How the banking deal was done

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Frustrated Mess Frustrated Mess's picture
How the banking deal was done


Frustrated Mess Frustrated Mess's picture


Because of these acute political and commercial sensitivities, normal lobbying channels fell silent as chief executives engaged in direct dialogue with Ottawa, which was represented in key discussions by a senior, unelected, advisor to Jim Flaherty, the Finance Minister. Only a tiny circle of the banks' most trusted lobbyists were at the table and on conference calls. Other veterans of government relations were excluded, while regulators participated in some meetings.

Several of the people involved in the process said that even while pillars of Wall Street were crumbling and world leaders were invoking the spectre of financial armageddon, a central consideration for the Prime Minister's Office seemed to be Jack Layton and the New Democratic Party.

The Conservatives and key allies on Bay Street feared both the immediate and lasting consequences of giving political adversaries an opening to turn the banking industry and its ties with Ottawa into a matter of public scorn.

[url=]Banks and Harper Cons conspire to manipulate economy, elections, and cheat the Canadian people with huge welfare payouts to profitable, rip off banks[/url]


Same article - [i]Stйphane Dion, the lame-duck Liberal leader, was seen as onside, according to one person, who added: "but look where that got him."[/i] Well of course, the liberals were, anything for their corporate buddies on Bay Street.


The minister also acknowledged a key Bay Street demand to raise the initial $25-billion limit on mortgages they can transfer to public books, saying he was "prepared to extend the program if necessary."

This scheme had by yesterday already seen $12-billion snapped up by Bay Street, where bankers were continuing to work their BlackBerrys in a campaign of "quiet diplomacy" to have this limit raised closer to $200-billion.

So the board table was cooking the "turkey" behind the scenes because of course, it was all about corporate welfare for them, and as will see capitalism for the rest of us.


This news, once again, nails the lie behind "strategic voting" and this "unite the left" b.s. - and New Democrats need to understand this.

Some New Democrats, along with some Liberals, argue that the "fundamental difference" between Canadian political parties is between the "evil Tories" and "the opposition".

Thus Liberals (and some New Dems) act as though NDP and Liberal supporters are interchangable. They're not.

Here's a few simple reasons why I didn't vote Liberal in the last campaign:

- I don't support corporate tax cuts - particularly in a recession. And Liberals did.
- I don't support a carbon tax imposed directly on consumers. And Liberals did.
- I don't support another three years of fighting in Afghanistan. And Liberals did.
- I don't support the income trust scam. And Liberals did.

And, now, a new example. I expect whatever deal the government cuts with banks to be conducted fairly, in the open, and to actually help people - not just banks.

And the Liberals didn't.