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Politics : Canadian Political Free-for-All
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To: David who wrote (12867)11/30/2008 4:58:53 AM
From: stan_hughes  Read Replies (1) of 37260
 
FWIW none of the Big Five Canadian banks are interested in the least at the notion of the government "investing" in them -- quite the contrary actually, for the same reason no sane business person would want the government inviting themselves into your boardroom any more than they already do

This so-called injection capability action is just for show for the benefit of foreign investors who see every other country doing it. Setting up to be able to increase domestic deposit insurance levels is not a bad idea in itself -- they have to be ready to prevent or pre-empt capital from fleeing Canada for no good reason other than better insurance coverage. So far that flight hasn't happened in a big way yet, and they may never have to move on that front

I'm no fan of Flaherty, but these are only "in case I need to" plans -- nobody has actually done anything yet, and I'm guessing he hopes he won't have to. Quite frankly, I'm hoping he never feels like he needs to do anything either, and certainly nothing major -- IMO it would be best if they just butt out and let the economy take care of itself without the government tinkering with it as if the politicians and bureaucrats have all the answers (whereas they typically have few)
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