Backline16
New Member
Tell me how you feel about Ralf Klein and the Alberta government?
It's a fire sale!!! Selling off and privatizing for millions in profit for private companies. Great for the economy short term, bad for the Province long term. It is already starting to dry up. I know guys in the Oil and Gas industry that say there is way less work in Alberta now... some have even come back to BC.
The private banks: "private" being the key word. They are in business to make money. You're going to have to explain to me how, exactly, our taxes are going directly to the private bank industry. I can see indirectly, or to pay of Government short and long term debt, but other than that...sorry, you're- as they say- in left field.
Now starting in left field... number 16...(almost used the full name)
Okay. Financial institutions figured out quite a while ago that they were missing out on a ton of easy money because the Bank of Canada was financing all sorts of programs for Canadians. You mentioned business loans, but there were also student loans (intrest free), and many other programs. Canada, is a very rich country when it comes to resources. Those resources are assets. The Bank of Canada ccould borrow against these assets, eliminating the need for private banks when it comes to capital spending, financing crown projects, infrastucture, etc... That is the way it used to be.
Big banks successfully lobbied the government over time to use private banks. "We will help you get elected if..." Over the years, as the government continued to borrow money from these private banks, our national debt grew. Now our tax dollars go to paying that intrest, while our Country still needs capital spending, financing crown projects, infrastucture, etc... but don't worry. Our credit is still good with the private banks Our Tax dollars go directly to private banks to pay off intrest and loans our government borrowed despite having the ability to do it themselves. It's a big scam. Once again, guess who loses.
Then there is the BDC...Canada's federal development bank. While there to finance the medium-higher risk business venture, or entrepreneur, they take a chunk of hide out of you for the experience. Prime plus 3 on your RBC Business Line of Credit? Well, that's great up to a $100K, but if you need a significantly higher start-up, the Private Banks won't touch you (because- shocker- they are in a commodity game, and only in it to make money, not take risks). This is where your Federal Development Bank swoops in to save the day- at the low low rate of prime plus 8 or 9. What a deal!
You are describing why private banks are terrible, and doing a much better job than I can...
Pan me all you want about living in a dream world, because I might say the same of you. Just because a company has the word Canada in it, does not mean it is the Canadian government, or based in Canada, or owned by a Canadian at all. RBC is Private bank owed by the Rothchilds... you can look it up. I know absolutely nothing about BDC, but I do know that several Canadian Corperations have been quietly sold to private corperations over the years, perhaps it is too.
CN Rail... Not owed by a Canadian (Sir John A rolling in his grave). CP Rail the same. BC Gas... sold to Terasen (not Canadian) not to mention the deregulation of delivery. BC Hydro.... For sale (Already we sell power to the US, imagine what will happen to the price if a US lobbyist buys BC Hydro... it will drop, and so will the profit) And under NAFTA once you start sending energy and goods to the US, it is against the law to stop. Therefore our power will be going south for next to nothing.... sorry off on another tangent.