The Bailouts Soonet Will Ignore

[RWGR]

A study released today by the Canadian Centre for Policy Alternatives (CCPA) estimates the previously secret extent of extraordinary support required by Canada's banks during the financial crisis.

According to the study, by CCPA Senior Economist David Macdonald, support for Canadian banks reached $114 billion at its peak—that's $3,400 for every man, woman, and child in Canada.

"At some point during the crisis, three of Canada's banks—CIBC, BMO, and Scotiabank—were completely under water, with government support exceeding the market value of the company," says Macdonald. "Without government supports to fall back on, Canadian banks would have been in serious trouble."

Read more: http://www.digitaljournal.com/pr/687176#ixzz1tZ9ntAL6


Let the hypocrisy begin ...

[Huggy85]

http://www.ctv.ca/generic/generated/...le2417978.html

Canadian banks got billions in support, report says

Ottawa has said repeatedly that Canada has one of the soundest banking sectors in the world and the country's banks did not require a bailout during the 2008-09 financial crisis.

However, the banks did receive help from Bank of Canada programs to make borrowing money easier and CMHC's insured-mortgage purchase program that helped the banks raise cash.

Finance Department spokesman Chisholm Pothier said the government extended financing to the Canadian banks, not subsidies, to allow them to continue to provide credit to businesses and consumers during the crisis.

“The credit was extended at competitive interest rates to protect taxpayers. Financial institutions accepting this credit paid interest on the loans,” Mr. Pothier said.

“Not only did these measures play an important role in supporting Canadian business during the credit crunch, they also made money for Canadian taxpayers.”

“I would personally not put much credence in this report,” Steve Foerster, a finance professor at the University of Western Ontario, said after reviewing the CCPA report. “It will have zero impact on Canada's reputation as a country with a strong central bank and a well-managed banking system with careful oversight,” he told Dow Jones Newswires.

In the U.S., Congress authorized $700 billion (U.S.) for the bailout of financial companies and auto makers during the financial crisis under its Troubled Asset Relief Program, or TARP.

A report last week found that the U.S. government is still owed $118.5-billion including $14-billion that has been written off or otherwise lost.



Nice try, but not quite the same as what the USA did. Care to guess how much the Canadian government had to write off?

[RWGR]

Just as predicted!

you never fail, Huggster!!

[Huggy85]

Just as predicted!

you never fail, Huggster!!

The only outcome here that has been oft predicted is yet another epic fail by you! Good try though.

[RWGR]

Your anger was quite predictable, too

[Soundbear]

Your anger was quite predictable, too

Then the simple question is when will that 700 billion bailout be re-paid to the US government??

The site said: "programs to make borrowing money easier and CMHC's insured-mortgage purchase program that helped the banks raise cash."

I can't quite firgure out what part of that fits the title of this thread, "bailout".

[RWGR]

When the U.S. does it, it's terrible. When Canada does it, it's wonderful.

Reason #1,877 you're not taken seriously.

[Soundbear]

When the U.S. does it, it's terrible. When Canada does it, it's wonderful.

Reason #1,877 you're not taken seriously.

Another loss for the ole' winger!!!

Too bad!

[The Berean]

Did money change hands in Canada?

[Roll The Bones]

he's searching for something to cut and paste as a response... meanwhile - crickets..........