Financial Markets Meltdown - Page 23

carlson · #**661** 03-13-2020, 02:48 PM

Quote:

Originally Posted by Justfishin73

Bank of Canada cuts another 50 bps, of course my mtg setup for three years

perfect I just resigned my early renewal last month....

ab_hunter · #**662** 03-13-2020, 03:23 PM

HSBC currently has a 3 year fixed rate at 1.99%. I am thinking that might be hard to beat, but who knows things might go down even more.

Pathfinder76 · #**663** 03-13-2020, 03:58 PM

Quote:

Originally Posted by Justfishin73

Didn't see that close coming.

Laughing! I’m not sure anyone knows what is coming. But that doesn’t stop everyone here from thinking they do.

srs123 · #**664** 03-13-2020, 04:34 PM

This is great. Alberta I heading into another recession. We can't catch a break.
I guess maybe it is time to move

fishnguy · #**665** 03-13-2020, 04:39 PM

Quote:

Originally Posted by chuck

Laughing! I’m not sure anyone knows what is coming. But that doesn’t stop everyone here from thinking they do.

Lol. I agree with that. However, I think someone finally knocked some sense into the mr president to take action. Then they leaked the rumour about the national emergency to be put in place early in the morning to keep it at a level and not long before closing, they went for the conference and the index shot up. It was very well planned and I think whoever did the planning deserves the credit.

I think there would be another slump if they started the conference earlier because they could not give any sensible answers about testing and availability of test kits. Trump kept dodging the questions about him taking/not taking the test and having/not having the symptoms/virus to the point that he stopped making any sense eventually (on the last question about it).

They are planning to do the same on Sunday evening (appears to be an obvious strategy now, no?) to give it another bump on Monday. Personally, I don’t think it will work, but we will see.

If the administration acted accordingly from the beginning, as any administration should, we may have seen a more gradual drop and less panic selling when that drop occurs. I think we will still end next week with a net minus.

This index is Trump’s pride and glory. He will say/do anything to try and keep it afloat. If anyone watched the conference, they should have noticed something else he did that he usually doesn’t: he kept asking the reporters to ask people around him instead of his mighty self. Someone probably finally convinced him that the more of his “flu” nonsense he talks, the worse it is.

He also probably understands that he will not be re-elected if things are heading where they seem to be, even if Joe forgets his name before the election.

I could absolutely be wrong about all of it, lol.

Twisted Canuck · #**666** 03-13-2020, 06:00 PM

Quote:

Originally Posted by Justfishin73

Bank of Canada cuts another 50 bps, of course my mtg setup for three years

I'm up for renewal in June, Scotia has been hounding me for the last month to renew early. I keep telling them that I'm waiting for their rates to drop like BOC. So far they are 50 pts behind. I expect they may change their tune in another month or two. Figure a 3 year fixed needs to be under 2%.

KinAlberta · #**667** 03-13-2020, 06:39 PM

Quote:

Originally Posted by Twisted Canuck

I'm up for renewal in June, Scotia has been hounding me for the last month to renew early. I keep telling them that I'm waiting for their rates to drop like BOC. So far they are 50 pts behind. I expect they may change their tune in another month or two. Figure a 3 year fixed needs to be under 2%.

If the bubble bursts in TO and Vancouver expect some sort of taxpayer paid bailout. Maybe keep a watch out for that.

Even though I’m totally against bailing out any mortgage holders post the wake up call of the global financial crisis, I expect there will be one in Canada so it would be nice if some of the money flowed to Alberta.

elkhunter11 · #**668** 03-13-2020, 06:56 PM

So what will the feds do next week to try and prop up the markets? After the rate cuts and money committed to this point, what is there left for them to do next week? The DOW, and TSX are going to have to survive on their own at some point.

KGB · #**669** 03-13-2020, 08:24 PM

Quote:

Originally Posted by slough shark

Not market related but I had a son last night so that’s positive, The foothills hospital in Calgary isn’t overrun by sick people and people seem to be taking precautions. Once the panic is over there ought to be some stability.

Congrats man! That is the absolutely BEST news any man can get! Wishing your son lots of health and luck in his life! Congrats to you and your wife!

Twisted Canuck · #**670** 03-13-2020, 10:45 PM

Quote:

Originally Posted by elkhunter11

So what will the feds do next week to try and prop up the markets? After the rate cuts and money committed to this point, what is there left for them to do next week? The DOW, and TSX are going to have to survive on their own at some point.

Maybe they will let us write off our losses 100% against income on our taxes for the next 7 years....I'd really appreciate that. Other than that, I got nothing.....

Dean2 · #**671** 03-13-2020, 10:51 PM

Quote:

Originally Posted by carlson

perfect I just resigned my early renewal last month....

If it is still early renewal, as in not past the actual renewal date, ou can renegotiate. Early renewal is not binding ad mist banks will give you the lower rate with no problems if you ask.

Dean2 · #**672** 03-13-2020, 10:52 PM

Quote:

Originally Posted by Twisted Canuck

Maybe they will let us write off our losses 100% against income on our taxes for the next 7 years....I'd really appreciate that. Other than that, I got nothing.....

You already can write off losses forever going forward.

flyrodfisher · #**673** 03-13-2020, 11:00 PM

Quote:

Originally Posted by Dean2

You already can write off losses forever going forward.

only against gains....

fishnguy · #**674** 03-13-2020, 11:12 PM

Quote:

Originally Posted by Dean2

If it is still early renewal, as in not past the actual renewal date, ou can renegotiate. Early renewal is not binding ad mist banks will give you the lower rate with no problems if you ask.

Interesting. Thanks for the post, Dean. Any place where I can read about it? It was an early renewal for me a couple of months ago.

HunterDave · #**675** 03-13-2020, 11:20 PM

Quote:

Originally Posted by Dean2

If it is still early renewal, as in not past the actual renewal date, ou can renegotiate. Early renewal is not binding ad mist banks will give you the lower rate with no problems if you ask.

It’s been a while but don’t they offer a blended rate if it’s an early renewal? (ie. your rate + the current rate divided by two to get an average of the two)

Athabasca1 · #**676** 03-14-2020, 07:28 AM

Quote:

Originally Posted by elkhunter11

So what will the feds do next week to try and prop up the markets? After the rate cuts and money committed to this point, what is there left for them to do next week? The DOW, and TSX are going to have to survive on their own at some point.

I watched the useless PM giving his update yesterday in front of Rideau Cottage. His statement "We are in a position with significant fiscal firepower". this coming from the same clown that stated that budgets balance themselves.

I then watched the minister of finance, the Bank of Canada governor and the Federal Banking Regulator deliver their joint press statement. Two days ago the finance minister stated that the budget would be presented March 30, yesterday he made no commitment as to when the budget would be presented.

The deficit will be astronomical but the minority government will ram it through with the support of the the Bloc and NDP as long as they both get every handout they can envision.

bdub · #**677** 03-14-2020, 08:53 AM

Fin Post article and video on the coming recession and why this is different than the GFC.

https://business.financialpost.com/n...ession-feature

KinAlberta · #**678** 03-14-2020, 08:53 AM

Quote:

Originally Posted by flyrodfisher

only against gains....

And that might take forever

If you invest in the markets expect volatility.

Twisted Canuck · #**679** 03-14-2020, 09:51 AM

Quote:

Originally Posted by Dean2

You already can write off losses forever going forward.

Exactly. Meaning they will do nothing. I probably should have said that differently.

tranq78 · #**680** 03-14-2020, 05:55 PM

Quote:

Originally Posted by ab_hunter

HSBC currently has a 3 year fixed rate at 1.99%. I am thinking that might be hard to beat, but who knows things might go down even more.

That's a really good rate.

tranq78 · #**681** 03-14-2020, 05:57 PM

Quote:

Originally Posted by slough shark

Not market related but I had a son last night so that’s positive, The foothills hospital in Calgary isn’t overrun by sick people and people seem to be taking precautions. Once the panic is over there ought to be some stability.

Congratulations! Birth of a child is the best day of any parent's life.

Dean2 · #**682** 03-14-2020, 06:10 PM

Quote:

Originally Posted by tranq78

That's a really good rate.

Just don't deposit more than u can get covered by CDIC insurance. HSBC is not in great shape, that is why the high rate on the gic.

tranq78 · #**683** 03-14-2020, 06:30 PM

Quote:

Originally Posted by Dean2

Just don't deposit more than u can get covered by CDIC insurance. HSBC is not in great shape, that is why the high rate on the gic.

Hi Dean, that's the mortgage rate.

CDIC is nice and I sincerely hope no one has to use it. Collecting on it will take a long time.

But yes be wary of financial institutions offering high rate GICs. A friend in Toronto tried to redeem his Home Capital cashable GIC when the company got into trouble a few years ago (they offered a higher rate than the Big 6 banks, what could possibly go wrong). He was told all trading in Home Capital GICs was stopped so he couldn't get his money back. He was going to have to wait in line to get his principal back, fortunately Warren Buffet bailed the company out.

fishtank · #**684** 03-14-2020, 10:15 PM

Let’s hope this work
https://www.washingtonexaminer.com/n...-day-of-prayer

KC1 · #**685** 03-14-2020, 10:38 PM

Quote:

Originally Posted by fishtank

Let’s hope this work
https://www.washingtonexaminer.com/n...-day-of-prayer

Google Banner of truth
A Christian response to coronavirus

ab_hunter · #**686** 03-15-2020, 05:00 AM

Oh I should of mentioned this site is great if anyone is looking to compare mortgage rates for a new mortgage or renewal: https://www.ratespy.com

On another note, anyone considering buying Suncor stocks? Seems like a good buy right now. Warren Buffet must own it for a reason.

fishtank · #**687** 03-15-2020, 08:38 AM

Quote:

Originally Posted by ab_hunter

Oh I should of mentioned this site is great if anyone is looking to compare mortgage rates for a new mortgage or renewal: https://www.ratespy.com

On another note, anyone considering buying Suncor stocks? Seems like a good buy right now. Warren Buffet must own it for a reason.

Could buy it’s below $20....would be long term investment Given the market condition would be adding CNRL and Suncor to the rrsp portfolio.

Ps any company that has not issue a new profit warning will be announcing it soon, i think everyone is effected by this coronavirus. I would wait til first Q report before entering maybe late May.

Pathfinder76 · #**688** 03-15-2020, 09:01 AM

Quote:

Originally Posted by HunterDave

It’s been a while but don’t they offer a blended rate if it’s an early renewal? (ie. your rate + the current rate divided by two to get an average of the two)

No.

bdub · #**689** 03-15-2020, 03:17 PM

Fed just cut rates to zero.

fishnguy · #**690** 03-15-2020, 03:24 PM

Yep.

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program