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.
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What a crock of shit.