Canadian banks put profit before country
Thu, 2008-10-09 00:00
#1
Canadian banks put profit before country
Thu, 2008-10-09 00:00
#2
I know you will all be as shocked as I. [img]biggrin.gif" border="0[/img]
quote:
The Big Five banks all lowered their prime rate by just 25 basis points late Wednesday, despite enjoying a surprise 50 basis point cut in the cost of funding earlier in the day from the Bank of Canada.Contrast that policy to what's playing out at U.S. banks, with far weaker balance sheets. U.S. lenders moved quickly Wednesday to passed on the full 50 basis point cut in central banking funding rates to their customers. Bank of America, for example, lowered prime to 4.5 per cent from 5 per cent.
Toronto-DominionBank, Scotiabank, Bank of Montreal, CIBC and Royal Bank, safe in their government-sanctioned oligopoly, were less kind.
[url=http://www.theglobeandmail.com/servlet/story/RTGAM.20081008.WBstreetwise... refuse to pass on rate cuts[/url]
Thu, 2008-10-09 06:02
#3
I'll take the Canadian banks over the American banks anyday thank you.
Personally I'm satisfied with the Canadian banking system. I get no fees, excellent service, and I'm not concerned that my bank is going to go under.
That last one trumps all other concerns.
Thu, 2008-10-09 06:35
#4
The only reason the banks are as stable and strong as they are is due to their virtual monopoly system they have set up in Canada. It's virtually impossible to start a bank here, and even Trust companies get swallowed up by the big 5.
I think it's time for me to find a Credit Union nearby, I'm sick of handing these people my money.
Thu, 2008-10-09 08:30
#5
Canada rated world's soundest bank system: survey
Thu Oct 9, 2008 4:40am EDT
By Rob Taylor
CANBERRA (Reuters) - Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.
...
Canadian banks received 6.8, just ahead of Sweden (6.7), Luxembourg (6.7), Australia (6.7) and Denmark (6.7).
UK banks collectively scored 6.0, narrowly behind the United States, Germany and Botswana, all with 6.1. France, in 19th place, scored 6.5 for soundness, while Switzerland's banking system scored the same in 16th place, as did Singapore (13th).
....
RANKINGS
1. Canada
2. Sweden
3. Luxembourg
4. Australia
5. Denmark
6. Netherlands
7. Belgium
8. New Zealand
9. Ireland
10. Malta
11. Hong Kong
12. Finland
13. Singapore
14. Norway
15. South Africa
16. Switzerland
17. Namibia
18. Chile
19. France
20. Spain
Thu, 2008-10-09 09:23
#6
Who is the world economic forum? and are their results worth printing? Peecocks may puff out their chests when some good news about canada being competitive comes out
BUT
From the horses ass:
(Sorry, from a World Economic Forum report)
"The United States tops the overall ranking in The Global Competitiveness Report 2008-2009. Switzerland is in second position followed by Denmark, Sweden and Singapore. European economies continue to prevail in the top 10 with Finland, Germany and the Netherlands following suit. The United Kingdom, while remaining very competitive, has dropped by three places and out of the top 10, mainly attributable to a weakening of its financial markets."
and
From wikipedia
"In the late 1990s the Forum, as well as the G7, World Bank, WTO and the IMF, came under heavy criticism by anti-globalisation activists who claim capitalism and globalization are increasing poverty and destroying the environment. 1500 demonstrators disrupted the World Economic Forum in Melbourne, Australia, obstructing the passage of 200 delegates to the meeting[43]. Demonstrations are repeatedly held in Davos[44][45] to protest against the meeting of “fat cats in the snow” as rock singer Bono termed it[46]".
Thu, 2008-10-09 11:49
#7
And from what source would that have to come from for you to be happy Brian?
Thu, 2008-10-09 13:34
#8
quote:
And from what source would that have to come from for you to be happy Brian?
Not sure about Brian, but how the rankings were calculated would make me a bit more happy.
Thu, 2008-10-09 13:42
#9
It's a good thing taxpayers bailed out the big five banks from their gambling losses in oil and gas and London real estate ventures in the 1980's. Banksters were dregalated under Mulroney's regime and needed propping up thereafter.
[ 09 October 2008: Message edited by: Fidel ]
Thu, 2008-10-09 13:52
#10
quote:
Originally posted by Noise:
[b]Not sure about Brian, but how the rankings were calculated would make me a bit more happy.[/b]
Here's what I can see. The question was "Banks in your country are (1 = insolvent and may require a government bailout, 7 = generally healthy with sound balance sheets)"
and was asked in the "World Economic Forum, Executive Opinion Survey 2007, 2008"
Thu, 2008-10-09 14:01
#11
The report is fully documented, including methodologies, weighting, partner institutes, and the like.
[url=http://www.weforum.org/documents/gcr0809/index.html]http://www.weforum.o...
Thu, 2008-10-09 15:16
#12
"The United States tops the overall ranking in The Global Competitiveness Report 2008-2009" from
the World Economic Forum.
So, horseshit or not? Totally wrong or not?
If the World Economic Forum can be so totally wrong on this one issue. They didn't just say " USA has difficulties"
They said they are the number 1 most competitive economy in the world!
Do you not think being incredibly unbelievably wrong on this one call makes them a joke?
I do. I mean come on, the subprime mortgauge thing happened a year ago.
The World Economic Forum didnt factor it in???!!!!
quote:
Originally posted by HeywoodFloyd:
[b]And from what source would that have to come from for you to be happy Brian?[/b]
Thu, 2008-10-09 15:37
#13
[url=http://www.forbes.com/reuters/feeds/reuters/2008/09/30/2008-09-30T150225... banks not immune to crisis fallout[/url] Sept 30
[url=http://www.globalresearch.ca/index.php?context=va&aid=10494]"To the Bunkers!": Central banks slash rates in emergency "midnight" meeting[/url] Oct 9
Ten years
[ 09 October 2008: Message edited by: Fidel ]
Thu, 2008-10-09 21:29
#14
Spectrum
IN prevention and foresight to fend off an economic possibility, "this time around," it is being played a little different?
[url=http://en.wikipedia.org/wiki/Great_Depression#Debt]Debt is seen as one of the causes of the Great Depression[citation needed], particularly in the United States[citation needed]. Macroeconomists including Ben Bernanke, the current chairman of the U.S. Federal Reserve Bank, have revived the debt-deflation view[citation needed] of the Great Depression originated by Arthur Cecil Pigou and Irving Fisher:[citation needed] in the 1920s, American consumers and businesses relied on cheap credit[citation needed], the former to purchase consumer goods such as automobiles and furniture, and the latter for capital investment to increase production[citation needed]. [b]This fueled strong short-term growth but created consumer and commercial debt[/b][citation needed]. People and businesses who were deeply in debt when price deflation occurred or demand for their product decreased often risked default[citation needed]. Many drastically cut current spending to keep up time payments, thus lowering demand for new products. Businesses began to fail as construction work and factory orders plunged[/url]
With a credit crunch on the way, and money tight, the banks know that the ones with exceptional credit scores, if they need the money, are willing to lend, but at a price. Just like any other commodity in short supply the cost goes up?
Besides, they have a profit margin which to maintain.
Best,
[ 09 October 2008: Message edited by: admin ]
Fri, 2008-10-10 09:03
#15
Things are so good at our banks that they'll never need a bailout...oops...
quote:
Ottawa is buying $25-billion in insured mortgage pools in an effort to boost lending by the country's banks and reduce borrowing costs for Canadians, Finance Minister Jim Flaherty announced Friday.In a morning news conference, Mr. Flaherty said the move was necessary to confront the global credit crisis, but is not a bail out of the banks. He said the government will be purchasing “high quality assets,” not the kind of non-performing, toxic securities that the U.S. government is buying in the $700-billion (U.S.) rescue package it approved last week.
[url=http://www.reportonbusiness.com/servlet/story/RTGAM.20081010.wflaherty10... of a pre-bailout, really, but listening to Conservatives you'd have thought everything was okay[/url]
Fri, 2008-10-10 09:20
#16
quote:
but is not a bail out of the banks.
Of course it isn't. I expect the shit will really hit the fan once the election is done. Then they'll get their $35 to $70 billion.
Haven't the banks ALL do very well so far this year with record profits in the billions?
Fri, 2008-10-10 13:04
#17
quote:
Originally posted by Brian White:
[b]They said they are the number 1 most competitive economy in the world!
Do you not think being incredibly unbelievably wrong on this one call makes them a joke?[/b]
Not that unbelievable. USian presidential campaigns undoubtedly appear to be the most competitive in the world, notwithstanding the scale of the lies, corruption and greed. They're number one in many areas, but then again, a drunken melee in a rowdy pub, where the weak get pummelled with brass knuckles would seem to be a more competitive atmosphere than say, an afternoon sitting at a tea room.
[ 10 October 2008: Message edited by: Slumberjack ]
Fri, 2017-05-19 23:43
#18
Canadian Banks Dominate Caribbean's Unsavoury Financial Sector - by Yves Engler
"A recent photo in French daily Liberation hints at the CIBC's role in facilitating tax avoidance, which is partly an outgrowth of Canadian banking prowess in the Caribbean and Ottawa's role in shaping the region's unsavoury financial sector. CIBC was named 1,347 times in a cache of leaked files concerning secret tax havens released by the Consortium of Investigative Journalists in 2013. CIBC is not the only Canadian bank with operations in a Canadian financial haven..."