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Originally posted by starwarsisreal
reply to post by lordvader
so in addition to illegal Mexicans we Americans should expect illegal Canadians?
Canada's 75 Billion Dollar Bank Bailout
The $64 Billion Federal Budget Deficit is intended to Finance Canada's Chartered Banks
By Michel Chossudovsky
Global Research, January 25, 2009
The 25 billion dollar allocation was announced four days prior to the elections. Two days following the federal elections, the first mortgage purchase took place leading to an initial cash injection of 5 billion into the coffers of the chartered banks.
Barely a month following the federal election, on November 12 2008, another $50 billion allocation was announced.
It received no news coverage. Moreover, opposition party leaders did not analyze the official statement of the Ministry of Finance.
The likely consequences of the Canada bank bailout on the federal fiscal structure were not the object of discussion or political debate.
The text of the official statement reads as follows:
"The Honourable Jim Flaherty, Minister of Finance, today announced the Government will purchase up to an additional $50 billion of insured mortgage pools by the end of the fiscal year as part of its ongoing efforts to maintain the availability of longer-term credit in Canada.
This action will increase to $75 billion the maximum value of securities purchased through Canada Mortgage and Housing Corporation (CMHC) under this program.
"At a time of considerable uncertainty in global financial markets, this action will provide Canada's financial institutions with significant and stable access to longer-term funding," said Minister Flaherty.(The Main Wire, November 12, 2008, emphasis added).
At the height of the election campaign, Prime Minister Harper stated emphatically that: "this is not a bailout... it will cost the government nothing." (CBC News, October 10, 2008).
According to Finance Minister Jim Flaherty: "This program is an efficient, cost-effective and safe way to support lending in Canada that comes at no fiscal cost to taxpayers."(Ibid)
for the full article see www.globalresearch.ca...
But beware for I have my father's gun
“Everyone is uncertain about what is going to happen in the condo market in the next few years,” said Steve Gagro, a senior manager at Laurentian Bank of Canada who specializes in lending to real estate developers.
With 325 condominium projects on the market and another 173 towers under construction, Toronto’s skyline is spiking with condo units and cranes, with more new buildings underway than in any other city in North America.
The building boom and 15 years of rising prices have stirred worries about a real estate bubble in Canada’s largest city, where historically low interest rates have encouraged buyers to take on more household debt than ever.
Industry stakeholders stress that the potential for a crash is slight, and most of the talk at the Queen’s University seminar was about the strengths of the market.
Ottawa has taken a number of steps this year to slow what it believes is an overheated housing market. In April, the federal government made the Canada Mortgage and Housing Corp., a key component of Canada’s mortgage market, subject to direct regulatory oversight by the Office of the Superintendent of Financial Institutions.
OSFI itself proposed major changes to the way banks handle mortgages and other real estate debt to reduce the fallout of what some fear is a looming housing bubble. Following consultation with the industry, OSFI softened some of those proposals.
Income inequality in Canada has increased over the past 20 years.
The richest group of Canadians increased its share of total national income between 1993 and 2008, while the poorest group lost share. Middle-income Canadians also lost share.
Although the gap between the rich and poor widened, Canadians in the poorest income group still saw their income levels rise, albeit minimally.
Originally posted by Cynic
reply to post by eNaR
CMHC does not hold the mortgages.
They insure the lender against default.
Do your homework about the way things work, and get off your soap box long enough to get a clue please.edit on 14-6-2012 by Cynic because: (no reason given)
Banking in Canada is widely considered the most efficient and safest banking system in the world, ranking as the world's soundest banking system for the past three years according to reports by the World Economic Forum. Released at October 2010, Global Finance magazine put Royal Bank of Canada at number 10 among the world's safest bank and Toronto-Dominion Bank at number 15.
Originally posted by misfitofscience
Being a Certified Financial Planner, I have to totally disagree with you. Canada has never been stronger, has never made smarter decisions, was hardly impacted by the meltdown in 2008. Our banks are leading the way around the world. Mark Carney has done the right job as minister. He even predicted that Jamie Dimon would loose out! Our insurance companies are making headlines internationally, without using the negative concepts of US insurance companies, The Real Estate sector has been strong, not overly, just well in place. Our government while not the best has done an incredible job throughout the whole fiscal crisis.