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01:21 PM on 12/14/2012
told you so...
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HUFFPOST SUPER USER
skbull44
Irreverent Cynic--Question Everything!!
01:03 PM on 12/14/2012
zerohedge.com (one of a few websites I trust for economic insights) argued some months ago about Canada's banks being troubled. They had data that showed 30% of the worst 25 banks for tangible common equity ratios (a measure of a bank's ability to absorb losses) were Canadian banks.

Unfortunately, most Canadians suffer from the 'this time is different' syndrome outlined in Carmen Reinhart's and Ken Rogoff's text (This Time is Different: Eight Centuries of Financial Folly), believing that we are smarter than others, have done things differently, and the problems impacting other districts will not happen here.

Canadians are in for a very rude awakening in the not too distant future. Events like this take place slowly.....and then suddenly!
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JUSTBAKERS135
01:54 PM on 12/14/2012
Our banks are in great shape. Most of the lending is well capitalized, the mortgage portfolio is such a better mix than the sub-prime mess, and Ed Clark from TD made a point of not playing the "trading" game in derivatives and CDOs, etc.

TD and RBC also own major banking networks in the USA and their revenues are mostly from consumer banking - all in all, no Lehman moment in Canada.
09:10 PM on 12/14/2012
Don't bother trying to explain it, everyone wants to be in denial. Just like how ZH despises Mark Carnage for his vampire squid history, but Canadians think he's a hero.
12:28 PM on 12/14/2012
In the words of Rick Mercer, we should be actively following everything. Not just because they're banks, but because apathy can, and will, be used against us.
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Mr e MaN
Political Atheist
12:15 PM on 12/14/2012
Well our real estate crash has started and though the banks sold us (CMHC) their crappy high risk loans they still could be in dire straights.
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Spanky McFarlane
ILLEGITIMUS NON CARBORUNDUM.
12:10 PM on 12/14/2012
Canadain Banks stood in line & borrowed from the US BANK BAILOUT via their US operations, hence Harper'& Flaherty's claim of no bailout in Canada. In addition Harper borrowed $10's of Billions of dollars & handed it to our top five banks in exchage for an equal amount of their highest risk mortgages that he allowed to be sold in Canada for the previous 18 months prior to the financial crisis.

Should we be worried about the Banks or should we be worried about CMHC ( a Crown Corp.) that is now responsible for insuring closing in on a trillion dollar balance sheet thanks in part to Harper's clandestine track covering?
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Mr e MaN
Political Atheist
12:16 PM on 12/14/2012
Well said, I just posted similar comments. You beat me to the punch.
01:46 PM on 12/14/2012
Those billions borrowed by Harper and handed over to the banks show up on our gross debt, but not the net debt or the accumulated deficit that our politicos like to quote because it is lower. Our interest bearing debt stood at $843 billion at the end of last fiscal year (March 31), compared to the $582 billion accumulated deficit that Flaherty quotes.
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Spanky McFarlane
ILLEGITIMUS NON CARBORUNDUM.
04:56 PM on 12/14/2012
This is correct, & we pay interest as the Royal ,TD etc divide multi million dollar bonuses among their CEO's for lowering the risk to their institutions....year after year after year...

Thanks Harper
12:00 PM on 12/14/2012
Stop complaining about bank profits and transfer your finances to a credit union!
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Mad Hatter 1
11:42 AM on 12/14/2012
We should all be worried.
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EQ8Rhomes
08:41 PM on 12/14/2012
Some credit unions are now behaving like banks.But CU's do share profits with members. Wish I had followed through with my pledge to buy bank shares in the 80's. Well....
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samseed
We're here for a good time, not a long time
11:15 AM on 12/14/2012
RBC should hold on to those record breaking profits. That way we (the taxpayer) wont have to bail them out when we hit harder times.
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Poster999
A promise made is a debt unpaid.
11:10 AM on 12/14/2012
Hey I'm offended. They may be blood sucking, nickel and diming capitalist crooks but their "our" blood sucking, nickel and diming capitalist crooks.
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HUFFPOST SUPER USER
EQ8Rhomes
08:42 PM on 12/14/2012
I know from personal experience they are, esp. the biggest!
10:42 AM on 12/14/2012
Yes - and our 'Governor' of the Bank of Canada (ex-Goldman-Sachs) has scurried out to an even bigger cesspool.
Only Iceland has done the right thing and jailed them.
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Torontosaurous
07:25 PM on 12/14/2012
They whip crooked bankers in Iran !
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EQ8Rhomes
08:44 PM on 12/14/2012
But NOT the politicians or Mullahs!
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Robert Moriyama
10:18 AM on 12/14/2012
Yes, they are suffering... those record profits are being negated by record bonuses. We must start a food drive so the poor things won't go without their caviar and foie gras. (The shrinking number of tellers and lower-echelon staff could actually USE a food drive; the executives and managers who are sending their jobs overseas or replacing them with machines (with extra fees for "convenience", of course) could use a voucher for a weight-loss plan.)
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piceaglauca
The picture says it all....
09:51 AM on 12/14/2012
They definitely need to raise their qurterly profits. Raise the interest rates.
09:39 AM on 12/14/2012
How do we know S&P are not manipulating the rankings so that they can benefit from the downgrading?
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Norma Ward
09:26 AM on 12/14/2012
Here is an article that outlines the size of the bailout that Canada's banking sector required during the 2008 to 2010 world economic crisis:



http://viableopposition.blogspot.ca/2012/06/canadas-healthy-banking-system-fact-or.html

If it were not for the involuntary generosity of Canadian taxpayers, our banking system would be in the same sad shape as the rest of the world.
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Ted Rosa
04:05 PM on 12/14/2012
Do read the article, but be sure to read the comments also.