I am not sure that the $25B bank loan/bailout/whatever is the wrong thing to do. Maybe it is right.
My problem is I don't understand what is actually being done and reading the newspapers and surfing the web hasn't clarified matters.
What did the Federal Government buy? Did they actually pay $25B and if so where did the money come from? How will this help Canadian banks to shore up the economy? Are Canadian banks safe and if so why did they need the money?
Nobody seems to be explaining any of this.
James Morton
6 comments:
James,
The best explanation of the rescue deal I've heard is from an CTV Newsnet interview with Derek Holt of Scotia Capital. He speaks very quickly and converys a tremendous amount of information in a very short period of time, so I had to listen to the interview about three times before I totally understood what he was saying, but once I caught it all it made sense to me.
Here's the link: http://watch.ctv.ca/news/#clip101550
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