Oct 19, 2004
17,878
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Ottawa, ON
In light of how Gov't.s squander money I doubt if reducing taxes is ever a bad thing. People are generally wiser at spending/investing their own money than what the Gov't is. Naturally I care about what financial shape our Gov't. is in but of much more importance is my own financial condition.

That depends. Reagan dropped taxes to the floor and then embarked on an arms race. If you're going to embark on an arms race, then at least have the fiscal responsibility to raise taxes through the roof to pay for it.

But I do agree overall that I'd rather the government reduce spending rather than raise taxes. But if it refuses to reduce spending, then raising taxes really is the only way to go.
 

AnnaG

Hall of Fame Member
Jul 5, 2009
17,507
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For many years I, like you was enthralled with Martin's financial wizardry, UNTIL I found out that wizardry mainly included off loading debt to the provinces. That's the problem with these bastards, they can put anything on paper they want. It just takes a little imagination to get it into the right column. Home budgets have two columns - income and expenses, but I'm pretty sure these guys have several columns. :lol::lol::lol:
Along with the two or three hidden columns for helping buddies, scamming for their own benefit, and whatever.
 

AnnaG

Hall of Fame Member
Jul 5, 2009
17,507
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63
I'll have to find the exact article - but the Canadian taxpayer DID bail out the banks - well, we bought the "risky" mortgages from the CHMC at the tune of $1 B or $10 B or something like that - to "improve liquidity" for the banks.....
That'sw what I heard, too.
 

Machjo

Hall of Fame Member
Oct 19, 2004
17,878
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48
Ottawa, ON
But those poor bankers. How else were they to continue their lifestyle of champagne and caviar?