Not only what Joycer said, but banks like BMO got US bailouts also (albeit indirectly, via AIG). If AIG was not bailed out, BMO would have run into trouble for all its "complex credit instruments".
The US media is gets more viewership and everyone pays attention to US news. It seems like the masses in Canada have a much shorter memory than the masses in the US. I feel like Canadian politicians can pull on over us while in the US, it seemed like politicians played it more carefully for fear of being exposed. We often here of "scandals" in the US, but not so much in Canada? Are our politicians more ethical and well behaved? Could Bush or Obama have prorogued their government?
"Oh the minor detail of raising the CMHC’s debt ceiling by a mere $150 billion."
$250 billion actually, they raised it from 350-450 in 2008 and then from 450-600 in 2009. Nearly all of which has been spent.
That means, that if prices drop by 30% nationwide Canadian taxpayers could be on the hook for 100 billion dollars or so. Yeah that's responsible fiscal policy.
The only reason we're doing better here is that our real estate was lagging the US by a couple of years so the drop to near zero interest rates managed to reinflate the market whereas in the states it had been falling for too long to recover. It will fall here though. Soon, very very soon. Then this silly debate will be over.
"With no bailouts"
No bailouts here… except for the tiny $75 billion purchase of mortgages from banks that ottawa made in the fall of 2008. Oh the minor detail of raising the CMHC's debt ceiling by a mere $150 billion.
Let's see on a per capita basis that's the equivalent of the US roughly purchasing 750 billion and allowing Freddy Mac and Fannie May to insure an extra 1.5 trillion of mortgage debt. As far as I know, the TARP bailout was valued at 700 billion, so we actually spent MORE. Only difference is we have not seen a depreciation in the housing market.
I wonder how the world will feel about our banking system when prices fall here as well and the CMHC needs a bailout?
Their supporting views regarding Canadian strength are fatual,None of those fact points towards Air bombs likes……
For starters, Canada has avoided many of the problems that currently bedevil the U.S.—mountains of public debt, a banking system in crisis, the housing debacle and a weakened currency.
Canada's banking system, essentially made up of the Royal Bank of Canada and four other big banks, remained strong during the global credit crisis. With no bailouts, it is the soundest system in the world, marked by a steady and responsible continuation of lending and profits. "Canada has shown itself to be a pretty good manager of the financial system," U.S. President Barack Obama said amid the financial crisis.
NOW Why On earth Obama and Forbes have to appreciate our sweet and sound financial and housing system in the best livable country?
Is this a preposterously-overpriced-per-sqft record for Vancouver?
Putting the "Get Real!?" into 'Real Estate':
2218 sqft for $5,380,000 = $2,426 per sqft
SOURCE:FORBES.COM13. Steve Forbes, CEO, Forbes, Inc.: Global Leaders Speakers Series (November 10, 2005): "[Forbes] maintained that there was no 'housing bubble' in the U.S. but there was an 'oil bubble' driven by speculators."
13. Steve Forbes, CEO, Forbes, Inc.:
Global Leaders Speakers Series (November 10, 2005): "[Forbes] maintained that there was no 'housing bubble' in the U.S. but there was an 'oil bubble' driven by speculators."
The Unofficial List of Pundits/Experts Who Were Wrong on the Housing Bubble
I've been wondering Gordon Campbell has been so noticeably absent from the media fight since the beginning of the Olympic games. he disappeared the same day that Rich Coleman got his ass chewed out by the American and German media tore Rich Coleman a new asshole over the phonied up 'information center in the DTES. That night XCampbell responded to another story (the first in the Guardian) and has since gone underground. But today it became clear what has happened to this petulant crybaby. hes been in the weeds setting up a yellow journalism attack on the 'enemy' foriegn media. All aftern oon reports have been filtering in from Britian by local reporters dredging up anything negative on Britian , bad beer, bad teeth, London, etc etc etc. I said Oh Yeah its the backstabbing speciality that Gordon Campbell has… Read more »
Gerald Celente : The Global Financial system is Collapsing
Continued from previous thread VHB: Thanks for the response. Same here. Renting and enjoying life. Declan: "Personally, I don’t see the connection between pointing out that the Vancouver housing market is a bubble (it is) and hoping for the Olympics to fail, but that’s just me." Interesting and worthy question. My response would be: The connection between the Olympics and the Bubble is mainly (but not only) psychological. As you surely know, the three pillars of our iron-bubble are: "Running out of land", "Richasians" (we have our own here), and "The Olympics". For many a bear here, including myself, the Olympics and the bubble are tightly connected. I don't see gladiators… sorry… athletes. I see excuses for price hikes. So you must forgive us (where the heck is no-lympics???) if we are not so happy with the olympic-bubble. We see… Read more »
CANADA IS A LEADER FOR THE WORLD IN 21 CENTUARY
In 1904 Canadian Prime Minister Wilfred Laurier made this prediction: "The 19th century was the century of the United States. I think we can claim that it is Canada that shall fill the 20th century."
Maybe Laurier was just a man 100 years before his time. As the world assembles in Vancouver for the Winter Olympics, the 21st century is shaping up great for Canada.
Canada just hosted the G7 finance meeting way up north in Nunavut and will host both the G8 and G20 conferences later this year. Most important, Canada has welcomed the world to the Winter Olympics in Vancouver and is showing off its accomplishments. Laurier would be thrilled.
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