Thursday, December 10, 2009

The hypocrisy known as Mark Carney

Here we have Mark Carney identifying debt as the single greatest threat to our economy. This is the same short-sighted simpleton who killed income trusts, employing his blatant lie about tax leakage, which lead the the leverage buyout of many thriving Canadian companies and straddling them with excessive levels of debt. He was also the guy who eliminated withholding tax on debt in order to facilitate the leveraged buyout of Canada.

Look at BCE. He wanted to deny BCE the right to convert to a trust to maximize value and maximize tax revenue to Ottawa. Instead the simpleton known as Mark Carney wanted to forego $793 million in annual tax revenues to Ottawa so that BCE could become a junk bond basket case with 95% of its capitalization in the form of debt.....held by foreigners and serviced with BCE’s pretax cash flows, such that ZERO taxes are collected in Canada.

Mark Carney is a complete hypocrite and a hack Governor of the Bank of Canada, If household debt is a threat to the Canadian economy, then please explain how corporate debt is “good” and that Canada would have a thriving telecommunications sector with its largest company being a junk bond basket case?

Such is the myopic vision of Mark Carney. Hypocrite extrodinaire

Central bank warns on rising debt
Bank of Canada Governor Mark Carney

The Bank of Canada warned Thursday that growing household debt is now the biggest risk to the country's financial system, and repeated a plea for borrowers and lenders to remember that the current era of superlow interest rates won't last.


Dr Mike said...

Mark Carney is no friend of the small investor & never will be , no matter what he says.

He is certainly no friend of ours.

Boooo to Mark Carney & his minion Jimmy O` Flaherty , pirate extraordinaire.

Dr Mike

Anonymous said...

Absolutely insane! Here we have the BoC governor whining about debt perils when it was his and Harper/Flaherty policy and legislation that have created every peril that Canadians are facing, completely naked. It is THEY who have stripped Canadians and Canada down to a nothingness with the help of so many others in Parliament. They all know what they are doing. They have no shame, or sense of being a Canadian. What is the definition of Traitor, again? What is even left of Canada to stand up for?

It would be enlightening to find out how all the people, who took advantage of a piece of stimulus (approx. 1 million dollars) in Peter Braids riding, are doing. If I recall, interest free down payments on homes were heralded out. Perhaps many got their mortgages with non-bank entities? How are they doing?

And then there's pension worries! Whine, whine, whine. "we have to help Canadians save" - - - WHAT? - after blatantly changing and supporting legislation that steals their savings??? after supporting a bank rate of .25%!!!!!!!! that egregiously continues to steal money from the savings of all Canadians!

As for the Geneva Convention - moral Canadians want more than McKays resignation. How about war crimes trials and throw in the trials for traitors, too.

Anonymous said...

Steve and Jimbo, interesting that you two and Carney are now fretting about the level and of consumer debt when no Canadians in history have done more than you have through your insidious, stupid, totally misguided (but we know recommended by Dominic) double taxation of income trusts to erode the net worth of individuals and drive up aggregate debt levels through foreign buyouts of cheap Canadian companies.

Oh, and by the way at the same time, you have done more than any previous government, as a consequence of the same policy of double taxing income trusts, to erode the tax base and drive the largest deficit in Canadian history!

That's quite a record, before we even get to advocating torture and running a popaganda machine that Adolph would have been proud of. Now you claim you can get us back to a surplus through spending cuts?

Shows what a grip on reality you have! While you're collecting your gold plated pensions and writing (Jimmy you'd better get somebody to do it for you) your memoirs, the rest of us with no pensions will be taxed to death working into our nineties to repay the mountain of debt you have created.


CAITI said...


You forget to cc Mark Carney.

I think Mark “Goldman” Carney deserves at least some of the credit for this disastrous outcome.

Plus I understand that Marky-Mark will be the one entrusted to writing Jimbo’s memoirs, such as they are, on the back of a paper napkin.


Dr Mike said...

In crayon!!

Warning---may be blacked-out because of "national security" reasons.

Dr Mike