Canada's online magazine: Politics, entertainment, technology, media, arts, books: backofthebook.ca

Politics, tech, media, culture and more, from a Canadian point-of-view

  • Politics
  • Media
  • Culture
  • Science and Tech
  • Living
  • Arts and Books
  • Features
  • The Video
You are here: Home / Politics / Get rich quick, or else

Get rich quick, or else

11/12/2014 by the editor Leave a Comment

Mounties in front of Scotiabank branchBy Alison@Creekside

Between September 2008 and August 2010, Scotiabank received a $25 billion bailout amounting to 100% of the bank’s value – or as Steve and Jim preferred to call it at the time: “liquidity support” ***.

Last year Scotiabank made a record $6.7 billion in net profit and CEO and president Brian Porter netted a total compensation package of $6,902,242 for the same year.

Nonetheless, Scotiabank has announced it will cut 1,500 jobs, including about 1,000 in Canada.

Aren’t you glad you moved your bank account to a local credit union as soon as you heard about their use of temporary foreign workers over Canadians?

Meanwhile, Bank of Canada Governor Stephen Poloz — estimated salary for 2013 of $436,100 – $513,000 — suggested that unemployed Canadian youth should work for free to pad out their CVs if they can’t find paying jobs .

Kids in the Basement Should Take Unpaid Work, Says Poloz:

The Bank of Canada estimates about 200,000 young people want to work or work more, and Poloz said they may be scarred by prolonged unemployment that prevents them from moving out on their own. ‘I bet almost everyone in this room knows at least one family with adult children living in the basement,’  Poloz said.”

Poloz did not mention that “scarred” Canadian youth suffering twice the unemployment rate of the general population are having to compete for jobs with a global market of temporary foreign workers encouraged by the same cabinet that approved his Bank of Canada appointment.

Nor did he mention that an average student debt of $25,000 also likely precludes moving out of the basement, should your parent(s) be fortunate enough to have one from which to subsidize business with your free employment.

Marginalised communities, people with low-income backgrounds, and single parents are less likely to be in a position to assist their youth to upgrade their education to a marketable skill so that they will be in a position to compete with the 285,000 “higher calibre immigrants” Citizenship and Immigration Minister Chris Alexander intends to import next year.

Yeah, you pretty much have start off rich, Poloz did not exactly say.

*** During the 2008 to 2010 crisis of confidence in global credit markets, “liquidity support” granted to Canadian banks was a pre-emptive bailout relieving them of the necessity of having to sell off assets to pay down their debts.

Filed Under: Politics Tagged With: Bank of Canada, banks, Canada, Chris Alexander, economy, jobs, Scotiabank, Stephen Poloz, Temporary Foreign Workers Program, unemployment, youth

Subscribe to BoB by e-mail or RSS

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Google+
  • Living
  • Politics
  • Media
  • Culture
  • Arts and Books
  • Features
  • The Video
Fire sale sign

Fort McMurray: Shopping time!

By Brady Tighe We’re now officially in the aftermath phase of the northern Alberta wildfire crisis. The fire is long gone, and everyone with a home to return to is back in its … [Read More...]

Nathan Cullen

Electoral reform: Hashtag fresh thinking

By Alison@Creekside The most interesting and innovative idea to come out of the first meeting of the all-party Special Committee on Electoral Reform, or ERRE, was Nathan Cullen's suggestion, … [Read More...]

Trudeau on quantum computing

The Trudeau gush fest is getting old

By Jim Henshaw There have been several bewildered as well as angry accounts coming out of the USA lately about how little media time has been spent covering the Democratic Presidential Primary … [Read More...]

Rick Meyers in Nanaimo Pride Parade

My friend, Rick, at the Pride Parade

By Frank Moher On this dreadful day, I don't want to write about the shootings in Orlando. I want to write about my friend, Rick. Rick lives just outside of Nanaimo, a city of about 80,000, … [Read More...]

Stephen Colbert on Late Night set

Triumph of the drama nerds

By Frank Moher Two drama nerds have recently moved into high profile positions. Before I name them (or perhaps you’ve already guessed who they are; or perhaps you’d like to scroll down and look at … [Read More...]

From “Our Rape Blog”: Shooting the Moon

Originally published on Our Rape Blog, the author's account of the aftermath of a violent sexual assault. By Mary Fraughton Have you ever played Hearts? It’s a card game. For our purposes, … [Read More...]

First Nations defending Lelu Island

The video: Lelu Island: “They will come.”

From Creekside: The B.C. provincial government is trying to green light the construction of a massive LNG terminal on Lelu Island in the Skeena Estuary -- Pacific Northwest LNG, backed by Malaysian … [Read More...]

Google

Follow Us!

  • Email
  • Facebook
  • RSS
  • Twitter

RSS CBC News



Recent Posts

  • Fort McMurray: Shopping time!
  • From “Our Rape Blog”: Shooting the Moon
  • Electoral reform: Hashtag fresh thinking
  • The fish hotel
  • Hatred on an Alberta golf course
  • The video: Lelu Island: “They will come.”
  • My friend, Rick, at the Pride Parade
  • Our selective sympathy
  • The Water Bomber, The Frogman and The Great Canadian Novelist
  • Komagata Maru: The story behind the apology

Tags

9/11 Afghanistan Alberta bad behaviour books British Columbia business Canada Canadian military Canadian politics CBC celebrity computers Conservatives crime environment family film G20 Globe and Mail internet Jason Kenney journalism Justin Trudeau law Liberals Maclean's music National Post NDP newspapers oil sands online media Ontario Quebec RCMP religion sports Stephen Harper television theatre Toronto U.S. Vancouver women

Archives

The Video: Lelu Island: “They will come.”

Pages

  • About
  • Privacy

Copyright © 2023 · News Pro Theme on Genesis Framework · WordPress · Log in