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Budget offers a $70-billion credit kickstart

Globe and Mail Update

Ottawa also proposes new powers for the finance minister and CDIC ...Read the full article

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  1. Reg Volk from Kelowna, Canada writes: I do not see much here for the new homeowner with a big mortgage and lost jobs. If they are paying $1500 for their mortgage, where will the money come from. EI?-not likely. There will need to be more direct intervention in the banking sector so people do not lose their homes. This is reality as U.S. problems are catching up to us now.

    The U.S. is putting $1,000,000,000,000 (one trillion) immediately into their economy. By comparison, Canada with one tenth of the U.S. population should be putting something close to 100, 000, 000, 000 (one hundred billion).

    Instead,we are starting with 34 billion sometime? this year and up to 85 billion in total in the next FIVE years.

    And much of it having to be matched by provinces and municipalities who will only have to raise taxes. This will simply counter any federal tax cuts.

    Seems startling doesn't it? But in many ways too little and too late.

    And it seems if governments had played their real role in years past and invested when they should have, we would not be in this mess
  2. Nick Beerman from Calgary, Canada writes: While the budget is okay to a point it does prove that Mr. Harper and the Conservatives will sell out their ideals in order to maintain power. Not saying who is wrong or who is right but I don't like this from any of our leaders. When are we going to get someone in power who is interested in the country first and formost.

    At this point in time I feel that Canadians have the worst overall members of parliament, with few exceptions, than we have had in our history. It is our own fault. We elected them. Let us un-elect them at the first opportunity.
  3. BeerBelly Buddah from Canada writes: Biggest systemic change announced in this budget is the reference to "new powers such as the ability to buy stakes in financial institutions should they need capital injections." This means Flaherty is going to repeal section 401.2 of the Bank Act - and while it will allow the Canadian Government to buy stock in our domestic banks - the real intent is is to facilitate stock purchases by foreign governments to appease the CBA which wants access cheap sovereign capital.

    This is a very dangerous change. It will weaken our banking system and fundamentally lessen its ability to insulate itself from global downturns.

    This development is unacceptable.
  4. peter clarke from Toronto, Canada writes: Just NOT what is needed. What is needed is a 15% reduction in government employees, with 5% coming through early retirement. A freeze for four (4) years on all government and crown corporation employees. After two years, while the freeze remain, an adjustment would be made for the cost of living only ( based on our annual inflation rate) for the reaming 2 years. All banks would have to pay interest at the rate of 4% on annual deposits and credit card interest rates to be capped for all cards at 12%. Beginning in 2009 all federal, provincial and municipal politicians and government and crown employees pensions would be capped at 40% based on the average salaries for the last five years of employment. Governments at all levels would by law have to live within their means and not spend or budget any more than could be paid for out of annual revenues collected each year. This would be a budget for the majority of people and not a hand out.
  5. Mr Bean from Somewhere in ON, Canada writes: "Flaherty also proposes giving himself and the Canada Deposit Insurance Corp. new powers to promote financial stability if necessary, including the ability to buy stakes in banks and provide loans and lines of credit. Under the proposal, CDIC could even establish a new bank that could possibly buy up bad assets to aid banks."

    There is SOOOO much wrong with this I can't even begin.
  6. al reimer from burnaby, writes: Didnt the conservatives tell everyone that our banks were solid.I dont think they should back the banks out.Its scary out there .How can the people pay off mortgages when values of homes have dropped by 30 percent out here in the west coast.I think people will star running from there mortgages.Time to put money in the mattress as there wont be any in the banks.Our government is broke

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