A member mentions the GST. Obviously we had a promise on the GST. A major change was promised, but what is going to happen? The name is going to be changed. It will be called the ABC tax and will be 15 per cent. That certainly sounds like a major change to me. It certainly destroys the accountability we are all talking about. Again I come back to mistrust of politicians and the political system.
Canadians are responsible people and they would make sure they knew about the risks of particular financial institutions if some of their savings and retirement money was on the line. Under the current system though the first $60,000 is 100 per cent covered if a financial institution fails. What incentive is there to find out about these institutions? We must look at the whole area of co-insurance.
With a 100 per cent guarantee it only makes sense for Canadians to put their money where they get the best deal and where they will receive the highest interest rate regardless of the financial health of the institution. It would only be human nature that when most of the members on the other side get their MP pensions they will put them into any kind of institution because of this 100 per cent guarantee. Believe me, we on this side will have to be much more careful because we are not getting the MP pension. We are not at the trough, as are so many others.
With co-insurance we would have a shared risk and it would encourage accountability. It would force people to choose between the higher interest rate or the security. Those of us who have been in business have had to make those choices. We are saying that the bill should reflect this.
It is not greed that causes people to go for the highest interest rate. Much of it is a lack of understanding of the system. Many people risk their life savings. They are not greedy; they are simply following human nature.
Choice is good. Personal responsibility is also a good thing. I know some of my colleagues opposite would disagree but I feel strongly about this. I know the tradition of this place is to legislate away all choice to protect Canadians who were arrogantly assumed to be incapable of looking after themselves.
Many of us came here because we got angry. We would send good people here and they would come back in six months and say: "We know better than you because the party told us that this is how we should think". There is a member opposite who after yesterday I am sure will go back and say: "Well, I voted against my party because I was honourable, because I did what I knew I had to do".
We often hear this message coming from on high, here in Ottawa. It is called Ottawa fever. That is where the party runs the show, not the people; the people do not bring the message this way, it goes in reverse. We are sick and tired of that.
Canadians say: "Be accountable. Put in some legislation. Do some of the real changes we have been demanding". The people are ahead of the politicians. They are way ahead of the politicians. They understand risk. They understand the banking system. They are where it is at.
Let us get back to the bill. Much of what we have been talking about is wound up in complexity, the banking industry, the legal industry, the bureaucracy. We are saying instead of the 136 pages, we can solve the problems much more easily. Bill C-15 should be scrapped and the whole issue should be looked at in a totally new light. The underlying principle for any future legislation should be openness, accountability and choice.
Some members across the floor will say that I am saying competition is not good. I am saying that competition is where it is at but there has to be a level playing field. The problem with banks is they do not have a level playing field. There is no openness. There is no accountability. That is why we have the present problems. That is why the people have such doubts about banks, about insurance companies and about politicians. They have those questions because of the lack of accountability.
It is good to go home and realize the support we have is from the grassroots. It has grown dramatically in terms of membership and in all kinds of ways. It makes us feel really good because we know we have taken the message the right way. The message has come from the people to this place. They are demanding that we put it into a much simpler, understandable way.
In closing, Bill C-15 is too complex. It does not deal with the issues of accountability and transparency which people demand. We are voting against this bill.