No Banker Left Behind

Happy days are here again....let's go out and buy some more toxic garbage. The first $25 billion was merely the prelude.
Too bad, in the garb of 'regulatory arbitrage', the sound Canadian banks will be 'bailed out' for the maximum possible impact. The Canadian federal debt is a little south of $500 billion. These guarantees alone are going to be worth $225 billion.

In this cold harsh world where free markets hurt so much, No banker should be left behind.

In a strict free market environment, the insolvent financial system in much of North America and Europe would have ceased to exist in its present form. Instead, it's being nourished and nurtured in ICU at enormous cost to the taxpayers. Mish describes it best as:

The method of recapitalization is best described as robbing Taxpayer Pete to pay Wall Street Paul. In essence, money is taken from the poor (via taxes, printing, and weakening of the dollar) and given to the wealthy so the wealthy supposedly will have enough money to lend back (at interest) to those who have just been robbed.

And now that every country is willing to do 'whatever it takes' to help their elite class of bankers, Canada will be forced to up the ante as well. Otherwise, the 'regulatory arbitrage' will come into play and capital will flow away away from Canadian banks.

Please do go out and vote and try to make whatever difference one vote will make.