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Originally Posted by jasonturbo
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The major reason for the financial crisis in 2007+ was because ratings agencies were being a bunch of idiots and rating everything higher than it should have been. Once people realized they had bought garbage debts the shit hit the fan and it all fell apart. Banks under estimated their exposure to toxic debt and liquidity vanished instantly. Specifcially poorly assessed credit default swaps are to blame, and Canadian banks had very little exposure to these assets compared to American banks. So really, the only aspect of the financial crisis that hurt Canada was tumbling US equity values, US defaults impacting long term debt repayments (IE: Corporate bonds from Fannie and Freddy that were owned by Canadian institutions), and commodity prices as development came to a halt in North America. Not a single Canadian bank required a bail out, that's very telling in itself. (Though it's worth mentioning some US banks didn't want TARP funds but were forced to take them lol JPM)
So really, Canada was in no comparable way impacted like the US was, though we were still hurt by having to bail out automakers and the lower commodity prices.
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Its said that a
trillion dollars of wealth was usurped from the U.S. people alone.
Banks got $114B from governments during recession
Support for banks 'more substantial than Canadians were led to believe': CCPA report
Banks got $114B from governments during recession - Business - CBC News
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It says support for Canadian banks from various agencies reached $114 billion at its peak.
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Europeans are in all time highs of economic austerity... with headlines like "'Silent epidemic of hunger' among young people in
UK". People from Greece, a first world country, have committed 10,000 suicides in a span of 5 years.
Where has this global transfer of wealth gone? Did it just get erased in banking cyberspace?