[Newsbot]

Title: Canada's $25-billion mortgage plan
Category: Political
Posted By: Canadaka
Date: 2008-10-11 00:10:44
Canadian

[Canadaka]

OK WTF i don't get it. They have footage on the evening news from today showing Harper saying that our banks are fine and there will be no US style bailout, but WTF is this? Sure its not $700 billion, but the USA is also 10X our size so $25 billion is like $250 in the US.

[RUEZ]

Don't you guys even read these articles?

$1:

In a speech delivered in Ottawa, Jim Flaherty, the Minister of Finance, said the move is aimed at maintaining the availability of long-term credit, which is under severe strain at present as banks are unwilling to lend to each other.

$1:

The minister said the move was designed to mitigate a rising consumer rates, not a bailout of banks holding illiquid assets like in the United States.

[mixedfarmer]

i dont get it either. they say the banks are sound but here is a 25 billion dollar gift lol. How many banks around the world were sound and then 2 weeks later collapsed. I wonder how many insiders are dumping banking stocks or selling off their bad debt. Like i said before houses here sold a year ago for 9000 were resold this year for 100 000. I dont think it will be long and canadian banks will start to fall like dominoes .

[RUEZ]

mixedfarmer mixedfarmer:

i dont get it either.

Read the fucking article.

[Apollo]

For the love of god it's no wonder liberal supporters are sheep. Did any of you actually read the article?

The government is NOT giving the banks money. They are freeing up 25 Billions dollars of their own money to allow them to lend out that 25 billion dollars to consumers and busines owners. (debt swap)

Right after Flaherty did this, the banks dropped their lending rate by another 25 basis points. Isn't this EXACTLY what Layton was whining like a little school girl for in the first place?

Layton is such a knob he makes me sick just listening to him.

[Reverend Blair]

So we gave the banks $25 billion to bribe them to do what they should have done when the Bank of Canada dropped their rate by 50 basis points? Is that what Harper calls leadership...bribing his buddies to do what they should have done in the first place?

[RUEZ]

Reverend Blair Reverend Blair:

So we gave the banks $25 billion to bribe them to do what they should have done when the Bank of Canada dropped their rate by 50 basis points? Is that what Harper calls leadership...bribing his buddies to do what they should have done in the first place?

Why do you refuse to look at things like adults do? You either won't read the article or can't. Which is it?

[dino_bobba_renno]

Canadaka Canadaka:

OK WTF i don't get it. They have footage on the evening news from today showing Harper saying that our banks are fine and there will be no US style bailout, but WTF is this? Sure its not $700 billion, but the USA is also 10X our size so $25 billion is like $250 in the US.

It's not a bail out. Unlike in the US where the government is buying sub-prime morgages that are at risk the Canadian government is swapping securities for morgages that are all ready insured. It's a move to increase liquidity.

Apollo gives a good discription above.

Christ everyone whines that the Conservatives should do more and when they do they get critisized for it? Make up your minds.

[scarecrowe]

Reverend Blair Reverend Blair:

So we gave the banks $25 billion to bribe them to do what they should have done when the Bank of Canada dropped their rate by 50 basis points? Is that what Harper calls leadership...bribing his buddies to do what they should have done in the first place?

The prime offered by banks was reduced a further 15 basis points and not the full 25 additional basis points so the total decrease is 40 basis points so consider that when you vote yourself out of work.

[Reverend Blair]

It's a US-style bailout. It didn't work there and I doubt it will work here. More importantly Harper was either lying when he said there was no problem and Canada was fine, or he was too incompetent to understand what was happening.

Now his solution is to throw money at the banks. Our money. And make no mistake, if things keep going bad we are on the hook for that $25 billion, no matter what kind book-cooking Flaherty does.

It's kind of like that video where the kid fainted behind Harper at a campaign stop. At first Harper had no idea what was going on, and when he finally figured it out his response was to take a sip of water.

[dino_bobba_renno]

Reverend Blair Reverend Blair:

It's a US-style bailout. It didn't work there and I doubt it will work here. More importantly Harper was either lying when he said there was no problem and Canada was fine, or he was too incompetent to understand what was happening.

Now his solution is to throw money at the banks. Our money. And make no mistake, if things keep going bad we are on the hook for that $25 billion, no matter what kind book-cooking Flaherty does.

It's kind of like that video where the kid fainted behind Harper at a campaign stop. At first Harper had no idea what was going on, and when he finally figured it out his response was to take a sip of water.

Did you even read the article? No one is giving money to the banks, they are swapping paper for christ sakes man. Even May has given credit to the Conservatives for this. Get over yourself.

[ziggy]

Why let the facts get in the way of a good spin?

[RUEZ]

ziggy ziggy:

Why let the facts get in the way of a good spin?

This is a good example of what Rev does all day. He can't be taken seriously.

[Reverend Blair]

Wow, it got the endorsement of Elizabeth May. Hey weren't you guys ridiculing her lack of understanding of economics not that long ago? Yeah, you were. Now you are happy to have her endorsement. Another huge Conservative flip-flop.

They are just swapping paper for now. What you and Harper and Finance Monkey Flaherty aren't saying is that if things go bad we are still on the hook for the $25 billion.

Of course if things go bad, that $25 billion won't help people stay in their homes. Nope, instead it will ensure that the banks get paid even if they boot people out of their homes.

Woo-hoo, let's make sure the banks get paid. All those years of record profits made from questionable service charges and cuts to service don't matter, now we have to guarantee that they get paid no matter what.