Post by
mouserman on Jan 19, 2024 9:25am
RBC CEO speaks at Davos
We know the WEF mantra is " You will own nothing and be happy"... apparently McKay likes speaking to the elite who want the a global govt. The Financial Post reports in its Friday edition that Canadians are grappling with "payment shock" and Americans are not, and that will put the two countries' economies on diverging paths to start 2024, according to Royal Bank of Canada CEO Dave McKay. The Post's Denise Paglinawan quotes Mr. McKay telling Bloomberg TV, "The U.S. economy struggled to slow the consumer, while the Canadian economy has slowed the consumer quite significantly." The RBC chief executive officer was speaking on the sidelines of the World Economic Forum in Davos, Switzerland. The main culprit, Mr. McKay said, are the differing payment terms for mortgages in the two countries. Canada does not have 30-year fixed mortgage contracts as they do in the U.S., with most homeowners instead having contracts that must be renewed at prevailing rates every five years, or are variable-rate. That means heavily indebted Canadian households are being hit with higher mortgage payments, with 30 per cent of mortgage holders already facing 20- to 25-per-cent hikes in their monthly outlays, he said. Mr. McKay added that the impact on consumers is already visible in the bank's credit card business, where spending is "off" for those who hold variable-rate mortgages.
Comment by
stickbot on Jan 19, 2024 12:08pm
To me everything he said point to rate cuts, their playing chicken with mortgage armageddon (aka payment shock). Banks are greedy, they want to feast on every morsal of interest they can drain from Canadians before they flip the switch last minute right before impact. Playing with fire.
Comment by
mouserman on Jan 19, 2024 12:38pm
Exactly what the WEF minions want...everone losing the ownership of their home. Own nothing and be happy?