Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Canadian government admits recovery never happened

Canadian government admits recovery never happened

“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance issues, said by telephone. "Most of us were shaking our heads in disbelief early last year w

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Content By: The Coming Depression Editorial Staff (dates cited below)
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darling lets get deeply into debt

“Over the past 15 years, the volume of outstanding mortgages has increased by 194 per cent. “There is a sizable minority, about 350,000 out of 5.65 million, or about 6 per cent, who would be challenged by rate rises of less than 1 per cent, and a further 225,000 (5 per cent) have thresholds in the range of 1.00 per cent to 1.49 per cent.”"

Canadians are carrying more mortgage debt than ever before, with the total crossing the $1 trillion threshold for the first time, according to a new report released Monday.

The annual report from the Canadian Association of Accredited Mortgage Professionals finds that Canada’s total outstanding mortgage debt was $1.0008 trillion as of August 2010.

“Over the past 15 years, the volume of outstanding residential mortgages has expanded by 194 per cent, or a growth rate of 7.5 per cent per year,” the report says.

The current growth rate marks a slowdown from a few years ago. From 2004 to 2008 Canada’s mortgage debt was growing at a rate of 10 per cent per year, but eased off as a result of the recession and hit 7.6 per cent in the most recent 12 month period. Source: CTV

In some locations in Canada, people have paid as much and sometimes more than the average (listed above) for property that should have been bulldozed, but people keep on getting sucked in by those that don’t give a damn about the real economy other than what they can rape from it.

Four incredients were mixed together to form a toxic soup that created the affordable housing crisis in Canada:

1) CMHC when they opened the door for mortgage lending past the STANDARD 25yr amortization, plus zero down payment mortgages, and other parasitic policies which enabled irresponsible behavior in the residential real estate markets.

2) The Bank of Canada for reducing interest rates to all time low levels which when added to the above listed further enabled the ridiculous unjustifiable, and unsustainable increases in price of even the most basic shelter.

3) The speculative buyers who’s sole purpose in the residential market is to flip properties with only one goal in mind. Rape as much profit as possible in a region ripe for the picking, and then when the well dries up, move on to the next opportunity (as they would put it). These people have no stake in a community and therefore don’t give a damn about the damage their actions cause.

4) Last but not least the Government of Canada for ALLOWING the parasitic actions of the previously mentioned to continue to a point where, as a society, we have condemned 100′s of thousands of Canadians who once could afford their rent to those same people who now have hard choices between shelter and food.

Canada fast becoming debt-laden nation

Household debt in Canada reached a record $1.41-trillion in December. If that was spread among all Canadians, each person would carry more than $41,740 in outstanding debt – an amount 2.5 times greater than 1989 after adjusting for inflation and population growth, according to a report by the Certified General Accountants Association of Canada.

Related posts:

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