Discussion:
Bank rate to go up on brink of major trade war?
(too old to reply)
b***@gmail.com
2018-07-09 22:56:06 UTC
Permalink
Tell me the Bank of Canada - (governor Stephen Poloz) - isn't so stupid as to raise interest rates as we just entered into a major trade war with the U.S. and Ontario is set to feel the brunt of Trump's vicious assault on Canada?

The only 'inflation' happening here is fat Albertan's buying fat trucks as they head for the tar sands. Everyone else is either tightening their belts or putting in solar panels to offset their heating costs. If he allows the rate to go up again, he's sending multi-thousands of Canadians to the bankruptcy lineups.

People are in debt not because they're foolish; they're in debt because they have to borrow to make monthly payments and to put food on the table.

Don't do it, Mr Poloz.
_________________________________

28% of Canadians fear bankruptcy ahead of Bank of Canada decision

With just two days to go before an anticipated interest rate hike by the Bank of Canada, one of country's top bankruptcy firms is warning a "staggering" number of Canadians are on the brink of financial disaster.

Twenty-eight per cent of respondents to a new survey, which was conducted on behalf of MNP from June 15 to June 19, said another rate increase will hurdle them toward bankruptcy, while 42 per cent say if rates rise much more they'd fear for their financial well-being. While both readings were down modestly from the previous quarterly survey, that's not lessening the alarm.

"When you look at the staggering number of people who are teetering on the edge, it’s clear that we are going to start seeing a rise in delinquencies as rates rise," said MNP President Grant Bazian in a release.

The Bank of Canada has raised interest rates three times since last summer, and investors overwhelmingly expect the bank will boost its target for the overnight rate to 1.5 per cent on Wednesday.

Canadians have been warned for years that the cost of borrowing is bound to rise in this country; indeed, the MNP survey suggests some are paying heed, with 61 per cent of respondents saying they believe their debt situation has improved.

But there's still a significant proportion of consumers who are struggling under the weight of their balance sheet.

Twenty-seven per cent of respondents to the survey said they have no wiggle room after covering their monthly obligations; meanwhile, 44 per cent say they're within $200 of insolvency every month.

“Make no mistake about it, the level of household indebtedness in Canada is still very concerning,” Bazian said. "For those who are in debt and already struggling to make ends meet, slowly pumping the brakes on spending isn’t going to be enough at this point."


https://www.bnnbloomberg.ca/very-concerning-28-of-canadians-fear-bankruptcy-ahead-of-bank-of-canada-decision-1.1104704
Greg Carr
2018-07-10 01:07:21 UTC
Permalink
Post by b***@gmail.com
Tell me the Bank of Canada - (governor Stephen Poloz) - isn't so stupid as to raise interest rates as we just entered into a major trade war with the U.S. and Ontario is set to feel the brunt of Trump's vicious assault on Canada?
The only 'inflation' happening here is fat Albertan's buying fat trucks as they head for the tar sands. Everyone else is either tightening their belts or putting in solar panels to offset their heating costs. If he allows the rate to go up again, he's sending multi-thousands of Canadians to the bankruptcy lineups.
People are in debt not because they're foolish; they're in debt because they have to borrow to make monthly payments and to put food on the table.
Don't do it, Mr Poloz.
_________________________________
28% of Canadians fear bankruptcy ahead of Bank of Canada decision
With just two days to go before an anticipated interest rate hike by the Bank of Canada, one of country's top bankruptcy firms is warning a "staggering" number of Canadians are on the brink of financial disaster.
Twenty-eight per cent of respondents to a new survey, which was conducted on behalf of MNP from June 15 to June 19, said another rate increase will hurdle them toward bankruptcy, while 42 per cent say if rates rise much more they'd fear for their financial well-being. While both readings were down modestly from the previous quarterly survey, that's not lessening the alarm.
"When you look at the staggering number of people who are teetering on the edge, it’s clear that we are going to start seeing a rise in delinquencies as rates rise," said MNP President Grant Bazian in a release.
The Bank of Canada has raised interest rates three times since last summer, and investors overwhelmingly expect the bank will boost its target for the overnight rate to 1.5 per cent on Wednesday.
Canadians have been warned for years that the cost of borrowing is bound to rise in this country; indeed, the MNP survey suggests some are paying heed, with 61 per cent of respondents saying they believe their debt situation has improved.
But there's still a significant proportion of consumers who are struggling under the weight of their balance sheet.
Twenty-seven per cent of respondents to the survey said they have no wiggle room after covering their monthly obligations; meanwhile, 44 per cent say they're within $200 of insolvency every month.
“Make no mistake about it, the level of household indebtedness in Canada is still very concerning,” Bazian said. "For those who are in debt and already struggling to make ends meet, slowly pumping the brakes on spending isn’t going to be enough at this point."
https://www.bnnbloomberg.ca/very-concerning-28-of-canadians-fear-bankruptcy-ahead-of-bank-of-canada-decision-1.1104704
A lot of ppl are in debt because they go to whorehouses and bars a couple nights a week. Gambling helps run up debts as does an expensive vacation each year.
M.I.Wakefield
2018-07-10 01:37:23 UTC
Permalink
Post by b***@gmail.com
Tell me the Bank of Canada - (governor Stephen Poloz) - isn't so stupid as
to raise interest rates as we just entered into a major trade war with the
U.S. and Ontario is set to feel the brunt of Trump's vicious assault on
Canada?
The economy is ticking over nicely ... it's time for rates to go up ...
they've been very low for a long time. They can come down later if
circumstances warrant, but at 1.25%, there's not a lot of wriggle room.
Post by b***@gmail.com
The only 'inflation' happening here is fat Albertan's buying fat trucks as
they head for the tar sands.
BC's inflation rate has been higher than Alberta's in recent months.
Post by b***@gmail.com
Everyone else is either tightening their belts or putting in solar panels
to offset their heating costs. If he allows the rate to go up again, he's
sending multi-thousands of Canadians to the bankruptcy lineups.
People are in debt not because they're foolish; they're in debt because
they have to borrow to make monthly payments and to put food on the table.
Don't do it, Mr Poloz.
Why the Bank of Canada should pull the trigger on another rate hike

https://business.financialpost.com/news/economy/why-poloz-should-pull-the-trigger-on-another-rate-hike
TomP
2018-07-10 04:17:35 UTC
Permalink
Post by b***@gmail.com
Tell me the Bank of Canada - (governor Stephen Poloz) - isn't so stupid as to raise interest rates as we just entered into a major trade war with the U.S. and Ontario is set to feel the brunt of Trump's vicious assault on Canada?
The only 'inflation' happening here is fat Albertan's buying fat trucks as they head for the tar sands. Everyone else is either tightening their belts or putting in solar panels to offset their heating costs. If he allows the rate to go up again, he's sending multi-thousands of Canadians to the bankruptcy lineups.
People are in debt not because they're foolish; they're in debt because they have to borrow to make monthly payments and to put food on the table.
Don't do it, Mr Poloz.
_________________________________
28% of Canadians fear bankruptcy ahead of Bank of Canada decision
With just two days to go before an anticipated interest rate hike by the Bank of Canada, one of country's top bankruptcy firms is warning a "staggering" number of Canadians are on the brink of financial disaster.
Twenty-eight per cent of respondents to a new survey, which was conducted on behalf of MNP from June 15 to June 19, said another rate increase will hurdle them toward bankruptcy, while 42 per cent say if rates rise much more they'd fear for their financial well-being. While both readings were down modestly from the previous quarterly survey, that's not lessening the alarm.
"When you look at the staggering number of people who are teetering on the edge, it’s clear that we are going to start seeing a rise in delinquencies as rates rise," said MNP President Grant Bazian in a release.
The Bank of Canada has raised interest rates three times since last summer, and investors overwhelmingly expect the bank will boost its target for the overnight rate to 1.5 per cent on Wednesday.
Canadians have been warned for years that the cost of borrowing is bound to rise in this country; indeed, the MNP survey suggests some are paying heed, with 61 per cent of respondents saying they believe their debt situation has improved.
But there's still a significant proportion of consumers who are struggling under the weight of their balance sheet.
Twenty-seven per cent of respondents to the survey said they have no wiggle room after covering their monthly obligations; meanwhile, 44 per cent say they're within $200 of insolvency every month.
“Make no mistake about it, the level of household indebtedness in Canada is still very concerning,” Bazian said. "For those who are in debt and already struggling to make ends meet, slowly pumping the brakes on spending isn’t going to be enough at this point."
https://www.bnnbloomberg.ca/very-concerning-28-of-canadians-fear-bankruptcy-ahead-of-bank-of-canada-decision-1.1104704
TomP
2018-07-10 04:18:01 UTC
Permalink
Post by b***@gmail.com
Tell me the Bank of Canada - (governor Stephen Poloz) - isn't so stupid as to raise interest rates as we just entered into a major trade war with the U.S. and Ontario is set to feel the brunt of Trump's vicious assault on Canada?
The only 'inflation' happening here is fat Albertan's buying fat trucks as they head for the tar sands. Everyone else is either tightening their belts or putting in solar panels to offset their heating costs. If he allows the rate to go up again, he's sending multi-thousands of Canadians to the bankruptcy lineups.
People are in debt not because they're foolish; they're in debt because they have to borrow to make monthly payments and to put food on the table.
Don't do it, Mr Poloz.
_________________________________
28% of Canadians fear bankruptcy ahead of Bank of Canada decision
With just two days to go before an anticipated interest rate hike by the Bank of Canada, one of country's top bankruptcy firms is warning a "staggering" number of Canadians are on the brink of financial disaster.
Twenty-eight per cent of respondents to a new survey, which was conducted on behalf of MNP from June 15 to June 19, said another rate increase will hurdle them toward bankruptcy, while 42 per cent say if rates rise much more they'd fear for their financial well-being. While both readings were down modestly from the previous quarterly survey, that's not lessening the alarm.
"When you look at the staggering number of people who are teetering on the edge, it’s clear that we are going to start seeing a rise in delinquencies as rates rise," said MNP President Grant Bazian in a release.
The Bank of Canada has raised interest rates three times since last summer, and investors overwhelmingly expect the bank will boost its target for the overnight rate to 1.5 per cent on Wednesday.
Canadians have been warned for years that the cost of borrowing is bound to rise in this country; indeed, the MNP survey suggests some are paying heed, with 61 per cent of respondents saying they believe their debt situation has improved.
But there's still a significant proportion of consumers who are struggling under the weight of their balance sheet.
Twenty-seven per cent of respondents to the survey said they have no wiggle room after covering their monthly obligations; meanwhile, 44 per cent say they're within $200 of insolvency every month.
“Make no mistake about it, the level of household indebtedness in Canada is still very concerning,” Bazian said. "For those who are in debt and already struggling to make ends meet, slowly pumping the brakes on spending isn’t going to be enough at this point."
https://www.bnnbloomberg.ca/very-concerning-28-of-canadians-fear-bankruptcy-ahead-of-bank-of-canada-decision-1.1104704
The figure of how many Canadian are on the verge of bankruptcy is just
another example of how the corporate economic policies enacted by
Liberal and Conservative governments has hurt the average Canadian.
You will get the stupid responses from people like Greg Carr saying that
people have been visiting whorehouses and gambling their money away and
the other stupid responses from Wakefield saying that if the average
Canadian can't afford bread, then "Let them eat cake".
The elite rulers of the Canadian economy are way off the mark. You can't
make a meaningful deal with Donald Trump!
It's time the federal government started working on behalf of Canadians
instead of following directions from the corporations. Call Trump's
bluff and cancel NAFTA. The poor economic standards that Canadians find
themselves in is because of NAFTA.
The agreement shouldn't be an all encompassing agreement that involves
every industry. We should have individual agreements for each sector of
our economy and adjust these smaller agreements as required instead of
being locked in to a huge agreement.
We should take the lead that Harley Davidson did. Encourage other
countries to put large tariffs on American cars and make Canada a good
place for American auto makers to build their cars for export. We should
be putting advertisements in American newspapers encouraging American
manufacturers to set up shop in Canada now that steel costs 25% more in
the US. Put import tariffs on American goods making it beneficial to
open a Canadian branch manufacturing facility to serve the Canadian
market.
A low prime rate is an indicator that the economy is not doing well. A
low rate is intended to stimulate the economy but that hasn't happened
during the record amount of time that the rate has been low. The poor
quality of jobs, the poor wages and the number of Canadians on the verge
of bankruptcy just underlines the fact that the economy is in trouble.
Raising the interest rate will push many Canadians into bankruptcy.
Keep the interest rates low for the time being and start working on
improving the lives of Canadians. It's citizens should be our
government's first and only concern.
Greg Carr
2018-07-10 09:04:38 UTC
Permalink
Post by TomP
Post by b***@gmail.com
Tell me the Bank of Canada - (governor Stephen Poloz) - isn't so stupid as to raise interest rates as we just entered into a major trade war with the U.S. and Ontario is set to feel the brunt of Trump's vicious assault on Canada?
The only 'inflation' happening here is fat Albertan's buying fat trucks as they head for the tar sands. Everyone else is either tightening their belts or putting in solar panels to offset their heating costs. If he allows the rate to go up again, he's sending multi-thousands of Canadians to the bankruptcy lineups.
People are in debt not because they're foolish; they're in debt because they have to borrow to make monthly payments and to put food on the table.
Don't do it, Mr Poloz.
_________________________________
28% of Canadians fear bankruptcy ahead of Bank of Canada decision
With just two days to go before an anticipated interest rate hike by the Bank of Canada, one of country's top bankruptcy firms is warning a "staggering" number of Canadians are on the brink of financial disaster.
Twenty-eight per cent of respondents to a new survey, which was conducted on behalf of MNP from June 15 to June 19, said another rate increase will hurdle them toward bankruptcy, while 42 per cent say if rates rise much more they'd fear for their financial well-being. While both readings were down modestly from the previous quarterly survey, that's not lessening the alarm.
"When you look at the staggering number of people who are teetering on the edge, it’s clear that we are going to start seeing a rise in delinquencies as rates rise," said MNP President Grant Bazian in a release.
The Bank of Canada has raised interest rates three times since last summer, and investors overwhelmingly expect the bank will boost its target for the overnight rate to 1.5 per cent on Wednesday.
Canadians have been warned for years that the cost of borrowing is bound to rise in this country; indeed, the MNP survey suggests some are paying heed, with 61 per cent of respondents saying they believe their debt situation has improved.
But there's still a significant proportion of consumers who are struggling under the weight of their balance sheet.
Twenty-seven per cent of respondents to the survey said they have no wiggle room after covering their monthly obligations; meanwhile, 44 per cent say they're within $200 of insolvency every month.
“Make no mistake about it, the level of household indebtedness in Canada is still very concerning,” Bazian said. "For those who are in debt and already struggling to make ends meet, slowly pumping the brakes on spending isn’t going to be enough at this point."
https://www.bnnbloomberg.ca/very-concerning-28-of-canadians-fear-bankruptcy-ahead-of-bank-of-canada-decision-1.1104704
The figure of how many Canadian are on the verge of bankruptcy is just
another example of how the corporate economic policies enacted by
Liberal and Conservative governments has hurt the average Canadian.
You will get the stupid responses from people like Greg Carr saying that
people have been visiting whorehouses and gambling their money away and
the other stupid responses from Wakefield saying that if the average
Canadian can't afford bread, then "Let them eat cake".
The elite rulers of the Canadian economy are way off the mark. You can't
make a meaningful deal with Donald Trump!
It's time the federal government started working on behalf of Canadians
instead of following directions from the corporations. Call Trump's
bluff and cancel NAFTA. The poor economic standards that Canadians find
themselves in is because of NAFTA.
The agreement shouldn't be an all encompassing agreement that involves
every industry. We should have individual agreements for each sector of
our economy and adjust these smaller agreements as required instead of
being locked in to a huge agreement.
We should take the lead that Harley Davidson did. Encourage other
countries to put large tariffs on American cars and make Canada a good
place for American auto makers to build their cars for export. We should
be putting advertisements in American newspapers encouraging American
manufacturers to set up shop in Canada now that steel costs 25% more in
the US. Put import tariffs on American goods making it beneficial to
open a Canadian branch manufacturing facility to serve the Canadian
market.
A low prime rate is an indicator that the economy is not doing well. A
low rate is intended to stimulate the economy but that hasn't happened
during the record amount of time that the rate has been low. The poor
quality of jobs, the poor wages and the number of Canadians on the verge
of bankruptcy just underlines the fact that the economy is in trouble.
Raising the interest rate will push many Canadians into bankruptcy.
Keep the interest rates low for the time being and start working on
improving the lives of Canadians. It's citizens should be our
government's first and only concern.
No matter what the govt does your children will be failures.
M.I.Wakefield
2018-07-10 13:22:16 UTC
Permalink
Post by Greg Carr
Post by TomP
The figure of how many Canadian are on the verge of bankruptcy is just
another example of how the corporate economic policies enacted by
Liberal and Conservative governments has hurt the average Canadian.
<snip>

All Tom's comment was missing was "Workers of the world, unite!"
Post by Greg Carr
No matter what the govt does your children will be failures.
Kinda harsh, Greg ... TomP's children started off with a big disadvantage.
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