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Remember at the last banking crisis when the governments bailed out the banks?

 
Anonymous Coward
User ID: 9139091
Canada
04/04/2020 08:07 AM
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Remember at the last banking crisis when the governments bailed out the banks?
Here in Canuckistan, the Federal Government shortly thereafter passed a bill allowing banks to perform a "bail-in" the next time a banking crisis happened.
This was around 2013.
This means that the banks, in order to protect themselves, can skim the savings off of deposit holders instead of receiving billions from the government.
This happened in Greece back in 2008/2009 and I believe was a "test run" for other banks to follow.
Considering the times we are currently in, it is VERY plausible that with masses of people unemployed and the economy basically shut down, people will be defaulting on rent and mortgages across the county.
Banks - even though they made record billion dollar profits last year - will claim that they need to do a bail-in and will legally be allowed to steal the savings of Canuckistanis across the board.

Seems like the year of cancelling debts took on a whole new meaning.

[link to www.mondaq.com (secure)]

[link to www.cdic.ca (secure)]
Anonymous Coward (OP)
User ID: 9139091
Canada
04/04/2020 08:55 AM
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Re: Remember at the last banking crisis when the governments bailed out the banks?
bump
Anonymous Coward (OP)
User ID: 9139091
Canada
04/04/2020 09:43 AM
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Re: Remember at the last banking crisis when the governments bailed out the banks?
With people not paying rent, and not paying mortgages, the banks will claim losses.
When they do, they can legally steal your money that you've deposited with them.
As a person who holds an account you are technically a "shareholder" in the Corporation of the Bank.
If the bankers decide they didn't make enough profits this year (regardless of how much they've made in previous years) they can legally skim your savings.
Anonymous Coward (OP)
User ID: 9139091
Canada
04/04/2020 01:01 PM
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Re: Remember at the last banking crisis when the governments bailed out the banks?
Bump
Anonymous Coward
User ID: 5313197
United States
04/04/2020 01:50 PM
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Re: Remember at the last banking crisis when the governments bailed out the banks?
F*ck the banks, it's their turn in the barrel.
Anonymous Coward (OP)
User ID: 9139091
Canada
04/04/2020 07:01 PM
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Re: Remember at the last banking crisis when the governments bailed out the banks?
Increase residential housing prices to record highs.
Increase rental rates to record highs.
Debt load of the masses at record high.
Introduce lab created virus.
Shut down the economy.
Make everyone stay home.
Masses default on rent and mortgage and loans.
Banks claim loses.
Banks steal your money.


Worse than the 1929 stock market crash.
Anonymous Coward
User ID: 78103242
United Kingdom
04/04/2020 07:04 PM
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Re: Remember at the last banking crisis when the governments bailed out the banks?
F*ck the banks, it's their turn in the barrel.
 Quoting: Anonymous Coward 5313197


Not with Donny at the helm.
Anonymous Coward
User ID: 67195806
Canada
06/12/2020 08:05 AM
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Re: Remember at the last banking crisis when the governments bailed out the banks?
Increase residential housing prices to record highs.
Increase rental rates to record highs.
Debt load of the masses at record high.
Introduce lab created virus.
Shut down the economy.
Make everyone stay home.
Masses default on rent and mortgage and loans.
Banks claim loses.
Banks steal your money.


Worse than the 1929 stock market crash.
 Quoting: Anonymous Coward 9139091


This.





GLP