Skip to main content

Harper Harper Harper Harper

Harper told the Financial Times today that Canada’s banks should capitalize on the relative strength of their balance sheets by acquiring assets in the US and other countries.

Harper’s logic is that because we had a regulated banking system, Canada is now the only country that is not nationalizing or partially nationalizing our banks and therefore we have the only remaining free enterprise based financial system. In a frequently recurring marketing theme about Canada the brand, Harper would like to see our five major banks take advantage of their comparative strength and expand into new markets and in his words build the brand – the country’s brand, their own brand.

Despite Harper’s somewhat questionable brand management skills and his natural economic inclination that crumbling markets present good buying opportunities, this is probably not the best time for our banks to start acquiring foreign assets, since no one knows what toxic assets are still on the books out there.

Anyway Harper then goes on to hypothesize that in the long run the current trend to nationalize financial institutions will not be effective and that a regulated, free enterprise system, like the one created in Canada is necessary.

All this would of course make sense if every country only had say five national banks that operated under government regulated exclusivity with no foreign competition and the ability to collusively set services, fees, credit card interest rates and the like with no government interference.

A made in Canada form of free enterprise where the profit of the banks is generated by a captive market with no options other than to pay unregulated government sanctioned usury.

As much as I am pissed at Harper running around taking credit for a regulated system, his party once opposed, I find all this clamoring about the strength of the Canadian banking system a bit much since it us, the Canadian consumer, that has been paying the bill every month.

I don’t think I can take a whole week of Harper interviews and I have the feeling that Europeans will also tire of them quickly.


JAWL

Comments

Popular posts from this blog

662

That is the number of Syrian refuges that the Harper government has brought into Canada.

From the Globe and Mail:
However, the government is facing criticism because 2,374 Syrian refugees have so far been settled. Of that number, only 622 - or 26 percent - were assisted by the government. The others were privately sponsored by individuals or non-government. The others were privately sponsored by individuals or non-government organizations. The NDP argues that in addition to private sponsors, the government should immediately accept 10,000 Syrian refugees. Liberal leader Justin Trudeau said the target should be 25,000 government-sponsored refugees, which he estimates would cost Ottawa $100-million.In other words the Harper government that banters around the 10,000 plus refugee number has brought in 622 refugees or about 170 families.

The other 2,352 so called refugees that Harper has allowed to emigrate to Canada consist of wealthy Syrian Christians who paid their own way in, hightailing …

Election close call, Omar, Bob and move over Warren

Wow that was a close one:
With the NDP leading in the polls at the beginning of September, I started to prepare myself, for the very first time in my life, to vote for the NDP. Mulcair looked good enough for me, with some of the best lines about Harper's Government during most of his interviews, except that he would always add the phrase, "just like the liberals" to the end of it and I thought, if I'm one of those Harper hating, Liberal voters that you probably need to vote for you, why the hell are you insulting me with this partisan bullshit.