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Politics : Canadian Political Free-for-All -- Ignore unavailable to you. Want to Upgrade?

To: Alastair McIntosh who wrote (34194)	3/13/2025 6:05:15 PM
From: russet	2 Recommendations Recommended By longz whistler3000 Respond to of 37904

Carney did what all the other central bankers agreed to do during the 2008 financial crisis. The different outcome for the Canadian economy had everything to do with our banks and little to do with Carney. Carney acted quickly to restore liquidity, but so did every other central banker. Before Carney left for the Bank of England, there were calls to raise rates as Canadians were holding record-level debt and the housing market was overheated thanks to Carney's low interest rate policy. Carney's reputation as British central banker was not so good. Our banks are very conservative in taking risks with all types of loans, unlike the U.S. banks and many other financial institutions around the world. The article you cite actually states this as I highlighted below. Carney was new, and only followed what others told him to do. Why Canada Avoided a Housing Collapse Thanks to stricter regulations on banks and lenders, the reckless subprime lending hadn’t saturated the Canadian market with bad loans like it had in the U.S. “Our banks were not taking the same level of risk as the U.S. banks were taking; they were not engaged in the same kind of lending practices,” said Carney in a 2009 speech Canada did not need to bail out its banks. We did not experience a banking crisis because we have a system that is prudent by design and responsive when needed.”

To: Alastair McIntosh who wrote (34194)	3/13/2025 6:08:45 PM
From: russet	1 Recommendation Recommended By longz Respond to of 37904

Brits warn that Canada's new prime minister has 'reverse Midas touch' Mark Carney's reputation as Bank of England governor is more checkered than he may be letting on Author of the article: Tristin Hopper With Mark Carney only days away from his swearing in as Canada’s 24th prime minister, British sources are warning that Canada has signed up for a leader with a checkered history at his last public sector job Carney was governor of the Bank of England between 2013 and 2020 — a period during which the U.K. experienced a notable decline in growth, living standards and productivity. “While there are many explanations for that, the ‘rock star Governor’ clearly did nothing to improve the performance of the British economy,” reads a Monday critique of Carney published in The Telegraph. The column referred to Carney as a man with a “reverse Midas touch.” Another article in the same paper referred to Carney as the “high priest of Project Fear” — a reference to Carney’s prominent role in the 2016 anti-Brexit campaign. However, it added that Carney seemed to have “charmed Canadians,” and “is now the figure most trusted by his countrymen to stand up to (U.S President Donald) Trump.” The “Project Fear” moniker was first coined in 2018 by the pro-Brexit Conservative politician Jacob Rees-Mogg. In interviews at the time, Rees-Mogg would also call Carney a “second-tier Canadian politician” who “got a job in the U.K.” after “having failed” at Canadian politics. Carney was one of the most vocal critics of the push for the U.K. to leave the European Union, publicly warning that in a worse-case scenario, a departure from the trading bloc would impose a “real economic shock” on the British economy.