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BANKERS ENTHRONED: Connie Fogal, Leader CAP/PAC says,"The NDP co-operation on bank mergers reveals an unfortunate lack of knowledge about how the system works. Their foolish support is a betrayal of the interest of their own constituents as well as all Canadians".
Fogal agrees with William Krehm, editor of COMER, who says, "Really, our friends of the NDP should think twice before backing bank mergers in return for some control over interest rates. Do that and there will be no chance of the NDP's benign credit card and payday loan rates. The banks in no time will have lost their new funding, and will be left neither with the means nor the will to go in for such kindnesses to the needy planned for them by the NDP."
Fogal asserts that the NDP support for the bank mergers is totally out of touch with their own historical champion, Tommy Douglas, who truly understood the power of the bankers. Douglas was instrumental in making our Bank of Canada work in the interests of Canadians in priority over the interest of the bankers. There is no party with elected status today which is prepared to use the Bank of Canada in the same way.
CAP calls for the return of the strict prohibition against mergers in the financial community for all the same reasons the prohibitions were implemented after the Great Depression. The prohibition is necessary for a stable and secure financial system.
The recent mega-scams of our banks in activity with the likes of the Enron scandal have brought scandalous financial penalties arising out of the USA, especially upon CIBC. This is precisely the reason the banks want more mergers- more bailouts by taxpayors.
Fogal agrees with Krehm's analysis that, "In the early 1990s Canada allowed our banks to be decontrolled and to merge, to fit them for competing with the large Japanese banks.... The most needy Canadians were deprived of essential social services so that our banks could be provided with gambling money that is at present going to settle the charges levied by various American authorities....That is what has created the urgency of the new round of mergers that the NDP amazingly 'does not want to hold up.' It should in fact hold them up enough to learn how our banks were bailed out 14 years ago by relieving them of the need to redeposit with the central bank some 10- 12 percent of the deposits they took into their checking accounts."
Fogal concurs with William Krehm that "we have spoiled the banks into the belief that the banks have first place at the head of the nation's bread-lines as part of the new 'bankers' seigniorage.'"
She joins him in calling for a Royal Commission to ascertain what our banks did with the billions of dollars made available to them once the statutory reserves were abolished in 1991-1993.
Adscam was a few million, this will be tens, perhaps hundreds of billions.
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