Greed Has No Borders

On balance, I have been pleased with Canada’s Conservative Federal Government efforts to manage the financial affairs of the country.  So I was shocked and saddened to learn that Canadian Feds insure Mortgage Backed Securities (MBS).

I didn’t know that quasi-criminal Mortgage Backed Securities had become an item in Canada, and I cannot believe that Canadian taxpayers have been insuring these unmanageable securities all this time.  In the U.S., MBS became a vehicle to facilitate the issuance of a gigantic flood of mortgages provided to persons who were financially unqualified and unable to repay the loans.  U.S. taxpayers are left holding the bag.  It was and still is massive rape of the American middle class.

I had long since understood that U.S. Bankers, Brokers, Insurance companies, Credit Rating Agencies and Politicians succumbed to a wholesale failure of faith-generated integrity.  I am now coming to accept the realization that Canadians have been sliding down that same slippery slope.

I would like to comfort myself with the thought that we’re not nearly as ugly, but on the subject of crime, there is no way to be a little bit pregnant.  I could plead Canadian Conservative Government stupidity, but I know that our political leadership is the best the world has left to offer.

So let me make my position clear.  Canada has no business insuring Mortgage Backed Securities.  MBS should never have been sanctioned by government regulators in Canada.

The issuance of these securities in Canada should be terminated.  All existing Federal insurance liabilities should be transferred immediately to the errant corporate entities that generated this disgusting paper.

I am no longer a happy Conservative, but in Canada, the alternatives are totally hopeless.