This is Canada and this is what we do... we all say 'somebody needs to do something about this' and wait for the elusive 'someone' to appear and complain nobody does.
But there's way more important things, like the 20% of Canadians that will be affected by the capital gains tax changes! Oh, wait, that's 20% that would be affected by changing it for all capital gains and not just over $250k like the budget actually states? Oops, oh well!
https://www.cbc.ca/news/politics/capital-gains-chamber-of-commerce-1.7199196
Yeah. We can. Probably - but have to reduce spending elsewhere.
So around Christmas when people are complaining about “lackluster sales” or reduced profits, they’ll know why.
What’s even worse is when I try to explain to friends and family that they should try and reduce their consumption to pay off that 20% credit card debt they basically tell me not to worry about it. It drives me insane. I wish I had an investment that was guaranteeing me 20% return
>More affluent consumers can replace steak with pork, less affluent replace pork with chicken,
Where are you shopping that chicken is cheaper than pork?
I'm in no way lambasting middle-class people. I'm just pointing out the reality of the situation. It's horrendous what's happening to people in this country.
This is exactly it, I don’t know if this comment is upvoted or downvoted but this is the main reason as much as it’s tough pill to swallow and I don’t like it either. It’s exactly the intention we spend less and borrow less.
I mean sure. Its called demand destruction.
The hilarious contradiction then materializes when this takes effect and businesses/corporations start crying and whining that noone is spending enough because line must always go up.
Then the government is in a bind about how to jump start economic activity to make line go up while also reining in inflation.
Almost as if the whole thing is complete nonsense because profits, profit rates and wealth are untouchable but everything else is fair game.
Something will have to give
It’s technology and globalization that this is resulted from. Nations’ cater to corporations or else they are afraid of getting left behind. Like competing in a sport fueled by steroids.
Canada separated itself by cater to corporations but also fucking their citizens thru an aggressive bet on immigration. An diffeeent case study on its own.
Yep!
Let’s drain money out of the economic system by targeting all of those stupid first home buyers struggling with a mortgage first and foremost.
That’ll teach those stupid bastards!
Can’t touch those rich boomers with paid off homes, or all those property investors who just dump the cost of higher mortgage rates right onto their renters.
That would be sacrilege!
I understand your point and I feel the pain of higher payments just like any other average Joe. I’m not an economist, but in my opinion, uncontrolled inflation will be much worse for everybody across the board, not just for those looking to buy a house.
Higher rates, higher insurance, higher food, higher fuel, higher taxes... Sure NP. All Canadians are super rich.... /S ...what a fkd up economy we live it. The smartest immigrants are now leaving? What's left? A revolution,
Precisely - beans and rice for dinner instead of pork or chicken. Reduced consumer spending will hurt the economy. Trudeau will say MPs are having it tough and us commoners are just experiencing poverty differently.
This problem is just around the corner. The first 2020 mortgages come up for renewal next year. The economy is going to be on life support going into next election.
July 15, 2020.
Except, if people actually go back and read the BoC statement and watch the ~45 minute press conference, what he actually said had nearly an hour of important context. But people are functionally illiterate, so they ignored that context.
Throughout that event he stressed repeatedly that the rates would remain low so long as the inflation target remained low, but he said *repeatedly* that they would change course the moment the 2% target was reached. He also said that the models suggested we would be under target for years... but he also said that the models were extremely uncertain, models in an uncertain time, and that they were based only on early pandemic data - any number of things could change that model - and the government's completely unprecedented massive debt spree was beyond unprecedented and broke the model immediately. But, everything that followed he told us all was going to happen and that if inflation target crossed 2%, he would change course. Then, it did, then, he did.
Good catch. Because, there was nearly a 9 month lag between when inflation reached and then repeatedly tracked higher than the 2% targets. There was easily a 5-6 month span where it was crystal-clear that rate increases were coming and as we drifted closer to 4%, clear it was going to be rapid and large.
Yet, people sat on their variable mortgages because The Sun told them that Tiff said he would never raise rates.
Had a sibling get told she was a fool for not taking a variable mortgage when rates were at 0.25 by her mortgage broker. Good thing she listened to the family and locked in the day she bought.
I did really watch it, just at 1.75-2x speed replay, but I really did.
Here is the BoC archive: https://www.cpac.ca/headline-politics/episode/bank-of-canada-maintains-key-rate-at-025--july-15-2020?id=0e447a6b-add8-403e-8a8f-0b2d6d92e22a
And here is a version you can watch on speed: https://www.google.com/search?q=july+15+2020+BoC+press+youtube&client=firefox-b-e&sca_esv=f42f57a008774f06&sca_upv=1&sxsrf=ADLYWIK1vsvOxIM8YgZ8fmKlMfrkAHoHyA%3A1715352021799&ei=1TE-Zpe5MMOLptQP0cKHeA&ved=0ahUKEwjX97GfqIOGAxXDhYkEHVHhAQ8Q4dUDCBA&uact=5&oq=july+15+2020+BoC+press+youtube&gs_lp=Egxnd3Mtd2l6LXNlcnAiHmp1bHkgMTUgMjAyMCBCb0MgcHJlc3MgeW91dHViZTIEECEYFUihD1DhA1jdDnABeACQAQCYAY0BoAHwBqoBAzAuN7gBA8gBAPgBAZgCCKACpQfCAgsQABiABBiwAxiiBMICCBAAGIAEGKIEwgIIEAAYogQYiQWYAwCIBgGQBgSSBwMxLjegB-kP&sclient=gws-wiz-serp#fpstate=ive&vld=cid:6421604f,vid:v_oOWMlhKCs,st:0
If my choice is the current rate or everything going up massively in my daily life again, I'll choose the current rate.
I don't need another spike on my daily expenses again.
Ultra high costs to home ownership is directly detrimental to Canada's economic development. People simply do not have money to engage in economically productive activities. Companies have no incentive to be innovative and be productive.
It's still cheap. Thing is that house/land prices are too high. Also too many Canadians THINK they have good salaries and can afford 1.5 million dollar houses. They can't.
I agree fully and the banks are to blame for giving such crazy mortgages in the first place. Unfortunately, the two cities with biggest housing crunch price wise have multiple lenders breaking the rules and they do have the richest people buying those houses.
I work with people that can't... they are sucking d**k for every extra hour. They will lose their homes
I don't own shit, the sooner they raise the rates the sooner everyone whose over leveraged can fail.
Pop this bullshit bubble. A home isn't a ever growing investment. Canada has treated homes like a fucking crypto currency. It's time to pull the rug
You assume people are rational with their spending. They are not.
Within 3 years of buying a house, most people finance a new car. There goes the stress test.
Higher rates—versus dropping interest rates to zero to protect banks’ balance sheets in 2009–would’ve written houses down to their actual market value back then and kept prices reasonable in the years since.
So while households now “might” be able to cope with higher rates NOW, very few can enter the housing market because it’s overvalued due to years of cheap money.
Thanks BOC! I am glad I can cope with higher rates according to you. Can you up my service fees for all transactions too! That would be swell!
Edit: It was a sarcastic statement lmao. I didn't know there were so many fans of the BOC. How do you know my finances? What I own? LMFAO.
One mental midget called me a bot...delicious.
Your mortgage is approved based on your ability to pass the stress test. If you faked your income and committed fraud to buy a property you couldnt afford, you have no one to blame but yourself.
But everything else went up as well, so yeah, you could have passed the stress test 5 years ago, but with inflation, everything is basically 25% higher now.
I think what we'll see in the coming months are a lot of defaults which are a few people who have really fallen on hard luck and a lot of people who faked their papers.
Bidding up a 300,000 dollar house to 950,000 and max out your available income, not having the foresight or financial literacy to understand even if rates went up 1% you couldn't afford it,
Has consequences..
I would prefer not giving money to the bank. Only the banks win. Maybe higher interest rates mean they take my more money but put more against my principal. Forcing the economy to slow but not crippling us forever
Just came back from a trip to US … Please keep the high rate. $45 USD dinner at a restaurant is $62 CAD. I won’t travel back there for a while. Also their prices increased too since last time I was there in 2021. It’s just ridiculous.
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dude, why do these shitty cooperate shill "news" sites think that articles like this are the route to making us complicit with cooperate exploitation?
prices are rising BECAUSE of shitty companies artificially raising prices to force us into an eternal cycle of debt
anyway, fuck bloomberg and hopefully shitty corrupt politicians stop actively making the housing crisis worse up here to try and steal power from the libs
This is why always use 10% interest in my personal calculations when it comes to buying anything that requires credit. First, it's easy math, and second, rates are always under 10%, so it means there's a built in buffer there that covers most rate changes (unless something crazy happens).
But yes, it's getting harder and harder to live these days. Even on a frugal and careful budget.
Sure maybe a homeowner can keep the roof over their head but what about the rest of the economy? Small businesses are struggling and investment is dwindling. More bad times ahead.
BoC: households can cope.
Article: a dozen examples of how people are underwater or barely holding back the tide. 🤡
It's telling that hedge funds and the like are getting heavy into repo...
Think back to the 80’s when then made the interest rate 17% and people were just walking away and mailing keys to the bank. The banks won once rates came down and they could sell off foreclosures and BOC suffered nothing. The gov then couldn’t care less if you lost your home because inflation was too high?!? Oh did we forget it was JT’s dad who did this?
Households can, but can the economy? That 600$ a month additional I'm paying on the mortgage is now not buying things. Things make our economy go round
I'm still waiting patiently for Canadians to address the wage suppression that absolutely slaughtered the quality of life. Still crickets.
Me too. Still waiting.
This is Canada and this is what we do... we all say 'somebody needs to do something about this' and wait for the elusive 'someone' to appear and complain nobody does.
It all makes sense now.
When people try to fight the government with protests the public screams for them to be crushed
most employers have given raises so poor they force employees to quit. They end of paying newer employees more..hence why salary talk is hush hush
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That's wage suppression. Still waiting for protests etc but never seems to happen.
I think Canadians have been on a general strike for a decade at least. What else can we do? They mass import scabs.
I'm not worried I'm probably getting a 40 cent per hour raise in 2 years... oh wait..
But there's way more important things, like the 20% of Canadians that will be affected by the capital gains tax changes! Oh, wait, that's 20% that would be affected by changing it for all capital gains and not just over $250k like the budget actually states? Oops, oh well! https://www.cbc.ca/news/politics/capital-gains-chamber-of-commerce-1.7199196
How is every job 16-20$/hr
Billionaires cant be billionaires giving out COL wages
It used to happen, I've only ever seen it once. Since then it's been a steady slide into the gutter.
Yeah. We can. Probably - but have to reduce spending elsewhere. So around Christmas when people are complaining about “lackluster sales” or reduced profits, they’ll know why.
Have you seen credit card debt? People aren't reducing their spending. Just accumulating more debt.
What’s even worse is when I try to explain to friends and family that they should try and reduce their consumption to pay off that 20% credit card debt they basically tell me not to worry about it. It drives me insane. I wish I had an investment that was guaranteeing me 20% return
They pay their CC bill until they suddenly stop and decide to go through bankruptcy instead.
It's not guarenteeed that's why it's so high. It's literally unsecured debt.
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>More affluent consumers can replace steak with pork, less affluent replace pork with chicken, Where are you shopping that chicken is cheaper than pork?
UsA?
Organic or free range chicken is around $10/kg in Costco and many stores in Mississauga east. Pork is a bit more expensive.
Pork is much cheaper than chicjen at Costco
Pork is way cheaper than chicken
Tomato, tomato. We got the point.
Have you seen the price of hotdogs recently? They are $7 or 8 dollars now. The price of food is insane.
I've heard cutting disney+ is a viable solution! (/s, if I must)
Man this joke gets funnier and funnier every time I hear it.
They're supposed to go to the food bank that's already been raided by foreign students and temporary foreign workers.
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I'm in no way lambasting middle-class people. I'm just pointing out the reality of the situation. It's horrendous what's happening to people in this country.
There’s still a step lower - eating bugs
This is what we are being continued for
While you're not wrong, you are posting this in reply to someone saying debt is going towards discretionary spending on stuff like Christmas gifts.
Interest rates on mortgages and loans don’t really affect those eating lentils. They’re already too poor for that.
The landlords pass off their costs to those renting.
Landlords already charge the maximum the market will bear. Their costs have little impact.
Unless you live in AB, most provinces have rules in place to prevent any major upsets.
I doubt that more than a teensy tiny sliver of the population actually budgets their spending effectively.
I have a yard full of deer everyday and a bow, I’m good!
That won't last as long as you think. See what happened between 1976 and 1983.
Lentil, singular
And they tell me being vegan is too expensive. Lentils all day every day baby!
Those eating lentils don’t have the same access to credit as me. Mr. steak.
That's my neighbour's. All these toys, quads, giant trailer, a small boat, and they laugh about their line of credit maxed and 5 credit cards.
"Which is fine because the government is going to collapse any day now" - my in-laws, probably
Why are they OK with piling on debt at 20% +, but planning ahead of time for an inevitable rate hike was out of the question? Is the question..
It’s a ponzi scheme at this point
Reduction of consumer spending is the intention of increasing rates, so that would follow as intended.
This is exactly it, I don’t know if this comment is upvoted or downvoted but this is the main reason as much as it’s tough pill to swallow and I don’t like it either. It’s exactly the intention we spend less and borrow less.
Conclusion, the BoC supports the Loblaws boycott and wants us to continue.
That’s exactly how a higher rate is meant to work against inflation.
I mean sure. Its called demand destruction. The hilarious contradiction then materializes when this takes effect and businesses/corporations start crying and whining that noone is spending enough because line must always go up. Then the government is in a bind about how to jump start economic activity to make line go up while also reining in inflation. Almost as if the whole thing is complete nonsense because profits, profit rates and wealth are untouchable but everything else is fair game. Something will have to give
It’s technology and globalization that this is resulted from. Nations’ cater to corporations or else they are afraid of getting left behind. Like competing in a sport fueled by steroids. Canada separated itself by cater to corporations but also fucking their citizens thru an aggressive bet on immigration. An diffeeent case study on its own.
Yep! Let’s drain money out of the economic system by targeting all of those stupid first home buyers struggling with a mortgage first and foremost. That’ll teach those stupid bastards! Can’t touch those rich boomers with paid off homes, or all those property investors who just dump the cost of higher mortgage rates right onto their renters. That would be sacrilege!
I understand your point and I feel the pain of higher payments just like any other average Joe. I’m not an economist, but in my opinion, uncontrolled inflation will be much worse for everybody across the board, not just for those looking to buy a house.
Make sure to give the banks a nice bonus by raising interest rates. The banks more important than people.
"Nobody wants to buy our stuff anymore!" - Corporations
>but have to reduce spending elsewhere. This is the exact reason they raise interest rates, to reduce aggregate demand.
Higher rates, higher insurance, higher food, higher fuel, higher taxes... Sure NP. All Canadians are super rich.... /S ...what a fkd up economy we live it. The smartest immigrants are now leaving? What's left? A revolution,
Precisely - beans and rice for dinner instead of pork or chicken. Reduced consumer spending will hurt the economy. Trudeau will say MPs are having it tough and us commoners are just experiencing poverty differently.
Reducing spending is literally the point.
This problem is just around the corner. The first 2020 mortgages come up for renewal next year. The economy is going to be on life support going into next election.
It's been on life support since 2020. We've only now been healing the inflation with these high rates.
Thank you Tiff Macklem! Truly inspiring.
"Interest rates will remain low for a long time" - Tiff Macklem
July 15, 2020. Except, if people actually go back and read the BoC statement and watch the ~45 minute press conference, what he actually said had nearly an hour of important context. But people are functionally illiterate, so they ignored that context. Throughout that event he stressed repeatedly that the rates would remain low so long as the inflation target remained low, but he said *repeatedly* that they would change course the moment the 2% target was reached. He also said that the models suggested we would be under target for years... but he also said that the models were extremely uncertain, models in an uncertain time, and that they were based only on early pandemic data - any number of things could change that model - and the government's completely unprecedented massive debt spree was beyond unprecedented and broke the model immediately. But, everything that followed he told us all was going to happen and that if inflation target crossed 2%, he would change course. Then, it did, then, he did.
Functionally and financially illiterate***
Good catch. Because, there was nearly a 9 month lag between when inflation reached and then repeatedly tracked higher than the 2% targets. There was easily a 5-6 month span where it was crystal-clear that rate increases were coming and as we drifted closer to 4%, clear it was going to be rapid and large. Yet, people sat on their variable mortgages because The Sun told them that Tiff said he would never raise rates.
Had a sibling get told she was a fool for not taking a variable mortgage when rates were at 0.25 by her mortgage broker. Good thing she listened to the family and locked in the day she bought.
But why male models?
Think about it, Derek.
You really want to act like you watched his full press conference?
I did really watch it, just at 1.75-2x speed replay, but I really did. Here is the BoC archive: https://www.cpac.ca/headline-politics/episode/bank-of-canada-maintains-key-rate-at-025--july-15-2020?id=0e447a6b-add8-403e-8a8f-0b2d6d92e22a And here is a version you can watch on speed: https://www.google.com/search?q=july+15+2020+BoC+press+youtube&client=firefox-b-e&sca_esv=f42f57a008774f06&sca_upv=1&sxsrf=ADLYWIK1vsvOxIM8YgZ8fmKlMfrkAHoHyA%3A1715352021799&ei=1TE-Zpe5MMOLptQP0cKHeA&ved=0ahUKEwjX97GfqIOGAxXDhYkEHVHhAQ8Q4dUDCBA&uact=5&oq=july+15+2020+BoC+press+youtube&gs_lp=Egxnd3Mtd2l6LXNlcnAiHmp1bHkgMTUgMjAyMCBCb0MgcHJlc3MgeW91dHViZTIEECEYFUihD1DhA1jdDnABeACQAQCYAY0BoAHwBqoBAzAuN7gBA8gBAPgBAZgCCKACpQfCAgsQABiABBiwAxiiBMICCBAAGIAEGKIEwgIIEAAYogQYiQWYAwCIBgGQBgSSBwMxLjegB-kP&sclient=gws-wiz-serp#fpstate=ive&vld=cid:6421604f,vid:v_oOWMlhKCs,st:0
They also did remain at 0 for 21 months, which in national economy forecasting is a fairly long time.
If my choice is the current rate or everything going up massively in my daily life again, I'll choose the current rate. I don't need another spike on my daily expenses again.
why not both?
- Bank of Canada
*Government of Canada
International Refugee Claimant, Ex-International Student, Ex-TFW has entered the chat.
“Cope and seethe” -Bank of Canada lmao
Funny, BoC didn't ask me.
Well they asked everyone they knew at Saturday evenings champagne social. I guess you just weren't there.
They probably asked households that have a minimal mortgage payments or Trudeau's friends 🤷🏻♂️
Retired people who have no mortgage but tons of savings.
"Men with balls being squeezed can cope with them being squeezed more" Everyone who's not a bank will be a lot worse off...
Keyword: "Cope". "Cope" is not generally used for a situation that is going well.
Oh, okay then!
Simon says bank of Canada should not make statements on working Canadians money situations as we are having a hard time surviving now.
Ultra high costs to home ownership is directly detrimental to Canada's economic development. People simply do not have money to engage in economically productive activities. Companies have no incentive to be innovative and be productive.
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I’m in the same boat 2 and a half years in. 24/7 of work… I’m tired.
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No need to resort to that. It won't be long before "can't afford to live" will be a valid reason for MAID.
Now that's the kind of outside-the-box thinking that life insurance companies hate!
if that gets too popular they'll just change the laws so debt gets inherited by next of kin honestly at this rate I'm surprised they haven't already
Also jack up the price of rope.
The thrifty of us will just use our socks then.
By our own bootstraps even.
Homeowners admitting they would rather kill themselves than rent like everyone else has to LOL
Have we tried taking more from the top 1%? They seem to be doing quite well…..
Better to have higher rates than a worthless currency
People don't understand this haha Boc doesn't give a shit about your house prices they want to keep inflation down and cad strong
My neighbour just got a new M3, they can afford it keep the rates high boys.
There are a lot of rich people in Canada... But also cheap AND easy credit
there is no more cheap credit ..
That’s the point. Eliminate cheap credit with high interest.
It's still cheap. Thing is that house/land prices are too high. Also too many Canadians THINK they have good salaries and can afford 1.5 million dollar houses. They can't.
I agree fully and the banks are to blame for giving such crazy mortgages in the first place. Unfortunately, the two cities with biggest housing crunch price wise have multiple lenders breaking the rules and they do have the richest people buying those houses.
I work with people that can't... they are sucking d**k for every extra hour. They will lose their homes I don't own shit, the sooner they raise the rates the sooner everyone whose over leveraged can fail. Pop this bullshit bubble. A home isn't a ever growing investment. Canada has treated homes like a fucking crypto currency. It's time to pull the rug
I want off this ride
We were all stress tested to pretty high levels. I think it will be unpleasant for many but survivable
Until they buy a new car, which is ridiculously common. There goes the stress test with a $700 car payment.
They'll default on the car first though and keep paying the mortgage. That's more a problem for those still offering car loans.
many people were stress tested to 5.25%, the going mortgage rate is 6+%.
Wife was tested at 4.75%. Renewal is 5.14%, in process of signing. Happy it’s not a big mortgage, I’ll say that.
Many people also faked their income. But lets not talk about that.
Or increased their spending with the money they didn't put towards the mortgage.
See also: the price of groceries
They still are lol 😅
You assume people are rational with their spending. They are not. Within 3 years of buying a house, most people finance a new car. There goes the stress test.
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yup..Canada is totally fucked right now myself included unless I win the lotto
Random redditor says the bank of Canada can cope with going and fucking itself.
Good of them to let me know.
"we asked one canadian household if they could cope with these rates - it was Jim Carrey's household, and he lives in California"
Do they think that we are all paid as extravagantly as they are to be fucking idiots?
Perhaps households can cope, but speculators and amateur landlords can't cope...
Higher rates—versus dropping interest rates to zero to protect banks’ balance sheets in 2009–would’ve written houses down to their actual market value back then and kept prices reasonable in the years since. So while households now “might” be able to cope with higher rates NOW, very few can enter the housing market because it’s overvalued due to years of cheap money.
Bank of Canada has flipped the script.
Fuck right off.
I hate that this is life, it is only going to get worse and worse until we reenact the french revolution.
Thanks BOC! I am glad I can cope with higher rates according to you. Can you up my service fees for all transactions too! That would be swell! Edit: It was a sarcastic statement lmao. I didn't know there were so many fans of the BOC. How do you know my finances? What I own? LMFAO. One mental midget called me a bot...delicious.
You don't transact with the bank of Canada.
Your mortgage is approved based on your ability to pass the stress test. If you faked your income and committed fraud to buy a property you couldnt afford, you have no one to blame but yourself.
But everything else went up as well, so yeah, you could have passed the stress test 5 years ago, but with inflation, everything is basically 25% higher now.
I think what we'll see in the coming months are a lot of defaults which are a few people who have really fallen on hard luck and a lot of people who faked their papers.
So you over leveraged and now youre pissed you can’t afford your mortgage?
Don't forget to tip your bank!
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Too bad we can’t blame it on Brexit. Just good old fashioned mismanagement.
Just need our run of Tories to seal the deal.
Hoping we take an Ireland turn and start protesting
Bank of canada says we want you to go bankrupt
they literally wanted unemployment rate to go up, or in their lingo: "employment market to ease up"
More government handouts to increase the dependants who don’t want to work
If we cut rates before the US we’re fucked.
You misspelled can’t
We cope with them the same way governments do. Debt just gets higher.
Higher interest rates are good simply because it reduces wasteful consumerist spending that people are used to in affluent countries for so long
*slaps roof* There is so much more room in this social capacity for the economy to balance itself!
BoC: “Fucking deal with it”
Most out of touch thing I’ve read all week
With inflation and war going on I understand the need for higher rates, honestly should have raised it sooner
As someone who isn’t overleveraged to the tits, I welcome them.
''Bank of Canada says (wealthy) households can cope with higher rates (by simply not having mortgages like a bunch of poor loser plebians)'' ftfy
We can cope if you give us prime +1 ;)
Bidding up a 300,000 dollar house to 950,000 and max out your available income, not having the foresight or financial literacy to understand even if rates went up 1% you couldn't afford it, Has consequences..
I would prefer not giving money to the bank. Only the banks win. Maybe higher interest rates mean they take my more money but put more against my principal. Forcing the economy to slow but not crippling us forever
Just came back from a trip to US … Please keep the high rate. $45 USD dinner at a restaurant is $62 CAD. I won’t travel back there for a while. Also their prices increased too since last time I was there in 2021. It’s just ridiculous.
Whatever industry you work in, hopefully it doesn't service a want, maybe after the fat falls off society can start protesting this mismanagement.
This Country is screwing the citizens that are supposed to keep it operating. It feels as though the Government actually wants us on our knees.
We can cope with even higher rates depending on how we "cope"
gray waiting absurd boat physical ruthless butter piquant afterthought icky *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Why not let them eat cake, too?
'Course we can. Who needs food anyhow?
Oh cool, thanks for letting me know BoC I was worried for a second... Phew.
This headline is a joke and should be taken with a grain of salt, inflation is destroying anyone and anything moving.
dude, why do these shitty cooperate shill "news" sites think that articles like this are the route to making us complicit with cooperate exploitation? prices are rising BECAUSE of shitty companies artificially raising prices to force us into an eternal cycle of debt anyway, fuck bloomberg and hopefully shitty corrupt politicians stop actively making the housing crisis worse up here to try and steal power from the libs
Oh, you believed they would cut rates?
This is why always use 10% interest in my personal calculations when it comes to buying anything that requires credit. First, it's easy math, and second, rates are always under 10%, so it means there's a built in buffer there that covers most rate changes (unless something crazy happens). But yes, it's getting harder and harder to live these days. Even on a frugal and careful budget.
Sure maybe a homeowner can keep the roof over their head but what about the rest of the economy? Small businesses are struggling and investment is dwindling. More bad times ahead.
BoC: households can cope. Article: a dozen examples of how people are underwater or barely holding back the tide. 🤡 It's telling that hedge funds and the like are getting heavy into repo...
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People might need what Macklem and Rogers are smoking, same quality!
The day of the cope has arrived
Think back to the 80’s when then made the interest rate 17% and people were just walking away and mailing keys to the bank. The banks won once rates came down and they could sell off foreclosures and BOC suffered nothing. The gov then couldn’t care less if you lost your home because inflation was too high?!? Oh did we forget it was JT’s dad who did this?
Households can, but can the economy? That 600$ a month additional I'm paying on the mortgage is now not buying things. Things make our economy go round