Banks got $114B from governments during recession
Canada's biggest banks accepted tens of billions in government funds during the recession, according to a report released today by the Canadian Centre for Policy Alternatives.
Canada's banking system is often lauded for being one of the world's safest. But an analysis by CCPA senior economist David Macdonald concluded that Canada's major lenders were in a far worse position during the downturn than previously believed.
Macdonald examined data provided by the Canada Mortgage and Housing Corporation, the Office of the Superintendent of Financial Institutions and the big banks themselves for his report published Monday.
It says support for Canadian banks from various agencies reached $114 billion at its peak. That works out to $3,400 for every man, woman and child in Canada, and also to seven per cent of Canada's gross domestic product in 2009.
The figure is also 10 times the amount Canadian taxpayers spent on the auto industry in 2009.
http://www.cbc.ca/news/business/banks-got-114b-from-governments-during-recession-1.1145997
Time and again I have posted this truth about the Reform-a-Con lies telling Canadians and the World that Canada's banks were the best in the World and did not require a bailout.
BULLSHIT...... the Reform-a-Con have turned CMHC into Canada's Fanny May/Fanny Mac and if it were not for your tax dollars being misspent and redirected CMHC would go tits up.
Stephen harper can bullshit a Reform-a-Con because they don't want to know the facts
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