September 16, 2008 11:19 ET

Conservative Governments Don't get the Job Done on the Economy

Layton calls for review of Canadian financial system

WELLAND, ONTARIO--(Marketwire - Sept. 16, 2008) - Today, New Democrat Leader Jack Layton called the recent financial developments in the American banking system and financial markets, a "wake-up call," calling for a review of the Canadian financial system and its regulation.

"The news today is the clearest possible warning that North American economies under conservative governments, in both Canada and the United States, are on the wrong track," said Layton.

"They don't keep their eye on the stock promoters, bond sellers, mortgage brokers and bankers. And today we see the result. Unregulated bubbles always burst." Layton continued. "And too often, unfortunately, they take our real economy down with them."

Speaking in Ontario's industrial heartland, Layton said that he believes that the Canadian financial system is in better condition than the American system.

However, in these troubled economic times Layton reminded voters that "Canadians have the right to expect that their federal government works to ensure that our financial institutions operate under the highest standards. As Prime Minister, I'll ensure that."

Layton announced that if elected, a New Democrat government would undertake an immediate top-to-bottom review of how banks, insurance companies, and other financial providers are regulated in this country.

This review would ensure that:

- our financial institutions are properly capitalized;

- they fully disclose risks;

- they don't substitute flawed ratings systems for real management;

- and they function with the due care and prudence expected from the custodians of the savings of working families.

Contact Information

  • NDP Press Office: 613-236-3613 x 2833 (mdsice@ndp.ca)
    For Campaign 2008 Leader's Tour related requests:
    Karl Belanger, Press Secretary to Jack Layton,
    613-720-6463 (karl@ndp.ca)