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#250287 - 03/04/09 10:49 PM Re: Should our governments help out the auto industry? [Re: Family Man]
Zarak Offline
connoisseur

Registered: 03/09/03
Posts: 1849
Loc: PA
 Originally Posted By: Family Man

this special action will force the banks to lend this money with extremely relaxed lending rules.


The relaxed lending rules are a big part of why we are in this mess in the first place.

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#250289 - 03/05/09 12:28 AM Re: Should our governments help out the auto industry? [Re: Zarak]
Family Man Offline
old hand

Registered: 10/28/08
Posts: 95
Loc: Montreal, Canada
Yes and No.
It's kind of needing a small drink in the morning to get you over last nights hang over. We can't just decide that now all of a sudden, credit needs to stop. It will kill us. Canadian banks weren't really that lax in their lending policies. i would say that it was mostly on the credit cards side. but regardless, the big culprit is across the boarder from us and it's affected the world. I just don't think saving our car industry with triple costs to build the same car the Koreans do is right. Unfortunately, we as Canadians will have to bear the brunt of this broken economy. I say give the money to the Canadian family. If they happen to fall on hard times, I still believe what i said in my previous post that it will help them alot more that saving an industry that was failing anyway.
_________________________
M80-QS8-VP150-EP600-A1400-8
STR-DA5300ES BDPS5000ES.

Mark

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#250294 - 03/05/09 01:42 AM Re: Should our governments help out the auto industry? [Re: Family Man]
BrenR Offline
connoisseur

Registered: 12/10/03
Posts: 3602
Loc: Winnipeg MB Canada
Give taxpayer money... to Canadian banks? That are already showing profits? ($1B for Royal, and even CIBC has finally bounced back after some 3rd world rebuilding projects gone bad)

Wha... I think my brain just got vapour locked.

Bren R.

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#250295 - 03/05/09 01:47 AM Re: Should our governments help out the auto industry? [Re: Family Man]
fredk Offline
axiomite

Registered: 12/06/07
Posts: 6965
Loc: Canada
The problem was definately 'relaxed' lending rules in the US and a number of other countries. It affects Canadian banks because financial systems are so integrated now. Inter bank lending has ground to a halt because nobody knows who is left holding 'the bag'.

Even though Canadian banks were not willing/able to participate in the lending frenzie of the last few years, the were able to buy securities that were bundled with junk loans. Thanks to all these new financial products banks have no idea of who is holding what at this point. If in doubt, trust nobody.
_________________________
Fred

-------
Blujays1: Spending Fred's money one bottle at a time, no two... Oh crap!

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#250296 - 03/05/09 01:48 AM Re: Should our governments help out the auto industry? [Re: BrenR]
fredk Offline
axiomite

Registered: 12/06/07
Posts: 6965
Loc: Canada
Bren. It will be interesting to see what bank profits are like next year.
_________________________
Fred

-------
Blujays1: Spending Fred's money one bottle at a time, no two... Oh crap!

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#250305 - 03/05/09 08:06 AM Re: Should our governments help out the auto industry? [Re: fredk]
Worfzara Offline
aficionado

Registered: 07/25/05
Posts: 709
Loc: London area, Ont, Canada
For those of you with Visa credit cards that are currently running a ballance, this might just make you want to cut the damn thing up.

http://www.theglobeandmail.com/servlet/s...SpecialEvents2/

I have my sississors in hand are ready to go.

paul
_________________________
paul

Axiom M80, VP180, Qs8, EP500
Panasonic PT-AU900
AudioTrak AT-6100
Denon AVR-990

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#250339 - 03/05/09 11:34 AM Re: Should our governments help out the auto industry? [Re: BrenR]
jakewash Offline
shareholder in the making

Registered: 12/26/03
Posts: 10394
Loc: Calgary, Alberta
 Originally Posted By: BrenR
Give taxpayer money... to Canadian banks? That are already showing profits? ($1B for Royal, and even CIBC has finally bounced back after some 3rd world rebuilding projects gone bad)

Wha... I think my brain just got vapour locked.

Bren R.
I agree. Our banks make money hand over fist, even through this recession, they do not need any bail out money and could certainly still be lending money out right now a little more liberally. Note keyword is little.
_________________________
Jason
-----------------
TTTHHHPPPPPTTTT!

My HT

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#250409 - 03/05/09 07:09 PM Re: Should our governments help out the auto industry? [Re: jakewash]
Family Man Offline
old hand

Registered: 10/28/08
Posts: 95
Loc: Montreal, Canada
we agree at least that in Canada, the banks are the distributors of our cash. we can't borrow directly from our country, we have to go through the whole sale distributors..in our case its our banking system. we agree banks aren't lending right now, at least not without asking for your first born as collateral. Since we can't borrow from our country directly, we need to go through the banks.

I stated that this should be regulated and the banks will be allowed to make a small profit. now with Canada providing financial aid .. the cash starts to flow into our economy. at this point, it doesn't matter who's fault it is, we need money to start circulating or things go bad. 2nd problem in Canada is that we as the individual have no savings and are so dependant on each and every Paycheck that most Canadians will be broke in a month if they lose their jobs. UI doesn't currently pay enough to support a family. In fact most Canadians use their credit cards to supplement their life styles, that is why Canada should force the banks to allow credit card debt to be converted to a mortgage style loan thereby removing stress and pain to Canadian families. PS, the banks are to blame in my opinion, they send everyone credit card applications and phone market you to death so that you take their credit cards.So if by converting to soft loans for consumers they, the banks, lose interest toooooo bad.


so the original idea was Don't give it to the companies, spread the money through the "end User" the Canadian Citizen. unfortunately, we need the greedy banks to do it.
_________________________
M80-QS8-VP150-EP600-A1400-8
STR-DA5300ES BDPS5000ES.

Mark

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#250420 - 03/05/09 08:01 PM Re: Should our governments help out the auto industry? [Re: Family Man]
fredk Offline
axiomite

Registered: 12/06/07
Posts: 6965
Loc: Canada
 Quote:
2nd problem in Canada is that we as the individual have no savings

Actually, that is THE problem. The banks has lent boatloads of money to people to the point where most people carry an unreasonable debt burden. You can blame the banks for loose lending practices, but the responsibility for how much debt is carried rests with Joe consumer.

 Quote:
that is why Canada should force the banks to allow credit card debt to be converted to a mortgage style loan

Why on earth would you want to do that?? If you can't afford it, don't buy it in the first place. Honestly, our lifestyle expectations are incredibly unreasonable. When I was a kid, we lived in a 1000 sq foot home (4 people), took home made lunches to school every day, rarely went out to restaurants...

I had a great childhood. My folks spent what little extra money we had on great vacations.

When we were older and the house had been paid off, my folks spent more money on 'fun' stuff.

I'll step off my soapbox now. ;\)

FWIW, a bank will quite happily let you consolidate your debt into a mortgage, as long as you have the required equity. The reason mortgages are so low compared to other forms of borrowing is that the debt is secured against your house.
_________________________
Fred

-------
Blujays1: Spending Fred's money one bottle at a time, no two... Oh crap!

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#250485 - 03/06/09 05:12 AM Re: Should our governments help out the auto industry? [Re: Family Man]
jakewash Offline
shareholder in the making

Registered: 12/26/03
Posts: 10394
Loc: Calgary, Alberta
 Originally Posted By: Family Man


PS, the banks are to blame in my opinion, they send everyone credit card applications and phone market you to death so that you take their credit cards.
No body is forcing you to fill out the forms and send them back to get more credit cards etc., it still comes down to each individual being responsible for his/her actions.

I would blame the banks and others for a certain amount of ID fraud due to this practice of mailing out pre-approved credit cards/limits etc. with no idea who they are sending them to. In the wrong hands the form is filled out and bogus info put down but with YOUR name on it and then you find out too late to do anything about it.
_________________________
Jason
-----------------
TTTHHHPPPPPTTTT!

My HT

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