Canada rated worlds soundest bank system: survey | U.S. | Reuters Well, if this doesn’t add insult to injury. Now the Canadians have one more thing to gloat about. Meanwhile we look like a Banana Republic.
CANBERRA Reuters – Canada has the worlds 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.
But Britain, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru, after a 50 billion pound $86.5 billion pledge this week by the government to bolster bank balance sheets.
The United States, where some of Wall Streets biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.
My home and native land…
Anytime a “banker” offers you a twenty percent return on your money it is stolen from someone.The hedge funds were returning up to thirty percent on deposits of over a million dollars.They were stealing too.We are in a new depression now and when the Chinese stop buying our bonds we will start to feel it.Obamas going to win and the Republicans are going to be blamed for this depression.
I had no doots aboot this.
Oh, Canada
Our home and native land…
*sniff*
5,
Americans are all for socialized capitalism… especially the major corps, but ONLY IF you privatize the profits.
And never health care. They want the best health care you buy… so long as you don’t have any pre-existing conditions, like a yeast infection.
Billbong
Your’e half right. Obama will win and will be blamed for the failure.
#5: We’re not afraid of socializing the risks of capitalism. It is only when talk of socializing the benefits comes up that we get creeped out.
Have any of you thought about selling Alaska to the Canadians. It makes geographic sense to me.
Meanwhile we look like a Banana Republic.
Correction. We are a Banana Republic.
The banking industry in Canada is “governed” not regulated. We have different limits and measures with a bias towards consumer protection and reporting, not investment.
On subprime lending the limit is 2% total including off-book (e.g. ScotiaBank to WAMU). Losses must declared and written within the quarter even if the paper is being renegotiated.
And finally, there is no tax deduction for interest on a mortgage. Honestly, we view that as government subsidies.
Different country, different frame of mind.
Hell of a job, Dumbya and the Repukes !!! DESTROYED AMERICA IN ONLY EIGHT YEARS !!!
Another Republican said:
“I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. . . . corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed.”
— U.S. President Abraham Lincoln, Nov. 21, 1864
That’s OK! Winter is coming and huge numbers of Canadians will head south. Their quarters will once again be identified as slugs by American vending machines. Not only will we get to keep these coins, they are worth more than the US quarter. Good times!
During the 1989 Keating/McCain corruption scandal, McCain was my hero and today I am living a great life in the Bahamas.
http://en.wikipedia.org/wiki/Keating_Five
Folks, I feel kinda bad for you but I also lost a fortune recently. I trusted McCain’s
deregulation of the bank and lending industry created another money making balloon and look what happened.
I’m pissed. McCain told me it was suppose to burst long after we were dead.
So, have we hit the bottom yet John?
🙂
Uh-Oh! I just heard the term “coiled spring” on CNBC. Run for the hills.
#9
Alaska is Russian Empire land and that will NEVER change
Those Canadians better start building a wall to protect their southern border against the coming wave of illegal immigrants seeking prosperity.
From what I hear Mexico will soon overtake the USA in the economy. I hope they don’t start building walls on the Mexico side of the border…
>Not only will we get to keep these coins, they are worth more than the US quarter.
I thought you were right, but according to this site:
http://www.xe.com/ucc/
The Canadian dollar is worth 82 cents.
Has the US dollar gone up that much lately as the other banks collapsed?
Canadian banks got a 25 billion dollar bailout today.
Not that sound…
Laugh all you want Canadians and others. If the US goes down the tubes we will take you with us.
21,
Not exactly… What happened was an asset swap. The “bailout” was a swap for insured mortgage securities. They are insured by CMHC, which is already a Federal agency. Basically, the government took the asset of the banks hands and gave them liquid cash instead to ensure we don’t have a freeze of credit like what the US is experiencing. The mortgage industry here is vastly different. If you can’t cover 25% of the down payment you MUST get mortgage insurance. And a 5% minimum is required before you get a mortgage. AND, if you’re debt / loan ratio is too high, you get nothing…
Gang. Calm down. The Canadians are insulated from the impact of an investment/growth oriented system, which is good right now, but they are also insulated from the benefits of an investment/growth oriented system, which is bad over the long run. Our growth rate over time makes them smaller and smaller year by comparison, year after year.
This is not a depression, it’s not the doing of the administration (talk to Barney Frank). We’ve lost less at this point than we lost in the dotcom bust, and we’ll gain it back.
If your money is in the market, leave it there and have a beer. You’ll be fine.
The 84 cent dollar has two causes. One, plummeting oil prices. Two, US is raising $700+ billion overseas causing a surging US dollar (i.e. money flowing into the US).
Forex traders I know went long on the US dollar during the Congressional bail out drama because of this. There will money to be made by shorting the US dollar in the future once the bailout is under way.
The 84 cent dollar is probably not a bad thing since the rapid climb from 65 to high 90’s happened to fast and Canadian economy hadn’t adjusted yet. However the volatility in forex ain’t helping.
The $25 billion is to buy prime (or better) residential mortgages to put liquidity into the lending markets. The Canadian government can borrow at a lower rate than banks (or the US government) and will ironically us make more money on these transactions.
#25 – pedro,
Who controls congress? I think it’s whoever is banging his/her shoe on the desk at the moment.
I’m not sure why this is important since the morans have voted themselves completely out of power over the last 7 years or so. Do they still do anything? Are they now as ceremonial and ineffectual as the royal family?
Wow, the UK is 44th!
That is quite high considering the mess we’re in.
Still, at least I can point and laugh at the U.S from across the pon…oh wait, no I can’t.
As long as the price of oil continues to drop, I am happy…. even if my car can do 60+ MPG…..
#24 I agree that we should not go crazy. I moved some stock (the speculative stuff) into provincial treasury bills. Last year I got out of US stock completely and focused on Canadian stock (I got lucky), especially boring and dividend paying.
Like you I think staying in the market is wise. My rule of thumb for the last year has been “if it doesn’t pay a dividend, then I’m not buying it”.
Even as a Canadian, I know I’m going to be worth less in a year. My investments will drop, my house will be worth less, and I may have to work longer. I do believe and hope that we’ll all come out of this but it will take time.
Bush News Conference: “Prosperity is just around the corner!!!” When or where have we heard that before ??? Lets see, it was 1929, Herbert Hoover, another Republican said that, as the Country slipped into REPUBLCIAN DEPRESSION I !!! Now Bush ushers in REPUBLICAN DEPRESSION II !!!
HAD ENOUGH ??? ***NEVER VOTE FOR A REPUBLICAN AGAIN – FOR ANY OFFICE – ANYWHERE !!!***
OK, I lied. I just checked and I still own AAPL. Some habits are hard to break. 😉