Action4Canada - Bank Bailouts, Rising Debt and the Search for Your Money

00:00:00.000 That our banks, like Tanya and I were talking about earlier, are extremely volatile.

00:00:04.160 They're extremely leveraged.

00:00:05.980 They're creating hundreds of dollars in loans with a single dollar deposit and not even that.

00:00:11.700 And it got out of hand back in 2010, 2011, during the great financial crisis,

00:00:17.480 when a lot of these banks took on a lot of positions in bad mortgages and needed our money.

00:00:26.700 It cost every man, woman, and child across the country $3,500 and cost $114 billion, according to the CCPA.

00:00:35.540 CIBC, BMO were the biggest receivers.

00:00:38.160 BMO received $34 billion from Canadian taxpayers, although it's not directly from taxpayers.

00:00:45.260 It was printed by the Fed and the Bank of Canada during Carney's early phases of being the Bank of Canada chairman.

00:00:52.300 Interestingly enough, he'd just come on board in early 2008.

00:00:56.700 He was fully on board with saving his blue-blooded banker buddies in high places

00:01:00.800 when they printed all this money and bailed out the banks.

00:01:06.760 And did they make the problem go away?

00:01:09.380 Of course not.

00:01:10.260 They actually exasperated the problem and probably made it 100 times worse today.

00:01:15.040 And therein lies that bail-in language in the 2016 budget.

Action4Canada - July 17, 2026