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Trudeau taps bank CEOs to help chart course for economic recovery plan

Trudeau taps bank CEOs to help chart course for economic recovery plan @GlobePolitics

2020-05-25 4:07:00 AM

Trudeau taps bank CEOs to help chart course for economic recovery plan GlobePolitics

The government is preparing a diagnosis of the economic damage inflicted by COVID-19 and has started to determine the sectors of the economy that will need the most help in the next phase

Adrian Wyld/The Canadian PressPrime Minister Justin Trudeau has reached out to the heads of Canada’s six big banks to get their reading on the state of the economy and how COVID-19 relief efforts are faring, banking sources and federal officials told The Globe and Mail.

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It was the first time that Mr. Trudeau has had one-on-one discussions with the CEOs since the start of the novel coronavirus pandemic, multiple banking-industry sources say, adding that the calls took place around the Victoria Day long weekend.The consultations with the CEOs were high-level check-ins rather than deep policy discussions, intended to take the pulse of the efforts to deal with the economic effects of COVID-19, the sources said. They covered topics such as how relief efforts rolled out jointly by government and banks might need adjusting, where bank clients are feeling pressure most acutely, and which parts of the economy may need further support to recover.

Story continues below advertisementThe Trudeau government, federal officials say, has largely finished rolling out its emergency response to the pandemic and is now starting work on the “recovery” phase that will aim to salvage sectors of the economy that are most damaged by the crisis.

The officials say the government is preparing a diagnosis of the economic damage inflicted by COVID-19 and has started to determine the sectors of the economy that will need the most help in the next phase.The Globe is not identifying the banking and federal sources who spoke about the recent discussions with the bank CEOs because they were not authorized to comment publicly on the matter. Spokespeople for Canada’s six largest banks and for the Canadian Bankers Association declined to comment.

Although Mr. Trudeau has called the bank CEOs on occasion in the past, such direct discussions are not common. In the fall of 2018, Mr. Trudeau briefed them in separate calls at a key juncture in negotiations to redraw the North American free-trade agreement.

The Prime Minister and his top ministers have been engaged in a series of talks with corporate figures, union leaders and academics to determine the country’s economic needs now that provincial governments are allowing businesses to resume operations, albeit at varying speed across the country.

Up until now, Ottawa publicly emphasized the emergency response to the short-term effects of the economic crisis, such as direct payments to workers and families, as well as wage subsidies and rent relief for businesses. Inside Ottawa, that phase was known as “contain and survive,” according to a senior federal official.

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“As provinces start to slowly reopen, our goal is always to ensure that the federal government is a strong partner in the economic recovery,” said Ann-Clara Vaillancourt, a spokeswoman for the Prime Minister’s Office.Story continues below advertisement

University of Saskatchewan professor Janice MacKinnon, a former provincial finance minister, said Mr. Trudeau is doing the right thing by consulting widely with bankers and others to target the sectors that need help on the path to recovery. Read more: The Globe and Mail »

globepolitics Ummm nope. Terrible idea globepolitics Puppet, a real leader would order all banks to keep all canadian investments inside Canada and communities...nothing to be transfer outside of Canada globepolitics The fact of the matter is he’s putting in work and all you wanna do is try and tear him down. No one‘s offered any solution to this problem just more criticism. The facts are no one has an answer but at least somebody’s trying. You don’t have to agree with him. Ring solutions

globepolitics Bay Street calling in it’s markers and JustinTrudeau has no say in the matter as Corporate Canada continues to call the shots, as it did under CPC_HQ and Harper. globepolitics ...w/n will WE WakeUpCanada?'Party Leaders' R 'figure heads'in the NeoLiberal Socio-Polit-Financial-NWO's Globalization 4&by CorporateFascism! W/t makes us think we're diff.f/ say: UK,EU etc.& OUR Collective USEmpire of MafiaStates?liberal_party+CPC_HQ=NeoLiberalism!

globepolitics God damn he’s good looking globepolitics I thought that was kinda of the PM’s job... But why work when you can delegate it to others... globepolitics He learned about the word DENIED globepolitics Really! We have a platform to actually say something important but you would rather act like children and insult each other.(I know it’s not everyone). We have a lot of miss information all over the place. People are scared, worried and a lot of uncertainty. Be kind.

globepolitics They're already profiteering. Hell with them. Never should have privatised the debt. globepolitics Yeah....after I found out my bank was receiving big fat cheques from from government....'because they are there for me.' I asked for help. Nooope. globepolitics Makes perfect sense to me !

globepolitics What’s if they just open a trap door beneath the bank CEOs? What a cool surprise that would be. globepolitics Let’s put pirates in charge of our trade policy. globepolitics I feel really good about this. If there’s one thing I know it is that banks want the best for everybody. globepolitics This sort of course? Where 🏦 receives payment ontime, yet penalizes individual’s credit? More TaxHavens overlooked/un-investigated & collected due to Lib & Con govts under-staffing/funding CanRevAgency for decades? CDNPoli

globepolitics Yay! a u s t e r i t y yay! globepolitics This can’t be good. It never is. We cannot have highly paid Bank CEO’s run the country’s bounce back efforts. These are vested interests. What we need is ‘economists’ to chart the course. We’re digging a hole for ordinary Canadians. Banks will bury them. cdnpoli

globepolitics Because bankers know what is best for us? Because privilege gives them empathy? This is a joke. globepolitics Why not an actual Economist? globepolitics it will take generations of taxpayers to get us there.. way to go idaho globepolitics globepolitics Pretty easy: 1) JustinTrudeau resigns (along with other Liberal sheep 2) we don’t waste billions of dollars chasing a seat at UN 3) we support ALL business in Canada 4) no more handouts

globepolitics First need to decouple China so China won’t steal money from Canada. globepolitics Well, there goes the neighborhood. globepolitics If this makes you mad, check this out: 'the potential for BlackRock to shape the global economy to its liking is formidable. Add to that the fact that BlackRock is now also advising Canada’s central bank.'

globepolitics Why? What happened to “balance itself” JustinTrudeau ”fancysocks”? SubpoenaTrudeau globepolitics globepolitics Siri, define milquetoast liberal globepolitics The real decision makers in this country. The 5 charter bank CEOs. If it was Scheer it would be the oil company CEOs in Alberta.

globepolitics Right, cause that’s who I trust to make things right for the average people... christ. globepolitics He and Slaphead Money sure aren't the ones to do it.Might get his pockets picked by those Bay St sharpies but beats the alternative. globepolitics This will also make it more impossible to tax the rich.

globepolitics The biggest contributors to destructive industries have now been given the reins to continue with ecocide.....not smart Trudeau. globepolitics Canada shouldn’t consult any company that outsources their client on-boarding process to external contractors. Can be seen as embedded arms length plausible denial. Panama papers should also be a red flag including The Canadian bank that’s been fixing global silver and gold

globepolitics He’s a drama teacher with no business education or experience. What do you expect him to do? globepolitics Let’s ask The Canadian bank who’s top client detained his mom for control of the country🙃 globepolitics globepolitics And again it shows how bankers control and rule the western world.

globepolitics What else would you expect from a bought and paid for neoliberal corporatist POS? rhetorical globepolitics What could possibly go wrong? globepolitics Halp. globepolitics CanadianPM Oh,OK. I think I understand now. We gave all that money and now we will try to find a way to see how we can recover ? We're so fucked! Big time! All of you that voted for this amateur, shame on you!

globepolitics Check it out, I have this fool proof plan to kick start the economy. It's called make rich people pay taxes. globepolitics The fuck do they know about working globepolitics Yeah...let us trust the banks globepolitics Trudeau taps foxes to help chart henhouse repair plan globepolitics Fuck the banks. He should be tapping environmentalists and Green New Deal thinkers.

globepolitics Canadian cdnpoli canpoli We can never allow them to return to a business as usual approach - we need change in this post-pandemic economic environment. A change that moves us to equality, income security and justices. (3) globepolitics Canadian cdnpoli canpoli Engaging in protecting their own self interest throughout the value change. We cannot allow them to implement fractured income security measures but move towards a Canadian Basic Income (2)

globepolitics Canadian cdnpoli canpoli 'The Prime Minister and his top ministers have been engaged in a series of talks with corporate figures, union leaders and academics to determine the country’s economic'' this is the part that bothers me most -all have proven to be cronies (1) globepolitics Lets ask the fox to help us figure out where all the chickens went. Ugh...

globepolitics Isn’t that his job? globepolitics They’re going to screw us globepolitics Because bankers have the working people’s best interest at heart... globepolitics As if we're going to see a recovery within a decade. globepolitics What? No. Don't do that. globepolitics Ah s**t !!!! globepolitics Really now? What are the odds that banks are going to be on the side of over 70% of Canadians? Slim to none? CdnTax cdnmedia cdnpoli cdnecon

globepolitics Let the wolves fix the henhouse, very smart, very progressive. globepolitics Lol, man with libs like this who even needs conservatives globepolitics progressive king globepolitics Ever crossed your mind it is the job of the government? 🤔🤔🤔 globepolitics Total corruption PM Blackface will make sure these bloated capital misallocators make more profit than before and continue to abscond the wealth of the people

globepolitics He needs to tap himself back to work instead if hiding. Did you ever ask him why? globepolitics Is this a joke? globepolitics Why do we need to be in contact with the Big Banks CEO’s on how to reopen the economy? globepolitics Isn’t his finance minister and cabinet job to do that? WTF, are the banks CEO’s now running our country

globepolitics Your right. Let’s do absolutely nothing! globepolitics There goes the wealth tax. CanadianPM JustinTrudeau and the liberal_party will make the rest of us pay for this while corporations in tax havens and millionaire will get a break. We need a 🇨🇦 quiet revolution via shutting out BOTH liberal_party CPC_HQ from power

globepolitics how about, no. globepolitics The banks? That’s like asking the golden girls to build you a modern website. globepolitics If it involves our rapacious banks & the LPC, then we're screwed. globepolitics globepolitics Thank you for being a true leader in this chaos. Appreciate the calm and collective presence.

globepolitics Nonsense. The economy will balance itself. Amirite JustinTrudeau?

Ottawa’s help needed so travellers follow quarantine plans: B.C.’s top doctorDr. Bonnie Henry said that public servants from various provincial ministries have been doing that work to ensure about 18,000 people so far have followed quarantine plans after returning to B.C. The Trudeau “Liberals” haven’t even tried controlling this What makes B.C. think they will start now ? What cards are they holding or deals are they making with the federal government ? In doing so, Ottawa would be joining the UK that made the same decision to prevent the spread of the virus by travellers. It’s important to remember that Canada would not be in as big a COVID mess now if: Trudeau had listened to his MILITARY’S warning early JANUARY, not GAVE AWAY PPE, and keep AIRPORTS and BORDERS OPEN until mid MARCH....

Sask. reporting three new COVID-19 cases, 14 more recoveriesSaskatchewan is reporting three new confirmed COVID-19 cases on Saturday, according to a release from the province.

Opinion: We aren’t restarting the economy. We’re climbing a mountainThe trend line of the recovery will see in the next two years will look like a jagged mountain range, cutting up and down for many months

Nearly 70 new coronavirus deaths in Canada as Ontario sees highest case jump since May 8Overall, Canada reported more than a thousand new cases and 69 new deaths, bringing national figures to 84,686 cases -- including more than 43,000 recoveries -- and 6,424 deaths. Seriously.. even more stories this has been like the 10th post I've seen on this. Give it a rest already. Nobody wants the tests. The virus is almost gone. People want to enjoy summer. This does not match the directive from the Chief Medical Officer yesterday. Communications to the public and the testing community should be the same.

Cross-border golf course unplayable for Canadian membersThe Aroostook Valley Country Club has its pro shop and parking lot in the state of Maine, while the clubhouse and fairways are in New Brunswick Highlights why it’s not smart to straddle borders in this way. Just like that silly situation in Point Roberts, BC. Wont someone please think of the golfers? Boo fucking hoo.

Parking lot in U.S., fairways in Canada: Cross-border golf course unplayable during pandemicBorder restrictions related to COVID-19 are barring Canadian members of a golf course along the Canada-U.S. boundary with its pro shop in Maine and its fairways in New Brunswick from playing. Omg they can’t golf? What will they do? die ? No sympathy here. Thos is so sad. I sure hope there's some sort of fundraising or benefit for them.