Canada has world's strongest banks

[NJ]

So does this mean I should sell my Burundian junk bonds?

[teacher]

Now, will Dion and Layton finally just STFU about the economy and how the Conservatives have messed everything up. They claim that Harper is the one who's out of touch!?!?

Canadian banks the soundest in the world: report
Updated Thu. Oct. 9 2008 1:52 PM ET

CTV.ca News Staff

In the midst of a global market crisis, a survey by the World Economic Forum has proclaimed Canada to have the world's soundest banking system.

Placing just behind were Sweden, Luxembourg, Australia and Denmark in the World Economic Forum's Global Competitiveness Report, released on Wednesday in Switzerland.

Twelve-thousand corporate executives around the world were interviewed on a number of questions and ranked banks around the world on a scale of one to seven -- one being insolvent and possibly in need of government assistance and seven being entirely healthy.

Canada's banking industry, led by Royal Bank, CIBC, Scotiabank, TD Bank, Bank of Montreal and National Bank, was given a rating of 6.8, the best ranking of any banking system in the world.

The top 10 soundest banking countries are as follows:

Canada (6.8 )
Sweden (6.7)
Luxembourg (6.7)
Australia (6.7)
Denmark (6.7)
Netherlands (6.7)
Belgium (6.6)
New Zealand (6.6)
Ireland (6.6)
Malta (6.6)
The report was cited by Conservative Leader Stephen Harper on Thursday as proof that Canada's banks are the strongest in the world and need no government help.

"There is no question, no possibility of bailing out the banks," Harper said at a campaign stop in Richmond, B.C. "The banks aren't seeking to be bailed out, the government won't be bailing them out. That isn't going to happen."

The BNN's Michael Kane told CTV Newsnet that the results were remarkable in light of the fact that the United States (4.0) and Germany (3.9) fell to the level that banks in very depressed parts of the world sit.

"This is a real feather in the cap of Canadian banks and this sort of buttresses what the government and also what the Bank of Canada has been saying about our system here," Kane said. "We are in relatively good shape."

Kane said Canadian banks are well capitalized and there has never been any threat to the dividend.

"People have not felt bad about putting their money into bank accounts on the retail side or dealing with banks on the small business side. It's very positive."

The report also placed Canada tenth in overall global competitiveness; a list which was topped by the United States.

The World Economic Forum is a global non-profit foundation renowned for its annual meeting in Switzerland that brings together business leaders, politicians, intellectuals and journalists to discuss world issues.

Its report contains a detailed economic profile for each of the 134 countries featured in the study, summarizing the overall position in the rankings as well as the most prominent competitive advantages and disadvantages.

With files from The Canadian Press

http://www.ctv.ca/servlet/ArticleNews/s ... TopStories

[Rockie]

I've been hoping someone would publish something like this that would destroy the LIB/NDP/Green bleating about how Harper is responsible and doing nothing. I doubt we'll be hearing them say he's responsible for the strongest banking system in the world.

Now Harper has to relentlessly bash them over the head with this report until October 14th.

[Guido]

Good banks won't stop a recession...

Also, how was Harper responsible for the banks being so secure, Rockie? Did he make some big changes to the laws that I missed? I ask out of ignorance, I don't remember any big changes in this area...

[Rockie]

I didn't say he was. Nor is he responsible for today's economic situation as the opposition seems to think. I was merely commenting that even though they have no reservations about blaming him for something he's not responsible for, they aren't about to give him credit for anything either.

If you have been following the situation that started in the States and has now spread across the world, you will realize it is a banking and credit crisis. Of course we will be dragged into recession by virtue of our close economic ties and there is nothing anybody within Canada can do to prevent it. So much for the opposition claims. But we don't have the credit crisis up here and we won't have to bail out the banks. Does that not seem like a good thing to you?

[BigB]

So does this mean I should sell my Burundian junk bonds?

No.

Eventhough Burundi may not have a stellar banking system, their junk bond market is second to none. I'd hold on to them.

[Guido]

I didn't say he was. Nor is he responsible for today's economic situation as the opposition seems to think. I was merely commenting that even though they have no reservations about blaming him for something he's not responsible for, they aren't about to give him credit for anything either.

If you have been following the situation that started in the States and has now spread across the world, you will realize it is a banking and credit crisis. Of course we will be dragged into recession by virtue of our close economic ties and there is nothing anybody within Canada can do to prevent it. So much for the opposition claims. But we don't have the credit crisis up here and we won't have to bail out the banks. Does that not seem like a good thing to you?

Sure, it's great that we're not going to have a banking / credit crisis here... but we're also not going to have a plague of frogs, or a massive earthquake in Ontario... does Harper deserve credit for those too? It's immaterial as far as the pending election goes.

I'm not sure if anyone's said that we can avoid a recession... can you give me a quote? My impression has been that all the leaders have been saying that they'd be the best leader "during" the recession to help soften the blow.

[Azure]

Ten years ago our banks wanted to become huge corporations which could have led them to a similar problem that we see south of the border today.

Opposition takes aim at bank merger
Last Updated: Friday, November 13, 1998 | 11:07 PM ET
CBC News
Canada's MPs were back in the House of Commons Monday after an extended Christmas break. The Opposition used Question Period to hammer the government on everything from new helicopters to the upcoming budget, but they zeroed in on the proposed merger of the Royal Bank of Canada and Bank of Montreal.

The Reform Party's Monte Solberg reminded Finance Minister Paul Martin how the banks informed him of the merger at the last minute. Solberg then asked him what he was going to do about it.

[2R]

The prospect of a firing squad might aid the memories of some of these bankers as to the whereabouts of the missing funds.

[Dex]

Is it a coincidence that over 90% of these countries, above, would be considered socialist states according to Hedley?

[Guido]

Sure, it's great that we're not going to have a banking / credit crisis here... but we're also not going to have a plague of frogs, or a massive earthquake in Ontario... does Harper deserve credit for those too? It's immaterial as far as the pending election goes.

I'm not sure if anyone's said that we can avoid a recession... can you give me a quote? My impression has been that all the leaders have been saying that they'd be the best leader "during" the recession to help soften the blow.

Spoken like a true uninformed voter.... and we're 31 days into the 36 day election campaign.

It is not immaterial, because the opposition has been accusing Harper of somehow creating this crisis and then doing nothing about it. The truth is the government started to act in the summer of 2007 in response to the building sub-prime mess in the states.

The point about recession is that we are like a mouse riding on the end of an elephant's trunk when it comes to our relationship with the US economy. NOTHING any of our leaders do will insulate us from their troubles. NOTHING.

Uninformed voter? Really? I think you meant non-conservative-voter, didn't you, cpl_atc? I try not to make my decisions on who to vote for based on what other parties say about eachother, so I guess that makes me uninformed. There's no denying that some of the comments by the opposition parties are inflated, but the conservatives are constantly lying about the policies of other parties while they (the Conservatives) haven't even released their platform... so I guess it goes both ways.

So what is Harper going to do during the coming recession (assuming he's still PM)? He is afterall making the exact same claims that he'll be able to save us from a recession as bad as America's.

The amount of hate you have for Dion alarms me. Please, try to be an adult and let's have a civilized discussion, eh? I'm doing my best to understand your side of the equation.

[Widow]

(the Conservatives) haven't even released their platform...

They have actually ... http://conservative.ca/media/20081007-Platform-e.pdf ... day before yesterday.

[Rockie]

Guido my friend, you're hearing and seeing things that don't exist. I never said, and in fact nobody has ever said we could avoid a recession so providing a quote would be pretty hard. Harper never said he could save us from a recession. He said our economy is sound (true, just reference the latest international reports), he said our banks are sound (true again, just reference the latest international reports) and that now is not the time to panic and start implementing unknown policies when the ones we have now are proven to be working. In fact another international report just said Canada will lead the G7 countries in growth next year at 1.9%.

You seem hell bent to blame the current economic woes on the Conservatives though, so you go right ahead.

[ScudRunner]

Dam I hope I can still get the money of the deceased millionaires from my Nigerian Bank President Friend.

[BibleMonkey]

Canadian Cheerleading Squad: WE ARE NUMBER TEN! We are Number ten! GOOoooooo TEAM!

The Global Competitiveness Report 2008-2009

Banking is just one of the factors used-the U.S is still number one


" * Institutions
* Infrastructure
* Macroeconomic stability
* Health and primary education
* Higher education and training
* Goods market efficiency
* Labor market efficiency
* Financial market sophistication
* Technological readiness
* Market size
* Business sophistication
* Innovation

Rank
1 US
Switzerland
Denmark
Sweden
Singapore
Finland
Germany
Netherlands
Japan
10 Canada "
Finland! Those bastards beat us again!

Our dollar went down again, though.


Tommorrow we'll find out how toxic the assets that Uncle Sam put on the visa are:

Tomorrow's Lehman Auction: Why You Should Care

[BigB]

BibleMonkey,

I'll see your Global Competitiveness Report with this:

http://en.wikipedia.org/wiki/Economic_F ... _the_World

And raise you with this:

http://en.wikipedia.org/wiki/Index_of_Economic_Freedom

Albeit it is wiki, still somewhat valid.

Please think before you speak.

[niss]

Wake up and inform yourself of the realities that he mentioned. You might find it quite refreshing when you pull your head out of your ass.

Jesus Christ Guido! Pull your fucking head out of your ass! Who the hell do you think you are speaking against the conservative party.

You aren't casting your vote for Harper? Clearly you are a fucking moron.

I am digging this tactic of the conservative party supporters. Belittle and berate anyone whom doesnt agree with you, and if need be cut their brake lines.

[Rockie]

"There are crosses burning as I speak in Prince George" Hedy Fry MP (Lib)

Ring a bell Niss? Rhetoric is not exactly unique to Conservatives, and the Liberals used fear mongering and "McCarthyesque" tactics to great effect for many years against their opponents. So please don't go all morally and ethically superior on us. Politics, especially during an election, is rife with half truths if not outright lies and barely concealed slander from all sides.

Brake lines being cut and houses being spray painted are the acts of criminals and hardly attributable to all conservative supporters and you know it.

[niss]

I am simply pointing out cpl_atc's tactic of calling anyone who doesn't align themselves with the conservative party morons. Apparently those of us who don't agree with him are what is wrong with Canada.

[Rockie]

Understood. I agree there is far too much of that on this forum. You would get a kick out of watching Bill O'Reilly then if you think this is bad. I'm surprised one of his many offended guests hasn't rearranged his face on national TV by now.

[2R]

http://en.wikipedia.org/wiki/Roberto_Calvi
This is what happens to bankers who steal


http://en.wikipedia.org/wiki/Robert_Maxwell and do not go swimming after stealing pension funds


This was the german guy who got whacked
http://en.wikipedia.org/wiki/Alfred_Herrhausen

[BibleMonkey]

BibleMonkey,

I'll see your Global Competitiveness Report with this:

http://en.wikipedia.org/wiki/Economic_F ... _the_World

And raise you with this:

http://en.wikipedia.org/wiki/Index_of_Economic_Freedom

Albeit it is wiki, still somewhat valid.

Please think before you speak.

I'll see your Global Competitiveness Report ,,

It's not my Global Competitiveness Report-it's cpl_atc's Global Competitiveness Report , that he put into the opening post of this thread; which, in turn is from a British Investment firms blog, from which they extracted one piece of the report. The piece about banking.

Since you only linked to sources describing in general terms the merits of different economic yardsticks without your own comment, I cannot reply to non comment. That is, since you haven't offered an opinion, I don't know what it is. Other than People should think before they speak, which is usually good advice.

Unless you're typing on the internet, in which case I'd say don't be crazy, I only come here to listen to pilots talking

Banking is just one of the factors used-the U.S is still number one


* Macroeconomic stability
* Financial market sophistication
* Technological readiness

Uh, when was your study published? Mine were both published this week.

It's not my study, it's your study-since you linked to ( an investment firm discussing ) one piece of it of it in your opening post. So that would mean they were publishing at the same time-" yours" being a part of "mine"-you brought up a piece of it, so I thought it worthwhile to look at the whole thing.

Nobody would claim the US is enjoying "Macroeconomic stability" any longer.

Well you could be right-but the study you provided in in your opening post disagrees with you-since it says that the U.S is #1, and Canada is number 10. BigB's link says that the U.S is number1, and Canada is number 7. I really don't understand what either one of you are arguing, to be honest.

Either way, as long as we beat Finland. Those Bastards.

[Siddley Hawker]

Either way, as long as we beat Finland. Those Bastards.

Kummassakin tapauksessa niin kauan kuin me löimme Suomen, ne äpärät.

[Sheila]

Why is George Bush telling all the countries to do a Bailout? Isn't George Bush trying to set up a "new world order"? Canada doesn't need to do a bail out, correct? because we had a good budget all this time. So now we have to leave the markets alone because we are still safe. Also we should stop foreigners from taking over our companies so we don't have to do this world order shift.

[Dust Devil]

I am simply pointing out cpl_atc's tactic of calling anyone who doesn't align themselves with the conservative party morons. Apparently those of us who don't agree with him are what is wrong with Canada.

I told you you're not a moron because your not a Conservative. Your a moron because you're from Ontario. And southern Ontario to boot. They're the worst kind. Jebuss!!!

Speaking of Southern Ontario. I'm on my way there at the end of the month for the Riders Argos game. Hopefully Toronto can pick up the pace so when we clobber them it doesn't knock them out of the playoffs.