9 out of 10 people on the street did not know this. While the bailout is greater than I though (I was aware of the 2 initial bailouts totaling 76 billion), most people fell hook line and sinker for the notion that Canada's banking system was solid, robust, and admired throughout the world. Some Serious questions need to be asked.
Why didn't the official opposition (Liberal party) make this known? Did they not read the legislation, are we to believe that they were unaware? My guess is that they were equally complicit in protecting the banks, and could be equally blamed (and rightly so) in creating the banking industry friendly environment.
The Conservatives campaigned on the notion that our banking system and economy are strong, and that our banks did not need a bailout. When confronted with the CMHC asset buy-up, their brief explanation was that it was a preventative move. So what was then? The banks didn't need the money but took the generous offer, or the banks were in deep shit? You can't have it both ways.
As the article states "It would have been cheaper to buy every single share in these companies,": indeed, except that the Conservatives would never consider the thought (Gasp! thats something some Commie like Chavez would do!). In fact if the Conservatives were that concerned about Canada's debt, it would have been an opportune time to renegotiate its obligations. But they are not interested in long term sustainability let alone public ownership. They'd rather feed money to banks, and big oil, and pray that China doesn't have a recession while they're still in power causing oil prices to drop, and completely deflating Canada's already gutted cardboard economy.
Why did this major piece of news get such small mention when it happened. Is the press stupid, or complicit?
Will this be brought up during the next elections? Will this vanish from the news, and from the conversations of everyday Canadians?
Lastly when will Canadians stop drinking the Tim Hortens cool-aid and wake up to the fact that we've been lied to, sold out, ripped off and used since the the 1980's by condescending politicians, neo-liberal economists, and a neutered press thats in bed with them.
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