The recent conspiracy theory floated by the Canadian Centre for Policy Alternatives (CCPA) “is all hooey” says Sun News host and columnist David Akin. The CCPA is a left-wing research organization, which was founded with financial support from trade unions, recently issued a report claiming our chartered banks got secret bailouts worth $114 billion during the 2008 recession.
Akin categorically refutes the false premise saying:
There was no bailout of our banks. The government did, in 2008, set aside $200 billion to help all Canadian businesses and households hit by the global credit crunch and banks were the tool the government used to help us all out.”
Akin adds that “Taxpayer money was never at risk of being lost and, in fact, taxpayers are making a tidy profit with the credit crunch assistance program.”
He also notes that the deal was hardly a secret since it was announced during the 2008 federal election campaign, and that “Parliament has since voted on these deals in at least two federal budgets.”
All this with our largest-circulation newspapers covering the details.
I heard about the program at the time and remember NDP pundits commenting on it. So much for secrecy.
This is not, by any definition of the word, a bailout. A bailout implies Canada’s banks, like banks in Europe, the U.S., or like GM and Chrysler, were about to go under without federal cash. Not true.
– David Akin
The trade union movement is following an agenda in Canada that could be considered dangerously anti-democratic. It is providing support to direct action groups like the Occupy movement and the striking students in Quebec, both of which are trying to execute an end-run around democratically elected governments and use civil disobedience tactics to gain political ends.
Now we see a trade union research organization generating a disingenuous and mischievous report, which amounts to political propaganda, apparently, intended to whip up the Occupy movement on May Day and give them something around which that intellectually bankrupt crowd can rally.
Thanks to David Akin for setting the record straight.