Critique of Mark Carney's Bailout Plan

Where is your bailout?

Because Mark Carney seems to have a bailout for anyone who's part of the Liberal club

of power brokers, corporate insiders, and lobbyists.

They all get a bailout.

The latest example is the...

...bailout that Mark Carney announced for developers and banks

here in Vancouver. Let's just be clear what he's promising.

He came here and said he was going to transform

2,200 empty condos

into affordable homes

using what he called innovative financial tools.

What innovative financial tools?

It sounds like magic.

And normally, the innovative financial tool to turn an overpriced empty condo into an affordable home is for the price to drop

until someone can afford to buy or rent it.

So why not just let that happen?

Well, Mr. Carney answered that question. He said because the developers do not want to lose money.

All right. Well, they made... they took a risk.

They decided they wanted to build those condos at a time that we were in a housing bubble,

but now they're selling those houses... those homes at a time when the housing bubble has burst.

So, the risk did not pay off, and they would lose money.

Well, somebody's going to lose money here.

Because if the condo goes from expensive to less expensive,

who's going to pay the difference?

Well, Mark Carney wants you, the taxpayer, who's struggling with mortgage payments,

grocery bills, and high gas prices, to pay those losses

instead of the developers who took the risk in the first place.

He wants to...

...privatize the profit and socialize the losses.

In other words, make you pay the price.

This is a transfer of wealth by Mark Carney.

It is a transfer of wealth from the have-nots to the have-yachts,

whom Mark Carney wants to bail out.