Canada = World's Best Banking System

[Jobu]

Woe is us!

CANBERRA (Reuters) - Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.

But Britain, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru, after a 50 billion pound ($86.5 billion) pledge this week by the government to bolster bank balance sheets.

The United States, where some of Wall Street's biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.

RANKINGS

1. Canada

2. Sweden

3. Luxembourg

4. Australia

5. Denmark

6. Netherlands

7. Belgium

8. New Zealand

9. Ireland

10. Malta 11. Hong Kong

12. Finland

13. Singapore

14. Norway

15. South Africa

16. Switzerland

17. Namibia

18. Chile

19. France

20. Spain

http://www.reuters.com/article/businessNew...me=businessNews

[Moonbox]

What do Jack and Dion have to say about that?

[myata]

Would that be, somehow, any of Harper's achievement, he should be taking credit for?

[White Doors]

Would that be, somehow, any of Harper's achievement, he should be taking credit for?

Some of it. They introduced 40 chenges to the financial industry this spring.

[Moonbox]

Would that be, somehow, any of Harper's achievement, he should be taking credit for?

Could it POSSIBLY mean that the effect of 'Harpernomics' as the Liberals like to say has been twisted, misrepresented and completely exaggerated? Could it possibly mean that his policies may have had a cushioning effect on our market? We're better off than the entire rest of the world DESPITE being the most closely linked economy to the USA's. I THINK that's a good thing and I THINK that might mean that Harper really hasn't done a bad job at all.

BTW, I think, you might, need to go back, to punctuation, class.

Sorry I couldn't resist.

[noahbody]

We need to remake our banking system. It, like our tax system, isn't broken. But since everyone is jumping on the fix what isn't broken bandwagon, let's do it. We could call it the GreenShift (as in money) if that name isn't taken.

[Pliny]

We need to remake our banking system. It, like our tax system, isn't broken. But since everyone is jumping on the fix what isn't broken bandwagon, let's do it. We could call it the GreenShift (as in money) if that name isn't taken.

A comment deserving of proper acknowledgment!

[jdobbin]

What do Jack and Dion have to say about that?

Since most of the banking laws as we know them were written under a Liberal government, I'd suggest that the party would take credit for it.

It still doesn't mean that Canada won't be hit hard by a world-wide recession or that Harper's management of things is superior.

[Jobu]

Since most of the banking laws as we know them were written under a Liberal government, I'd suggest that the party would take credit for it.

It still doesn't mean that Canada won't be hit hard by a world-wide recession or that Harper's management of things is superior.

Of course not, but if we're hit by a recession it's all Harper's fault, right?

[Argus]

Since most of the banking laws as we know them were written under a Liberal government, I'd suggest that the party would take credit for it.

But not Stephan Dion. As was pointed out in the Post, Dion voted against tightening regulations on the banks several times.

[Oleg Bach]

The regulations may have been put in place by the liberal government but the actual documents and ideas for good banking regulation was drafted up by very conservative and duty bound lawyers who are in service to the nation - it was the conservative mind that came up with a solid and honourable and trust worthy banking system - but lately the old principles are fading and our system is starting to waver - to bad these old QCs are retirement age - who will replace these brilliant and dedicated conservatives when they are gone? Certainly not the sons of Dion - or McGinty the Treadeau boy? The old conservative lawyer is a tough breed and resents upstarts governerned by greed - and liberals are simply and greedy..they love their vices a bit to much. Vices are expensive.

[jdobbin]

Of course not, but if we're hit by a recession it's all Harper's fault, right?

I certainly haven't said that. I've said Harper's spending during economic good times from 2006 on was the wrong way to go. It breezed past the Liberals. His cuts to the GST instead of income taxes was a political gimmick and one that you won't find the majority of business and economic analysts supporting as the best way to boost productivity.

[jdobbin]

But not Stephan Dion. As was pointed out in the Post, Dion voted against tightening regulations on the banks several times.

What specifically did he vote against? He voted against the budget.

The Tories voted against quite a few budgets. I'm sure there were a few things in there that they might have agreed that they voted against anyways because they didn't like the overall budget.

The Post got the info from the Tory warroom and simply spun it as Dion not supporting banking regulations. What a load of crap.

Edited October 9, 2008 by jdobbin

[Moonbox]

I certainly haven't said that. I've said Harper's spending during economic good times from 2006 on was the wrong way to go. It breezed past the Liberals. His cuts to the GST instead of income taxes was a political gimmick and one that you won't find the majority of business and economic analysts supporting as the best way to boost productivity.

This has been your argument in about 800 different threads. Harper's spending increases pretty much kept pace with Martin's spending increases. You quoted a source from the CTF the other day I think that confirmed that.

I will agree with you that a 1% income tax cut is better than a 1% GST cut as far as people's wallets are concerned. The 2% GST cut, however, is quite a bit better than a 1% income tax cut and that's what the Liberal's promised last election. These are not the only tax cuts from the Tories either.

What Harper did was return power and money to the provinces. THAT was his real spending increase. The provinces were hurting and needed that money. Education, Social Services, Health Care etc are ALL provincial services so why should the provinces hurt for money while the federal government over taxes us?

[Vancouver King]

Canada has the world's soundest banking system,....

Then why did they pass only half of yesterday's central bank reduction? When Flaherty talked up your very point today Canadian banks simultaneously tanked on the TSX.

Having relatively well run banks only means we earn a few months delay before joining the race to the bottom. Canadians are running for the exits because no one any longer believes the govt.

[jdobbin]

This has been your argument in about 800 different threads. Harper's spending increases pretty much kept pace with Martin's spending increases. You quoted a source from the CTF the other day I think that confirmed that.

What has been my argument? I've said that Harper is making economic decision that were ill considered. You seem to think 2006 was a downturn in the economy where it needed pump priming with huge wads of cash.

Harper did not keep pace. He surpassed each Liberal government. He broke his promise each budget and is way over his promise this fiscal year.

I will agree with you that a 1% income tax cut is better than a 1% GST cut as far as people's wallets are concerned. The 2% GST cut, however, is quite a bit better than a 1% income tax cut and that's what the Liberal's promised last election. These are not the only tax cuts from the Tories either.

Tax cuts on consumption are not as competitive as tax cuts on income. They just aren't. The OECD and IMF have all advocated VAT taxes rather than income. Wish Harper would come around to that line of thinking rather than playing zero sum politics.

What Harper did was return power and money to the provinces. THAT was his real spending increase. The provinces were hurting and needed that money. Education, Social Services, Health Care etc are ALL provincial services so why should the provinces hurt for money while the federal government over taxes us?

That is not the only spending that Harper has done. Even the CTF shows that it is in actual program spending rather than simple transfers that Harper has blown the bank.

[Moonbox]

What has been my argument? I've said that Harper is making economic decision that were ill considered. You seem to think 2006 was a downturn in the economy where it needed pump priming with huge wads of cash.

Harper did not keep pace. He surpassed each Liberal government. He broke his promise each budget and is way over his promise this fiscal year.

You cited the CTF in another thread where they compared Harper's spending increases to Martin's. The difference was less than 1% higher for Harper.

Tax cuts on consumption are not as competitive as tax cuts on income. They just aren't. The OECD and IMF have all advocated VAT taxes rather than income. Wish Harper would come around to that line of thinking rather than playing zero sum politics.

That is not the only spending that Harper has done. Even the CTF shows that it is in actual program spending rather than simple transfers that Harper has blown the bank.

Go back to your CTF reference and see what they say about Dion's Liberal plan. The CTF offers scathing criticism for Dion's Green Shift and confirms what we all know. It will increase taxes for the average Canadian. I already said I like income tax cuts better. The Liberals aren't offering that. They're offering a net INCREASE in taxes.

[AngusThermopyle]

They're offering a net INCREASE in taxes.

And this is the point that leaves me shaking my head. It baffles me how many posters here appear to want the government to take even more of their money. From what I'm reading it looks like some won't be happy until we just give everything we make to the government.

For myself, well, call me selfish but I like being able to keep more of the money I work for instead of giving it to bubble heads who will waste it on dubious social programs.

[Topaz]

What do Jack and Dion have to say about that?

Now what is that saying the Cons have in the Commons?? Oh yeah 13 long years of the Liberal government!!

[Argus]

I certainly haven't said that.

No. You have not said that. In fact, if you listen closely to how Liberal and NDP leaders parse their words, if you listen closely to the commercials, you'll note that they never directly say that the present financial mess is Harper's fault. Not directly. They simply imply it very, very strongly. As in the Liberal radio ad which features a guy who has lost his job and is about to lose his house and can't find another job because "There's nothing out there, man!" - even though unemployment is at a ten year low. Then they talk cynically about "Harpereconomics" and how he doesn't care at all. Right, no direct statements, just strong, strong implications.

It's Harper's fault. You can't bring yourself to openly say it because you know you'll be called on it. It's an open lie and you can't get away with it. Instead you guys imply it at every opportunity.

[jdobbin]

You cited the CTF in another thread where they compared Harper's spending increases to Martin's. The difference was less than 1% higher for Harper.

And you are proud of that?

He should be aiming to achieve what he promised in the election and every budget.

Go back to your CTF reference and see what they say about Dion's Liberal plan. The CTF offers scathing criticism for Dion's Green Shift and confirms what we all know. It will increase taxes for the average Canadian. I already said I like income tax cuts better. The Liberals aren't offering that. They're offering a net INCREASE in taxes.

And the Harper government is going to whack you on cap and trade. It will be very hard. There is no tax cut there that I can see.

[jdobbin]

It's Harper's fault. You can't bring yourself to openly say it because you know you'll be called on it. It's an open lie and you can't get away with it. Instead you guys imply it at every opportunity.

I think it is fair game to say I don't trust Harper. You seem to trust him implicitly that he will restore confidence.

[Slim MacSquinty]

"Since most of the banking laws as we know them were written under a Liberal government, I'd suggest that the party would take credit for it.

It still doesn't mean that Canada won't be hit hard by a world-wide recession or that Harper's management of things is superior."

I wouldn't be so eager to give the Liberals or any other party exclusivity on credit for our banking system, however the premise of many Liberal arguments is that Harper has been madly dismantling government regulations and "americanizing" our government, if this were even slightly true then we would not be where we are, in fact Harper has stood in the way of several attempts by our banking sector to liberalize the banking system. So in the end typically the Liberals want to argue both sides of the same arguement and fool us into thinking they're right.

[Argus]

I think it is fair game to say I don't trust Harper. You seem to trust him implicitly that he will restore confidence.

Uhm, no. I don't trust Harper except to act in character, which would be a guy who would do his best to restore confidence and to steer a safe and careful path through rough waters.

If we use Dion's sea captain analogy, Harper is the grumpy old sea captain steering the boat through rough waters. Dion and Layton are screaming in terror at every whitecap they see, jumping up and down trying to panic the other passengers. Replace Harper with Dion, and instead of a careful hand at the tiller you'll have a guy who wants to call for meetings every time he sees a shoal ahead so he can figure out what he should do and how to prioritize his response. Put Layton at the helm and he'll simply order the shoal to move aside - much like he thinks he can order the banks to do what he wants, then tax all his passengers for the extra effort he put out on their behalf - until the boat hits the shoal and sinks, of course, after which he'll blame the sinking on the obstinate greed of the capitalist swine of a shoal.

[jdobbin]

I wouldn't be so eager to give the Liberals or any other party exclusivity on credit for our banking system, however the premise of many Liberal arguments is that Harper has been madly dismantling government regulations and "americanizing" our government, if this were even slightly true then we would not be where we are, in fact Harper has stood in the way of several attempts by our banking sector to liberalize the banking system. So in the end typically the Liberals want to argue both sides of the same arguement and fool us into thinking they're right.

If Harper wants to take credit for our banks, by all means. It doesn't mean that he will be able to manage the credit crunch. Nor does it it means he can get the banks to pass on the full 1/2% cut that the Bank of Canada instituted.