Banks.......What Are They Good For?

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...Absolutely Nothing!

(say it again!)


Tara Perkins Globe&Mail Dec09/08: Canada's banks, squeezed by tight credit conditions, only passed two-thirds of the central bank's rate cut on to consumers, posing a challenge for Ottawa as the economy withers.

Each of the six largest banks decided Tuesday to lower their prime rate by 50 basis points, to 3.5 per cent, after the Bank of Canada cut its key rate by three-quarters of a percentage point.

The move continues a game of cat and mouse that began in October, when the central bank cut its rate by half a percentage point and the banks only reduced prime by a quarter point. The banks didn't budge until Finance Minister Jim Flaherty announced a $25-billion program to buy mortgages from the banks.

So, not only do we bail them out.

But we also let them horde.

OUR money.

Money that would help ALL Canadians if it circulated through the system and loosened up OUR credit markets.

Bastards.


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