Canadians feel entitled to mortgage deferral because Finance Minister Bill Morneau said so – March 20, 2020,
I’ve never really thought central banking was the problem, money can be anything, I’ve personally always thought Big Government or a bloated public sector is the problem. One of the main reasons why humans tend to flock to the Swiss Franc and the U.S dollar is something called austerity measures.
Switzerland the country has socialist laws on the books, but what makes Switzerland different is its ability to pay for its Socialism, that countries voter class has a democratic understanding of the pros and cons of socialism, in the United States, there are simply too many Americans who comprehend free-market capitalism for socialists to ever truly take over.
It’s not to say a socialist President can’t or won’t win a U.S Presidential election, it’s just that Americans are fighters and they’re a country prepared for austerity measures, Americans do not trust their government nor do they trust their banks, as I’m writing this right now Americans are buying food, gold, silver, GUNS and lots of ammunition became a lot of Americans have a lot of guns already because they have a healthy fear of their own governments.
In Canada, things are a bit different, sure if an American politician announced free mortgage deferrals Americans would ask to be signed up too, but they’d do so, expecting that it’s a scam because again Americans don’t trust politicians, in Canada, things are a lot different, Canadians do trust their government and a lot of Canadians don’t even know that CBC is a state-run broadcaster.
When Canadian Finance Minister Bill Morneau asked the heads of Canada’s big banks to allow people to defer mortgage payments for up to six months. A lot of Canadians assumed that the Government is in charge of the Big Banks and the banks would have to listen to him. You see a lot of Canadians don’t know the difference between the private sector and the public sector.
When Bill Morneau asked the heads of Canada’s big banks to allow people to defer mortgage payments for up to six months, it doesn’t mean the banks have to listen and even if they do listen the big Canadian banks need to be compensated somehow because they do have shareholders to answer too and the reality of the situation is if the Canadian economy goes sour the Politician is going to shift the blame on someone or something and Canada’s big 6 banks want to make sure it’s not them.
I’ve been saying for years, that the problem in Canada stems from our public sectors, Canadian industry is regulated protected and propped up not because of the Canadian government but despite it, what the Canadian governments have done in actuality is they’ve raised the barrier to entry, which has made it harder for large Canadian companies to have any competition. But you see this relationship goes two ways, because when the Government needs a favor from Canada’s private sector then the government has to give up something.
Banks and insurance companies get court order to hold electronic annual meetings | ctvnews.ca
Recently Banks and insurance companies got a court order to hold electronic annual meetings, now, is it their business to do this or is it in the government’s best interest to do this? I’ll leave the answer to that question up to you.
If you understand what the Liberals are trying to do, you’d get a better understanding of the banks and the insurance requested these meetings because the reality of the situation is that the banks could easily handle this COVID-19 situation without the assistance of the Federal governments, however, what Trudeau’s cabinet is trying to do is they’re trying to flex their muscles.
The problem with them doing this is that someone has to pay for these mortgages deferrals, the banks and insurance companies are taking all the risk, while the Liberals get all the benefits. Quite frankly, I have no clue what will come of this, but printing money, has the effect of the financially irresponsible spending money on things that won’t give them a return.
I’m basically saying that this mortgage deferral money is going to go into areas of the Canadian economy that will prop up other industries and this, my dear reader has consequences down the road.
The banks and insurance companies are going to have to calculate the abuse that’s going to take place with these mortgage deferrals and also price in the fact that there also could be more mortgage defaults in the months and years ahead, which could prove problematic during periods of refinancing.
Anyway, as you can tell by reading the article below, Canadians trust in the Government appears to be at an all time high, which means if there comes a period in time which austerity measures are the only way out, I feel really sorry for the people who don’t understand what that truly means!
Frustrated Canadians looking for mortgage deferrals from big banks facing delays, denials | CBC
Interesting times ahead!