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Originally Posted by blankall
I don't disagree with what you're saying. However, it also needs to be taken into account that the global trend was for de-regulation, and that's what led to the global crisis. Leaders around the world were outbidding each other with more and more lax securities rules. Harper keeping Canada out of that race to the bottom required very reasonable decision making. In other words, it wasn't just about making new regulations, but keeping existing regulation in place in the face of extreme pressure to lift those regulations.
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Flaherty and Harper and the big 5 banks DID want to put Cdn mortgages into the derivatives market as the we were 'disadvantaged' to the folks down south. Martin told them to pound sand.
Even up till late 2006 with his minority gov't, Harper wanted to deregulate. Kind of good he didn't have a majority govt eh?
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Promoting mortgage ‘innovation’
In his first budget as Harper’s finance minister, Jim Flaherty invited “new players” -- that is, U.S financial corporations -- into Canada’s mortgage insurance market and doubled the amount of government money available to back up private insurers from $100 billion to $200 billion. Flaherty’s 2006 budget states that “These changes will result in greater choice and innovation in the market for mortgage insurance, benefiting consumers and promoting home ownership.”
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