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| May 2, 2012
Columnists

Occupy bailout. Canadian banks got billions in help

Photo: Kitty Canuck

Critics spend a lot of time telling Canadians that they should disregard the Occupy movement. They claim that the sins of Wall Street didn't happen here, so Canadians have no business making such a fuss.

The financial sector's PR machine has had great success convincing folks that Canadian banks are pure as the driven snow. Their message incessantly repeats their claim that there were no bailouts of Canadian banks during the 2008 financial crisis. You Occupiers have nothing to complain about, they say. Maybe in the U.S. people can be mad. But not here.

Since bank bailouts are presented as some kind of litmus test for the legitimacy of Canadian finance, we need to deal with this red herring.

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| November 14, 2011
| October 31, 2011
| October 31, 2011

Let's nationalize the banks

Bay Street, Toronto. Photo: Mister V/Flickr
Duncan Cameron on taking private bank profit and making it work for all of us.

Related rabble.ca story:

Columnists

It's time, nationalize the banks

When Vancouver-based Adbusters magazine launched what has become Occupy Wall Street, the idea was that big money needed to be taken out of U.S. politics. The suggested focus was for the creation of a presidential commission to investigate corporate funding of politics, and find alternatives ways to finance election candidates.

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Columnists

The European financial meltdown -- next in a continuing series

As I write, the Europe's sovereign debt crisis is a ticking bomb. Unprecedented events are happening at a mind-spinning pace. In the middle of last week the BRICS (Brazil, Russia, India, China and South Africa) offered to help bail out the struggling European countries. By the end of the week, the European central bank, the U.S. Federal Reserve and other central banks announced that European banks would be showered with "unlimited" loans to help them.

The reason for all of these sudden extraordinary measures is the fear that an impending European financial crisis could make the events of 2008 look like minor leagues. It is a justified fear. If financial panic spreads and speculators go for blood, it will be almost impossible to stop the chaos.

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Americans must take financial reform into their own hands

With the passage of [America's] financial reform bill, giant banks see a golden opportunity to finally put the financial crisis, along with their culpability for wrecking our economy, in the rearview mirror.

"We are very pleased to have this certainty and closure," declared Steve Bartlett when the House-Senate conference committee had finished negotiating. Bartlett is the president of the Financial Services Roundtable, a powerful big bank lobbying group that would like nothing more than to make this legislation the one and only policy response to the banking system's catastrophic failure.

It's up to all of us to make sure that it is not.

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