The National Telegraph - Wyatt Claypool - Liberal Minister CHOKES on Basic Question - $3.2 Billion Bailout Scandal!

00:00:00.000 The Mark Carney Liberals did a bit of an oopsie with their $3.2 billion condo bailout.

00:00:06.780 So you guys know what time it is. It's cover-up time, baby. You see, the Carney Liberals,

00:00:12.640 they just don't have the time of day to answer basic questions as to why they needed to give

00:00:18.040 $3.2 billion to Vancouver area developers. The easier and more stress-free thing for them to do

00:00:25.420 is simply shut down the Ethics Committee from investigating, which I have been told by the

00:00:31.040 Liberals is completely ethical because they've assured us that no investigation is needed. 0.92

00:00:37.560 Obviously, I'm being silly and facetious. In just a second here, I want to cut over to some clips

00:00:43.260 from the Ethics Committee meeting from a few days ago, where Conservative MPs Jacob Mantle and Aaron

00:00:49.400 Gunn spoke. And then we need to fast forward to today where the Liberal Housing Minister,

00:00:55.180 Gregor Robertson, couldn't answer a basic question from a reporter as to why the Liberals were giving

00:01:02.380 this money over. He had no clue what the details of the program are, but Mark Carney and Gregor

00:01:08.020 Robertson had proudly announced this program a couple weeks ago in Vancouver. This wasn't even

00:01:13.840 something they were trying to hide. They were so clueless, they thought this was going to make

00:01:17.680 them popular. They live in such a tiny bubble that because their friends in the real estate

00:01:23.220 development world of Vancouver liked it, they assumed that this was going to go over fantastic

00:01:28.160 with Canadians. But before I get into those clips from the ethics committee, I just quickly want to

00:01:33.440 remind you guys to make sure to like the video and subscribe if you are not yet a subscriber,

00:01:38.660 leave a comment on what you think about all this, and consider hitting the join button below the

00:01:43.120 video if you want to become a channel member and help make the channel more sustainable for me.

00:01:47.680 with a few dollars contributed per month. Anyways, without further ado, let's jump into it starting

00:01:54.160 off with a statement from Conservative MP Jacob Mantle, who I do need to compliment on the great

00:02:00.120 haircut. It used to be longer, his hair looked good before, but I always think it behooves me

00:02:04.360 to mention when people are actually, you know, dressed well when they go to Parliament. And his

00:02:08.400 outfit's also fantastic at this Ethics Committee, so at the very least, his outfit is not unethical.

00:02:15.120 But Jacob Mantle is going to highlight how the Liberals are trying to kick their way out of having an investigation,

00:02:20.260 as well as the very basic and obvious questions that they should be able to answer freely right now.

00:02:27.160 Now, I'd ask my Liberal members to help me make sense of this, because this whole bailout just doesn't make any sense to me.

00:02:36.920 Mark Carney used to take the advice of his banker mentor, Bob Hurst, who said that, quote,

00:02:43.740 something doesn't make sense it doesn't make sense and if it doesn't make sense he said you should

00:02:49.100 run because you should never buy simply on trust but today the prime minister is asking us to accept

00:02:57.740 this bailout on trust and that doesn't make any sense in a normal functioning market excess supply

00:03:06.140 of unsold condos would typically lead to one or both of the following first price reductions

00:03:13.420 to clear that supply so developers would lower their asking price until that price and demand

00:03:20.460 matches supply that's economics 101 supply and demand young canadians at that point would be

00:03:27.820 able to purchase those condos at the new lower equilibrium price and as an mp from a generation

00:03:35.180 who has been consistently shut out of the market for the last 10 years it's insane to me to see

00:03:40.860 a program that would continue to shut out my colleagues and friends in this generation now

00:03:47.420 second if developers simply refuse to lower their prices and we know that's what they've told the

00:03:51.500 prime minister because they said they don't want to sell at a loss prime minister said they're

00:03:55.340 stuck he wants to help them out now if they don't want to lower their prices you know the costs to

00:04:02.140 carry those units remain and so they might face the losses of that distress sales bankruptcies

00:04:09.580 so banks or new buyers would acquire those units at discounted prices in distress

00:04:15.660 and the losses in those cases would be borne by the party that took the risk

00:04:22.220 but instead the plan that we have been presented with is to use taxpayer dollars to socialize

00:04:29.340 those losses while developers avoid the full consequences of their actions so maybe they can

00:04:38.300 can help me make sense of that. And by the way, as Jacob Mantle is getting at here, this is going

00:04:43.760 to increase prices. Mark Carney explicitly said that the developers didn't want to have to sell

00:04:49.420 these condos at a loss. And so that was inferred as one of the reasons that the federal government

00:04:54.780 was stepping in. This is also a project being done in conjunction with the British Columbia

00:04:59.500 NDP government and Premier David Eby. Although because they're so in debt, their last budget

00:05:05.560 deficit was $13.4, $13.9, $13.3 billion. The thing is that the federal government is really

00:05:12.760 the government that's footing the bill. Because when the BC government is in debt, well, who are

00:05:17.340 they borrowing the money for to pay for their half of the $3.2 billion? Well, it would be the Canadian

00:05:23.860 Central Bank, and it would be the federal government. And so we're in a situation here

00:05:30.060 where apparently simply a developer not being able to profit off of a bad investment is enough

00:05:36.500 for the government to step in and bail them all out. And you can tell that this is actually

00:05:40.680 profiting the companies because Brookfield, one of their subsidiaries, ended up buying up a bunch

00:05:48.400 of the condos that got bailed out 15 weeks before the bailout actually happens. How does this keep

00:05:54.100 happening with Brookfield? Whenever government money is about to squeeze out of a department,

00:05:59.220 they simply happen to have their mouth sitting agape right under the hose right when it happens.

00:06:05.400 It's almost like they have inside information to make sure that they benefit very quickly

00:06:10.580 from simply knowing where to place their money right before government grants get thrown out,

00:06:15.740 tax breaks, or other things such as bailouts. But now let's jump over to Aaron Gunn's statement

00:06:22.240 at the committee. Again, this is like a really bad look for the liberals that they didn't expect

00:06:28.200 considering they so proudly had announced this program at the beginning look we're gathered here

00:06:33.000 today in the middle of summer not because i think everyone loves spending time in ottawa in july but

00:06:37.760 because canadians have very real concerns about the liberal plan to bail out billionaire condo

00:06:43.960 developers in the fifth most unaffordable housing market in the entire world starting with the fact

00:06:49.860 that during the last election the prime minister and the liberal party never campaigned on this

00:06:55.900 They never campaigned on spending more than a billion dollars in taxpayer money to give a handout to their wealthy developer friends.

00:07:02.700 They never campaigned on using the taxpayer dollars of hardworking Canadians to buy more than 2,000 condos in Greater Vancouver.

00:07:11.120 Also, developers wouldn't have to lower prices and, God forbid, sell at a loss.

00:07:16.300 And they never campaigned on artificially propping up what are already extremely unaffordable housing prices and preventing the market from moderating to a more affordable and sustainable level.

00:07:28.120 Of course, all this begs some pretty obvious ethical questions that I think deserve answers, such as if the Liberals didn't campaign on this policy, why are they suddenly deciding to pursue it now?

00:07:40.300 And to answer that question, but not actually answer it, what the liberals and the NDP in British Columbia have been claiming is that they weren't actually asked by the developers for these bailouts, which then brings up the question of how did you independently decide that you were going to give them this money, though?

00:08:00.800 And that is what we're going to get to later with Greg Robertson flopping around at the press conference like a fish out of water, because if they didn't ask for it, why are you giving it?

00:08:12.900 And so, like, why? Obviously, they asked. They've had, there's already records of fundraising that went on with Vancouver area developers, with the Kearney Liberals, and no doubt with the BCNDP as well.

00:08:26.840 Again, you have Brookfield assets involved in this.

00:08:31.060 No doubt somebody has some sort of a line to Mark Carney who can let him know that they're involved in this scheme.

00:08:37.660 This stuff doesn't just fall out of the sky, but the liberals are trying to pretend it did fall out of the sky.

00:08:41.840 And it's just, you know, sometimes $1.6 billion from the federal and provincial governments just happen to flow into buying up a bunch of random condos in Vancouver.

00:08:52.800 It just happens sometimes.

00:08:53.840 What idea was it? Who lobbied for it?

00:08:55.860 is this being planned for more canadian cities and maybe most importantly which well-connected

00:09:01.660 developers big banks and foreign investors stand to benefit the most now i want to take a moment

00:09:08.120 to share with the members of this committee a particular dictionary definition that i just

00:09:13.640 think describes the direction of economic policy in canada over the past year and i quote an

00:09:19.960 economic system where business success depends heavily on close ties between corporate

00:09:25.420 executives and government officials. Instead of competing in a free meritocratic market,

00:09:32.460 companies thrive by securing political favors such as bailouts, tax breaks, subsidies,

00:09:38.360 or specialized regulations that block competition. That, colleagues, is the definition of crony

00:09:45.600 capitalism, and it does increasingly, in my view, represent the official economic policy

00:09:50.960 of the Liberal Party of Canada, rewarding insiders, well-connected corporations,

00:09:56.160 and party loyalists while everyday Canadians fall further behind,

00:10:00.360 privatizing the profits of the wealthy, then bailing them out should something go wrong.

00:10:06.200 And as one of the millennial members of Parliament,

00:10:10.460 I also have to point out how insane the generational inequity of this policy truly is,

00:10:16.340 handing out huge sums of money to the...

00:10:18.660 I'm going to skip over that part just because Jacob Mantle had also already highlighted it, but, you know, feels like something where if there was a good answer for all this, the liberals would quickly nip this thing in the bud, especially since this is disrupting what is at least rhetorically a good week for Mark Carney.

00:10:34.640 He has his pipeline. He has some other projects coming down the pike that make him look good. Now, I don't actually believe the pipeline is real. I believe Alberta Premier Danielle Smith is sincere about wanting to build pipelines.

00:10:48.040 I believe that Mark Carney, the First Nation bands, and Premier David Eby are not sincere about wanting to build pipelines, especially since before this, if you remember, Mark Carney signed over the Aboriginal land title to the entire Lower Mainland to the Musqueam, which is run by Chief Wayne Sparrow and their very anti-oil band council.

00:11:11.640 they're already well off they are probably heavily incentivized to say no even just for

00:11:16.500 the power game of it all demonstrating who really owns the lower mainland but uh you know that's

00:11:22.200 that's it for there like um really what i think is half what is what's happening uh for mark carney

00:11:28.920 is that he's kind of having his week spoiled by this condo bailout news and so you think if again

00:11:35.060 if they had good answers for what was going on they would have already tried to bury this entire

00:11:38.960 thing by answering them as quickly as possible because they want to get back to what looked like

00:11:43.940 it was a winning week. But here is housing minister Greg Robertson being asked a question

00:11:50.300 by Sitka Media about why the $3.2 billion bailout was done in the first place. And just on the

00:11:57.520 ethics committee's decision, do you agree with that, yes or no? Yeah, I submitted a letter to

00:12:02.380 the ethics committee as well, clarifying that this is a BC government program. The government

00:12:06.260 to Canada will participate in 10% of that, subject to the proposal being firmed up.

00:12:15.460 By the way, guys, it is not only a 10% stake. In this particular part of the plan,

00:12:21.200 they're only putting in like $110 million. They're still putting in $1.6 billion,

00:12:26.180 but in just this half of the plan, they're only putting in 10%. The full $3.2 billion

00:12:32.320 It's still all taxpayer money backed by the federal government.

00:12:36.240 In fact, pretty much all of it's backed by the federal government because the NDP have

00:12:39.320 no ability to actually pay for this themselves.

00:12:41.860 But they keep downplaying it and then pushing off blame to the BC NDP.

00:12:45.840 But they proudly announced it and they're pretending they don't know the details.

00:12:50.260 The proposal being firmed up, the BC government's working on the details of it.

00:12:55.620 So any mischaracterization is premature.

00:13:01.480 Nobody has seen what this program will be.

00:13:04.060 And at its core, as the Premier and Prime Minister stated last week, this is about getting affordable condos available to families right now below market prices,

00:13:16.140 making sure there's a program that makes those empty homes available at an affordable rate and a rent-to-own program.

00:13:23.960 So that's what this is. And we're waiting for the details to come forward before the program is launched.

00:13:32.280 And so they put in at least let's just let's just say it's only the half and they're not having to back the other half.

00:13:38.020 They're putting $1.6 billion into bailing out Vancouver area developers for unsold condos because we need to do this for affordable housing, even though the justification that Carney gave and David Eby gave to bailing them out in the first place was that they didn't want them to lose money on these units, implying that the prices were already going down a lot.

00:14:01.280 So why do they need to shell out taxpayer money to then make these units available below market value?

00:14:08.980 Because the entire market is going below market value.

00:14:12.160 What market value is, is shifting downward very significantly right now.

00:14:17.140 So none of this actually makes sense.

00:14:19.320 You went to a press conference to announce a program that you had no details on,

00:14:24.300 and you were just going to trust David E.B. on it,

00:14:27.060 even though you, Mark Carney, were the one to actually make the proud announcement that we're

00:14:32.640 doing all this. So this stinks. And the justification that it wasn't our project

00:14:38.760 is not good enough to shut down an ethics committee investigation. Is that just a cheat code now?

00:14:45.440 You can give money to your friends as long as you give it through a municipal or provincial

00:14:49.580 government. And then once somebody in the federal government wants to investigate, you're like, ah,

00:14:53.700 that's a provincial thing we just funded it it's like yeah you funded it that's that's the problem

00:14:58.900 here you put money towards it i don't care if when we were transferring the money finally to

00:15:04.200 the developers if like david eby hit the button or mark carney hit the button my problem is the

00:15:10.520 button was pressed and the taxpayer money was basically shot into the sun to burn up again

00:15:16.960 you could justify bailing out anybody on this justification oh my blueberries are not as uh

00:15:24.060 like my blueberries are not as like uh are not being sold for as much this year as they were

00:15:28.640 last year because there's a lot more people on the market selling the harvest was great this year so

00:15:33.140 my blueberries are only being sold at like you know three or four dollars per uh per cardboard uh

00:15:39.900 per cardboard box of them and i want five dollars like it was last year the government better come

00:15:45.920 and kick me in that extra dollar. Oh my goodness, my accounting services have gone down in price

00:15:51.540 because of whatever, whatever. I need the government to come in and pay me more money

00:15:55.300 for my accounting services. Oh my goodness. I don't even know what else you could apply this to.

00:16:01.560 That wouldn't be completely absurd. My used cars aren't worth as much these days. The federal

00:16:06.740 government better come in and give me another $3,000 per car that I sell, or I could lose money.

00:16:11.880 It's like, yeah, it's a free market. You made a bunch of bad choices, and now you're going to lose some money. These developers aren't going bankrupt. They're far from going bankrupt. They were making money hand over fist years ago, and now they're a little butthurt that the prices are going down, so they might take a haircut on some of these condos that they put way too much money into building when they weren't going to actually be able to flip them when immigration rates started going down.

00:16:36.660 Many of these were being sold at the time where they should have known that the horizon on

00:16:41.460 immigration was eventually going to dip because it was unsustainable before. But if you needed to

00:16:46.900 rely on an unsustainable market fueled by massive amounts of TFW students and new permanent residents

00:16:53.340 in order to make money, that sounds like a frankly unethical business model. You need to make it as

00:16:59.780 impossible to rent or buy in order for you to actually be able to squeeze enough money out

00:17:04.400 from people to be able to actually profit. Now, I do blame the city of Vancouver, city of Burnaby,

00:17:09.900 as well as the provincial government of BC, because they have made it difficult to build.

00:17:15.700 I am not a NIMBY and I'm not a YIMBY. I think we just need reasonable housing policy. And it's

00:17:21.420 unreasonable in the lower mainland of British Columbia. But oftentimes, it's the biggest

00:17:29.360 developers who actually support the bad policy, because it kind of removes their competition from

00:17:36.160 the area. And even though it's more difficult on a technical level to build a house, because it's

00:17:41.640 more difficult for everyone, it does shove competition out of that marketplace. Anyways,

00:17:46.780 that should be it for this video, guys. Thank you guys for watching. Make sure to like, share,

00:17:51.180 subscribe, consider hitting the join button and becoming a member of the National Telegraph

00:17:55.320 YouTube channel. And with all that being said, thank you guys for watching and I'll see you all

00:17:59.620 later.

The National Telegraph - Wyatt Claypool - July 11, 2026

Liberal Minister CHOKES on Basic Question - $3.2 Billion Bailout Scandal!

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