"Icelandic government becomes first to be brought down by the credit crunch." Further, "After several nights of rioting over the financial crisis, Prime Minister Geir Haarde, surrendered to increasing pressure and called a general election for May."
Icelandic government becomes first to be brought down by the credit crunch | Mail Online (http://www.dailymail.co.uk/news/worldnews/article-1126682/Icelandic-government-brought-credit-crunch.html)

We just had a general election and look what WE got!

Europe it appears is in worse shape (so far) . AP is reporting that the EU may become a casualty.


Latvia, Lithuania and Bulgaria have suffered street clashes amid a toxic brew of sagging economies and local concerns in recent days. In Greece, Athens was rocked again Thursday by another riot following a protest against an attack on a trade unionist. …
So far, Europe's major economies have escaped unrest, but the European Commission has indicated that it is keeping a close eye on developments. The International Monetary Fund's managing director Dominque Strauss-Kahn of France told the BBC earlier this week that more unrest could occur almost anywhere. “It can be in my own country (France), it can be in U.K. it can be Germany, it can be in eastern Europe,” he said. …
“Adjustment in the overvalued euro economies (Italy grossly, Spain moderately) will be much more painful, and Italy's possible exit from the euro augurs for years of crisis,” said Charles Dumas, an analyst at Lombard Street Research.

The Associated Press: Crisis weighs ever heavier in Europe (http://www.google.com/hostednews/ap/article/ALeqM5jI6EmLmnq6TQtanHj17GEwoSmKlwD95T13V80)

Just can't figure out why the public would be losing confidence in leadership who's imagination consists of throwing more money at the problem !

Europe of course is the canary in the mine for the US . Our new POTUS has thoughts of a Fabian state here expedited by Executive Order.When he sees the receding tide sea level drop it won't be reversing climate change.It will be the precursor to the tsunami.

That's horrible. My prayers and thoughts for all those innocents affected.
If only I had more power.. I could change the world.

Evidently China has been hit by riots also.

China fears riots will spread as boom goes sour | World news | The Observer (http://www.guardian.co.uk/world/2009/jan/25/china-globaleconomy)

Show the way George, create the uprising and take to arms!

Is it time for Americans to take to the streets?Hello George:

YOU BETCHA!!

But, wait a minute... Who are we going to be demonstrating against?? WHAT are we going to be demonstrating for??

Dude, I'm all for demonstrating... I LOVE a parade... I LOVE to show my disdain for the status quo... Dissent IS patriotic, isn't it?? (Unless, of course, you're demonstrating against the war in Iraq... THEN you're a traitor... snicker, snicker)

By the way, what did you think about those gay people who demonstrated against Prop 8 in California... I'll bet you looked at them with disgust, all prancing around in pink tights and stuff...

So, I'm all ready to take to the streets... But, before I do, who are we mad at again??

excon

There aren't enough Americans left (on either side) with the spines to take to the streets for ANYTHING and accomplish their goals.
Not even a general labor strike, which should be peaceful enough.

Dissent is no longer patriotic . It's now very important that “we all come together.”

Dissent is no longer patriotic . It's now very important that “we all come together.”

Huh?

"Mr Obama has told Republicans in Washington to stop listening to the right-wing talk show host Rush Limbaugh, risking a new culture war with conservative voters...

"After less than a week in office, Mr Obama's presidency is already encountering the very partisan bickering he had pledged to stamp out during his first 100 days.

"He faces mounting criticism over his $825 billion economic stimulus plan, from Republican leaders who say the legislation has been drawn up without the input which Mr Obama had promised to allow them.

"The president responded with a clear signal that he is prepared to ram the bill through without the bipartisan consensus he promised to construct, telling Republican leaders from the House of Representatives: "I won. I'm the president."
Barack Obama picks a fight with Rush Limbaugh as bipartisan spirit crumbles - Telegraph (http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/4331839/Barack-Obama-picks-a-fight-with-Rush-Limbaugh-as-bipartisan-spirit-crumbles.html)

"Mr Obama has told Republicans in Washington to stop listening to the right-wing talk show host Rush Limbaugh, risking a new culture war with conservative voters... Hello again, George:

I don't know. It was the limp one who said that he wanted Obama to "fail"! I heard him. Sounds like Limprod is continuing the culture war, no? Wouldn't you tell people NOT to listen to him, if you were Obama?? I think you would...

I'm not sure WHICH input you think the Republicans should have. A major part of the stimulus package includes TAX CUTS. Isn't THAT good enough?? I think it's a pretty magnanimus gesture towards the right. Specially, since he DID win.

excon

PS> I remember a fella by the name of Tom DeLay. They called him the hammer didn't they?? Did HE ram through stuff for Bush?? He DID. Did he make ANY magnanimus gestures toward the Dems?? Yes, he did - WITH HIS MIDDLE FINGER!

Poor, poor Republicans... Your memory is soooo short..

Rush doesn't even believe what he says, he's in it for the money. Anyone who listens to him is having the wool pulled over their eyes.

Correct . Rush is an entertainer .He doesn't take this stuff serious at all.
Remember the "fake troops " flap ? Harry Reid went nuts and fired off a letter demanding an apology for the troops . Rush instead auctioned off the letter on E-Bay for charitible donation for the troops . It went for over $1million,which Rush matched dollar for dollar .

It's amazing that the Dems take him so seriously... actually no it isn't . Now that they don't have Karl Rove and Cheney they need a face to pin as evil .

correct . Rush is an entertainer .He doesn't take this stuff serious at all. ...It's amazing that the Dems take him so seriously .....actually no it isn't . Now that they don't have Karl Rove and Cheney they need a face to pin as evil .He foster hatred and divisiness, why wouldn't anyone want him stifled?

No more so than any of the Air America personalities.

Let's not digress. Isn't it interesting that East Europeans are protesting about their countries' return to 'the era of big government', when that era just expired less than 20 years ago? People have a right to express their opinions on socialism, arising from either the back door or front door, do they not?

Isn't it interesting that East Europeans are protesting about their countries' return to 'the era of big governmentHello again, George:

Is THAT what you think they're mad at?? Dude! They're not angry about the FIX. They're bummed that it got broke.

excon

He foster hatred and divisiness, why wouldn't anyone want him stifled?

Spoken like someone who has never actually heard Rush and probably thinks Keith Olbermann is a voice of reason.

...why wouldn't anyone want him stifled?

Will you define, "stifled", and how you would see this done, considering the First Amendment and that heretofore, the U.S. is primarily a country of private property rights and free enterprise?

Spoken like someone who has never actually heard Rush and probably thinks Keith Olbermann is a voice of reason.Early video of Limbaugh:

ELRmgJw8muw

He doesn't give a crap about his content. He just wants to spew crap to foster outrage and ratings.

More:
wEHii9Grvrc

Will you define, "stifled", and how you would see this done, considering the First Amendment and that heretofore, the U.S. is primarily a country of private property rights and free enterprise?You're right. He is allowed to speak his opinion. It's just a business.

...It's just a business.
You mean, "The business of America is business"?

No I mean he spews crap for ratings.

No I mean he spews crap for ratings.

You fell right into the trap there, NK. Your little Youtube videos don't support your contention he just fosters "hatred and divisiness" and "spews crap." It just shows how little you actually know about the man and what he says.

Well if he a hero of yours then I don't know what to say.

Hello again, George:

Is THAT what you think they're mad at???? Dude! They're not angry about the FIX. They're bummed that it got broke.

excon

Fix? What Fix? You seem to be under the mistaken impression that what is wrong can be fixed by throwing truck loads of money at the problem.

You should really change that "Kool Aid" quote of yours.

So Rush wants Obama's policies to fail. Given the fact that he has come down squarely on the side of death, perversion, censorship, and Keynesian economic policy, I think you will find a lot of people in this country that would like to see his policies fail.

Thank God! This bickering is really getting out of hand.
Congress has run this country into the ground starting back in about 1976 when that peanut farmer signed a bill promoting housing loans to people that did not have a prayer of paying for. Then in about 1992 the next "I didn't inhale" and his even dumber janet reno forced the lending institutions to further reduce their lending requirements for people. Thereby allowing more junk loans to come on the market. Now, you have those really badly run federal businesses freddy and fanny who lied through their corporate teeth to pad the bottom line for hugh bonesus for the execs. All with the over site of the likes of barnie frank, nancy pelosi, harry reid and the rest of congress. NOW they are again pulling the dollar signs over the eyes of americans telling them that they need a trillion dollars to fix the problem that they created in the first place. All of this money of course with no accountability and a new treasury secretary that is sooo smart he cannot even pay his own taxes! Yea, we are in a new era in Washington all right!

If you can believe that I have a bridge in San Francisco to sell you real cheep!

What I find frightening is that the president is going after a citizen, so he is a talk show ( SHOW! ) host, he is entitled to his opinion! Don't like what he says, DON'T listen! What will be next, jack booted thugs ( speech police ) coming to your door for improper speech!

Well if he a hero of yours then I don't know what to say.

Since he isn't a hero of mine maybe you can think of something.

What will be next, jack booted thugs ( speech police ) coming to your door for improper speech!Hello big:

Yes. Obama has started the United States Jack Booted Thug Agency for Non Conforming Speech. They're under Homeland Security. They'll be stationed at Fox and the limp ones studio.

Only LIBERAL speech is going to be allowed from here on in.

excon

Hello big:

Yes. Obama has started the United States Jack Booted Thug Agency for Non Conforming Speech. They're under Homeland Security. They'll be stationed at Fox and the limp ones studio.

Only LIBERAL speech is gonna be allowed from here on in.

excon

You think you're joking, right? You ARE joking aren't you?

Maybe not!

Why not ? I see a European model of hate speech and censorship coming down the 'pike .Just ask Geert Wilders in Holland .

Oh I don't see the "fairness doctrine" happening because the libs would be censored also . Instead they plan on breaking up syndication and "monopolies" like Westwood One .They will initiate a local content ruling where stations will be obliged to air local content that covers a "diverse " cross section of the communities.
Obama radio critic finds talk show time slashed (http://wnd.com/index.php?fa=PAGE.view&pageId=84939)
This may have been the 1st salvo this year but as I recall ,radio hosts were getting a lot of flap over their opposition to "the chosen" during the campaign.
Henry Rivera, a former commissioner of the FCC will head PresidentObama's FCC transition team. He will ultimately replace a retiring Republican and give the FCC a Democrat majority . At that point the assault on free speech will really begin.

As for Rush wanting President Obama to fail I refer you to this 2001 editorial by MSM pundit EJ Dionne... before President Bush was even sworn in.

Editorials & Opinion | Democrats begin waiting for George W. Bush to fail | Seattle Times Newspaper (http://community.seattletimes.nwsource.com/archive/?date=20010109&slug=dion09)




Among Democrats, there are two views as to how to pull this off now. The popular view is the one that looks to Bush making mistakes and, perhaps, to an economic downturn that will make swing voters long for the days of Democratic prosperity under Clinton.

Speaking of Rush, the Dems have followed Obama's lead in telling people not to listen to him and fired another salvo his way with a stupid petition. Here's the link (http://www.dccc.org/page/petition/rush) where all the free speech advocates can tell Rush to shut up. Rush's response (http://corner.nationalreview.com/post/?q=OTU5MjE3MmQ0NWU1Zjc1YzYyMDE1NzNmZmM2MzYxMmI=) to all this?


Your publication and website have documented Obama's ties to the teachings of Saul Alinksy while he was community organizing in Chicago. Rule 13 of Alinksy’s "Rules for Radicals":

“Pick the target, freeze it, personalize it, and polarize it.”

The last time they tried this Harry Reid sent Rush a letter because Rush had made some comments about " fake soldiers " that the Dems took out of content.

Rush put the letter on E-Bay and raised over $ 1 million.. that he matched dollar for dollar and contributed to the Marine Corp Foundation.

The Dems are hosting a blog (http://dccc.org/blog/archives/stand_strong_against_rush_limbaugh/) with their petition drive with comments that are far more offensive than what Rush says. Typical ain't it?

K, I'm not really sure what you are all on about, but I think it has to do with "freedom of Speech"?

Freedom is a tricky word, because with freedom comes responsibility. One way or another you will face the consequences of your actions, good or bad. If you are not responsible, then freedom will crumble under what ever stresses are upon it.

Question: Are we free?

Peace and kindness.

P.S. Sorry, I know it's more of a Philosophical question, but I was just curious what you all think. Thanks!

Rush's Koolaid Stand is long overdue an inspection by health and human services.

The constant mantra designed to somehow make American's accept that anything that is good for business is good for America has helped create a larger disparity between rich and poor, given America the distinction of having the largest child poverty rate in the developed world despite being the richest country and has seen the minimum wage be frozen for much of the Bush Presidency.

All in the name of more money to the rich will trickle down to the rest of us. Well, a lot of that money has moved American jobs to China, India, Mexico; etc.. Corporations are not loyal to America, they are loyal to their bottom line. The bottom line however does not mean sacrifices at the top, those Bush tax breaks were they put aside for a rainy day, no, they lined their pockets with yearly bonuses until the downturn in the economy and now the little guy is being laid off in corporate cutbacks.

Everyone is sick of the Rush's Koolaid.

Rush's Koolaid Stand is long overdue an inspection by health and human services.

The constant mantra designed to somehow make American's accept that anything that is good for business is good for America has helped create a larger disparity between rich and poor, given America the distinction of having the largest child poverty rate in the developed world despite being the richest country and has seen the minimum wage be frozen for much of the Bush Presidency.

All in the name of more money to the rich will trickle down to the rest of us. Well, alot of that money has moved American jobs to China, India, Mexico; etc.. Corporations are not loyal to America, they are loyal to their bottom line....

You are living under a rock, right? Limbaugh, like the New York Times, is protected by the 1st Amendment, right? America is about freedom and business, right? Private property, right? Child poverty is Bush's fault? You've heard of teenage pregnancy and the epidemic of unwed mothers? Corporations are not yet mere tools of American Nazis; they should be loyal to their owners, the shareholders, right? Businesses move off-shore because of high taxes and exorbitant regulations, including the minimum wage.

You wouldn't happen to teach in a public school, would you?

You are living under a rock, right? Limbaugh, like the New York Times, is protected by the 1st Amendment, right? America is about freedom and business, right? Private property, right? Child poverty is Bush's fault? You've heard of teenage pregnancy and the epidemic of unwed mothers? Corporations are not yet mere tools of American Nazis; they should be loyal to their owners, the shareholders, right? Businesses move off-shore because of high taxes and exhoritant regulations, including the minimum wage.

You wouldn't happen to teach in a public school, would you?

That's right, we want to keep moving jobs to other countries because that pesky minimum wage is getting in the way; we want the minimum wage lowered or we want more illegals to hire. We want to pay little or no taxes because we make jobs, but we don't want to live in one of those other countries because they aren't as safe or as free as this one because of the shared taxes we pay to keep it this way; just us management types will live here our workers will no longer be American but Indian, Chinese, etc. they can let them suffer with lax safety standards and sub-human wages which American's wouldn't stand for. We want our cake and eat it too.

As for regulations, pesky things keep American's safe; we can't run a business if we have to worry about some people dying or making some people sick. Those Chinese mothers with melamine in the formula or lead in the toys; that just the cost of doing business. Although the financial sector was profitable without regulations, we like the American financial sector even more now, less risk with government bailout. We love bundling worthless assets in a fraudulent way with no regulations or oversite, and if we are caught, the worst is a little jail time for 100's of millions in personal profit. Yes, we are still loyal to America where we can operate to the full extent that greed and disregard for others will allow.

Hello Tex:

*greenie*!!

excon

Say Tex,
Your name implies you might be from Texas, but your avitar shows a foreign flag in front of the American flag. So what are you, an American or a foreigner pretending to be an American?

It's a Canadian flag <shakes head at the ignorance of some americans>.

Canadian-American if you want a label. The interesting thing about labels is that in Canada immigrants aren't called Italian-Canadian, or Chinese-Canadian; once they are Canadian they are simply Canadian.

I personally think we should do away with hyphenated Americans, so l'll say Tex is a Canerican. :D

By the way NK, "ignorance" is a word to be used with caution.

It's a Canadian flag <shakes head at the ignorance of some americans>.
Sheeze didn't know that CanadA was part of the USA. PLEEZE forgive my ignorance!

Funny thing about Texans is that they believe they are Texan's first and American's second... lol. How often have you heard a Mexican-American Texan call themselves Texican's.

So thank you for the "Canerican" Speech, but henceforth I wish to be referred to as a Texadian :D

Sheeze didnt know that CanadA was part of the USA. PLEEZE forgive my ignorance!
You seriously had no idea what a Canadian flag looks like? It's time to do a little travelling out of your own county. Or watch a TV show that doesn't contain shouting of "Jerry Jerry!" LOL!

Canadian-American if you want a label. The interesting thing about labels is that in Canada immigrants aren't called Italian-Canadian, or Chinese-Canadian; once they are Canadian they are simply Canadian.
So you are a foreigner coming here and telling US how we should react in the world? When it is CanadA that for years has relied on others to take care of them, provide jobs for them and cater their every whim of liberal stupidity.

You seriously had no idea what a Canadian flag looks like? It's time to do a little travelling out of your own county. Or watch a TV show that doesn't contain shouting of "Jerry Jerry!" LOL!


Bet I have spend more time in CanadA that you have in the last 40 years. I know exactly what the flag was, that is why I was asking TP if he was a foreigner.

Canadian's recognize that they are so much like American's (but different) and so intertwined culturally and economically that to their own dismay they sometimes refer to themselves as the 51st state.

Sadly many Canadian's know much more about the US than they do about Canada. As for American awareness of Canada it is all but non-existent if you don't live in a boarder state.

As for the topic, Canadian's are much too passive to riot and bring down a government.

Bet I have spend more time in CanadA that you have in the last 40 years.
You would lose that bet... big time. It was quite arrogant to even say that. I have spend a lot of time in UsA as well.

Edit to add: if you spent the majority of your time in Canada doesn't that make you more Canadian than American?

You would lose that bet...big time. It was quite arrogant to even say that. I have spend a lot of time in UsA as well.

edit to add: if you spent the majority of your time in Canada doesn't that make you more Canadian than American?

Why didn't you say "shakes head at the ignorance of some americans>"
So you called me ignorant did you not?
Never said I lived in CanadA. I did say I had traveled extensivey in CanadA over the last 40 years. So, NK you are also saying that you are Canadian? Again I have to ask the simple question, why is it that foreigners feel that they need to interject their beliefs and philosophies into American politics?

Again I have to ask the simple question, why is it that foreigners feel that they need to interject their beliefs and philosophies into American politics?Dude, I will expound on any subject I feel like. If you don't like it that is your problem. Feel free to post on the threads about Canada, or Italy, or Iraq, or Iran, etc.

But seriously what would make you think that you have travelled more than I? Fresh out of university I was backpacking Europe and working in a pub in London. Now I work in tourism so you can imagine the exposure I get to many cultures.

So you are a foreigner coming here and telling US how we should react in the world? When it is CanadA that for years has relied on others to take care of them, provide jobs for them and cater their every whim of liberal stupidity.

I happen to love the US and what it stands for, I am one of those Canadian's who know more about US history than Canadian history. As for Canada relying on others... hmmm... Canada is the largest exporter of oil to the US, just who is relying on who?

Liberal stupidity? I would agree that not all things liberal are great, but I am just as sure that all things conservative aren't either. Canada seems to have done quite well economically with balanced budgets for a long period and have prospered under liberal stupidity, can you say the same after 8 years of Bush?

P.S. I am a US citizen and pay taxes, does coming from another country disqualify my opinion on American issues? No, it doesn't.

Plus how many threads do you see here with Canadians talking about revolt or how ignorant their civil servants are or how messed up their education system is? They seem to be a content bunch.

Funny thing about Texans is that they believe they are Texan's first and American's second...lol. How often have you heard a Mexican-American Texan call themselves Texican's.

So thank you for the "Canerican" Speech, but henceforth I wish to be referred to as a Texadian :D

LOL, touché my Texadian friend. From henceforth me and my Texican (Texspanic for those who speak in PC terms) friends shall refer to all Texans of Canadian Origin (TOCO's), as Texadians.

Dude, I will expound on any subject I feel like. If you don't like it that is your problem. Feel free to post on the threads about Canada, or Italy, or Iraq, or Iran, etc.

But seriously what would make you think that you have travelled more than I? Fresh out of university I was backpacking Europe and working in a pub in London. Now I work in tourism so you can imagine the exposure I get to many cultures.
Touché!
? Years as a travel agent trumps 40 years traveling the world as a service technician.

OKOK, "Now I work in tourism" What ever that is suppose to mean. You happier now?

I'm neither a travel agent nor a service technician so you got me confused there.

As for me ; I plan on invading Quebec this summer just like the Founders did . There's some good hiking near the city .

Quebec City is indeed a great place to visit as is Montreal. There is some great skiing north of Montreal as well.

as for me ; I plan on invading Quebec this summer just like the Founders did . There's some good hiking near the city .

It's about time someone invaded them, the separatists occasionally even threaten to join the United States from time to time. After you've invaded them, could you beetch slap them a couple of times for me for being such whiners :D

Oh and before you decide to invade, you should know that they are libel to recall this bad boy to stop you ;)

Funny...

I'm really looking forward to the trip.

why not ? I see a European model of hate speech and censorship coming down the 'pike .Just ask Geert Wilders in Holland .

Oh I don't see the "fairness doctrine" happening because the libs would be censored also . Instead they plan on breaking up syndication and "monopolies" like Westwood One .They will initiate a local content ruling where stations will be obliged to air local content that covers a "diverse " cross section of the communities.
.


More on this from the acting head of the FCC
Citing Obama Opposition, McDowell Warns Against Fairness Doctrine - Multichannel News (http://mobile.multichannel.com/article/162933-Citing_Obama_Opposition_McDowell_Warns_Against_Fai rness_Doctrine.php)


He suggested the doctrine could be woven into the fabric of policy initiatives with names like localism, diversity or network neutrality. "According to some, the premise of any of these initiatives is similar to the philosophical underpinnings of the Doctrine: the government must keep electronic conduits of information viewpoint neutral," he said.
McDowell suggested that a stealth version of the doctrine may already be teed up at the FCC in the form of community advisory boards to help determine local programming. McDowell says he is fine with those boards if they are voluntary--some stations already seek such input. But that if they are required, as the FCC has proposed, "Would not such a policy be akin to re-imposition of the Doctrine, albeit under a different name and sales pitch?"

Oh and before you decide to invade, you should know that they are libel to recall this bad boy to stop you ;)Man that saddens me to see you make fun of them. I live not too far from the largest Canadian Forces base in Canada, they are sending out another deployment to Afghanistan.

"Guy Ryder, the general secretary of the International Trade Union Confederation (ITUC), said that the current financial turmoil had triggered a social timebomb that would lead to deepening civil unrest and soaring crime....
" Mr Ryder, speaking as strikes involving hundreds of thousands of workers erupted across France and Germany, told The Times: 'We are on the road to serious social instability, which could be extremely dangerous in some countries to democracy itself.'
"Sharan Burrow, the president of the Australian Council of Trade Unions, said that the world was now witnessing the human cost of 'casino capitalism' as the impacts of rising unemployment and home repossessions and of plunges in savings and pension funds hit millions of families.

"Ms Burrow said: 'Why shouldn't working people be angry? Their money is being used to stabilise the financial system, but it is their wealth, their jobs and the welfare of their children that is being stripped away.'” http://business.timesonline.co.uk/tol/business/economics/article5614520.ece

Shezam! Contemporary evidence that proves socialism does not work; legal taking from one group and giving to another with no regard to private right to ownership. "Democracy is nothing more than mob rule, where 51% of the people may take away the rights of the other 49%." T. Jefferson

"Guy Ryder, the general secretary of the International Trade Union Confederation (ITUC), said that the current financial turmoil had triggered a social timebomb that would lead to deepening civil unrest and soaring crime....
" Mr Ryder, speaking as strikes involving hundreds of thousands of workers erupted across France and Germany, told The Times: 'We are on the road to serious social instability, which could be extremely dangerous in some countries to democracy itself.'
"Sharan Burrow, the president of the Australian Council of Trade Unions, said that the world was now witnessing the human cost of 'casino capitalism' as the impacts of rising unemployment and home repossessions and of plunges in savings and pension funds hit millions of families.

"Ms Burrow said: 'Why shouldn't working people be angry? Their money is being used to stabilise the financial system, but it is their wealth, their jobs and the welfare of their children that is being stripped away.'” Unions condemn delegates on crisis - Times Online (http://business.timesonline.co.uk/tol/business/economics/article5614520.ece)

Shezam! Contemporary evidence that proves socialism does not work; legal taking from one group and giving to another with no regard to private right to ownership. "Democracy is nothing more than mob rule, where 51% of the people may take away the rights of the other 49%." T. Jefferson

Funny, Canada is more socialist than here in the US and because of how they set up their banking system with more regulations they are in much better shape than here in the US.


In the midst of the worst financial crisis since the Great Depression, Canada has joined the ranks of governments that in recent weeks stepped up to help banks cope with more fallout from bad U.S. subprime mortgages. In Canada's case, however, the reason for the assistance is a little different from some of its G-7 partners. Unlike banks in the U.S. Britain and Germany, which needed to be bailed out with hundreds of billions of dollars in new capital, Canada's major banks are solid and solvent. They don't need any help to work through their subprime exposure.

So why did Ottawa agree to insure the money they routinely borrow from other banks, a practice that keeps their credit operations liquid? Ironically, the troubled non-Canadian institutions that received capital injections and loan guarantees in other countries now carry a government seal of approval that tilts the playing field in their favor when it comes to borrowing. That leaves Canada's big banks, including Scotiabank, TD Bank Financial Group, RBC Royal Bank and CIBC, at a competitive disadvantage. So the government acted to level the field, not to aid troubled banks.

Why has Canada withstood the subprime tornado better than other countries, and should the Canadian banking system be a model for G-7 and G-20 leaders when they gather in Washington on Nov. 15? Consider that the Geneva-based World Economic Forum, an influential think tank whose annual conference attracts the likes of Bill Gates and Tony Blair, earlier this month ranked Canada's banking system as the soundest in the world. The U.S. came in at No. 40, and Germany and Britain ranked 39 and 44, respectively. (Switzerland was No. 16, just ahead of Namibia.) "For Canadian banks, having higher capital ratios than anyone else in the world is a source of pride," says analyst Mario Mendonca with Toronto-based investment bank Genuity Capital Markets.

The average capital reserves for Canada's Big Six banks — defined as Tier 1 capital (common shares, retained earnings and non-cumulative preferred shares) to risk-adjusted assets — is 9.8%, several percentage points above the 7% required by Canada's federal bank regulator. That's a little better than major U.S. commercial banks like Bank of America, but significantly higher than an average capital ratio of about 4% for U.S. investment banks and 3.3% for European commercial banks.

Another factor that helped make Canada the new gold standard in banking was Ottawa's decision in the late 1980s to allow commercials banks to acquire investment dealers on Toronto's Bay Street, the country's financial hub. As a result, these institutions are subject to the same strict rules as commercial banks, while U.S. investment dealers are subject to only light supervision from the Securities and Exchange Commission. Morgan Stanley and Goldman Sachs, of course, will now be under the U.S. Federal Reserve's supervision since they have been chartered as bank-holding companies.

Canada's banks make bad investments on occasion. When Toronto-based CIBC, Canada's most aggressive big bank, took $3.5 billion in charges against the U.S. subprime debacle, federal regulators quickly arrived on the scene. But here's the difference: CIBC ended up selling $2.94 billion worth of its own shares in the first quarter of this year to shore up capital reserves. "The relationship between government and banks is a positive one," says Minister of Finance Jim Flaherty. "We have a lot of discussions and regular meetings. The common goal is a sound financial system."

There is, of course, a flip side to Canada's regulatory system. When the global economy was flying high, Canadian banks complained about not being allowed to merge to become more significant international players. "In hindsight, that decision may have saved Canada from having a Royal Bank of Scotland on its hands," says Lawrence Booth, a finance specialist at the University of Toronto's Rotman School of Management, referring to the overly ambitious bank's bailout earlier this month by the British government.

Says FFlaherty: "The credit crisis we're facing is the result of unbridled greed. We need to bridle greed." Perhaps when world leaders sit down in Washington to forge a 21st-century New Deal for the global financial system, it may have more than a smattering of Canadian banking know-how.

So stick that in your "socialism doesn't work" ear. ;)

Funny, Canada is more socialist than here in the US and because of how they set up their banking system with more regulations they are in much better shape than here in the US.



So stick that in your "socialism doesn't work" ear. ;)

Just curious: does 'bank regulation' equate with 'socialism'? Can you provide a cite for your conclusion? Or, could it be an opinion, only?

George,
How do you define socialism?

Just curious: does 'bank regulation' equate with 'socialism'? Can you provide a cite for your conclusion? Or, could it be an opinion, only?

Sorry I was taking my conclusion from the Republican playbook that says: "Free-market capitalism solves everything; regulations (government intrusion in the free-markets) doesn't work. Regulations = big government = socialism."

Do I have that about right, or should I dig up countless Limbaugh or Hannity pronouncements of the conservative view tying regulations to socialism?

---------------------

Oh and within these forums most right-leaners have called Canada nasty names like liberal, socialist and held it up as an example of what the US may become if it doesn't watch itself... lol.

Dig them up

dig them up

Knock yourself out :D

search (http://www.rushlimbaugh.com/home/tools/search.guest.html)

Type in the search field "Government regulations".


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The following is what I got when I typed it into the search; these are Rush Limbaugh broadcasts.

Knock yourself out....


--------------------------------

A Prebuttal to Obama's Infomercial
Oct 29, 2008... He seeks to replace the American entrepreneurial spirit with government
Regulations and mandates. James Madison, Thomas Jefferson,.

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2 Windmills and Lousy Cars to "Fix" Global Warming as We All Freeze
Nov 24, 2008... But then you put government regulations, Café standards, mileage, emissions, and
All of a sudden you change the game.. .

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3 Elected Republicans Cave to Obama and Left at Their Own Peril
... or get her home ready to go, according to new environmental regulations.. .
To pay for work to meet government regulations to reduce CO2 emissions.. .

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4 Stack of Stuff Quick Hits Page
They're working on all kinds of new technologies that will help use less
Gasoline, and they're doing this independent of these government regulations.
...

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5 United Socialist States of America?
Sep 17, 2008... We have automobile and aviation companies on the verge of bankruptcy or
Government ownership due to legislation and regulation in oil prices...

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6 Senator Ken Salazar Stands in the Way of Lower Gas Prices
Last year Senator Salazar slipped language into a bill to bar the federal
Government from issuing final regulations for commercial oil-shale development.
...

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7 Some Tough Love from El Rushbo
The government, some regulation, the kangaroo rat in Bakersfield, California,
Farmer had to get rid of his farm. Wetlands, the whole assault on private...

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8 Obama Plans to Implement FDR's Socialist "Second Bill of Rights"
Oct 29, 2008... We've all got shackles around us some way or another, we all have government
regulations in front of us, or we all have other things we have...

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9 America's Anchorman: Democrats See Illegal Immigration As the Way...
Cheap labor is a way to circumvent all of the socialist big government
Regulations that have been imposed on employer-employee relations for the past
65...

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10 Obama Compares United States Unfavorably to China and Russia
Aug 22, 2008... They don't have any big government regulations. They can put up cheap buildings.
They can put up all kinds of cheap infrastructure,.

So you don't like government regulations I take it?

so you dont like government regulations i take it?

Quite the opposite, if the proper regulations were in place in the US Banking and Investment industry; this crisis would have never occured; but Republican's don't like regulations, the free-market works just fine on it's own. In other words don't get in our way by protecting the system from collapse it makes us less competitive :rolleyes:

Read my earlier post about how Canada got it right.

Are republicans the ones who don't want a higher tax rate on people with higher incomes

are republicans the ones who dont want a higher tax rate on people with higher incomes

That's the group... have you been living in a cave?

Quite the opposite, if the proper regulations were in place in the US Banking and Investment industry; this crisis would have never occured; but Republican's don't like regulations, the free-market works just fine on it's own. In other words don't get in our way by protecting the system from collapse it makes us less competitive :rolleyes:

Read my earlier post about how Canada got it right.
Oh COME ON TP! WHO has been in charge of the banking industry for the last two years? What congress has been in power for the past two years? What president started this mess when he enacted legislation that forced banks to give loans to the low income people to buy houses they could not afford? What president and his AG made those rules even tougher?
Do the homework before you start in.

That's the group...have you been living in a cave?

No just not a politically minded person, american politics especially so too much b/s, but I've got a friend who is so I thought id take a little more interest.
So what are you and what in your mind does that mean.

That's the group...have you been living in a cave?albear is a sweety. Ease up a bit. :)

albear is a sweety. Ease up a bit. :)

Thanks NK :D

Oh COME ON TP! WHO has been in charge of the banking industry for the last two years? What congress has been in power for the past two years? What president started this mess when he enacted legislation that forced banks to give loans to the low income people to buy houses they could not afford? What president and his AG made those rules even tougher??
Do the homework before you start in.

Well they didn't do enough... see how the Canadian banks faired... why, better regulations.

TP,
Exactly what do you mean by this
"Well they didn't do enough...see how the Canadian banks faired...why, better regulations."
You still don't get it do you. These problems started in the 1980's with a democrat, were pushed further to the brink of disaster by another democrat and now with the democrats in power for the past two years the problem has totally blown up in their faces. But since there was a republican president sitting in the oval office he will get the blame. Why? Because the media is in the pockets of the DNC and no one wants to make them or the anointed one mad.

TP,
Exactly what do you mean by this
"Well they didn't do enough...see how the Canadian banks faired...why, better regulations."
You still don't get it do you. These problems started in the 1980's with a democrat, were pushed further to the brink of disaster by another democrat and now with the democrats in power for the past two years the problem has totally blown up in their faces. But since there was a republican president sitting in the oval office he will get the blame. Why? Because the media is in the pockets of the DNC and no one wants to make them or the anointed one mad.

Wow... started in the 80's did it. Well Bush had 8 years to fix whatever he thought was wrong. He failed, or looked the other way. American's elected George Bush for two terms and this is HIS mess. Voters know you blew it, they gave you the chance to put your money where your mouth is and you screwed the pooch. Hence, we now have Democratic President, Congress and Senate.

What's the alternative? More Republican/Conservative leadership that didn't protect the public from the worst financial crisis in half a century; or a change to something different?

It's time to stop whining, you had your chance.

And at this rate we'll get our chance again very soon. Meanwhile, I'll whine if I want to, I didn't vote for the guy ;)

Meanwhile, I'll whine if I want to...
Well you've been doing it ever since you found this site. ;)

Well you've been doing it ever since you found this site. ;)

But at least I'VE done it with style and substance. :D

or a change to something different?

.

What would that be ?

Wow...started in the 80's did it. Well Bush had 8 years to fix whatever he thought was wrong. He failed, or looked the other way. American's elected George Bush for two terms and this is HIS mess. Voters know you blew it, they gave you the chance to put your money where your mouth is and you screwed the pooch. Hence, we now have Democratic President, Congress and Senate.

What's the alternative? More Republican/Conservative leadership that didn't protect the public from the worst financial crisis in half a century; or a change to something different?

It's time to stop whining, you had your chance.
And again your point is? The dems had 20 years to screw it up. And unless congress is willing (yea in a pigs ear on that) nothing can get changed. I blame both sides, you on the other hand choose to blame only one man. How come?