Did you know you bailed out Canadian banks?

Interesting article out of Postmedia - Canadians not told about `secret bailout' for banks: study. Apparently Canadian banks were given $114B during the financial crisis by the Canadian government and the US Federal Reserve (thanks Bernanke, ctrl+p appreciated).

The scary stats, if they are true, are that the banks were given what amounts to seven per cent of the Canadian economy (GDP I'm assuming). Put differently, it was the equivalent of $3,400 for every Canadian (just imagine, the gov could have given every single Canadian $3,400 instead).

Kind of confusing if the banks were solid as a rock, as everyone believes to this day.

While Canada is often praised for having the best banks in the world, when you see things like this happening quietly behind the scenes, you have to wonder what is really going on?

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