Vancouver King

In the interests of furthering bank liquidity, Jim Flaherty will soon announce a moratorium on Canadian Banks paying federal taxes. This will come to be known as the Leona 'only the little people pay taxes' Helmsley amendment.

Agreed, there was also the stench of a hated GOP administration lingering in the political air.

Nik Nanos from yesterday's shocking poll: "I think if the Conservatives embarked on what I'll say is a significant initiative to attack Michael Ignatieff and the Liberals, it will probably backfire because what it shows is Stephen Harper focusing more on politics as opposed to jobs and the economy".

Don't be modest, Dobbin. Ignatieff is doing cartwheels around Harper in Quebec and done the impossibe: put the Bloc 10 lengths behind.

Here is an expanded version of the latest Nanos poll listing other regional breakdowns beside the jaw dropping Quebec numbers. ""I think if the Conservatives embarked on what I'll say is a significant initiative to attack Michael Ignatieff and the Liberals, it will probably backfire because what it shows is Stephen Harper focusing more on politics as opposed to jobs and the economy". http://www.nikonthenumbers.com/topics/show/117

Consdier it apple pie, stump speech rhetoric rather than any administration's stated program. Free market icons like Reagan contrubuted heavily to today's meltdown by opening the market to 'exotic' products. Again, from How It All Started: "In 1982, shortly after Ronald Reagan came to power with his laissez-faire convictions, the U.S. government moved again, passing the Mortgage Alternative Transaction Parity Act. "...it further loosened the rules, allowing lenders to promote a hodge-podge of "alternative" mortgage features. These included adjustable-rate mortgages, "negative amortization loans" (whereby borrowers don't pay off the principal), and "balloon" mortgages (which oblige borrowers to make a large payment at the end of the loan's maturity in exchange for lower monthly charges). "These "alternative" mortgages figure prominently in the current crisis, either through predatory lending, or poor risk controls, or hidden punitive charges that tipped people into foreclosure." None of this, of course, excuses Bush adminstration negligence in failing to regulate against Wall Street packaging these risky retail mortgages into "investment grade securities".

Absolutely astonishing numbers. The same gamble of demonizing the Bloc in the course of saving his govt from certain parliamentary defeat has, as predicted here, blown up in Harper's face with an incredible Liberal surge in Quebec. Let me be the first to spell this situation out: Harper is finished, his anti Bloc rhetoric has morphed into anti Quebec sentiment in La Belle province. Acting out his pathological hatred of the opposition during an unprecedented downturn now takes its toll everywhere. It will soon be time for Tories to make the grim adjustment to life on the Opposition benches.

Iggy sounded positively leftist today at his town hall meeting, demanding tax cuts for middle and lower earners plus enhanced EI benefits. Could he be continuing the great Liberal tradition of campaigning from the left but once in power ruling from the right?

They removed the oversight that should have prevented packaged sub-prime mortgages from being flogged as investment grade securities. Without regulation and carte blanche from credit granting agencies, Wall Street ran amock, creating financial instruments that Warren Buffett described as "weapons of mass financial destruction". Bending the rules in favor of the poor? Nonsense. Retail mortgage merchants, and in turn Wall St. investment bankers, lined their pockets with exorbitant mortgage rates and fees directed at the most vulnerable in the housing market. From, How It All Began, by Sinclair Stewart and Paul Waldie, writing for the Globe & Mail: "One judge later said the [sales] presentation by First Financial "was so well performed that borrowers had no idea they were being charged points and other fees and costs averaging 11% above the amount they thought they agreed to borrow". "While most banks were lucky to make $4,000 in fees on a $100,000 loan, First Alliance pocketed as much as $20,000, according to state regulators." Yup, this was a real bonanza for the poor.

It will be interesting to see if budget tax cuts are directed at usual CPC constituencies - corporations and the rich rather than those who need it and would actually spend the extra cash - the working poor. I will believe it when I see it that the govt which raised taxes on the poorest working Canadians can resist the temptation to serve up more tax relief to those who need it the least.

From Carter forward all administrations placed high priority on continuing the American dream - home ownership for all. This was not the issue that has America's economy on its knees. The securitization of sub-prime mortgages by investment banks and their toxic global spread is the problem - instruments created and imploded on Bush Republican watches. Where was the oversight?

"So, socialists all, how big should the government be ..." Obiously big enough to summon sufficient resources to bailout future 'free market' losers. Ah yes, neo capitalism where profits remain private and only losses are socialized. Welcome to the new norm.

What we are seeing is the logical outcome of conservative govts removing all meaningful oversight to banks creating lucrative but poisoned mortgage-related financial instruments, packaging and reselling these high risk loans as sound investments thoughout the world financial system. Harper & Co., again emulating Bush Republicans, encouraged - even guaranteed - this type of predatory mortgage lending by thowing open the border to the same con artists.

No real man uses dancer in his handle. Unless, of course, he's a glamour queen.

The court of public opinion cares. Pro war advocates approval of executing prisoners is priceless support for those opposed to Canada's war effort. Did you have to learn your ignorance or is it genetic?

What arrogance and corruption of our democratic institutions. What is so difficult to understanding the spectacle of locking parliament's doors to avoid the judgement of 63% of voters 2 months ago?

Our govt in hiding is now exploring a tried and proven method of governance, one tested over the years by conservative provincial govts in Alta. and BC - governing by order in council, decisons made by cabinet edict completely by-passing the scrutiny of our elected parliament. A bus load of senators appointed and an auto sector bailout - all accomplished by fiat and without the nuisance of parliamentary debate.

Taken with above poll showing 80% of respondents opposed to auto bailout, this majority in favor of zero deficits is about to get a $30 billion disappointment. My satisfaction in watching the Conservatives buck public opinion is offset by the general public's obvious ignorance of the beneficial jolt supplied by a stimulous package. Given what's coming not going into deficit is, unfortunately, not an option.

"Harper will present a brilliant Conservative budget..." Fine then, I'll put you down as undecided...

Which is why Harper maneuvers furiously to have Liberals share the forthcoming budget misery, all in the guise of parliamentary cooperation. Ignatieff is astute at keeping his distance while demanding to see the true deficit numbers - believing last months $100 million projected surplus was phoney, the product of cooked books at Finance. If there is any truth that people vote with their pocketbooks, Tories are soon in deep trouble.

The expected surge in Quebec Liberal support results, in large part, to Harper's recent strategy of demonizing the Bloc as supporters of the Lib/NDP coalition. By claiming Bloc MPs were "illegitimate" and dangerous he managed to offend all Quebecers, not just sovereignists. Chantal Hebert of the Star and member of the CBC At Issue panel, seems to know Quebec as well as anyone, hints at serious damage to Tory fortunes there in the immediate future.

I absolutlely agree with you. If Ignatieff rides this high when few voters know him, it must mean that the devil they do know has fallen to new depths in the electorate's estimation.

New Angus Reid poll for the Star. This reflects a different picture than the Ipsos Reid sounding above. Ignatieff ties Harper as best man for PM. "Newly appointed Liberal leader Michael Ignatieff is in a virtual tie with prime minister Stephen Harper as the person Canadians think would be best to lead the country, ..." http://www.thestar.com/news/canada/article/553317

Sobering news for coalition supporters and those assuming a bump for the new Liberal leader. Ipsos-Reid poll for Canwest News Service and Global National. "The poll also said the Conservative party would garner 45 per cent of the vote and score a majority victory if an election were held today." http://www.canada.com/topics/news/national...html?id=1069355

Why is our bailout target of 6.8 billion proportionately so much higher than the 14 billion about to be approved by Washington? We are asked to pony up 33% of immediate relief yet have a much lower proportion of N. American big 3 plants.