I have a fabulous idea that I would like to share with Stephane Harper. Instead of giving the $25 billion to banks to "buy up" their dodgy mortgages, why don't you give $10,000 to each and every taxpayer in the country and let them spend it as they see fit.
The reality is that consumerism drives our economy. If buying tails off, our economy collapses. Business does not support the economy - citizens do.
If the taxpayer decides to use the $10,000 to pay down debt or apply to their mortgage, the money ends up in the pockets of the banks. That's better than a taxpayer-funded bail out directly to the banks. Right?
If the taxpayer decides to just put the money in the bank to earn interest - the banks get more liquidity. Right?
If the taxpayer decides to buy food, or a new car, or a new stove, the $10,000 will help out retailers, who will then not need to borrow as much from the fat-cat bankers and put people to back work - and the economy survives. Right?
But no, you pull a "W" and bail out the banks with taxpayer money. The bankers then, without even a word of thanks to Canadians, take a vacation in Florida.
Kinda makes you nostalgic for the days of Conrad Black.
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