Slippery slope

So Mr. Kamp and his master once again is riding to the rescue of the Canadian people and protecting our hard earned savings. He claims Canadian banks are the strongest in the world, which from what I have witnessed over the last few years is not saying a hell of a lot even if it were true, hard to tell what is true with this crowd. Canadians were told that Canadian banks were not bailed out in 2008-9 but it would seem CMHC which last time I looked was a government funded entity had bought $114 billion of Canadian banks tainted if not toxic mortgage debt which translates to $3,400 for every Canadian man, woman, child, but apparently is not a bailout. 

The Conservatives unashamedly take credit for Canadian banks not taking as big a hit as other world banks but the fact is that even as a minority government Harper pressed mostly unsuccessfully to deregulate Canadian banks but after getting their majority, succeeded in deregulating much of banking, in his first budget Harper’s finance minister, Jim Flaherty invited NEW PLAYER'S that is, U.S. financial corporations (unregulated) into Canada’s mortgage insurance market and doubled the amount of government money available to back up private insurers from $100 billion to $200 billion. Harper has also asked that companies be given WTO enforceable right to trade in derivatives or what Warren Buffet called “financial weapons of mass destruction”. The CONservatives are fervent champions of “financial innovation" and those are two words that according to Paul Krugman "should henceforth strike terror into the hearts of investors". 
In spite of the obvious direction these disastrous polices were taking America and the rest of the world Harper doggedly continued to push the envelope on deregulation both domestically and internationally, despite the catastrophic cautionary tales that were unfolding around the world.

Once again Mr. Kamps apparent argument is, I know that you believe you understand what you think you read but I’m not sure you realize that what you read is not what we mean. 

The fact is that at the very least this legislation will mean that the banks shall if the same ongoing gambling habit that caused the 2008 and Cypress crashes causes yet another banking crisis, Canadian bank’s will be legally able to turn your precious saving, bonds, stocks, whatever into what are basically bank shares or what amount to worthless derivatives or bank shares with no apparent assets other than your confiscated moneys.

Maybe it would be a good idea to stop this destructive ride down this slippery slope to financial ruin, instead of the further enabling of a bad behaviour due to bad policy.