Credit-rating agency, Moody’s, slams Canada’s banks
Tue Oct 30, 2012 5:10PM
The credit rating agency Moody’s, is considering downgrading six of Canada’s major banks. They cited concerns over increased debt levels. Critics accuse the Harper government of failing to ensure fair wages in Canada, leading to increased levels of household debt.Moody’s has threatened to downgrade six of Canada’s major banks. The credit rating agency has expressed concern with ballooning consumer debt in Canada as well as the spike in house prices in recent years. Critics observe that if Canada nationalized its abundant resources, it's wealth could be redistributed to working class Canadians. This, they say, would reduce the amount of debt accrued by Canadians and would increase the number of people who own their homes outright. The Harper government claims it is creating a strong economy in Canada. However critics suggest that they are overly concerned with helping the well-heeled in Canadian society to the detriment of ordinary Canadians. Analysts note that the Harper government, for ideological reasons, is opposed to working class Canadians unionizing to fight for a fair wage. This, such analyst note, has prevented many wages from rising with inflation, which in turn, has led many Canadians to have to turn to loans in order to survive in Canada’s increasingly rapacious capitalist economy.