Mr. Speaker, the little guy is losing his shirt. Where are the regulators? House prices doubled in six years, and now they are crashing. Why did regulators not slow the out-of-control growth in mortgage credit? Why did they not stop banks from mortgaging 95% of the value of an asset that had doubled or tripled?
Last year, the New York state attorney general banned Bitfinex and Tether from New York's financial markets and fined them. She said they were each a lie and a fraud, but it took regulators here six months to ban Tether, and Bitfinex has never been banned. Now stable coins and crypto are collapsing.
Why did regulators not protect ban these frauds and Ponzi schemes? Where are OSFI, CMHC, Finance Canada and the Ontario Securities Commission? Where are Crown prosecutors, attorneys general and law enforcement? Where is the government in protecting the finances of ordinary Canadians?