The Massive Canadian Bank Bailout By Stealth
Canadian bankers and regulators have received much undeserved praise for superior management of Canada’s banking system, as I’ve noted before. Canada’s government was able to undertake a stealth $500 billion bank bailout, with nary a peep from the public. Translated into American…that’s the equivalent of $5 trillion in government support, or 33% of GDP.
I and others have criticized the mainstream press for missing this story reporting on the biggest Canadian bank bailout in history (see Canada Housing Bubble). The Canadian media’s failure to thoroughly report on Canada’s bank bailout is not understandable even if it was busy chasing its own tail, because even a rabid mutt will stop cold on hearing a thunderous boom.
But I now want to give credit where credit is due, to the Vancouver Sun for sniffing out this bombshell story, only some 2 years after the horse left the barn.
The Canadian “Good Banks” Myth by Murray Dobbini (update: I originally found this article in the Vancouver Sun, but since the original date of this post I have had to link to the article at Rabble.Ca, as it’s no longer available on the Vancouver Sun website).
Turning the other cheek….StickyFeet did leave a kind thank you for Mr. Dobbini at the bottom of his article. Perhaps it will encourage him to continue carrying the standard of epiphany.
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StickyFeet blog: http://trivcap.wordpress.com TrivCap: Inside the box thinking. And plotting.
