Tuesday, October 14, 2008

The Fundamentals of Our Economy Are Strong...The $225 Billion Harper Version

Stephen Harper, the Conservative leader, is reluctant to officially declare this policy, but is likely to do so if Washington moves first because of the detrimental impact a U.S.-only guarantee could have on Canada's financial institutions.

Before pulling the trigger, the Conservatives first aim to try and meet the funding needs of Bay Street directly by aggressively expanding a scheme to buy up mortgages from banks.

After initially putting up $25 billion of public money to buy mortgages, the Department of Finance is prepared to increase that limit as needed up to $225 billion, at which point the risk of taxpayer losses starts to rise sharply.

Read more here.

What a crock of shit.

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