Word: canadians
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Dates: during 2000-2009
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However the topic Obama might like to explore more than any other during the few hours he has with Harper - one with perhaps the most far-reaching consequences for U.S. recovery - is the Canadian prime minister's unprecedented spending to strengthen Canadian banks and keep credit flowing in the economy. (See the top 10 financial collapses...
...pump-priming EFF was launched with an initial purchase of C$25 billion in government-backed mortgages in October 2008, there is nothing to suggest it has made any progress toward achieving its stated objectives. To be fair, about C$40 billion has been spent to date, but Canadian banks are just sitting on the new cash like the proverbial goose. "There is no evidence of more credit becoming available," says analyst Michael Goldberg with Toronto-based Desjardins Securities Inc. "In fact loan growth in the economy is slowing...
...first glance Ottawa's C$125 billion pales in comparison to the $1-trillion "bad bank" being contemplated by Obama to jump-start lending in the U.S.; however, accounting for differences in size between the two economies, the figures are nearly identical. If Canadian banks, ranked best capitalized in the G7 according to the Geneva-based World Economic Forum, are sitting on massive cash injections to healthy balance sheets, what can Obama expect from U.S. banks...
...Canadian experience with EFF reinforces the U.S. experience with TARP: government loses control of stimulus money once it falls into the hands of recipients. Obama needs to be realistic about what the "bad bank" can accomplish - namely relieving banks of some junk assets at considerable cost to the taxpayer. It won't jump-start consumer lending - at least not in the foreseeable future if the lesson of Prime Minister Stephen Harper's experience is anything...
...There is a system for operating areas that are reserved for American, British, Norwegian, Dutch and Canadian communities, and if you want to go into someone's area of influence, you tell them what you are doing. But if you are not in the NATO military structure, you don't have to do that," says Ferguson...