Flaherty pressures banks to lend

[Canadian]

Bullish is so stubborn, and I guess the lack of basic economic education explains his ignorant posts...

[bullish]

Originally Posted by Canadian

Bullish is so stubborn, and I guess the lack of basic economic education explains his ignorant posts...

How did you get to the conclusion that I have no economic education? I think you are the one with poor economic knowledge.

[Canadian]

Originally Posted by bullish

How did you get to the conclusion that I have no economic education? I think you are the one with poor economic knowledge.

I concluded that reading your moronic posts mostly

[chinoy99]

Originally Posted by bullish

I don't think will have many foreclosures here in Canada. The lending standards of Canadian banks were stricter compared to US banks, and we almost don't have subprime mortgages.

Bullish well said and correctly put. During the global economic recession, Canada's banks have remained well-capitalized, well-managed and well-regulated, not to mention highly profitable, and it is this profitability that leads to banking stability and contributes significantly to the retirement savings of the overwhelming majority of Canadians.

For two years in a row, the World Economic Forum has ranked Canada's banking system the strongest and most stable in the world. This is a home-grown success story that all Canadians should be proud of.

Also the Canadian taxpayers have not had to bail out Canadian banks and have not had to set up public entities to buy toxic assets. Governments in many other countries have.

[Canadian]

Originally Posted by chinoy99

Also the Canadian taxpayers have not had to bail out Canadian banks and have not had to set up public entities to buy toxic assets. Governments in many other countries have.

We did have a bank bailout of $75 billion, but it didn't receive any meaningful media coverage:

http://www.globalresearch.ca/index.p...t=va&aid=12007

[chinoy99]

Thanks for the info. It must be for the auto-sector industries. Am I correct? or was it a general 75 billion bailout monies for all sectors?

[chinoy99]

sorry "canadian", i opened the weblink which you fwd me. The bailout is for all the chartered banks!

[Richard]

Not to mention that the CMHC news was widely posted. It was in _all_ of the newspapers. The government authorized CMHC to spend an extra few billion dollars to take over mortgages that are still 100% insured and follow Canadian rules (very few of the US-style mortgages with sub-prime rates with scheduled rate hikes two years from now). And, chinoy99 said, it applies to all businesses that issue mortgages, not just banks but companies like OMAC.

Richard
[PUT URL IN YOUR SIGNATURE]

[Canadian]

Look at the personal bankruptcies increasing by almost 50% and you will know where we are going. Behind the bankruptcies numbers there are houses going in foreclosure, and this is a REALLY BAD NEWS for the Canadian RE market. Get out while you can.