Jim Flaherty/Cyprus

Jim Flaherty should not have made that call to banks and asked them not to lower their 5 year mortgage rates below 3%. He should not have crossed the boundaries and dictated what goes on in other peoples businesses and what prices they offer to the consumer. IT’s the market’s supply and demand that should have the control of the market and how prices fluctuate. He basically used his position as the finance minister to pressure private sector mortgage lender to raise their rates. In the end, what this has done is raise the price of money for Canadians who were looking to borrow some money. The banks were basically trying to give consumers a break with 5 year mortgage rates at around 2.89% but Flaherty acted outside his jurisdiction, which in my opinion was very inappropriate.

Cyprus government’s idea to tax peoples saving accounts is completely ridiculous in my opinion. Slapping a 20 percent tax on all deposits over 100,000 pounds is far-fetched when other banks are only charging their depositors 4 percent tax. Also, Cyprus banks are considering taking the entire amount of deposits in a person’s account and replacing them with shares of the bank. In addition, they were thinking of freezing the money in the accounts so that people would not be able to withdraw it and deposit it in another bank. Leave the people alone, and go find another way to make money is all I have to say when it comes to this form of legalized theft.