Yet another wake up call to Canadians.
Are liberals trying to make Canada weaker? Why do they stifle our business and economic growth like this, in addition to ensuring that our military has been weakened over the past dozen years, and our laws and social structures are twisted, redefined, or completely abandoned? What kind of “philosophy” is that? What are they—the liberal-left—up to?
This National Post editorial says it quite nicely on the subject of bank mergers:
[…] But because many Canadian politicians are bankophobes (or susceptible to pressure from bank-haters), the natural consolidation of our major financial service companies has been stalled for nearly a decade. In 1998 and again in 2002, Liberal governments scuppered proposed mergers for political reasons. Rather than face the wrath of the bank sceptics on the left-wing of their party, the government blocked sensible mergers first by the Royal Bank and the Bank of Montreal, and then by the Bank of Montreal and the Bank of Nova Scotia.
Throughout the merger process, no organization has been more obstreperous than the New Democrats. And despite its new rhetorical support for mergers, the party still seems intent on throwing up enough obstacles as to make mergers practically impossible. Ms. Wasylycia-Leis said her party’s support would require “stringent” new pro-consumer rules, such as caps on credit card interest rates and new procedures for closing branches. The NDP also wants Ottawa to dictate how much banks must invest in communities, give easier access to loans to small businesses and low-income borrowers, and guarantee the jobs of bank workers. All this would be too big a price for banks.
[…] Mergers are necessary if Canadian banks are to compete in the increasingly globalized capital markets. The typical European or U.S. bank or insurance company is twice the size of their largest Canadian counterparts. Such inferior capitalization cuts our banks out of large-scale international deals and at the same time cuts Canadian investors—including millions of mutual fund and pension plan holders—out of billions in potential annual profits.
To the liberal-left coalition: Canada is not the Soviet Union. The global socialism and communism that you seem to so revere is dead or dying as a result of its abject failure. Let it go.
“Progressive” my arse.
PTBC was founded by Mr. Johannesen in 2000.
Contact Mr. Johannesen about this article using this form. Please refer to article's title.
FOLLOW @JoelJohannesen ON X!
- Say something. - Friday October 25, 2024 at 6:03 pm
- Keep going, or veer right - Monday August 26, 2024 at 4:30 pm
- Hey Joel, what is “progressive?” - Friday August 2, 2024 at 11:32 am
