This page has been archived and commenting is disabled.
Globe and Mail: "Canadian Banks Are Fine"
...or not
- advertisements -
Contact Information:
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Suggested Reading:
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
It would be very wise of you to study our disclaimer, our privacy policy and our (non)policy on conflicts / full disclosure. Here's our Cookie Policy.
Sheeps only read headlines - not charts.
IT'S ALL FINE - MOVE ALONG!
Sheep & HFT AIs. :) Which shows the level of IQ of the former not in good light!
Globe & Mail = Government Proxy Disinformation Propaganda Outlet, aka just another Main Stream Media Rag
WHO IS ZERO HEDGE AND WHY SHOULD ANYONE CARE
um... here's why, bitchez.
STBANKX is the Canadian composit bank index -- for those who don't know... (Zerohedge is tough for beginners).
Updated: STANKX. New symbol.
Why do these never show up in Think or Swim (TDAmeritrade)?
And it does. Stanks, I mean.
No liquidity problems here...Eh?
"our banks are fine don'tcha know...?"
You're thinking Minnesota/Michigan.
This is Canada.
Ahr they're failin'ay?
Just what the heck is this all aboooot?
Man, where have you beeeen? (LOL)
Many Candians still pledge some sort of loyalty to royalty in England, and it's aboooooot time to end that farce and charade that is nothing more than a sick joke, ehhh?
As it is, England even having a queen and royal family that is worshipped by half the population out of some stupid historical notion of bloodline is a sick joke and antithetical to all things democratic.
That old hag who is the queen of England should be scraping by like the overwhelming majority of blue hairs her age, in a dingy flat, rather than being the largest land owner in the nationsimply because of who she was born as.
Drop ze puck.
Pffft who cares, it's almost hockey season, eh?
You're a few decades out of date friend.
She does have a nice profile in relief though....
Tristin Hopper Aug 15, 2011 – 9:27 PM ET
"After 43 years, the Canadian Forces are regaining their “royal” moniker.
Canada’s navy and air force are to be restored to their pre-1968 titles of Royal Canadian Navy and Royal Canadian Air Force."
While everyone is running away from the monarchy... these guys are going back. WTF?
Your question is very ironic considering your avatar. The fleur-de-lys has been used to represent the power of ruling royal bloodlines since sumerian times.
Obviously the black nobility is fighting to stay relevant, trying to pull the bedsheets over on their side and away from all of the other illuminist factions.
Imho you should invert your avatar, show it upside down.
Actually, the symbol was adopted by ruling royals throughout history because of its powerful symbolism derived from its original meaning.
According to French historian Georges Duby, the three leaves represent the medieval social classes: those who worked, those who fought and those who prayed.[5]
"The use for ornamental or symbolic purposes of the stylised flower usually called fleur de lis is common to all eras and all civilizations. It is an essentially graphic theme found on Mesopotamian cylinders, Egyptian bas-reliefs, Mycenean pottery, Sassanid textiles, Gaulish and Mameluk coins, Indonesian clothes, Japanese emblems, and Dogon totems (...) it is a very stylized figure that has been used as an ornament or an emblem by almost all civilizations of the old and new worlds".[12] wikipedia
Sorry to bust your bubble, but I'm from quebec and, like most youths from these parts, I used to spit on the queen from the healthy age of 5-6 years old and started to really understand why by 12-14. Don't put everybody in one basket.
"Oh, yah ? Betcha' a Loonie the Glo-o-o-be has it reet."
BDM will save us, no worry, few more tousands of the dow and we may start to picking up
He who laughs last.
8)
He whom holds the scissors laughs best.
he who runs with scissors
laughs best ..
until he doesn't...
...and runs the fastest.
OMG ............ ya got the short on brains thing correct.
Our banks are screwed, EH?
Thats aboot it!
CHMC and the Government (taxpayers) have our banks are very well protected against the impending real estate crash courtesy of the last financial crash. Canadians will soon wake up...probably as early as the date of of the next 401K (RRSP) statement period.
But we got lotsa oil, gas, AG and water bitchez
... and NO gold !
http://www.internationalman.com/global-perspectives/the-bank-of-canada-h...
Great post Catch 22 "... and NO gold !
http://www.internationalman.com/global-perspectives/the-bank-of-canada-h... "
I bookmarked this sucker ... as a Cdn been trying to get Cdn's to ask ...why ... and when .... WTF ....
Greg
Who gives a damn abooot gold when you got oil , eh?
Scotia Bank's punch line "You are richer than you think".
They should say, "ScotiaBank steals more than you think".
Updated: You're Poorer Than You Think !
Hahaha!!
tyler, you fringe blogger!
fine or fined? Oh wait that's ours
It's a donkey stock.
I will say some of this Financial downside is the funds that specialsize in only financials...they haveto sell all of them...Vanguard comes to mind..but there are some good banks....I would assume in the gang of theves...I do not know them...I hate banks...but there are some cheap cherries here I think
BAC might throw out 10 to 1 reverse split and bump that stock to $50.00.
That kind of cherry?
sadly the chart for the banks reflects the chart for gold
best to throw shit when the fan is Not set on reverse
I always thought $1,900 was a bit lofty for gold, I know everyone calls for $20,000/ounce gold but they dont realize what the world would look like if Gold was $20,000 frickin dollars. Oil also at $500-$1,000 bucks a barrel? Makes no sense. Well we havent printed any LESS, so $1,500 or so seems reasonable to me for now.
This is a Canada thread. Gold is green today priced in CAD
There is no limit to how much wealth gold is capable of consolidating. Gold has been outrunning all commodities including oil.
Hey! Quit with that sound logic!
Yes thanks Im aware of that, I know gold is up, but I wouldnt count on gold running anywhere much higher now.
xgd the miners are green LOL
Actually, and very sadly, it means those Zero Hedge readers who only try to get in an out of context soundbite, never read Zero Hedge articles. From September 16:
which is precisely the point the downdraft (cliff dive) is not peculiar to canuck banks etc
Happy to post a longer-term chart too...
no need - Gold slaughters any and all takers, in the mid and longer term but that was not what was posted
Oh and the Sept 16 Rosie article, which I read that at the time and was puzzled by how he arrived at his conclusion. Basically he argued that markets would tank if OT+ was not delivered by Bernank but explicitly said that OT (not OT+) was already baked in.
I think Art captured the essence of what is going on in a post you put up earlier today, which differs from Rosie's thesis. As Art says from time to time referring to himself "even blind squirrels occasionally find a chestnut" but I think in this circumstance Rosie is the furry little creature.
Metals didn't go down after the US downgrade.
I read that article with interest and have been hoping to see a drop in metals. I also thought the Globe and Mail "Doth protest too much" about an unimportant anonymous blogger. ;-) I moved all my 401K out of stocks and into a MM holding pattern back in May and am waiting for a real buying opportunity in metals. I will happily take the withdrawl hit since I have been unemployed for 7 months and won't be paying crap for taxes this year.
Jump! You Fuckers!
Load up on treasuries, its the only safe haven in town. For everything else, just wait for the cheap stocks and commodities to get cheaper.
As a safe haven, the USD feels so much better than the CAD today.
Treasuries and safe haven.Thats rich.
S&P at 444ish cheap enough?
Maybe.
cool, now I can start laughing at all the people I talk to here in Canada who tell me that our banks are different, nevermind my sis who just bought 2 bedroom for 500k and though she got a deal, bring it on,
Yep. Doesn't matter that I told my family and friends in 2006 that a crash was coming... and it happened... and bought gold at 600$ and silver at 12$... they still won't believe that the Canadian banks are a joke. Even when I show them the data.
Offtopic: bid under SVM pretty good today. Almost green.
I seen that too.... I wonder if there is a development in the case.
AGM tomorrow, CEO ready to do battle to the death. This could be better than Jones vs Rampage.
Aw dang....oh well RELEASE THE KRAKEN!
RTFK (Release The F'ing Kraken)
They are propagandistas, what do you expect?
They are GLOBALists.
Where is Patrick Roy when they need him?
Man, don't forget that Price is right!
Patrick Roy? Isn't he a wife beater? And didn't his kid (also a goalie) give the finger to all the fans at a game while fighting on the ice?
Nice family.
Tyler, the decline from March to current is laughable as well. -17% 0.0 http://www.bloomberg.com/apps/quote?ticker=STBANKX:IND
BLACK FRIDAY Bitchez!
No kidding!
True lies.
Some men just want to watch the world burn...
Got my popcorn ready.
Gold, silver and preps waiting...
Lets get this show on the road.
I was laughing at Globe and Mail's responses to your two articles. Pointing out that a banks may be in trouble or the contagion may hit them was prudent. However Canada went on the attack and it was laughable. Opening peoples eyes is a good thing. People spouting party lines and how rosy the picture is basically screwing the people.
People are getting screwed left and right and I feel for them, I know I was one of them, I did not know squat about finances, but now coming here I have learned. Not listening and being apart of a herd and then getting screwed you deserve what you get.
Good call and keep up the good work on this site.
Who is Globe and Mail and why should we care?
http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwis...
Canadian banks smell worse then a Terence and Philips FART!!!!!
Do you know what did the Spanish priest told the Ukrainian gynecologist?
Since the gold:silver ratio is breaking upward out of a consolidation "risk-off" is likely here to stay for a while.
Actually I'd like to see a breakdown of Canadian bank exposure to various euro nations, but in general unless there is a sytemic banking collapse i think Canadian banks are better than most by a long shot.
lulz they said that about usa banks too.
http://www.dbrs.com/research/217201/dbrs-upgrades-lehman-brothers-to-aa-...
Why do you think so?
European exposure is generally minimal, except to UK banks, which are themselves very thinly exposed to euro sovereigns...I have this data somewhere, I'll try and find it and post it asap
The TCE/RWA ratio for canadian banks is really high vs. all banks in the world because in case of a housing bust, it is the CMHC (Canada Moral Hazard Corporation) that is on the hook because they basically insure all mortgages with less than 20 down and decent credit quality/history, ergo, taxpayers are screwed if it occurs.
Oh yeah, DBRS...the laughing stock of all Cdn bond managers. Seriously, their research is a joke.
You're looking at the wrong numbers again. You need to look at capital vs risk-adjusted assets. The market's looking at the wrong numbers, too. Time for a short ban.
one cannot ignore results & outcomes
ZH+
BruceK+
ReggieM+
PeterTchir+
not so sure about GW blog .. but then I'm obviously slow .. maybe we'll get there too
Aden Sisters, Sy Harding and Marc Faber (Presume DGartman as well) +
Never ever forget ... watch what GS does (if you can discern) not what they say
Gartman is a fucking idiot.
how so? honest ? as do not use DG .. always felt a little too 'trade' happy & CNBC Fast Trade appearances turned me off ..... I referenced him as a throw away on guess .... my mistake maybe
CNBC hauls his ass on for an "oponion" on gold almost every day...keeps pronouncing "Gold is going down! Gold is going DOWN"..... It isn't, hasn't and won't.
Every day I weight my gold, and every day it's the same. Only changes when I add to it.
There is a vast difference between the paper price and physica value of gold. He fails to recognize that it is the only money. Silver to a lesser extent is as well, but gold is where the VALUE safety is.
His constant bashing on gold really get's to me. Don't let these idiots (for the most part, no all of them) lead you wrong. Sure the PRICE needed to correct, the VALUE hasn't changed.
I only watch the blowhorn for Kayla anyway!! ;)
Oh well, I think I'll go weigh my precious again! :)
There is a vast difference between the paper price and physica value of gold. He fails to recognize that it is the only money. Silver to a lesser extent is as well, but gold is where the VALUE safety is.
Sure the PRICE needed to correct, the VALUE hasn't changed.
for whatever it is worth ....do agree with your premise copied above .. that is the 'driver'. As I suggested ... DG may not realize he is gradually falling into the 'trading' trap ....
DG is without a doubt the most vile deceitul shill out there. A knob gobbler like him can reduce his gold holdings by half everyday for the rest of his life, which means shat on a stick.
People still out there trying to find green stocks to top tick, dang.
"Grope and Flail"
Fixed that for ya.
Mope and Wail, Mop and Pail, Gloating Jail
Gripe and Fail
It's not nice to fool the ZeroHedge.
Maybe they learnt their lesson. One story today is about ZH's Morgan Stanley post:
http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/the-market-panic-in-a-nutshell/article2176002/
Gold and Silver are again still up for the year in spite of all these cocksuckers manipulating the market. What else is there to say?
Lots of TSX sub indexes are getting pounded.
The composite is down 3.29% Energy is down 4.80%. Metals and mining is down 6.39%. TSX global gold is down 3.47%.
I would be far more worried if I saw STBANKX:IND dropping in isolation.
And yes I am mostly invested in gold and gold miners...so I am not a shill for the banking industry.
sorry double post
Big old Canadian Banks have been the main staple food for most Canadians for a very long time, and for the very most part, its been a very comfortable ride.
Like everything else all good things end.............
Let the free fall begin.
Welcome to the party Canada (we've missed you at the puch bowl).
I told the Globe crowd to sell their house and they told me that was easy to say from my Mom's basement. I have never owned a house and I do live in my Mom's basement. Some of those globe posters have good memories or they are stalkers. They said they can't sell because then what, rent? They don't want to hear doom and gloom.
It's a little more complex than you are admitting here.
Some cities in Canada have very low vacancy rates:
"The results of CMHC’s spring survey reveal that, in April 2011, the major centres with the lowest vacancy rates were Winnipeg and Regina (0.7 per cent), Québec (1.0 per cent), Toronto (1.6 per cent) and Kingston (1.7 per cent). At the provincial level, Manitoba had the lowest vacancy rate at 0.7 per cent. All other provinces had rates above 2.0 per cent."
.7 percent across Manitoba...that's barely enough to facilitate regular eand of lease moving.
Sell your house and then rent in Winnipeg? The rentals aren't there.
"Need an apartment? Good luck"
http://www.winnipegfreepress.com/business/need-an-apartment-good-luck-123611659.html
roberto...funny "chit", man!
Soon we will be able to refinance our mortgage's for 2%.
The Canadian RE Bubble Burst will change the definition of "fine" very shortly.
Ozland and the Loonies are 90% dependent on the commodity Boom. Kill that and the "pin" meets the RE Bubble very fast.
The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title.
A big difference between what North America thinks it needs and what it's going to get!
http://kunstler.com/blog/2011/09/perestroika.html
There was a typo. They meant to say, "Canadian Banks Are FINE*."
*Fully Inverted, Negative Equity.
Think of the implications, the bible of canadian masters of the universe tells us the sun revolves around the earth. A irreverant website proves happy talk is not funny.
Everything is a back door bailout for BOFA. Reminds me of the old joke (new players) which the Canuck (and other) banks will get a pop from:
A pedophile (BofA) walks into the woods with a young boy (Cwide). After a few minutes it begins to get dark and eerie. The young boy looks up at the pedophile and says..."I'm scared"...The pedophile looks down at the young boy and replies..."You're scared?! I gotta walk outta here by myself." NUCLEAR OPTION Bitchez.
Sort of like the folks that bought silver at $48.00 and gold at $1850+ .... like the first response said ... sheep will read anything. Just like the sheep that somehow believe that Tyler's little rant with the Globe and Mail is significant. Canadian banks are fine ... do a little research into the matter before spouting off.
The lending standards in Canada are tighter than you people might think and their international exposure is minescule to the European situation.
As for real estate bubble talkers in Canada, I urge you to look at the stats ... there is a lack of supply unlike in the United States where there is OVER supply. Less homes on the market = higher prices.
I expect the readership to do a little thinking before believing everything printed on this site.
Canada (and Australia btw) benefited from monster stimulus in US and China. Now that the well is drying up, like the dude said, you're joining the party wether you like it or not.
I always hear how clever (righteous) Canadians avoided the shit storm. Well now that your domino is next, lets see how you do...
Curious to hear your thoughts as to how to engineer a direct short of canadian housing...
The banks are not going bust, they have a huge capital base and the RE assets are covered by the CMHC. The CMHC is covered by the federal government, which has 1,000x the wiggling room of any other G8 nation in terms of debt/GDP.
• Wanna buy some CDS on them banks, sovereigns or the CMHC? Can't, none trading.
• Want to short the CMHC like shorting Fannie? Can't, it's private.
• Want to short homebuilder_01 like Pulte? Can't, there is none to short cause they are all private.
There are RONA (a home improvement retailer) and CanWel (a distributor of 2x4s), but both have already fallen quite hard on the big slowdown in housing starts.
The only interesting short candidate I found here is Genworth Canada (TSE:MIC), a mortgage-insurer and a direct play on the over-extended canadian households, who are gunning for the biggest house, coupled with the smallest downpayment...
http://tmx.quotemedia.com/quote.php?qm_symbol=MIC&locale=EN
That puppy is now falling hard, and fast. Came down from $28 and dipped below $20 recently, but there is plenty of room left down below. Technicals are horrible and I don't really trust their "fundamentals".