Well the week started out well enough, but with the low price of oil our client shelved 5 projects, 4 of them on our site, resulting on between 3 and 4000 construction workers getting lay off notices. I am fortunate that I still have a job at least for the next few months, as our project has to be completed to meet envoironmental compliance..then who knows I could be retired early and get a job as a wal mart greeter
That is bad news, I know we are all sorry to hear these stories. The Construction industry is one of the hardest hit right now. I know it is not going to help but the International Monetary Fund is predicting 3 quarters of recession in Canada starting in December 2008. Overall however Canada is projected to end the year with a 1.2% growth which will be the highest of any of the G7 countries.
The problem right now is the BANKS. I make no apology to anyone who works at one. The Bank of Canada has basically given them free money by redcuing the interest rate to 1% but the banks won't give anybody credit so they keep stuffing that free money in their matress. The banks are screwing us and the Bank of Canada. The idea is to make money cheap so it can be lent not to stuff the fat cats stomachs.
The PM needs to have a face to face with the big boys at the banks and lay down the law. If he puts some stimulus into the Budget the banks better be coopertaing or else we will never get out of this.
Recession 101 - Caused by Banks, prolonged by Banks - GREED!
interesting "read" on the Banks We have had several couples (4) try to buy our daughters home ,since last April, and they have good jobs, and can't get a loan from the banks.. 3 of the couples, are renting for the same, or slightly more, than they should be paying on a morgage....I guess we are screwed too
Carl, this is why construction is drying up. Why build a new home only to find out your potential buyers can't get a mortgage? Before that you can't get a loan to finance construction. Thanks for validating my analysis with first hand evidence.
im a delivery guy for a door and trim company here in london and we see the houseing market plumeting also except, for the rich of course. We have 4 drivers and we are all taking one day a week off with no pay so that we can save our jobs. Not fun but what do ya do? Its fine for me right now cause im injured and i can be on here more.
Banks are the perfect example of "Corporate Greed"! I have been with the same bank since 1977 when I built my first house. We are mortgage free but have a personal line of credit with a homeowners security. We have purchased our cottage with this and the toys that go with a cottage.The Bank makes their interest every month. The last time I recieved a notice from the Bank re account service charges increasing I had enough. I made an appointment with a loans officier and sat down and told her I wanted an account with absolutely no monthly charges or I would go to another Bank. I showed her the monthly interest they were making and said they were making enough money on us. With no argument from her she waived the monthly account charges and now all I pay is a $2.00 a month charge for a cheque back fee. This is a case of the "squeaky wheel gets the grease" and an example of an individual negotiating with a "Bank".
That is bad news, I know we are all sorry to hear these stories. The Construction industry is one of the hardest hit right now. I know it is not going to help but the International Monetary Fund is predicting 3 quarters of recession in Canada starting in December 2008. Overall however Canada is projected to end the year with a 1.2% growth which will be the highest of any of the G7 countries.
The problem right now is the BANKS. I make no apology to anyone who works at one. The Bank of Canada has basically given them free money by redcuing the interest rate to 1% but the banks won't give anybody credit so they keep stuffing that free money in their matress. The banks are screwing us and the Bank of Canada. The idea is to make money cheap so it can be lent not to stuff the fat cats stomachs.
The PM needs to have a face to face with the big boys at the banks and lay down the law. If he puts some stimulus into the Budget the banks better be coopertaing or else we will never get out of this.
Recession 101 - Caused by Banks, prolonged by Banks - GREED!
I agree, instead of passing on to consumers the BOC rate decrease they are keeping their rates the same and keeping the increased spread for themselves to help make up for the bad investments they made in the past. There should be some sort of way of mandating that the decreases be passed on.
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Hillar
1970 LS4 (eventually an LS5) Laurentian 2dr hdtp -and a bunch of other muscle cars...
In my expereince, the only time banks have been there to give me credit was when I didn't need it. Anytime I needed it - e.g. when I was a little younger and self employed - I couldn't get anything. Now that I don't need it they'll give me all the credit in the world - or at least they would have until this latest downturn. Who knows now?
Banks are the perfect example of "Corporate Greed"! I have been with the same bank since 1977 when I built my first house. We are mortgage free but have a personal line of credit with a homeowners security. We have purchased our cottage with this and the toys that go with a cottage.The Bank makes their interest every month. The last time I recieved a notice from the Bank re account service charges increasing I had enough. I made an appointment with a loans officier and sat down and told her I wanted an account with absolutely no monthly charges or I would go to another Bank. I showed her the monthly interest they were making and said they were making enough money on us. With no argument from her she waived the monthly account charges and now all I pay is a $2.00 a month charge for a cheque back fee. This is a case of the "squeaky wheel gets the grease" and an example of an individual negotiating with a "Bank".
Al
Al, what bank are you with? I have three LOCs, with TD, CIBC and Scotiabank and none of them charges any monthly account charges, just the interest on the amount borrowed.
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Hillar
1970 LS4 (eventually an LS5) Laurentian 2dr hdtp -and a bunch of other muscle cars...
I am with Bank Of Montreal. They were charging me service charges on my chequeing and savings account. No service charge on the LOC. Now I only pay $2.00 a month to get my cancelled cheques back and no other service fees.
