Sunday, February 15, 2009

Awkward!

So much for that NeoCon talking point about how the "Free Market" should be left entirely to its own devices. The HarperCon$ just threw it out the window:

"Regulation" and "oversight" will be among the summit's buzzwords, with Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney likely to stress that each country needs to establish stronger domestic regulation as a necessary first step toward international co-ordination on banking rules.

Canada's financial system has proven more resilient than most during the global economic crisis.

The country has been sheltered by capital rules – the base capital that banks need to have to make loans – that are more stringent than the international standard, as well as a cap on how much debt banks can take on.


Considering how the Con$ squealed when Canada's banks were told by then Finance Minister Martin to take a hike on the subject of deregulating and allowing them to merge in fifteen different ways with other Canadian banks and foreign banks, there's a perverse irony to them now spouting off how wonderfully well our regulatory system has worked...a regulatory system that they have fought tooth and nail against for years.

One has to wonder how spinmeisters like Tom Flanagan will try to assimilate that into their next joint and smoke it? (Should produce something nice and acrid, I'm sure)

4 comments:

Anonymous said...

I hardly think Tom Flanagan smokes pot.

MgS said...

Given some of what Flanagan spouts lately, one has cause to wonder.

vancouver real estate agent said...

Everyone has his very own secrets! :)
Anyway, I think we are extremely lucky to have healthy banking system (according to the The Global Competitiveness Report soundest in the world), not everybody realizes this advantage right now, but in some years hundreds of billions used in other countries to save banking system will be very painful...
Jay

Niles said...

I personally think they're doing a good job of talking the walk and then standing back and hoping no one noticing they're not actually moving. After all, if it's said, it's done, right? No one actually needs to follow up with action. Right?

If regulations are going to be tightening up all over, what's up with the deregulating budget inclusions and the vets at Food Inspection getting noisy about carcass inspection still being handed to industry? If they don't care about food regulation after all those deaths, I'm doubting they're interested in fettering the free market in other real ways.