tag:blogger.com,1999:blog-27697009.post7571365008048244847..comments2024-02-29T03:21:35.007-08:00Comments on The Great Depression of 2006 : Economic Terpitude (Reprinted)Jim in San Marcoshttp://www.blogger.com/profile/09435296419912935381noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-27697009.post-70938633353522163132009-04-18T04:10:00.000-07:002009-04-18T04:10:00.000-07:00Jim
I think your right in saying that the Canadia...Jim<br /><br />I think your right in saying that the Canadian banks are better off than their American counterparts. The regulations by government will likely save them going out of business. I do want to put a proviso on this though. I'm no expert on international finance, I work in rebar/structural steel industry, but I do worry about what they have been up to overseas. The bank in deal with (Scotiabank) has extensive operations in Caribbean and Latin America. Some of the others (TD and RBC) have operations in the USA. I just wonder sometimes if these international units are being totally upfront about the state of their business dealings.Rob in NSnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-15145581585560878962009-04-17T20:51:00.000-07:002009-04-17T20:51:00.000-07:00Hi Rob
I still think that Canadian banks are bett...Hi Rob<br /><br />I still think that Canadian banks are better off than their American counterparts.<br /> <br />I have no data to go by, but there was really no reason for your banks to get into the mess our banks got into. Weren't there laws that restricted where Canadian banks could put money?Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-72811685417690815682009-04-17T20:43:00.000-07:002009-04-17T20:43:00.000-07:00Hi Josh
Thanks for reading. We both think alike,...Hi Josh <br /><br />Thanks for reading. We both think alike, it doesn't seem like common sense will save us, go figure.<br /><br />Thank you for your commentsJim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-71978455210543483952009-04-17T02:52:00.000-07:002009-04-17T02:52:00.000-07:00Jim
NEW YORK (Reuters) - Royal Bank of Canada , C...Jim<br /><br />NEW YORK (Reuters) - Royal Bank of Canada , Canada's largest bank, said it will take a charge of roughly $850 million (C$1.03 billion) because the value of its international businesses has declined, reducing second-quarter earnings by an equivalent amount.<br /><br />Maybe the Canadian banks are going to join party afterall<br /><br />robRob in NSnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-43296863390719638412009-04-16T08:03:00.000-07:002009-04-16T08:03:00.000-07:00Jim,
Been reading your blog for a long time now. ...Jim,<br /><br />Been reading your blog for a long time now. Everything you have said has come into reality. Seems like with the way things are going it is going to be up and down for a long time, more than 5 years. In the end I have a feeling we will go into a depression. This country can't run they way it is, as in digging a deeper hole than what we are in. <br /><br />Politicians and some economists say it is getting better. How? Do they think we are stupid? Unemploment is on the rise and no new jobs are out there. Gee no jobs=no money for people to spend. Hmmm, common sense and nobody has it. <br /><br />There is no way out of this mess we are in. We need to start things over, depression time. Instead of bailing out the banks, we need to bailout out the taxpayers that need it. <br /><br />The banks say to refinance but you can't refinance your house while you are unemployed. Most people that are unemployed would really help from the benefits of that. Nothing has trickled down to the blue collar workers. Everybody forgets that the blue collar worker are the ones that run this country. Make it hard for us and see what happens. The U.S. is the titanic, we already hit the iceburg and we are sinking. <br /><br />JoshAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-25234924048270114392009-04-15T04:23:00.000-07:002009-04-15T04:23:00.000-07:00Jim
If the politicians in charge cannot convince ...Jim<br /><br />If the politicians in charge cannot convince me that things are alright then I doubt they will have much luck with a fellow like Jimmy Rodgers. I read in NYT today that the government is going to release report on health of banks. Am I missing something? Isn't that something the banks should be doing for shareholders without government help? It all seems a little surreal. I'm sure the people with money in this world can see thru the smokescreen. Governments know this but are more concerned with maintaining the veneer of prosperity so as to not roil the masses. If the masses do awaken it will be pink slips for vast majority of politicians in power and they know it. They are running scared and like you said the T-Bill auctions should at some point expose the sham for all to see.<br /><br />robRob in NSnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-37954280082867089972009-04-14T20:03:00.000-07:002009-04-14T20:03:00.000-07:00Hi Rob
I think that the politicians are hoping fo...Hi Rob<br /><br />I think that the politicians are hoping for 5 years, that gets them re elected. <br /><br />I am thinking that the wheels could fall off anytime right now. Every Thursday the banks have to come up with cash for the weekly payrolls and these paychecks are being used to retire debt, rather than stimulate the economy.<br /><br />Interest rates could be the key here. You have to pay more for funds when you are short of cash. That could just happen at the T-bill auctions coming up. <br /><br />Alt-A paper was great because of its return. Treasury Bills are great because of their security. Do you get the idea that that person who bought Alt-A is now buying Treasury's? Of course it's not his money, its yours!<br /><br />I think that you and I will agree that common sense has nothing to do with what is happening.Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-15674737663990413992009-04-14T12:20:00.000-07:002009-04-14T12:20:00.000-07:00Jim
Your analogy about the embezzler and a millio...Jim<br /><br />Your analogy about the embezzler and a millionaire taking a vacation is spot on with what is going on right now. I fear that it still will be five years from now as well. I just wonder how long the gaming of the economy can continue before the wheels fall off. The majority of voters don't set the bar too high for our politicians and it shows. <br /><br />robRob in NSnoreply@blogger.com