Life in Canada

Throughout the 2008-2010 financial crisis, Canadian banks were touted by the federal government and the banks themselves as being much more stable than other countries’ big banks. Canadians we assured that our banks needed no bailout. However, in reality, Canada’s banks received billions in cash and loan support during the 2008-2010 financial crisis—and the Canadian government has remained resolutely secretive about the details. This report examines the nature and extent of government support to Canada’s big banks, estimated on the basis of partial information provided by Canada’s public institutions, and an analysis of the banks’ own financial reports. Related News Releases Canada’s secret bank bailout revealed OTTAWA—A study released today by the Canadian Centre for Policy Alternatives (CCPA) estimates the previously secret extent of extraordinary support required by Canada’s banks during the financial crisis. According to the study, by CCPA Senior Economist David Macdonald, support for Canadian banks reached $114 billion at its peak—that’s $3,400 for every man, woman, and child in Canada.... Harper and company (the financial experts self made)will never ever admit this..anyone know why they might not..smile