Canadian banks 'earn' $6.55 billion

[rideforever]

For the CPP to own bank stocks, doesn't that mean that CPP money is spent buying bank stocks which means CPP money is given to the banks on the assumtion that the banks will use it to make smart investments and make money for the CPP?

/facepalm

You have no idea how a stock market works do you. Just WOW. See I use the word WOW to draw attention to comments made by people who have no clue what they are talking about. OK - stock buying 101 (I really wish they would teach this in schools, but then again most teachers have no clue about the stock market either IIRC from my school days so it would be the blind leading the blind I guess) - when you buy stock on the market, you are not "giving money" to the company whose stock you are buying, you are buying the stock from a seller - who could be just about anyone - a mutual fund, a private individual, a trust fund, who knows. The only time you would be "giving money" to the company in a stock transaction would be when the company is doing a private placement of new stock. Banks are well funded, and so do not do much share issuing, in fact, the only time I've received treasury stock from my bank investments has been either when my dividends are re-invested, or when my bank stock has done a split, which has been several times over the past decades. Stock splits are a good thing.

Perhaps you need to actually do some reading, get some education on this subject, then come back. You might also see how you've been lied to, manipulated and used by radical left-wing organizations, who have fed you a pack of lies, hoping and counting on you never questioning any of the stupid lies they have been selling you.

I say 'giving money on the assumption that...' and you cut it down to 'giving money'. You obviously have no real argument if you have to twist mine that much to make yours. I guess you're more into face palming than debating... maybe if you weren't concussed from hitting yourself in the face all day you'd be able to make a real arguement.

If banks weren't sleazy, you would have argued my examples of their sleazy risky moves... 0 down mortgages and credit cards with automatically increasing limits. But now you've lost your chance. You need a time out.

[The Green Barbarian]

you said:

CPP money is spent buying bank stocks which means CPP money is given to the banks

There is no other way to interpret this. You clearly have no idea how a stock market functions. Do some research, you have no clue what you are talking about.

0 down mortgages and credit cards with automatically increasing limits.

I don't know of any banks in Canada that were doing "zero down mortgages" (given I believe it's actually not allowed in Canada) but that's beside the point. In a free country, if you don't want a zero down mortgage or a credit card with an increased limit, then you don't have to accept them. You, like a lot of left-wing radicals, seem to want to assume that the average Canadian is mentally deficient and so therefore unable to handle an increased credit limit, just like you think all voters are stupid and it was only because of "attack ads", and not because the NDP and Liberal platforms were pure garbage, that people voted Conservative last election. Average people in Canada aren't that dumb (except for left-wing radicals that can't understand the difference between US and Canadian banking issues), they can handle extra credit, and they also, like a relative of mine did, decline an increase in the limit if they don't want it. Just because you can't handle extra credit, doesn't mean everyone can't. Or that everyone is too brain-dead to call a number, and ask that their credit be lowered.

[Captain Awesome]

removed - Jennylives

[NAB]

What difference does it make what your credit limit on a charge card is? No one can force you to use it.

Nab

[Gilchy]

I figured you'd understand what I meant by the fact that I started by talking about post secondary... do you think ditch digging is a course they offer in post secondary?

I guess I shouldn't assume any sort of common sense here so I'll clarify. By work hard, I mean work hard to learn skills and work hard using said skills to contribute something useful. Real engineers do both, financial engineers spend a portion of thier time comming up with garbage that's more destructive than usefull like 0 down mortgages and credit cards with limits that increase automatically.

Same principe applies though. A petroleum engineer works hard, gets his degree and applies his skillset workimg for an oil and gas comapny to maximize petrochemical recovery from a reservoir. He would earn a good income for this specialized skillset.

Another person goes to school, gets his finance degree and analyzes he financial markets, coming up with a novel idea to invest and make money. He becomes extremely successful, and makes $3 million a yr, eclipsing what the engineer makes. The boy went to school and work hard, but one makes more than the other due to hard work, yes, but also ingenuity and a little luck. Why is this unfair?

[NAB]

It really all boils down to the relative value the majority of society places on any particular endeavour at any point in time doesn't it?

Nab

[grammafreddy]

If banks weren't sleazy, you would have argued my examples of their sleazy risky moves... 0 down mortgages and credit cards with automatically increasing limits.

Geezlouise .. I feel so left out, abandoned even. My bank has never hogtied me, twisted my arm painfully, threatened me or offered me a 0-down mortgage or a credit card.

Your ire is such that it sure makes one wonder how deeply in debt you managed to drown yourself - but want to lay the blame for that on the lender, not the borrower/debtor.

[Smurf]

The sad part is that after working for both banks and finance companies I realize how many people, a high majority cannot control their spending. It is an addiction. No matter how high the interest they will spend all they can get. Raise their limit and they will continue to spend. Believe me banks, finance companies and business's know this fact and they do take advantage of it. We budgeted for a certain percentage of failures which I am certain would be much higher today. They play the averages just like an insurance company to make the most possible money. Does anyone not feel that it is wrong to take advantage of people in that way. Many lives have been ruined by just that. I believe our laws should be much stronger as most of these people will never change and many will end up being a drain on society as a whole.

Should business have a conscience/moral compass??????????

[Captain Awesome]

Does anyone not feel that it is wrong to take advantage of people in that way. Many lives have been ruined by just that.

What taking advantage? What lives are ruined? Somebody borrows too much on their credit card to furnish their house, or buy that awesome new truck they always wanted to show off to their buddies - and can't pay? When credit card starts calling them or passes them to a collection agency, they settle on pennies on the dollar owed - who took advantage of whom exactly? Or when the truck get repo'd, and then the company starts calling for the balance, and the ex-owner tells them to go pound sand because he has no money - whose life is ruined now?

Worst case scenario they declare a bankruptcy that wipes all of their debts free and clear and stays on few years on their history - so they can't borrow more - something they should have done in the first place. Banks write off their debts as bad debt, and lose money, and *bleep* consumers sit there all happy - their life is clearly ruined.

So much drama - "lives are ruined by predatory banks". Give me a break.

[Smurf]

I hear you and I understand you but I don't think you have any idea how bad it is to be hooked on credit. It is a disease just like over eating. Have youy ever worked in the credit industry? Do you have any idea what goes on? At one stage I was a collection manager for a large finance company and it is shameful. One of the reasons I left the business. You go out to someones house to talk to them to find out why they haven't made the small (Token)payment they agreed on only to find out they have two new creditors whom they are also trying to make a payment to. You ask how and why. You find out they needed school cloths etc for the kids and ABC store offered them a credit card to get them. Their car which they needed for work broke down and DEF store gave them a credit card so they could get it fixed. You later call these stores and find out that they never bothered to check the credit bureau where they were listed as terrible. They never bothered to check their current creditors where they would have found out their credit was terrible. Believe me it is not all the fault of the borrowers, in fact in many cases if you look at it honestly it is 100% the fault of the lenders for begging them to take their card. Believe me the creditors know these people get hooked and yet they don't even take a moment to check and see if they are already a known problem. In some cases I've seen people with decades of terrible credit being given numerous cards. My own company did it as bad as anyone. Credit is a disease for many people.

[Captain Awesome]

I hear you and I understand you but I don't think you have any idea how bad it is to be hooked on credit. It is a disease just like over eating.

Seriously, tone down the drama. So, a few people fed you some drama that their kids are eating their own eyeballs because they have no money. What's the end scenario here? All these people borrowed money, bought whatever they wanted with it, and then told their banks to go somewhere else - we have no money, we just lost the job, we eat rats for breakfast, etc. Bank loses money (rightfully so, because lending to broke people is an idiotic move), and these people can't borrow money from this particular bank for a while - big deal. And if they borrow from 5 banks and then declare bankruptcy they all lose money. Except for consumers, because they got to spend the money without paying them back - not bad of a scenario. They can even settle the debt for 10 cents on a dollar - not bad either. No bank will ever sue them to garnish their wages - too much hussle.

So, what predatory tactics are we talking about here? Oh yeah, borrow up the eyeballs, spend on anything you like, never pay it back, avoid all collection agencies by hiding behind Fair Collections Act, and do it all again in few years. Their lives are certainly ruined. Yes, banks are evil, lol.

[goalie]

the number of people bailing on their obligations is very small otherwise it wouldn't be worth for those corporations to continue personal lending.

[The Green Barbarian]

If the kids need school clothes, go to Value Village or the Salvation Army, or even the Gospel Mission. My brother ended up wearing most of my clothes growing up, and my clothes were usually stuff passed down from my older cousins, just like almost all of my hockey equipment. It was just how things were, because we didn't have the option to go get a credit card and buy up stuff from a store - but that's not the point, even if the option existed, we wouldn't have done it, because it would have been just plain crazy to borrow money that we knew we would be burdened with down the road with high interest debt. It just makes no sense. Once again, I am saddened to hear from my nieces and nephews how they aren't taught a lick about home budgeting or managing expenses in school. Somehow kids are just thrown out into the world and expected to understand how to budget, and guess what - given they've lived their entire lives in a bubble of instant gratification, it's not fair now that they have to save and plan. I want it now!

[crankster]

Re: Canadian banks 'earn' $6.55 billion

Postby The Green Barbarian » Jun 1st, 2012, 7:31 am





They do every quarter. It's called a "dividend". And before you get all high and mighty about how "most" people aren't "wealthy" and therefore can't receive dividends as they can't afford bank shares (totally bogus argument anyway, just read the Wealthy Barber) you would be surprised to find out that every Canadian who collects CPP, or one day will collect CPP, benefits, as the CPP owns bank stocks. So our banks are great wealth generators, and if you don't want them to make money off of "your" money, then go to a Credit Union, or better yet, don't go into debt at all. Everyone wins, easy peasy, and much less whining, crying and complaining.
"One of the great problems of our age is that we are governed by people who care more about feelings than they do about thoughts and ideas. Don't ask me how I am feeling. Ask me what I’m thinking.”

Yeah CPP, right. Pay into it for life and get what back? 40% Most pensioners cannot survive on CPP. or OAP. Most Canadians will receive squat from a bank or credit union, the writing is on the wall. Profits are increasing monumentally but people go broke and loose their homes just the same. A 'dividend"!? Thats a joke right?

[The Green Barbarian]

Most pensioners cannot survive on CPP. or OAP. Most Canadians will receive squat from a bank or credit union, the writing is on the wall. Profits are increasing monumentally but people go broke and loose their homes just the same. A 'dividend"!? Thats a joke right?

Excellent argument for why everyone should start up an RRSP during their working years, and fill that RRSP with mutual funds that hold bank stocks, or hold bank stocks directly. Everyone in the earning years right now, should not be labouring under any sort of perception that the government will be able to take care of you - you take care of you. So make plans now. And don't blame anyone else buy yourself if you don't plan. No one else should be caring about you but you. So deal with it. You are an adult, not a child.