Canadian Banks Reported as ‘Sound’
In a week where Conservatives have taken a beating in the media on the economic crisis facing the world, a World Economic Foundation report puts Canadian Banks at the top of the class.The Prime Minister’s plan of not making knee-jerk promises, especially economic ones during an election (let alone during a financial meltdown) have proven well served. A perspective of this sort is hard to appreciate as you look at statements showing negative totals, but it is providing Canadians with sound, sage advice. Why would you try to fix a problem that hasn’t occurred yet? The preventative replacement of a home furnace without any measurable issue is not something homeowners plan for, so why should we have a bailout plan for financial institutions when it isn’t an issue?Now to be fair there is something to be said for being prepared for a situation approaching on the horizon. We haven’t heard too much about that from any other party, Tories included – which would most likely provide a level of security (even a small one) to those who are losing money in the stock market plunge.The wonk supports the Conservative position on providing plans for problems, not plans for speculation because in comparison to the other parties it seems the most logical. The other party perspectives are:
- Liberals – Will announce a financial plan after 30 days of taking office
- NDP – Take away $50 billion from corporate tax cutting and prop up the economy using that money
- Green – Have been very quiet during this issue, anyone heard anything that the wonk can’t find?
The full report on Canadian Banks is available here.