Comment 89156

By Henry and Joe (anonymous) | Posted May 29, 2013 at 20:20:26 in reply to Comment 89145

I think that banks should provide infrastructure for lending and investment rather than being able to operate without limitations exposing average taxpayers to the damage caused by their malfeasance. Corporate lobbyists prevent any real resurrection of the barriers provided by the Glass Steagall Act. The US bailed out their banks to the tune of 700 billion. In Canada our banks were also bailed out (70 billion on the low end and 125 billion is the estimate on the high end) because of exposure to the subprime fiasco.

I think tax rates have actually been falling in the past couple of decades. Personal income tax has been cut in every province since the mid 90s. Federal tax cuts and personal tax cuts of 100 billion started in the early 2000s and have not repealed to my understanding.

I don't believe Stelco was unproductive. Their problems started in the 90s when they started underfunding pensions. In 2003, the company was losing money, but they were paying creditors, and were not bankrupt. Even after being guided into bankruptcy protection, the company was making money. The demise was a scam so that Investors lcould grab this iconic company for nothing. They flipped it to US Steel, made out like bandits, and now we have a hunking mass of coke making nonsense and no jobs.

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