Canadians, at the behest of our government and central banker, have been saddled with $billions of tax payer bailouts through a giant misallocation of capital to shore up the balance sheets of our own too big to fail banks and boost GDP with absolutely no say from the tax payer because we let them.
If it were not for policy decisions like swapping out $10's of billions of non tax payer derived ABCP for tax payer backed CMHC MBS, limiting bank redemptions through the Montreal Accord, swapping out close to $125 billion of toxic bank mortgages through the IMPP that were never marked to market and transferred 100% whole to CMHC's balance sheet which can and never will be audited and other toxic crap swaps like the RPA's that the banks engage in with the central planners on an ongoing basis, etc, etc, you get an uneasy feeling that people in this country really are blind, ignorant, apathetic and too self absorbed to really do anything about it which is exactly why our debt to GDP is at record levels and the current personal debt saturation levels would have led to a bankrupt society only a few decades ago. Record high deficits and debt with record low interest rates are the exact opposite of normal and healthy.
But I guess that's what you get in the race to the bottom.