Harper government's $75 billion Canadian bank bail-out

THE WOODSTOCK ONTARIO INDEPENDENT NEWS: Bank tax 'unfair,' Harper says
Frankly, this is all BS.
Harper says he didn't bail out Canadian
banks, but that is not the case, it is a lie.

"But Canada has
consistently argued that it would be unfair to impose such a tax on
Canadian banks, given that they didn't receive any direct bailouts
during the crash - a case Harper made again yesterday."

That is
utter crap. Your tax dollars went to support Canadian bank bailouts as
the following global research article points out.

http://www.globalresearch.ca/index.php?context=va&aid=12007

Flaherty, with his $50 Billion Deficit, feels he now has an excuse to cut our services

Why Flaherty Loves His $50 Billion Deficit :: Views :: thetyee.ca
That was the plan all along.

NDP make history in Nova Scotia

PP 2.0 - Dispatches by Northwestern Lad: Majority History In Nova Scotia

And take note of the mention of the piece in the Halifax Chronicle-Herald by columnist Ralph Surette.

"Being a Tory means never having to say you're sorry for being an asshole"

Hell, Upside Down: John Baird Blurts Out What Stephen Harper's Been Thinking All Along

Top Tory Curses Toronto

...

In an unguarded moment, Baird told aides Toronto stood alone in not
meeting the technical criteria for federal cash, yet was complaining
about Ottawa dragging its feet.

"Twenty-seven hundred people got it right. They didn't. That is not a partnership and they're bitching at us," he said.

"They should f--- off."

...
Mayor David Miller said Toronto only wants funds to buy 204
streetcars from Bombardier, to be built at a cost of $1.2 billion. The
proposed deal will expire June 27 and will collapse if federal and
provincial money isn't forthcoming by then.

The city said, based on its population, its share of the stimulus announced in January's budget would be about $312 million.

Miller said last night Toronto's proposal fits the federal criteria.

...

Councillor Linda Rydholm of Thunder Bay, home of the Bombardier
plant, said the project needs approval. "Our workers need the contract
to continue or start."

Miller said Toronto's bid will help the overall economy in Ontario and create immediate jobs.

...

Why Do Conservatives Hate Toronto?

GDP vs National Debt by Country

National Debt by Country (WORLD MAP)

Conservative government actually tightened the purse strings in this time of a need for increased spending

Far and Wide: Strange Timing

The Conservative government in Canada would have you believe that they actually are spending more to boost the economy in this time of recession. But, as reported in the Globe and Mail, and referenced in the Far and Wide's blog post, they are spending less. They promised a stimulus package, but they are not releasing the money as promised.

Excerpt from the Far and Wide post:
Government spending growth in Canada actually slowed to below the
historical average in the first three months of 2009, even as the
recession's grip tightened...

Government spending rose only 0.3
per cent in that period over the previous quarter. This increase even
fell short of the 30-year historical average of 0.5 per cent for
quarterly government spending growth.

"In a quarter they're
supposedly rolling out big stimulus, government spending actually rose
less than a typical quarter," BMO Nesbitt Burns deputy chief economist
Doug Porter noted.

As Mr. Porter observed, it's a surprise that government spending growth actually softened as the downturn grew.

The Federal Government and the Economy Today

Don't Blame The CAW for a Crisis It Didn't Create
... Rather than scapegoating the CAW for a crisis it did not cause, the federal government should focus its efforts on combating the pressures of wage-driven deflation, maintaining income and employment, and using public dollars to buy transformation of the auto industry away from gas-guzzlers to the low emission vehicles of the future. Industrial policies like this have been an important part of the development of the auto industry and are needed once again.

Tent cities on the rise in the USA

From Middle Class to Homeless: The Rise of Tent Cities

Tent city populations are blossoming across America. Areas that have had particularly high foreclosure rates and job losses, such as Sacramento, California, where the ‘newly homeless’ rate rose 15% from 2007 to 2008, offer the most dramatic views.

The tent city along the American River in Sacramento is not new. Two years ago the population averaged about thirty chronically homeless individuals. Today residents of the makeshift city, also known as a shanty town, report that anywhere between 20 to 50 newly homeless people are showing up every week. ...

McGuinty insults Ontarians with his made-in-China flags

Peterborough Politics: Dalton's Chinese Red Ensigns

Save $

Save Money Now - Men's Fitness < read full post

Okay, there are some good ideas here. But there are also some bad ideas. Here's my take on these

1 - Stock up on supermarket sales
- Okay, this one is not bad. But don't go buying stuff you won't eat/use. Take advantage of sales when they are actually selling something you eat/use.

2 - Increase your auto insurance deductibles
- Cheaper still, don't have a car - save hundreds of dollars per month - get a bicycle/take transit... (of course, if you live in the country, then their suggestion here makes sense.)

3 - Stop buying bottled water
- If you must get cleaner water (and most bottled water is NOT cleaner than tap water), buy a filter system - it's still cheaper than bottled water overall.

4 - Downgrade your cable plan
- get rid of your cable altogether and/or your tv - download tv shows via the internet and watch them on your computer

5 - Rediscover your Library (instead of constantly buying books)
- Not a bad idea. Or exchange books with friends and family

6 - Switch to a prepaid cell phone
- Unless you use the cell phone for only a couple of emergency calls per month, it makes sense to use a prepaid plan.

7 - Use bargain printer ink
- Or not. Using bargain printer ink can foul up your printer and end up costing more than the printer is worth to get it repaired. Stick with the manufacturer's ink, but shop around for the best deal on it.l

8 - Cancel your landline
- Or not. VOIP quality and reliability is still sketchy. A basic landline account with Bell is still inexpensive and the most reliable in service.

9 - Buy restaurant coupons
- Or, better yet, cut back on going to restaurants, period.

10 - Give your razor blades some TLC
- Buy an electric razor - lasts for years

11 - And not mentioned in their article - STOP TAKING SO MANY CABS!

Canadian banks - regulations may have saved them

The Galloping Beaver: Mr. Dithers may have saved the Canadian banks

It should come as no surprize then that suddenly the so-called over-regulated Canadian banking system is the envy of the global consumer banking sector and considered one of the most stable in the world. In fact, when Canadian banks have attracted the attention of the editor of Newsweek International, Fareed Zakaria, you might say they're a force to be reckoned with because they're so well regulated.

Canadian banks are well capitalized and poised to take advantage of opportunities that American and European banks cannot seize. The Toronto Dominion Bank, for example, was the 15th-largest bank in North America one year ago. Now it is the fifth-largest. It hasn't grown in size; the others have all shrunk.

Doom doom doom! - The Recession and the Flames of Change

Montreal Simon: The Recession and the Flames of Change < read the full post.

... The International Labour Organisation predicts that another 50 million or so will join the jobless queues around the world, out of a world workforce of around 3 billion. The wildcat strikes at refineries and power stations across the UK, and anti-government protests from Latvia and France to China and Mexico, may be just the beginning of much more radical, violent backlash against globalisation.
...

Canadians deserve better

James Laxer: The Liberals and the Road Not Taken

The Harper-Flaherty budget doesn’t do the job. New spending of about $6
billion this year and again next year, will create about 60,000 jobs.
It won’t make a dent in the rising tide of new joblessness that is
forecast to engulf Canadian communities from coast to coast. The layoff
notices are going out every day. The descent of our economy into
deflation is proceeding. Within a few months, the utter inadequacy of
the government’s policy will be evident to millions of Canadians.

Jack Layton is now the real leader of the Opposition

James Laxer: Jack Layton Is Now The Real Leader of the Opposition: Ignatieff Plays Hamlet

Meanwhile, Jack Layton has become the real leader of the opposition. He showed courage when he reached out to the Liberals to form a progressive coalition that could provide Canadians with the leadership they need to cope with the economic crisis. He tried the option of working with the Liberals. Michael Ignatieff has walked away from that option. Layton has retained his integrity and his clear understanding of what the country needs. Progressives now have one party and one party only available to them: the NDP.

Why the Coalition should topple the Cons

Montreal Simon: Why the Coalition Should Topple the Cons < read the whole post.

It spews money in every direction to try to buy votes. It depends too much on shared funding from cash-strapped municipalities, its tax cuts are peanuts that will cost us dearly later on. It does almost nothing to encourage a greener economy. And it continues this foul Con government's war on Canadian women, with nothing for childcare spaces, and an assault on pay equity.

But its most catastrophic
omission is that it it fails to adequately reform the Employment
Insurance system and prepare it to cope with the enormous tide of human
misery that could be coming its way. Because as I pointed out yesterday
EI in Canada these days is completely inadequate.

Cuts
in the early 1990s mean barely half of the country's unemployed today –
and fewer than a quarter in Toronto – are eligible for benefits. Those
lucky enough to qualify often get far less than poverty-level incomes.
And for almost everyone scrambling to find work as the economy
crumbles, benefits run out too soon.

And
if more people don't become eligible, and benefits are increased,
millions of Canadians could be forced into lives of grinding poverty,
welfare rolls could swell, and our whole safety net could collapse.
















But its most catastrophic omission is that it it fails to adequately reform the Employment Insurance system and prepare it to cope with the enormous tide of human misery that could be coming its way. Because as I pointed out yesterday EI in Canada these days is completely inadequate.

Cuts in the early 1990s mean barely half of the country's unemployed today – and fewer than a quarter in Toronto – are eligible for benefits. Those lucky enough to qualify often get far less than poverty-level incomes. And for almost everyone scrambling to find work as the economy crumbles, benefits run out too soon.

And if more people don't become eligible, and benefits are increased, millions of Canadians could be forced into lives of grinding poverty, welfare rolls could swell, and our whole safety net could collapse.

This budget won't lead Canada out of a recession...

James Laxer: This Budget Won’t Lead Canada Out of Recession: Ignatieff Should Defeat It

Depending on how you interpret the budget, the government is committing itself to direct new spending of about $10 billion to $12 billion, on infrastructure and housing, over the next two years. Some of this depends on matching provincial and municipal funds, which may never materialize. Much of it depends on how much the government actually spends, a crucial matter since the Harper government has left most of the previous infrastructure money it promised in earlier budgets unspent. At most, the new direct spending by the government amounts to about $6 billion a year.

These numbers may sound big. In fact, they are puny. The Canadian Gross Domestic Product totals about $1.5 trillion a year. Six billion dollars a year amounts to just over one half of one per cent of our country’s GDP. Economic announcements and forecasts tell us that Canada is on track to lose hundreds of thousands of jobs over the next six months. The Conservative government’s planned spending would create, at most, about sixty thousand short-term jobs.

The various tax measures in the budget will be equally ineffectual in stimulating the economy.

Is a government elected based on deception legitimate?

Danielle Takacs: Galloping Around the Golden Horseshoe: Is a Government Elected Based on Deception Legitimate? < read me for the whole post.

Excerpts:

I’ve seen a lot of talk about how a Liberal-NDP coalition would lack legitimacy in the eyes of the public, but I think an honest look of the whole picture should ask as well is what kind of legitimacy does Stephen Harper have? In the real world if you applied for a job based on a falsified resume and the people that hired you found this out, you’d be fired in an instant. And the company probably wouldn’t start a whole new job search, they’d probably go to their next choice of applicant and ask if he/she was still available to take on the job.
While politics isn’t the business world, since Stephen Harper used the
CEO metaphor in a very stretched attempt to frame the Liberal platform
as irresponsible (he said if Stéphane Dion were a CEO he would be fired
for his platform), I’d like to run with it for a minute to lay the
stage for the context we face this week in Parliament. Let’s say
Stephen Harper was made CEO of a major Canadian company in January of
2006 but at least in theory remained accountable to a board of
directors (MPs) and occasionally shareholders (the electorate). So he
starts off making some bizarre and costly decisions that sap up a good
portion of the company’s revenue arguing that “target markets” will
love it and that profits (surplus) remain high anyways so there’s no
reason for the board to worry. Besides Harper says “who needs profits,
that just means we are over-charging consumers”. And so this continues
for a couple years and while many on the board grumbled that he was
driving the company into a ditch as profits were finally starting to
steadily decline in 2008, they were comforted that he would face a
review by shareholders. When the shareholder review came Harper spends
most of his presentation railing against his main competitor to replace
him as CEO arguing that he’s proposing all sorts of crazy schemes and
that while the other guy would ruin the company, Harper would bring
large profits and continued success. So Harper wins the review and
carries on. However, his first major act following the review is to
propose to cut the salaries of all the majority of board members that
he deemed disloyal. The majority of the board finally revolts but then
Harper cancels all board meetings for 7 weeks and vows to come back
with a real plan this time to rescue the company and at that time the
board can vote on whether he gets to continue as CEO. Right after he
cancels the board meeting Harper pronounces that the profits he said
the company was going to have won’t pan out after all, instead the
company is billions in the red, but he hopes the board can forgive that
oversight because “no one could see it coming” (despite the many
warnings Harper received BEFORE his review). So in that situation what
should the board do when they have their vote of confidence?
...
But I do believe we’ve once again seen a cover-up of the deficit by
some of the same people that did it in Ontario and we can’t let that
slide easily. My honest belief is that Stephen Harper went into the
election knowing the books were a mess and hoped he would get a
majority so that the public would never find out and he could just
cover it up like the Ontario PC’s did. He had access to civil service
forecasts none of the oppositions parties did, I’m sure he knew more
than he let on. Yet he portrayed an image that the Canadian economy and
government finances were in sound shape when literally days after the
election he was singing the opposite tune. For that I feel this was a
government elected based on deception and since Harper wasn’t given the
majority he wanted, it’s the duty of the majority of the House of
Commons to hold him to account. It’s the duty of Stephen Harper to do
everything he can to ensure he enjoys the confidence of a majority of
MPs the public elected and so far he’s done the opposite of what’s
necessary to do that.

75% of Canadians believe Harper is doing a poor job of dealing with the economic crisis

Harper not trusted to handle economy: poll

Few Canadians have faith in the ability of Prime Minister Stephen Harper's government to address the economic crisis, suggests a poll released Wednesday.

It found just one in four Canadians believe Harper's government is doing a good or very good job of dealing with the crisis

Harper and the Canadian Economy

Far and Wide: Harper's Truth Deficit <read me!

Okay, I "looked at the private forecasts", as Harper suggested. I've concluded, you're FULL OF SHIT Prime Minister.

NDP - Winning Friends and influencing people on the financial front

Accidental Deliberations: Winning friends and influencing people