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Meet Senator

Charlie Watt

The Hon. Charlie  Watt, O.Q. Appointed to the Senate by the late former Prime Minister Pierre Elliott Trudeau, Senator Charlie Watt represents the province of Quebec and the Senatorial Division of Inkerman.

Statements & Hansard

Financial System

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Statement made on 02 May 2012 by Senator Wilfred Moore

Hon. Wilfred P. Moore:

Honourable senators, my question is directed to the Leader of the Government in the Senate. It is a follow-up to the questions asked yesterday by my colleague Senator Hervieux-Payette with regard to the $114-billion support that the Canadian chartered banks received during the economic downturn.

In Budget 2006, Finance Minister Flaherty made some changes to deregulate mortgage rules in Canada, and I will quote from page 88 of that budget document.

The Government is confirming arrangements that would allow new players entering the mortgage insurance market to gain access to that facility, and is also increasing the amount of business that can be covered under the Government's authority from $100 billion to $200 billion in order to keep pace with the increase in housing prices and the growth in the mortgage market. These changes will result in greater choice and innovation in the market for mortgage insurance, benefiting consumers and promoting home ownership.

The result of these new players was a 40-year amortization period with no down payment, which only led to overheating of the housing market and also allowed people to get into homes they could not otherwise afford. Therefore, when everything went sour, the Canadian government was forced to buy $69 billion in bad mortgage debt from our banks. Why did the government, and the leader as a member of it, create this perfect financial storm for such a disaster that occurred to the Canadian banking system?

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Recent Statements from Liberal Senators

First Nations Control of First Nations Education Bill

10 Apr, 2014 | By Senator Lillian Eva Dyck | Honourable senators, I would like to say a few words about this motion. I am definitely in support of it. The idea of a First Nations education act is critically important to the welfare of First Nations across Canada, and especially to our young people.

Income Inequality

10 Apr, 2014 | By Senator Céline Hervieux-Payette | What does the government intend to do to learn from the financial crisis, reduce wealth inequality, and follow the lead of other jurisdictions that have started to rein in compensation that has nothing to do with the productivity of the people who earn the average salary of a Canadian in half a day?

Broadcast of Senate Proceedings

10 Apr, 2014 | By Senator Grant Mitchelll | What is the leader's personal opinion about televising the Senate?

National Pharmacare

10 Apr, 2014 | By Senator Art Eggleton | That was supported unanimously in the Senate, so I take it, senator, that you would be willing to now advance this idea to the government.

National Pharmacare

10 Apr, 2014 | By Senator James Cowan | My question is: Will this government put National Pharmacare on the agenda?
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