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Post by CentreHice on May 8, 2013 22:12:53 GMT -5
Conservative 2013 Budget May Allow Banks to Confiscate Customer's DepositsArticleHow can something like that go into a Parliamentary budget (page 145)? Following the Eurogroup deal in March that allowed the Bank of Cyprus to use 37.5% of customers' deposits exceeding 100,000 Euros....with another 22% on hold. Do you want that to happen? Bank runs...and all that comes with them? Fear-mongering? I'm no financial whiz, so please enlighten me....but I'm not donating a huge whack of my capital to bail out banks. I'd get a shovel first.
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Post by blny on May 9, 2013 7:53:52 GMT -5
While I'm far less fearful of Canadian banks faltering - they've done a far better job than other countries - I'm not about to finance their investments anymore than I already do.
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Post by Disgruntled70sHab on May 9, 2013 9:35:31 GMT -5
It almost comes across as a, "... that's a good idea. Why not implement it here ..." kind of reaction to the Cypriot initiative. I don't like it and I'd like to see Harper pull a Mulligan on this one. This kind of initiative will give the Grits a campaign issue they can gain momentum from. Seriously, if we weren't a socialist state by now, the Tories will make sure of it if they slide this through. I had trouble accessing your link, CH. I don't know if anyone else had problems but I had to find another one. Just in case anyone else is having problems: canadafreepress.com/index.php/article/54937Cheers. |
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Post by Disgruntled70sHab on May 9, 2013 10:11:13 GMT -5
This could turn into a real crap-storm of sorts. If this goes through I suspect people will be scrambling to protect their assets somewhere else. All of these record bank profits we keep yearing about every year would eventually dwindle away. I can see the banks reacting to shareholder pressure and raising their fees to rediculous levels that will only push more clients away.
Wonder if Harper has thought about that.
He may also want to think about how the opposition parties will exploit this as a major election issue. If he wanted to creat momentum for the Liberals, this might be the way to do it.
Cheers.
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Post by Cranky on May 9, 2013 13:05:58 GMT -5
I need to read the original bill because the sources sound more like blogs then actual news feeds. Why hasn't this been main stream news?
But......and there is always a but......
Do you guys realize that we have $100,000 automatic bank account insurance?
Do you realize that every member of your adult family can have their own $100K insurance? PER ACCOUNT? Every adult? (It may even be children, but I'm not sure)
Do you realize that at every bank and most trust companies (ask them if they are covered and get proof), every account has it's own $100K insurance?
Do you realize that one person can spread a couple of million dollars around and lose nothing even if ALL the banks go poof?
Do you guys realize that failed banks are bailed out by YOU?
So what do you prefer? To bail out from dollar one any bank that fails or for people who have over $100K and shareholders to pay for bad banking? Which one would you prefer? Because there has to be one or the other.
In all honesty, do you guys know how to take care of your money for bad times? I'm dead serious about this question.
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Post by blny on May 9, 2013 17:38:24 GMT -5
It takes money to have money. I'm pretty frugal. I have a tax free savings account that I put $50 a pay into. Not much, but it's $1200 a year basically. A solid emergency fund for car, house, etc. I don't have a huge amount of discretionary income, so being thrifty is a necessity.
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Post by Cranky on May 9, 2013 19:37:02 GMT -5
It takes money to have money. I'm pretty frugal. I have a tax free savings account that I put $50 a pay into. Not much, but it's $1200 a year basically. A solid emergency fund for car, house, etc. I don't have a huge amount of discretionary income, so being thrifty is a necessity. It doesn't matter if it's a dollar or a million dollars, one should be aware of potential risks and plan accordingly. We had our own manufacturing company and did well. Because of that, there was no end of really smart people (they told me so) who knew how to "invest" our blood and sweat. Sadly, we were never that bright to take their advice. So we still have the fruits of our blood and sweat. Anywho.... My point is that you need to know the risks, even with what appears "rock solid banks"....and how to mitigate them. |
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