Canada is taking a proactive step to avoid a situation like the United States of America is currently facing.The federal government is buying up $25 billion in residential mortgages to give the chartered banks additional cash to issue loans, Finance Minister Jim Flaherty announced Friday. . . extraordinary measure means Ottawa, through the federal government and the Bank of Canada, will have injected a whopping $45 billion in additional cash into the financial system in an effort to counteract the tight credit squeeze that has paralysed markets throughout the world.
Although the market did drop today, Canada isn't facing the same severe problems as other industrialized countries. Our finance minister will be speaking at the G7 meeting in Washington today and will argue for tighter regulations of the kind that has kept Canada's banking system solvent in the midst of this current global crisis.
These measures are aimed at stabilizing the country's troubled lending industry - measures he predicts will prod banks to further lower their lending rates.
To see the entire article click here. Hopefully my next statement from TD Waterhouse will reflect a return of my recent losses.
3 comments:
i'd like to borrow some money on behalf of britain....
we (oops) put some money in iceland banks.
Oh NO!!! Holly!!! NO!!!
Poor you!
:(
As of today our retirement savings are down 25 percent.
My husband is talking about going back to work.
I feel physically ill about what is happening.
All our lives we lived within our means, never bought what we couldn't afford and saved saved saved for our retirement and now this.
I feel like crying.
Bear((( )))
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