According to Stephen Harper, understanding the global meltdown is simple - it's all the fault of American consumers and American investors. They didn't act like conservatives, you see.
It wasn't the doing of his American idols, Bush-Cheney. Remember Dick was the guy who proclaimed that "deficits don't matter." It wasn't their late-term lackey Alan Greenspan or voodoo economist, senate banking chairman Phil Gramm, or all their big Republican backers on Wall Street. It really had nothing to do with toxic derivative securities and equally lethal credit default swaps. The decriminalization of inherently corrupt Wall Street practices was irrelevant.
How does Harper find the strength to shovel that much horse shit behind the curtain?
Steve says the problem was that the Americans weren't conservative. He conveniently overlooks the Zero-Forty (zero money down, 40-year term) mortgages he and Flaherty unleashed on the market and later very quietly withdrew. Our Furious Leader is a total hypocrite. If he'd had his way we'd have been in the same mess that both Washington and London brewed up for their countries. He just didn't have enough time to undo the sound regulatory, banking and insurance regime bequeathed to him by Paul Martin along with balanced budgets and healthy "rainy day" surpluses.
Of course, Steve was peddling this crap at the "Manning Institute of Democracy" a conservative think-tank that seems to do so little thinking as to be able to swallow this nonsense.