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Email this7:59 pm
October 29, 2017
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Loonie said
It feels like a rate cut has already been built into the rates we are being offered as depositors.
Sure does! And they probably won’t go back up if the BoC doesn’t cut. The FIs will simply wait for a rate hike to put their products back to where they were.
4:34 am
February 27, 2018
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Savings rates are adjusted for numerous reasons, greed is the biggest factor.
BOC rate
Bond yield curve
Need for liquidity, if the bank needs cash, they'll offer a nicer rate.
Spread difference between savers and borrowers. To improve their bottom line, increase the difference
Gauge what the saver will take. If they all liked 2.75%, will they take 2.5%?
Stimulate the economy. Low rates, less savers, more money in the market
Some bean counter makes millions of dollars a year, weighing factors on how little they can pay us savers, for their own gain. Do the banks collude, damn right they do. Bell/Rogers do it. Gas companies do it. Insurance companies do it. SO yes, financial institutions conspire together against us. If only we had a federal government that worked for the people (us) instead of against the people (us). DAMN... don't make me talk about paying income tax again.
4:42 am
October 21, 2013
Online
My MPP told me recently that lobbyists hold open bars at Queen's Park (Ontario legislature) for MPPs daily. No doubt this is a tax deductible business expense for said lobbyists, and helps ensure that sloshed MPPs are less likely to be listening to mere constituents.
6:09 am
September 11, 2013
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"Do the banks collude, damn right they do. Bell/Rogers do it. Gas companies do it. Insurance companies do it. SO yes, financial institutions conspire together against us." Quite the allegation and then conclusion of systemic collusion in Canada presented here, all with zero evidence provided. To me, without evidence, it's just a rote regurgitation of a comforting myth.
Truth is (notwithstanding that of course collusion does sometimes occur even in regulated free markets) it's the concept of matching or besting your competition. Like when you're selling koolaid for 10 cents a glass and the neighbour kid sells hers for 5 cents so you, without collusion, adjust your product and/or price accordingly - I suppose to further your own pursuit of "greed". In fact, it's not systemic collusion or greed, it's actually a very basic economic principle that trading people have engaged in for centuries.
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