Small business is too big to fail. Ottawa has little time to come to the rescue [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Toronto Globe and Mail
Small business is too big to fail. Ottawa has little time to come to the rescue Federal Finance Minister Bill Morneau speaks at a news conference in Toronto on April 1, 2020. Frank Gunn/The Canadian Press Federal Finance Minister Bill Morneau speaks at a news conference in Toronto on April 1, 2020. The mantra of the 2008-09 financial crisis was “too big to fail.” Governments in the United States, Canada and other Group of 7 countries spent trillions to backstop and bail out banks, automakers and other large companies for fear that chaos in the financial system would spread to entire economies and trigger a long-lasting depression. Twelve years later, Canada and the world are in the grip of another economic crisis. But the fears of 2008 have been inverted, amplified and condensed into a much shorter time frame – weeks and days, not months. The danger point this time is the vast array of small businesses that provide the backbone of employment in Canada and other advanced economies,
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