The Logic Of Occupy Wall Street For Canada

by Justin Podur

The Occupy Wall Street Movement and the Occupy Together movements that are inspired by it actually have a simple premise: society shouldn't be run for the unrestricted benefit of the wealthiest. The immediate grievance is the 2008 banking crisis, in which the U.S. banks engaged in fraudulent and criminal activity and were subsequently rewarded for doing so with trillions in government funds, while their victims reaped evictions and foreclosures.

Canada did not have a crisis of the same severity, for a few reasons. Canada has a different banking system with a differently-regulated mortgage authority (although there are important similarities in the way the government takes risks and the private banks profit, and the Canadian system is far from invulnerable to crisis). The government is in the mortgage-backed securities business, but not in the totally unregulated way that the business ran in the United States. Social democratic politics are a little bit stronger in Canada than in the USA. Because the Conservatives were in a minority government at the time, the other parties were able to wring a stimulus out of the federal government that blunted the recession (the Bank of Canada also provided emergency funds and lowered interest rates to help the banks). But the overall problem, and direction of society, is the same, and the Occupy Together movement should find fertile ground in Canada.

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