News from British and Canadian Conservatives

Thursday, October 09, 2008

Confirmed: Canadian banks are sound; Harper vindicated

The World Economic Forum has today released a report one the state of banking systems around the world, and Canada's is ranked #1, with a near perfect score of 6.8/7. (CBC)

So, what have all the parties had to say about Canada's banking system over the last few days?

Conservative:
Stephen Harper said "This prime minister isn't going to panic and he isn't going to be pressured into doing something stupid just for the sake of proving that we're doing something...Everybody has a drop in the stock market right now. Most of them are dealing with fundamental instability in their banking system, which we are not. What the opposition is demanding I do — raise taxes, increase spending, do a lot of direct intervention and bailouts — these things would demonstrably ruin our fiscal credentials and undermine the strengths that we do have in our economy relative to a lot of other countries." (CBC)

Jim Flaherty said "We have a solid banking system in Canada. Our banks are well capitalized. Our households are well capitalized... and our fiscal fundamentals are solid." (CTV)

NDP:
Jack Layton has pledged that an NDP government would "mount a major reform of banking" (National Post). Why reform the most stable banking system in the world?!

Jack Layton said, "Mr. Harper's response to the crisis in the banking system is to say that everything is fine, nothing needs to change, and there are no problems. R.B. Bennett couldn't have said it better himself in 1930." (Ottawa Citizen)

Liberal:
Stephane Dion said, "Prime Minister Stephen Harper is completely out of touch with the impact the current economic turmoil is having on the lives of everyday Canadians, seeing buying opportunities instead of the fear people have about their savings..." (Liberal Party press release).

This is turning out to be a unique election. For once, it is plain for all to see which party's leader has it right and which ones have it wrong. Despite all the criticism from the left-wing opposition parties, the IMF predicts that Canada will have the best growth rate in the G7 next year (1.2%), which sits particularly badly against Dion's claim that Canada is "the worst in the G8". Now the WEF shows that Canada's banking system is the strongest in the world, despite demands for emergency government intervention by the NDP!

Stephen Harper's Conservatives stand out from the other parties with a differnent perspective and different policies, and they have been vindicated. The other leaders have been left with egg on their faces. That's why it's time to give Stephen Harper the Conservative majority that Canada so desperately needs and deserves.

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