Thursday, April 2, 2009

Harper at odds with Gordon Brown at G20 over whether “markets need morals”

BBC News (London) In an address to religious leaders gathered at St Paul's Cathedral about the aims of the G20, Mr Brown said that "markets need morals".

During his passage about families' values he said people did not encourage their children "to seek short-term gratification at the expense of long-term success".

"And our task today is to bring financial markets into proper alignment with the values held by families and business people across the country."

As for Harper, he prefers markets in which investors are sucker punched into buying income trusts (in order to buy him a few hundred thousand pivotal votes in the 2006 election), only to have these investors betrayed at the behest of the purveyors of fee rich financial products like Manulife’s Income Plus or Great West’s life annuities, rationalizing his actions on the completely false and manufactured argument that income trusts cause tax leakage. Harper’s hat trick of deceit and fraud is completed with the issuance of blacked out documents and pronouncements by the Finance Minister that we have to become more financially literate on the one hand, while blind folded on the other?

The integrity of Canada’s financial markets are destroyed. Virtually no one on Bay Street gives a damn, including the TSX, our “market” that is lacking in morals, and dismissive of the need for the market’s integrity. Canadians lose $35 billion of their hard earned savings, a concept as far removed from Ottawa or Bay Street as could be imagined.....i.e. hard earned.

1 comment:

Dr Mike said...

The Cons preferred business model has turned-out to be corporate & this was contrary to what they lead us to believe in the 2006 election where the trust model was next to sacred.

Their supposed about face was the ruin of many a small investor & they proved to us that they could not care less.

They set the trap , they sprung the trap & they killed small investors who did nothing wrong other than believe what they told us would be the outcome if they were put into power.

They told us one thing , did the complete opposite & then made us look like we were idiots for believing them--made us look like morons for investing in an issue which they virtually guaranteed would be available for our futures.

They fabricated an out & out lie to get themselves off of the hook & have never looked back.

Hopefully Michael Ignatieff has the cojones to reverse this tax & do the right thing.

The ensuing economic stimulus will benefit all Canadians & will return some of the quality to the lives of the investors ruined by the Flaherty tax.

Dr Mike