We are being told the Canadian government will not be bailing out any Canadian banks - simply because there is no need here.
While American and British taxpayers shelled out billions of dollars to the financial institutions that hold credit notes with many of these taxpayers, Canadians are not facing the same situation. And for that, we are grateful to all our financial institutions.
The fact Canadian banks have not been free-wheeling with lending practices, while perhaps frustrating for some Canadians at one time or another, has served us well in this time of economic failure around us.
In fact, most, if not all, Canadian banks seem to be quite healthy despite the losses being felt elsewhere in the world. Good fiscal policy has emerged the source of success for most.
We seldom thank the bankers who control the ebb and flow of financial matters in this country. But at a time when crisis has befallen so many others, we do say thank you.
Canadian banks deserve thanks
-
Published on
October 16, 2008
- Published on July 10, 2009
-
Staff ~ The Moose Jaw Times Herald
- Rate
- Top of the page
Comments
-
- john
- - September 18, 2009 at 14:51:36
At times the editors are not to bright. They seem to think that the only paper you read is the moose jaw times.
-
- Elihu
- - September 18, 2009 at 14:33:19
Actually editors, don't know if you noticed in the news last week, but we DID bailout the banks with 25 billion dollars. We bought up mortgage backed securites to get more liquidity into the market, a so-called exchange of assets . Unfortunately, if mortgagees start defaulting we will ALL be paying the bill, and pretty much on demand.
Thank heavens our banks are so robust. -
- Bugsy 2008
- - September 18, 2009 at 14:30:44
Wally, the point is that we used $25 billion of taxpayers money to backstop the most consistently profitable business in Canada - the chartered banks. They have made billions, year after year, and are not - in any way, shape or form - deserving of any type of bailout.
Exorbitant banking fees, pathetically low interest rates on savings and criminally high interest rates on loans and credit cards do not qualify these thieves for any taxpayer help. The best example of how the banks least concern is their customers was the Bank of Canada rate reduction a week ago; the banks only passed on 50% of the rate cut to regular customers. They used to the other 50% to pad their pockets. -
- Wally
- - September 18, 2009 at 14:24:55
Elihu, depending on what percentage of the mortgages default, the government also has the opportunity to make a significant amount of money. Plus, when the government sells the mortgages back, it provides a way to take liquidity out of the market without having to raise interest rates. And john, it is 'too', not 'to'.
