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Political Forum Wednesday Januarys Canadas banks should do more to stimulate economy By Garth Turner MP This recession has been horri ble Its put people out of work closed too many businesses and depressed house prices But it has also stopped real estate speculators and dropped interest rates to a 20year low Some people blame all the bad economic news on Ottawa saying the GST and free trade and at tempts to fight inflation and the deficit are responsible Well Im sure some of this is true But also to blame was a worldwide downturn which hurt exports And Canada is not competitive right now our social programs and wages are wonderful but costly Finally two decades of governments that spent more than they taxed have given us a crushing debt that sucks off tax dollars in useless interest payments Theres no simple answer to what caused the recession or when it will end Some people including MPs from all parties are starting to say the Canadian banks also have a lot of explaining to do And Im YOU PAY ONLY OIL CHANGE AVAILABLE WHEN YOU PURCHASE ANY ONE OF THESE SPECIALS ENGINE TUNE UP Check Spark Plugs Distributor Cap and rotor HT Wires all filters emission set to specs PARTS EXTRA IF NEEDED COOLING SYSTEM WINTER IS HERE Includes drain flush of cooling system Inspect all belts hoses Refill system up to 8 litres of antifreeze ALIGNMENT 2 Check castor camper toe in Adjust as required Inspect steering linkage tires road test MOST DOMESTIC CARS BRAKESFront or Rear Supply install Brake Pads or Shoes Machine rotors or drums Inspect hydraulic components Top up master cylinder road test MOST DOMESTIC CARS SLIGHT TRUCKS Plus taxes wis Offer Ends Jan 17th 1992 CAPITAL LOCATIONS ACTON GEORGETOWN hearing this echoed by small business people all around this area Despite the recession Canadas six major banks last year earned billion in profits more than ever before in history and up about per cent from the year before This incredible profit came despite larger numbers of bankruptcies hard times in the retail sector a plunging real estate market and the loss of manufacturing j How did this happen How did the banks manage to profit from bad times Where did this billion come from The answer seems to be this The banks have been quietly toughening up on their lending practices making it harder for people to get loans at exactly the economic time when they need them most Bankers have been slow to extend credit that retailers for example need to get through a drought of sales The bankers call this conser vative lending practices But you can also call it destructive to the guy trying to stay in business to the unemployed to the economy as a whole And theres another reason for fat bank profits As interest rates have come tumbling down the banks have been quickly reduc ing the level of interest they pay on deposits Have you checked what your savings account is pay ing lately At the same time the lenders have been deathly slow to reduce the rates they charge on some financial products like credit cards Some MPsare calling these bank profits obscene ing for an inquiry I dont share that view exactly Theres nothing wrong or obscene about profits And Canadas banks are about the most stable in the world Your money is safe there But thats not to say the bankers couldnt be doing more to help get Canada back to work Debtridden governments can on ly do so much The banks are the ones who pour the lifeblood into our economy and could have a positive impact right now Profits of almost billion can make it possible for banks to Stimulate retail sales by lowering credit card rates Support small business by ex tending lines of credit Help consumers by con solidating debts at cheaper rates FINAL CLEARANCE Show Uncrates Class Scratch Dent Refrigerators Cu Almond Hind Reg 14 Ft White Rev Dow CIXT14 Rej 15 Cu Ft Hand White RJ155KLW Reg 959 17 Cu FL Hind Almond RT173KRT Reg 17 CuFtRt Hind Almond Reg 1019 17 Hind Almond Reg Cu FL RL Hind Almond Glass Shelves AdL Dr Shelves 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