We’re teaching banks some dirty lessons

Conservatives' bailout of banks might have set a precedent

Once upon a time, conservatives insisted on prudent government, one that always maintained a surplus. Debt was anathema to them.

Fast forward to today’s more ideologically oriented conservatives and we find that national debt suits them just fine.

Anathema to them are social programs that they see as empowering governments to take their hard-earned money and give it to poorly motivated losers.

This attitude has been reinforced by the 2008 collapse of the financial market. They must have been surprised to find that we taxpayers would come to their rescue by backing them with large bailouts that put them back on their feet, even though that put us deeply in debt – the very kind of situation that would demand cuts to social services and thus squeeze people into jobs that pay ever lower wages.

Now that banks have become aware that we taxpayers will cover them even when they make really, really stupid mistakes, they see the virtue of keeping governments in the red. Wow, can it get any better than this?

So don’t expect national debt to go away any time soon, my friends.

Andy Mulcahy

Victoria

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Laid-off hotel workers demanding the right to return to work at Victoria protest

Businesses in accommodation and food sector report laying off 80 per cent of workforce

Canadians with disabilities disproportionately hit by COVID-19 pandemic

More than four out of 10 British Columbians aged 70 and up have various disabilities

Esquimalt splash pad back in action

Esquimalt Adventure Park reopens July 6

Police issue warning after baby comes across suspected drugs in Kamloops park

The 11-month-old girl’s mother posted photos on social media showing a small plastic bag containing a purple substance

Collision results in train derailment just east of Golden

The derailment occurred Sunday night, according to a statement from CP

Lower Mainland woman says llama farming neighbour shot her 11-month-old pup

Young dog was on owner’s Maple Ridge property when it was killed on June 21

B.C. records 31 new cases, six deaths over three days due to COVID-19

There are 166 active cases in B.C., 16 people in hospital

B.C. highway widening job reduced, costs still up $61 million

Union-only project scales back work to widen Trans-Canada

BC Wildfire Service to conduct night vision trials for helicopters in South Okanagan

This technology could assist with future firefighting operations

Victoria man dies after skydiving incident on Vancouver Island

34-year-old had made more than 1,000 jumps

Most Read