Peacenik has been talking about the housing bubble in Guelph and Canada for a while and reading about it at www.greaterfool.ca. And Peacenik has been doubtful that Canada's banks are as strong as our leaders and the media have said they are. Now we find out that Flaherty is going to piss away billions more propping up the supposedly strong Canadian banks and the Canadian housing industry. Low downpayments, long amoritization periods, and peak prices for housing are the exact ingredients that led to the U.S. financial collapse.
Why have a financial crisis today if you can delay it till tomorrow.? Peacenik and Peacenik's fellow taxpayers will be only too happy to help out the current crop of house purchasers. Its not their fault they are getting sucked into buying at the peak. Its not their fault income to purchase price ratio is totally out of whack. Its not their fault the economy is a mirage. Yes Peacenik says bail out the banks and the homeowners. That's what taxes are for. Healthcare. Not so much. Education. What dat? Social justice. That's for wimps.
Tara Perkins
Globe and Mail Update Last updated on Thursday, Sep. 24, 2009 08:57AM EDT
Ottawa plans to extend the biggest emergency measure it created to help the banks weather the financial crisis, a sign that the government and the banking industry are not yet prepared to call an end to the economic upheaval.
Finance Minister Jim Flaherty has decided to keep in place the government's $125-billion program to buy mortgages from lenders, a program that had been slated to end next week.
The banking industry has been pressing the Finance Minister to extend the length of the program because they continue to benefit from it and because there is still the possibility that liquidity pressures could re-emerge.
Read on...
Why have a financial crisis today if you can delay it till tomorrow.? Peacenik and Peacenik's fellow taxpayers will be only too happy to help out the current crop of house purchasers. Its not their fault they are getting sucked into buying at the peak. Its not their fault income to purchase price ratio is totally out of whack. Its not their fault the economy is a mirage. Yes Peacenik says bail out the banks and the homeowners. That's what taxes are for. Healthcare. Not so much. Education. What dat? Social justice. That's for wimps.
Tara Perkins
Globe and Mail Update Last updated on Thursday, Sep. 24, 2009 08:57AM EDT
Ottawa plans to extend the biggest emergency measure it created to help the banks weather the financial crisis, a sign that the government and the banking industry are not yet prepared to call an end to the economic upheaval.
Finance Minister Jim Flaherty has decided to keep in place the government's $125-billion program to buy mortgages from lenders, a program that had been slated to end next week.
The banking industry has been pressing the Finance Minister to extend the length of the program because they continue to benefit from it and because there is still the possibility that liquidity pressures could re-emerge.
Read on...
