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From: WB to Fred
Date: 9/17/2002
Time: 12:23:44 PM
Remote Name: 216.129.15.37
Fred!
I can say that we agree on credit card rip offs for sure. You said you were paying 12% on some credit at one time. Our VISA credit feds are charging 17 and 18% right now. And the banks here are fewer than in your country and tend to monopolize money handling here. A story about an Albertan told how he started up a lending and credit business. He loaned money to native people and locals in his small toiwn and outlying farming districts to mainly people who were turned down by big banks for loans and mortgages. I think they said he charged the same rate as what our major banks did. A local saw mill operator was able to stay afloat and paid off his debt. Some Black Feet nearby natives were able to buy new cars and trucks and were said to be making steady payments. Poeple were clearing away unfit housing and building adequate housing and small apartment buildings. The whole town fluorished. But the feds caught up to this guy and shut him down because he didn't bypassed purchasing liscences and loan insurance from the feds and central banks on the money he loaned.
imo Fred, the central goal of both our systems is to keep inflation under control. This is paramount in order that the wealthy remain wealthy. These would be foreign banks, international investors, rich American and Canadians. According to some centre, centre-left and many conservative thinking economists, unemployment rates are maintained at too high a rates and money is being kept from circulating in the economy so that in fact, inflation is not only kept at bay, the economy has not grown like it could or should be. IMO, this is where the straw waivers on the camels back of the free market system. I tend to agree after reading that banks have to be strong in order for a country to succeed and encourage investment, but I think there is a point where the lending institutions and the Fed and Central Bank of Canada shut off the supply of oxygen(money) that as a direct effect, instantly erases tens of thousands of jobs and coincidentally the means for which mortgages and other debts are paid. Canada has more people and a greater percentage of its population unemployed presently than what was true of the 1930's!. We have child poverty rates second only to the USA. And both our countries, in spite of having the most super rich families on the planet, have the highest infant mortality rates among developed countries. I like what a few conservatives are saying about the money policies and how the poor and working poor are taking the brunt of these policies designed to maintain the wealth of the elite few in our countries. I think that it's a good sign when these things are at least being talked about in places like Washington and the diner at the top of the CN Tower over $300 dollar a plate luncheons and power breakfasts. I believe that the working poor could be helped out tremendously if they were just able to afford to pay the rent and feed the kids. Home ownership is a great idea, imo, but not when the bank forecloses on the mortgage and these poor families are right back where they started from as has been the case for so many people in Toronto and during Margaret Thatchers crusade for home ownership for low income British. The banks invariably end up wih the mortgages and the poor living from pillar to post as always.
cheers! WBBSG
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Date: 10 Jul 2008
Time: 09:54:25
Remote Name: 212.116.219.211
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