OT: COVID-19-No politics! Read post #1

[Kiwi]

$15B?

Awesome.

The big banks can pool their profits and give the public about 6 months of mortgage holidays before it costs the government anything.

Yes yes

Banks are big meannies who make profits and should be vilified

Sure, they lend money to people buying businesses and homes which helps the entire economy function but **** them

Am I right Pookie?

 

[hd1344]

Hey Golfers,

I have to admit, I’m scratching my head reading that Burnaby has closed its golf courses a result of Coronavirus vigilance.

I can see the club houses being a source of concern. Restaurant and bars? Sure. Close them if we need to.

But the act of showing up, walking the course (or a single rider in a cart) playing golf and leaving?

I can’t think of another sport where social distancing would be so easy and the risk so low. (Again, assuming you shut down the lounges and club houses).

From a stress reduction stand point and exercise... I’m struggling to grasp the benefits of not allowing people to play golf.

Convince me I’m wrong.... please.

Agree, you could show up, walk 9 or 18, even have the flags out (pick it up with your putterhead or a gimme), and have minimal contact while being outdoors. Even playing as a twosome you could easily get away with the proscribed social distancing requirements. Let alone having any physical contact with your self & equipment.

You'd risk even more going for a walk or run on your city streets I'd think, just based on how spaced out you are on the course

 

[Pookie]

Yes yes

Banks are big meannies who make profits and should be vilified

Sure, they lend money to people buying businesses and homes which helps the entire economy function but **** them

Am I right Pookie?

Not big meanies. Businesses whose stocks many of us have in our mutual fund portfolios.

However, in a world where some rich organizations are donating for the common good... corporate social responsibility... it’s within their capacity to donate their NET PROFIT to assist Canadians.

If folks lose their jobs/homes... profits will drop anyways.

 

[Raymondo316]

Probably the same in most western countries. People can't or don't want to understand the seriousness of this Pandemic.

Selfish assholes everywhere.

When we finally go full lockdown here (Boris will have to do it whether he likes it or not) I'm expecting loads of these types to not stay indoors. Far to many idiots are still going around claiming its no worse than the flu.

It will get to the point where the army & police will have to be on the streets to get these fools to actually stay in.

 

[Nineteen67]

$15B?

Awesome.

The big banks can pool their profits and give the public about 6 months of mortgage holidays before it costs the government anything.

This is why we've been told all our lives to have 3 to 6 months of expenses saved in a rainy day account.

 

[Ratboy]

This is why we've been told all our lives to have 3 to 6 months of expenses saved in a rainy day account.

Unfortunately not everyone can afford that.

 

[Kiwi]

Not big meanies. Businesses whose stocks many of us have in our mutual fund portfolios.

However, in a world where some rich organizations are donating for the common good... corporate social responsibility... it’s within their capacity to donate their NET PROFIT to assist Canadians.

If folks lose their jobs/homes... profits will drop anyways.

No it isn't, they aren't the Canadian government

Their banks, their job is to make money for their shareholders not give Canadian's welfare

If you want increased welfare to help people through this economic downturn that's on the Canadian government and tax payers

 

[Pookie]

This is why we've been told all our lives to have 3 to 6 months of expenses saved in a rainy day account.

Someone should have told the banks that:

Study reveals secret Canadian bank bailout

“The study reveals that Canada’s banks received $114 billion in cash and loan support from both the U.S. and Canadian governments during the 2008-2010 financial crisis. The study estimates that at some point during the crisis, three of Canada’s banks—CIBC, BMO, and Scotiabank—were completely under water, with government support exceeding the market value of the bank.”

 

[Pookie]

No it isn't, they aren't the Canadian government

Their banks, their job is to make money for their shareholders not give Canadian's welfare

If you want increased welfare to help people through this economic downturn that's on the Canadian government and tax payers

Is their job to receive welfare?

See above.

 

[Kiwi]

Is their job to receive welfare?

See above.

A decision made by the Canadian and US government's, banks and citizens are the ones who go to governments with their hands out in times of crisis and governments decide if their getting them

That is a governmental decision not a bank decision

 

[Pookie]

A decision made by the Canadian and US government's, banks and citizens are the ones who go to governments with their hands out in times of crisis and governments decide if their getting them

Well... some NBA players are subsidizing staff.

Other corporations are paying their workers while they are off and in quarantine.

You can’t deny that the banks could donate their net profits to help offset the societal impact. We can debate whether they will (I’ll take “no they won’t”) but in terms of possibility... of course it’s possible.

Just takes a conscience.

 

[al secord]

Hey Golfers,

I have to admit, I’m scratching my head reading that Burnaby has closed its golf courses a result of Coronavirus vigilance.

I can see the club houses being a source of concern. Restaurant and bars? Sure. Close them if we need to.

But the act of showing up, walking the course (or a single rider in a cart) playing golf and leaving?

I can’t think of another sport where social distancing would be so easy and the risk so low. (Again, assuming you shut down the lounges and club houses).

From a stress reduction stand point and exercise... I’m struggling to grasp the benefits of not allowing people to play golf.

Convince me I’m wrong.... please.

First world problems.

 

[Kiwi]

Well... some NBA players are subsidizing staff.

Other corporations are paying their workers while they are off and in quarantine.

You can’t deny that the banks could donate their net profits to help offset the societal impact. We can debate whether they will (I’ll take “no they won’t”) but in terms of possibility... of course it’s possible.

Just takes a conscience.

There's a slight difference between some NBA players helping out and Canadian banks giving billions of dollars in bailouts

Paying their workers, not giving Canadian citizens they don't employ billions of dollars in bail outs

Sure they could, but why should they when that's the Canadian government's decision to make?

Completely unreasonable and unrealistic

 

[Merrrlin]

You want to borrow money your going to need to pay interest on in the middle of an economic crisis so you can throw money towards UBI?

I'd be thinking about helping those that can't meet their economic obligations (business and personal) and the health sector before I started a new welfare experiment with money I didn't have

UBI isn’t welfare.

 

[bikemike66]

I really hope it's some form of UBI

But UBI is a contested thing to some even though it should electrify an economy

I miss when that meant a shoulder injury

 

[DopeyFish]

You want to borrow money your going to need to pay interest on in the middle of an economic crisis so you can throw money towards UBI?

I'd be thinking about helping those that can't meet their economic obligations (business and personal) and the health sector before I started a new welfare experiment with money I didn't have

Oh no the train has run over lots of people! And there's lots of people still in it's path!

Me:Shouldn't we stop it?

You: it wouldn't be fair to those who died to stop it now.

 

[deletethis]

Is their job to receive welfare?

See above.

The Canadian government has been partners in turning the Canadian banks into major global players for decades. The banks are protected from foreign ownership unlike just about every other Canadian business sector. Decades ago they made it possible for the Canadian Trust company sector to be publicly traded and within 10 years every significant Trust cashed out to the big Canadian banks. There has never been a larger cavern between the lending and saving rates. If they were allowed, they would have negative saving rates, it may yet happen.

Surely like me, some of you have had to beat your bank off with a stick from pushing line of credit and other credit traps on you. There was a time I was getting called and mailed to start a line of credit weekly. They'd mail me blank cheques with my name and address attached to my credit card that I had to escalate just to stop.

The 2nd last time I went into the bank I've used since I was 10 for something they insisted they had to see me in person for, the rep with an office and name plate bald face lied that he couldn't do a funds transfer to another institution. Not only that, after I called him on it because I knew I could, he doubled down with a "I'll talk to my boss", called me back and said he couldn't do it. I had to waste several more hours just forcing "my bank" to do their job completing a routine RRSP funds transfer.



What other Canadian business has its debt (our deposits in the banks) underwritten by the federal government?

 

[deletethis]

Well... some NBA players are subsidizing staff.

Other corporations are paying their workers while they are off and in quarantine.

You can’t deny that the banks could donate their net profits to help offset the societal impact. We can debate whether they will (I’ll take “no they won’t”) but in terms of possibility... of course it’s possible.

Just takes a conscience.

Maybe now that we've been spared Scotiabank's awful condescending ads on HNIC, maybe they can re-direct some of their bloated advertising budget from cringy social signalling to social benefit.

 

[Nineteen67]

Unfortunately not everyone can afford that.

I bet most could but they don’t bother. It takes time and discipline.
There would always be some just starting out that would need help.as well as those below poverty.

 

[Kiwi]

UBI isn’t welfare.

Yes it is, just because you use a new name doesn't stop it from being welfare

It's just welfare for everybody not just people who actually need it

Oh no the train has run over lots of people! And there's lots of people still in it's path!

Me:Shouldn't we stop it?

You: it wouldn't be fair to those who died to stop it now.

No, I just think it's an unaffordable untried welfare program that's become the new "thing" of people that struggle with math

The idea of welfare used to be to help those in need, not to just drop cash because it sounds neat

All your going to do is saddle the country with more debt it will struggle to pay off and make very little difference, there's easier ways to waste taxpayers money than that

 

[Nineteen67]

Someone should have told the banks that:

Study reveals secret Canadian bank bailout

“The study reveals that Canada’s banks received $114 billion in cash and loan support from both the U.S. and Canadian governments during the 2008-2010 financial crisis. The study estimates that at some point during the crisis, three of Canada’s banks—CIBC, BMO, and Scotiabank—were completely under water, with government support exceeding the market value of the bank.”

Is 2008-2010 3 to 6 months?

 

[ULF_55]

The 2nd last time I went into the bank I've used since I was 10 for something they insisted they had to see me in person for, the rep with an office and name plate bald face lied that he couldn't do a funds transfer to another institution. Not only that, after I called him on it because I knew I could, he doubled down with a "I'll talk to my boss", called me back and said he couldn't do it. I had to waste several more hours just forcing "my bank" to do their job completing a routine RRSP funds transfer.

What other Canadian business has its debt (our deposits in the banks) underwritten by the federal government?

Yeah, I've had to have CSR's trained several times to do things I know they can do, but their staff doesn't.

"We can't do that."
"Yes, you can."
"No we don't do that."
"Ask your manager."
"Oh, so that's how you do that?'

Worked in banking from 1979 to 1998, I think today they are to least trained staff since forever. But this is what they planned for over 40 years ago.

 

[Rogie]

$15B?

Awesome.

The big banks can pool their profits and give the public about 6 months of mortgage holidays before it costs the government anything.

Yeah, here's comparison of banks in Canada and here in Korea.

I've got 2 bank accounts here in Korea, one is Hana Bank (they merged with the Foreign Exchange Bank a few years ago), and the other account is Daegu Bank. I've had these accounts for years, and I've never had a basic monthly fee on either of them. As far as I know, they don't charge a monthly fee to keep an account, it's kind of a combination chequing/savings acct.

I've got 2 Cdn bank accounts, one with TD and one with a Credit Union. The TD charge monthly account fees, they can be pretty substantial depending on what type of account you need. Fortunately, my TD account, i have no problem keeping the balance high enough, that the monthly fee is waived every month, but, prolly a lot of people don't have that luxury. The Credit Union account is a Golden Account for seniors, so there are NO monthly fees (great great service in my opinion).

I guess Korean banks can survive okay without charging monthly account fees, at least for some types of accounts.

Yeah, it's not simple, of course there are savings accounts where banks pay us when they hold our money, although, don't savings accounts also have monthly acct fees (i don't know, I should) whenever I have any extra I put it in a term instrument right away.

 

[Man Bear Pig]

My major concerns at this point, outside of getting the virus and spreading it, obviously, is how it's going to absolutely kill all of us economically. I'm middle-class, I have some savings and stocks but nothing crazy, and I'm going to be off work for at least 2 weeks and I'm paid hourly. The only thing I have going for me is I have my rent paid off for the next 3 months. Will I get something similar to E.I? Will this kill the industry i work in for a while meaning I'll go from 40 hours a week to 30? What about the poor people? We're looking at a major recession. If people arent making any money they arent spending it.

 

[HolyCrap]

I’ve been told to stay home. They are paying luckily but they said stay home. So I guess I’ll burn some brush and do my kitchen Reno I’ve been planning.