The banks were absolutely stabilized, and possibly saved, by extraordinary government interventions. Whether you call that a bailout or a "liquidity injection" is all in the semantics.
So, the 2 per cent inflation target has been renewed as it now stands. (Take that, House of Commons Finance Committee, which is holding hearings on the issue next week.)
What must be done with the banks? Tax them, control them and take them back. Those are the "take-aways" from a talk on the banking system that I gave at an Occupy Toronto rally last weekend.
Exposing what banks do, how inherently fragile the whole system is, and how unproductively its power has been wielded, lays the groundwork to demand a new approach to managing the credit system.
The UNTCAD just published its annual report on Trade and Development, titled "Post-crisis Policy Challenges in the World Economy."
The wild swings in the markets this week serve as another reminder of the weakness of linkage between levels and changes in financial asset values and levels and changes in real economic variables.
You can have religion without fanaticism and dogma, and you can have fanaticism and dogma without a religion in sight. The ability to hold a deep, irrational certainty is a basic human trait.
Does the economy exist for people or do people exist for the economy? That doesn't tell you what to do economically, but it reminds you to examine the direction you want to head.
Ever since the 2008 financial crisis, Canadian banks have enjoyed almost heroic stature for not being like those bad Wall Street banks that collapsed, triggering a global recession.
By now it should be obvious that American capitalism is not working for the benefit of its "middle" class let alone the minority who are being crushed by poverty, including the growing suburban poor.