By Henry McRandall
WRISEUP.COM
Prime Minister Stephen Harper has made it clear that when the G20 next meets to try to repair the shattered global economy, Canada will oppose a global tax on bank transactions or any rigid new regulations on the activities of financial institutions.
Harper argues, correctly, that Canada’s financial sector is better regulated than most and that its financial institutions are in relatively good shape. But he makes a great psychological leap, incorrectly, to the conclusion that further taxation or regulation are not needed.
First of all, Harper continues to try to camouflage the fact that despite the relative health of Canada’s financial sector, his government did indeed come up with a massive, unnecessary bailout that has already cost Canadians more than $200 billion. Specifically, he had the Bank of Canada make $200 billion available to relieve the banks of the mortgages they were holding and since then he has had the Bank of Canada lend money to those same financial institutions virtually free (0.25 percent). read more »
Monthly Archives: February 2010
Harper government bows to its masters
On the first Oreo-American president
By Henry McRandall
WRISEUP.COM
It must come as a shock to the average American voter to come to the realization that Barack Obama is not the first African-American president but the first Oreo-American president.
Some will be pleased by their epiphany, others will be greatly disappointed.
The real first African-American president of the United States will likely be a man – or woman – who has shared the typical African American’s life experience and remains possessed of some of his or her “soul.”
Barack Obama fails on both counts. That he has not shared the typical African-American life experience may be perfectly acceptable; what is not acceptable is that he does not seem possessed of his African-American “soul.” read more »
The people must now be punished
By Henry McRandalll
WRISEUP.COM
Their collective thought pattern is now clear as Conservative Prime Minister Stephen Harper, Finance Minister Jim Flaherty and newly-minted Revenue Minister Stockwell Day happily huddle and ruminate about the next federal budget: The people must now be punished.
After close to two years of drastic economic recession – which is far from over – and massive government bailout of the banks, the corporations and the super-rich, the time has come for someone to start picking up the tab for the Tory spending binge.
But let there be no misunderstanding: The payback will not come at the expense of the socioeconomic elite who received the entire bailout in the first place. read more »
Will Harper’s hidden sins stay hidden?
By Henry McRandall
WRISEUP.COM
Federal Liberal leader Michael Ignatieff held another press conference today to again decry Conservative Prime Minister Stephen Harper’s ongoing unwillingness to face the House of Commons.
Although Harper is also hiding from other pressing matters, the key issue in the prorogation of Parliament was his government’s unwillingness to obey a House of Commons order to turn over documents relating to the possibility Harper, Defence Minister Peter MacKay and other federal political and military officials may have committed war crimes.
The Opposition is right to press the issue.
Like most other countries, Canada is a signatory to the Geneva Conventions and other international treaties dealing with the conduct of war. And Canada’s authorized signature on those documents makes them sacred laws of this land, perhaps even more binding than the Canadian Charter of Rights and Freedom. read more »
Don’t be blinded by the betrayals of trust
Scotiabank has led the charge toward humongous Canadian bank profits.
WRISEUP.COM
The betrayals of public trust – both in Canada and in the U.S. – have become so frequent and so fluid in recent months that it is hard to not be blinded to the simple reality that underlies those betrayals.
For all the talk of “democracy” in both countries, the simple reality is that neither Canada nor the United States can still honestly call itself a democracy. Rather, they are both oligarchies where public consent is no longer a factor as majority rule has been replaced by “government of the people, by the rich (and their corporations,) for the rich (and their corporations.)
Most recently, the United States Supreme Court has struck down all limitations and restrictions on political spending by corporations (and, of course, unions). But to even mention unions in the same breath as the privilege that has just been granted corporations is to obfuscate the issue. read more »
