Monday, June 01, 2009

Fwd: Dollars could be flushed away

---------- Forwarded message ----------
From: Canadian Taxpayers Federation <>
Date: Fri, May 29, 2009 at 1:19 PM
Subject: Dollars could be flushed away

Thank you for adding your voice to We've been busy making the case against bailouts to the media. But now is a crucial time for you to speak to parliamentarians.
The Globe and Mail reports that Canada's contribution to the bailout of General Motors and Chrysler could soar to more than $13-billion. GM moved a giant step closer to filing for bankruptcy protection as its bond holders refused to swallow their debt in exchange for equity in the company.
This means the $3 billion committed in "repayable loans" to GM Canada could increase to $10 billion. So far, GM has only borrowed about $500 million from Ontario and Ottawa so far. The governments are also providing $3.8 billion to Chrysler. Canadian Taxpayers took a 2 per cent ownership stake in Chrysler and may take a 10 per cent stake in GM.
Who stands up for taxpayers? While opinion polls show a majority of Canadians oppose auto bailouts, all federal political parties support them. Win, lose or draw your generous contribution in support of the Canadian Taxpayers Federation ensures taxpayers' voices are heard!
The federal government has admitted some of its loans have already been written off, and the same might happen again. The expected federal deficit has gone from $34 billion up to $50 billion and counting. Strangely, the Harper government says that much of the increase is due to money set aside in case the car companies can't pay the anticipated loans.
Before the federal government knowingly flushes your tax dollars down the proverbial toilet, let them know you do not approve! Click the following links to contact Prime Minister Harper, Industry Minister Tony Clement, and Finance Minister Jim Flaherty. Contact info for your MP is available at
Finally, continue to forward to everyone concerned about proper financial management of our country.  There is strength in numbers.  Our voices will be heard!

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