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Baronjutter posted:Does anyone have an article about how our banks got bailed out? The banks didn't get bailed out. The CCPA who I love with my whole heart wrote a total bullshit hay-guys-the-banks-got-bailed-out report that is totally misleading.
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Feb 23, 2013 09:05
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| # ¿ May 8, 2024 02:04 |
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jet sanchEz posted:This is the article I frist read about it in, I don't see how it is misleading, taxpayers propped up the banks. The mortgages CMHC bought from banks were 'zero-risk', and as such were actually backed by CMHC in the first place. CMHC was always on the hook for these mortgages, and our banks were never in danger of insolvency. They were in danger of running out of free cash, however. So CMHC bought these mortgages and the banks had free cash. If they hadn't bought these mortgages the banks would have been fine, but they would have cancelled your credit card and stopped giving out new mortgages for a year until they collected enough payments from customers that they had enough free cash to give out new mortgages and credit cards. In the US, the govt bought worthless underwater assets because the banks were going to go under. Our banks were never going to go under. Our government never bought anything worthless. Our government never assumed any additional liability. CMHC was always liable for the securities CMHC bought. It wasn't a bailout by any definition. Government has always offered liquidity support to banks. And it wasn't kept a secret either.
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Feb 23, 2013 18:05
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SpaceMost posted:Every time I hear something like that, I look at this picture and giggle uncontrollably: What's depressing is that dude still makes seven figures.
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Mar 7, 2013 01:18
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Baronjutter posted:Honest question but does anyone here own a house? I don't know a single person even in my most extended of social circles that does. No wait I do, I know a single person who moved way out to some village north of Ottawa and managed to get like a farm house or something. Everyone else, from retail workers to PHD's, all rent small apartments or a duplex at the most luxurious. I don't own a house. I know a few people who own houses, but every single one of them had family help with a down payment and/or helped them go to school.
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Apr 9, 2013 17:34
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Baronjutter posted:Yep, the moment we started saying we were interested in buying a place and probably a new car it was just non-stop wisdom on cars and real-estate from various baby-boomers, fonts of good financial planning. I literally cannot even imagine how people can save 60k. Congrats! The easy rule is to put your money wherever the interest rate is higher. If you're making a better interest rate on the retirement fund than you will be paying on your mortgage, keep it there. Otherwise use it for a down payment.
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May 14, 2013 18:35
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Baronjutter posted:Thanks, we both just make in the $15-18 an hour range but we currently live in a basement suite in my parent's house so our rent is basically just utilities. That makes more sense. I should have said, I literally cannot even imagine how people can save 60k without being subsidized by family. Everyone I know who owns property either cashed out on a startup or has parents who helped them. More power to you and all that, I'd take advantage of that if I had it!
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May 14, 2013 21:00
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etalian posted:It's basically a 500 billion insurance fund and also was changed fairly recently to not provide insurance for things such as HELOCs. Edit: Also it wasn't secret. Twiin fucked around with this message at 14:58 on Feb 18, 2014 |
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Feb 18, 2014 14:53
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Cultural Imperial posted:So what's a successful middle class retailer? The Bay? Joe fresh? Apple?
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Feb 18, 2014 22:10
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jet sanchEz posted:My friend in the bridal path has no mortgage, he paid cash for it. I don't think that this is very unusual in that neighbourhood, I don't think anyone in there works a regular job as we know it. Can you ask your friend in the bridal path what day of the week is garbage day up there. Serious question.
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Mar 7, 2014 17:52
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Saltin posted:Really tempted, I know it makes a lot of sense. There's a confluence of things going on when I think about it - I like my place, I will be mortgage free shortly, my daughter has friends at all our neighbours. Conversely, pocketing 650-700k would be pretty drat sweet. Do you think your daughter would rather have her friendly neighbours or her entire PhD education paid for?
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Mar 25, 2014 15:14
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Saltin posted:Without getting into my finances too much, there is almost no chance of her ever having to take out a student loan. in that case do you think she would rather have friendly neighbours or a parent who owns a hovercraft
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Mar 25, 2014 15:17
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Cultural Imperial posted:I've been renting for the last 10 years in 3 different countries and I have never encountered any of this rental instability. At this point I have to think it's just a flimsy excuse. My partner has had to move twice in the last year because her landlord took over the apartment. I'm lucky, I've only had to move once in the last two years for that reason.
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Mar 25, 2014 18:47
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Kafka Esq. posted:In the GTA, landlord personal use evictions are basically nil. Stop living in basements. I guess we should stop living in third floor apartments and two-story townhomes also.
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Mar 25, 2014 19:10
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| # ¿ May 8, 2024 02:04 |
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Rime posted:I always just assumed it was a more adult, and potentially destituting, manifestation of the same kind of need for instant gratification that causes people to still pre-order videogames. You get extra stuff when you pre-order videogames.
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Aug 22, 2014 19:32
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