Jim Flaherty announces mortgage bailouts
October 10, 2008 · By Charles Anthony
Jim Flaherty announces mortgage bailouts to the tune of $25Billion and none of this goes through parliament. That is a lot of money going to people who are not able to keep up with their payments.
This is nonsense:
Flaherty said the plan will make mortgages “more available and more affordable” for Canadians, adding that it will have “no fiscal cost to taxpayers.”
No fiscal cost to taxpayers?? Yeah, instead of screwing the taxpayer through open accounting-style taxes, the inflation of the money supply will screw the taxpayer through rising prices.
Whatever happened to “doing nothing is not an option”? Now they’re doing something and you’re still complaining?
Lefties are unbelievable: complain others do nothing, have no plan of their own, and then complain when something is actually done.
So, given your last post about poor Stephane and this one, tell me, do you actually want Stephen Harper to be PM or are you secretly hoping he doesn’t?
Why don’t you check out Aaron Wudrick’s blog where he provides transcripts from Dec 2007 of what the Tories have done in predicting this and what the Libs reaction to their portrayal of the pessimism of Stephen Harper
When Dion was interviewed on CBC this morning..he actually said that he thought the 25 billion to assure mortgages was a good idea. The Liberals even support it, too bad they couldn’t have come up with it on their own. Problem with Liberals is there attitude to talk about creating plans for a long time. Their belief is that if they talk long enough that the problem will go away. Canadians deserve better we need action and a calm hand at the till.
Thank goodness Conservatives still in power to save us from Liberal inaction.
Hey,
You do know that every time the government plays with interest rates they are changing the money supply? What Flaherty has done isn’t too much different. While I am a strict libertarian in regards to these economic issues, I would remind you that Milton Freidman did avocate using a monetarist policy.
I do think that eventually we will see an inflationary push on prices.
Dear The Politic,
You have about as much knowledge of economics and banking as Dion.
Making sure QUALIFIED buyers
(qualified means that home buyers have the ability to pay,
have at least 5% cash downpayment + purchasing mortgage insurance because they have less than 20% cash down,
and ALL of their debts including the monthy mortgage payment they are applying for, does not exceed 40% of their income)
can go to a CMHC and get a mortgage.
That is not a bailout.
It is business as usual in unusual times.
Seeing as there is no money in the international banking system available for borrowing, the BoC is providing cash for collateral, to a Canadian Owned Mortgage company, CMHC.
Wilson,
When the Bank of Canada provides cash without collateral, they are perpetuating the problem.
Langman,
If you were a libertarian, you would not advocate government intervention.
Allan,
It does not surprise me that the Liberals would support a subsidy to businesses.
AlbertaG,
What I want more than anything else is to hear clear policy discussion from our leaders.
Erwin,
Doing nothing IS an option and inflating the money supply is NOT nothing.
“What I want more than anything else is to hear clear policy discussion from our leaders. ”
And perhaps if STephen Harper did not continually have to answer to stupid, idiotic attempts by the opposition to show that he “doesn’t get it”, isn’t “feeling their pain”; used some words that some one else used; backing candidates who under stress made a joke; trying to stay one step ahead of the liberal media who are watching everything he says for an opportunity to play partisan politics, he might just have some time to “discuss policy” if anyone asked him, that is.
I am not advocating it. Milton Freidman, well recognized as both a Nobel Prize Winning economist and libertarian recommended using the money supply.
The other thing Charles – regarding your headline – this is NOT a mortgage bailout. They took over the most secure mortgages so that it would relieve the credit crunch the banks have. This means the banks can then give credit to businesses and customers in order to keep our country out of a recession.
I am not sure why you think it is a bailout?
Geesh Charles! Can you twist your headline a little more?
Wilson, I agree with you, this is NOT a bailout. This is nothing like the situation in the U.S.
GG,
I was considering entitling this thread “Jim Flaherty socializes more of the Canadian banking system, pours money into the pockets of crony-capitalists under the guise of helping people out and will likely succeed because most Canadians are too stupid to see that institutionalized price inflation is the most vile tax imaginable” but that seemed a little too long.
AlbertaG,
When the government buys something that nobody else is buying, it is a bailout. If this “purchase” is so profitable, why is the government the only customer? Yup, it is a bailout.
Langman,
Government intervention in the money markets is not libertarian.
Please spare me the reminders. I do not need you to remind me that the world is polluted with confused and vulgar “libertarians” who can not recognize that state monopolization of the money supply is an anathema to libertarianism.