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seeing red
Interests: freedom to choose
Recent Activity
Banks are an essential service in our societies, enablers of economic activity - like infrastructure, sewer, water and electrical services, education, medical services. In it's current form, banking is competing with other economic activity to the extent that our economies are focused primarily on financial services. It has become parasitic, much like political services which are primaily enablers of the financial service sector profitability. The excess profits within the financial services industry should be regulated and/or taxed back for redistribution as they are profits that would show up elsewhere in the economy if it were better balanced. Social Democrat, if you must know my political lean, which the media would likely teach you to think of as Communist.
The canadian banks appear to be be the biggest enablers of tax deferral (interest free loan from taxpers), avoidance and evasion. They have also leveraged offshore influence to negotiate deregulation and regulation loosening through threats, coersion and ultimatums to federal governments around the world. Flaherty doesn't have the tools, the power or the balls (despite his Irish heritage) to dictate to the chartered banks. CAnada is a minor player and would be bankrupted if he chose the tougher route. He's doing all he can - jawboning. Frankly, the free enterprise defense that banks always trot out to justify their demands and their monopolies/oligopolies is pathetic. Failing tighter regulation of the TBTF/TBTBail banks, I'd like to see the War Measures Act used and a few treason convictions to solve this problem. Bail-in is pure third-world bull$#!1.
Red is now following The Typepad Team
Apr 11, 2013