Mr. Speaker, we cannot on one hand say we want to have the most efficient world class industries and businesses and on the other hand say by the way, do not make a profit. The business of business is business.
Let us talk about the banks because banks are organizations that people love to hate, by and large with good reason. Why are the banks making these outrageous profits? Are they making these profits because of their lending practices or because they are so smart at what they do and they are finding opportunities to make money? Partly. However, every time we go to the bathroom we end up paying the banks something somehow. It is like a utility. They have service charges on everything. There is a service charge for opening the door. They are also making huge profits because of the amount of credit we are all using through bank credit cards.
One of the reasons business is slow is the per capita consumer debt in Canada is 88 per cent of the average Canadian's expendable income. Everybody is in debt. Ten years ago it was 65 per cent.
The way to ensure there are not obscene profits in any industry is to ensure fair, open competition. Bank are owned by shareholders who then get the profits and reinvest in the country. If we think the banks are making too much money, let us open up the flood gates of competition.
I do not think the banks should be in the direct selling of insurance unless insurance companies can be in direct selling of banking. We can open up the competition of the banking industry to everybody in the insurance business by saying if you want to be in business, fine, get in the business. However, the new people who get into business should not do it on the backs of the taxpayers. If I am to get involved in a business I should be paying for that. I should be able to reap some of the rewards and I should be able to keep some of the profits, which is the nature of free enterprise.
It seems when we get involved in and start talking about this we have to look at our tax system. We need to see if everything in our tax system motivates people to invest and risk their lives, their livelihood, their security and their capital in getting more, which then creates employment. That is the kind of foundation we should have if we want to create jobs. We need a foundation that rewards entrepreneurship, risk and initiative. We do not need a foundation that rewards passive investment.