Why Canada Is Safe from the Wave of Financial Disaster
Today, Jim Flaherty disclosed that the Republicans Conservatives will not take any additional action to protect Canadians from the wave of financial distress that is covering the globe.
Why are we safe? Because Canada’s financial environment is more secure than what exists in the US and elsewhere.
Why are we safe? Because privately-held, but government controlled, institutions like the Canadian Deposit Insurance Company (the CDIC) and the Canadian Mortgage and Housing Corporation (CMHC) are already owned by the Canadian government. A majority Harper government would privatize the CMHC and possibly even the CDIC.
Why are we safe? Because Canadian banks, monopolies that they are, are relatively stable and decisions are not at the whim of international, non-Canadian managers. A majority Harper government would allow more mergers, allow more foreign ownership and destabilize our financial industry.
A Harper majority would result in Canadians experiencing the same kind of financial pain that Americans and other people are going through right now. Thankfully, more prudent, less laissez-faire professionals have put institutions in place that are protecting us from greed.
Don’t let your vote change that.