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Checks and balances are needed to control spending continued from p.12 Senate was designed to be the sober second thought and the courts have the power to strike down any laws determined to be illconceived. This form of governance has served us well. However, there is no assurance that it will continue to do so. There are no checks and balances that control our spending. From a financial perspective you can argue that the current system is no longer able to provide all the checks and balances that are needed. As we have seen with disruption in business, new solutions to old problems happen very quickly. In my opinion, the power as we know it now could shift from the status quo to credit rating agencies. A credit rating agency determines the safety or risk of a company or government. Creditors rely on that information in order to determine the level of interest rates to charge on loans. If a credit rating agency downgrades the credit status of a province or the country then we will have to pay a higher rate of interest because lenders will see the loan as more risky. Late last year one of the major credit rating firms downgraded Alberta's credit rating because of its declining oil-based economy and ambitious spending plans announced in its provincial budget. A few years ago a credit rating firm warned Ontario that if their budget was not fiscally responsible they would face a possible downgrade. With this new reality the original purpose of the Senate, that was designed to provide checks and balances, could see a large part of that role shift to credit rating firms. We appear to be driving our country into a debt wall. Our saviour could be credit agencies that sound the alarm. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certified Financial Planner 13 | Friday, January 8, 2016 | OAKVILLE BEAVER | www.insideHALTON.com OAKVILLE t your c e t o Pr nvestment! I call 25 Years in Oakville ® with the optimum in vehicle rust control and much more! Complete Cars from $ Jet Peel - Facial of the Future Natural, Effective, Gentle & Painless 119.95 new cars, used cars, rusty cars... we do it all · Removes Sun Damages & Pigmentations · Reduces Wrinkles & Rejuvenates · Deep Cleanses & Exfoliates 361 Cornwall Rd., Oakville 1490 Unit # 5 SpeerS road, oakville Wallace rd no appointment neSSeSSary For coupons and specials visit... 905.827.7878 www.krown.com www.beautyinstituteandspa.com 289.291.0168 The possibilities are endless. So are the savings. 30 DAY TRY IT OUT! What are you waiting for! Visit the showroom to learn how you can experience our unprecedented values, vast selection, and services personalized just for you for 30 Days - FREE! FREE MEMBERSHIP Call (905) 608.9244 Visit mississauga.directbuy.com HOME FURNISHINGS · HOME IMPROVEMENT · ENTERTAINMENT & OUTDOOR · FLOORING · ACCESSORIES visit our Gallery corner of Bronte & Dundas weekdays 10-5 / Sat 10-3 Attendance at a pre-scheduled sales presentation required (lasts approximately 90 minutes) to activate your Free 30-Day Membership. This offer provides purchasing privileges at your local club of up to $1,000 from DirectBuy suppliers for 30 days from your DirectBuy Open House visit. Limit one per household. Current members and employees ofDirectBuy are ineligible for this offer. Local incentives may be available for same-day purchases. 905-827-3331 fasada.ca