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.