Has America’s financial plague spread to Canada?

This from the Globe

The federal government is moving to backstop the Canadian banks’ capacity to lend money in an acknowledgment that not even the country’s sturdy banking system is immune to the global financial crisis.

A plan originally earmarked for Friday morning would see the government assume some mortgages currently held by the banks by giving them to the Canadian Mortgage and Housing Corp., a Crown corporation. In turn, the banks might receive CMHC paper – possibly bonds – against which they could use as collateral for their own loans from other banks.

Yep, nothing wrong with the economy, we don’t need to PANIC like Dion with some sort of plan, nothing to worry about, the fundamentals are strong! THANKS Steve.

  1. #1 by Keith on October 10, 2008 - 10:58 am

    Get Ready for the global Currency coming to a planet near you…date forthcoming….

    I think after reading up a little bit on the Depression of the 30’s one thing has become clear it’s going to be a bumpy ride and it really does not matter who is at the helm he’s going to be a hated man (or a scapegoat if you prefer) for all our collective irresponsibility.
    It just really bothers me how ALL the current Politicians in Canada are pointing fingers and using this unfortunate circumstance to gain ground… as if ANY of them REALLY know what’s going on or how to fix this.
    Arguably the only thing that worked the last time was World War 2, and the social programs that cushioned the fall. Thankfully we don’t hear any talk of starting World War 3 but I would much prefer them talking seriously about their supposed “plans” rather than pointing at the other guy saying he has no class, or he can’t understand, and has no plan…(like Heidi would say)”BARF!” get real people, I don’t care how well you can name call or dis the other guy, knuckle down and do your Job, and just get ready to run the country the best you can. I can respect that, even if you couldn’t pull us out of an economic down turn.

    At this time it just seems to make the most sense to have one global currency after all this is a global meltdown I hate to say it but it sure feels like that is the next logical step. And I’m pretty sure it’s Biblical is it not?
    I guess I’m prepared for what’s next.

  2. #2 by Leighton Tebay on October 13, 2008 - 12:06 pm

    Since WWII the United States has been the cornerstone of the world economy. Now that the world has lost confidence in America the world may seek to establish a new cornerstone.

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