When the leaders of the G20 meet this weekend, they’ll look to Canada’s conservative but durable banking model as a template for the rest of the world. Since the Liberal reign of Paul Martin as Canada’s Finance Minister, Canada’s been the “Wealthy Barber” of the developed world, deploying bland but solid fiscal policy to great effect. And now, more sense from the current Canadian Finance Minister, Conservative Jim Flaherty. CTVNews reports that Jim isn’t too keen on giving the ailing Canadian auto industry the US-style bailout that’s currently being debated in Washington. Why not? Well sometimes, the story just tells itself: “Nobody wants to see taxpayers’ money taken — and then in effect wasted — where a company is not going to survive … we want to see the plan for survivability,” he said. In order words, before the FinMin spends one cent of taxpayer dollars propping up Canadian production, he wants to see a turnaround plan. You know – the same kind of plan GM has failed to publish ever since it first bled red under its current CEO Rick Wagoner. Don’t hold your breath, Jim.
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