Someone better sit Flaherty down and give him a lesson on principled conservative positions. A Conservative government (or any government for that matter) shouldn’t be running around telling business how to conduct their affairs,
OTTAWA - Jim Flaherty, the Finance Minister, has asked for a “direct” answer from the CEOs of the country’s biggest banks regardintheir g ATM fee regime.
A direct answer should be, “mind your own business.” How much banks charge for services isn’t the business of government.
“The banking association said they would be continuing doing business as they do,” Mr. Flaherty told reporters after the committee meeting. “I told the bank [CEOs] that I want them to have another look at it.”
[…]
Mr. Flaherty said the goal from this ATM fee exercise is to ensure Canadians benefit from “competition and choice” from the country’s financial services sector. “I am pleased that –after looking into the issue — that I have found there is substantial competition given the network that some of the credit unions have put together.”
If Flaherty is pleased that there is “substantial competition” due to a large network of credit unions, why is he spouting off on this issue?
Tom wrote:
Cause it’s politically convenient? Oh wait….conservatives never do that…they’re always principled.
Posted on 16-Feb-07 at 12:16 pm | Permalink
Real Conservative wrote:
Sorry to disagree with you… but banking business HIGHLY FEDERALLY REGULATED IN CANADA… why?
Cause big 5 have monopoly that’s why… they agree to this as its good for business.
Now to the banks: I wanna hear your excuses on this one.
Posted on 16-Feb-07 at 1:19 pm | Permalink
Joel wrote:
Until Flaherty actually takes legislative action (a deeply unlikely scenario, IMO), I’m not too worried.
Economic illiterates constitute a major segment of the population — too large for any party to write off. If Flaherty has to make the odd symbolic gesture in their direction, that’s ok with me.
Provided, of course, his gestures remain strictly symbolic.
Posted on 16-Feb-07 at 1:19 pm | Permalink
Tom wrote:
So Joel, you’re ok with the conservatives doing meaningless things just to win votes?
Posted on 16-Feb-07 at 1:26 pm | Permalink
Greg Farries wrote:
I’ve got to agree with H. Cameron here, Flaherty shouldn’t be chewing out the Banks just cause their fees aren’t to his liking.
Agreed.
Agree - but that regulation does not extend to whining and complaining about the fee structure. Hey, I wasn’t pleased with the major banks fee structure (and their terrible hours) so I moved my money over to a credit union and a no fee virtual bank.
See - this is how the market is supposed to work. I’m wasn’t satisfied and I had options. I didn’t need the Finance Minster to bitch and whine to the bank to treat me better.
Pandering to the ignorant never makes good policy…
Tom, quit being such a partisan troll. It’s getting old…
Posted on 16-Feb-07 at 1:52 pm | Permalink
Tom wrote:
“Tom, quit being such a partisan troll. ”
Because none of the people posting on this site are? Do I need to list some of the story titles? Shove it Greg.
Posted on 16-Feb-07 at 2:36 pm | Permalink
Real Conservative wrote:
Before the debate becomes a mud slinging match… who created the banking monster we have today in this country? Liberals, that’s who.
Secondly, why does Canada have to gouge its citizen’s more than an other first world country on banking issues? Guess why… our banks are the worst and need the easy money to survive on.
Just because I know a lot of people that work there or I hope to in future is not my idea of a conservative reason to support whatever Canadian banks want to do to the rest of us.
I’d like to see a lean, competitive and worldly wise Canadian Banking industry but pandering to them via politics is not gonna ensure Canadian banks can compete.
Posted on 16-Feb-07 at 2:49 pm | Permalink
Joel wrote:
That’s not what I said Tom. I said symbolic gestures aren’t that big a deal. In a nutshell, I’m ok with the Conservatives *saying* relatively meaningless things to win votes.
The best hope for conservative policymaking in Canada at the moment, is the Conservative party. If they make an occasional unconservative symbolic gesture, but continue to enact generally conservative policy, I don’t think that’s worth getting too worked up about.
Right now the Conservatives are in a relatively precarious electoral position. An issue like bank fees is simple to understand, and a daily irritant for most people. To someone who hasn’t put much thought into the matter, Layton’s proposal could seem like a pretty good idea.
If Flaherty and the Conservatives simply ignore the issue and let the NDP monopolize it, they’re throwing away votes to no purpose. At least with Flaherty’s action, CPC MPs have something they can offer to constituents who want the government to “do something” about bank fees. This is “doing something” but it doesn’t hurt the banks or meddle with the free market. By saying something, and doing nothing, Flaherty’s helping to neutralize the issue, and ensuring that it doesn’t become actual policy later down the road (as, say, an NDP condition for supporting a Liberal minority).
Posted on 16-Feb-07 at 3:18 pm | Permalink
Greg Farries wrote:
Tom, follow your own advice, you’re not adding anything of value anyways…
Posted on 16-Feb-07 at 3:49 pm | Permalink