Bank of Canada warns of overpriced condo market 'threat to economy.' Interesting how useful public

[TrollBuster9090]

financial agencies can be when you DON'T privatize them, isn't it?


The Bank of Canada is controlled by the Canadian Government, and charged with fostering economic activity, and assuring the safety and welfare of the Canadian economy.

http://en.wikipedia.org/wiki/Bank_of_Canada#Roles_and_responsibilities

They've just issued a warning that the overheated and overpriced condominium market could pose a risk to the economy.

http://www.cbc.ca/news/business/story/2013/06/13/business-condo-bank.html

Now, contrast THAT to what the former US Government agency FANNIE MAE was doing during the LAST housing bubble....

screaming BUY MORE HOUSES! No, they're not overpriced. BUY MORE HOUSES!


FANNIE MAE was created by FDR in 1936, and for 30 years it was a safe and responsible government run agency that increased home ownership, increased middle class wealth and prosperity, and fostered healthy economic growth. It only became a FINANCIAL MENACE after it was 'privatized,' and gained the ability to lobby Congress like all the other Vulture Capitalists.


Kudos to The Bank of Canada for showing us what government financial institutions are SUPPOSED to do.