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Thursday January 27, 2022

January 27, 2022 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday January 27, 2022

Despite record high inflation, Bank of Canada holds interest rate steady — for now

May 2, 2020

The Bank of Canada has decided not to raise its benchmark interest rate just yet.

Like many other central banks around the world, the bank slashed its core lending rate — known as the target for the overnight rate — at the onset of the pandemic in March 2020, to ensure that consumers and businesses had access to cheap lending in order to keep the economy afloat.

But two years of rock-bottom lending rates have been a major contributor to inflation, which rose to almost five per cent in Canada last month — its highest level in more than 30 years.

Posted in: Canada Tagged: 2022-04, architecture, bank, Bank of Canada, Canada, covid-19, Economy, interest rate, monster, Omicron, pandemic, Tiff Maclem

Saturday August 3, 2019

August 13, 2019 by Graeme MacKay

August 3, 2019

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday August 3, 2019

New credit card payment rules for Quebecers take effect today

January 18, 2018

Quebec’s new rules on minimum credit card payments, which take effect Thursday, will likely be followed closely by other provinces, the head of a consumer advocacy group says.

The new rules require banks to set a minimum payment of at least two per cent of the balance owing starting Aug. 1. It will eventually rise to five per cent.

“I suspect that other provinces are looking at this carefully, looking to see the impact from this, [and if there are] any objections from the credit-granting community,” said Scott Hannah, president and CEO of the Credit Counselling Society.

“But really this just makes good fiscal sense. For those who’ve gotten themselves into debt, this will help them.”

May 13, 2010

Twenty years ago, a five per cent minimum payment was fairly standard, Tanguay said. But the minimum percentage has dropped since then.

Banks have the option of raising the minimum payment rate to five per cent right away, although Hannah doubts many institutions will do so because that change could have negative consequences for people with higher debts.

There are no federal rules about minimum payments, but there is nothing preventing other provinces from coming up with their own.

Consumer protection policies can happen at a provincial level, but Hannah said that there tends to be continuity between provinces on these kinds of rules.

“Other provinces in Canada will be looking at this carefully, and if they’re not seeing a lot of challenges or uproar from consumers or credit granters, they may elect to adopt similar legislation,” he said. (CBC) 

 

Posted in: Canada, Quebec Tagged: 2019-28, application, bank, Canada, credit card, debt, plastics, Quebec, spending

Thursday July 16, 2015

July 15, 2015 by Graeme MacKay

Thursday July 16, 2015Editorial cartoon by Graeme MacKay, The Hamilton Spectator – Thursday July 16, 2015

Bank of Canada cuts interest rate, lowers economic outlook

The Bank of Canada reduced its benchmark interest rate for a second time this year as the damage from lower oil prices shrank the economy in the first half and leaves a full recovery almost two years away.

Gross domestic product probably “contracted modestly” in the first half of 2015, policy makers said, without calling it a recession, which is typically defined as two straight quarters of negative growth. Output will recover this quarter as non-energy exports rebound from a decline the bank called “puzzling.”

The central bank lowered the benchmark rate on overnight loans between commercial banks to 0.5 per cent from 0.75 per cent, where it had been since a cut in January. The first-half contraction led to a “marked increase in excess capacity,” the bank
said.

Policy makers at the bank said output probably shrank at a 0.5 per cent annualized pace in the second quarter, compared with an April prediction of a 1.8 per cent expansion. The economy registered a 0.6 per cent contraction between January and March.

Historically low interest rates have already pushed consumer debt-loads and home prices to record highs, while failing to trigger lasting investment and export gains.

For the housing market, where the cheapest mortgages in decades have led to record consumer debt burdens, the bank reiterated its view there’s no bubble. “The Bank continues to anticipate a constructive evolution in the housing market,” its economic forecast paper said, with a moderation in housing in 2015, followed by stabilization in 2016 and 2017.  (Source: Hamilton Spectator)

Posted in: Business, Canada Tagged: bank, beaver, Canada, debt, Economy, household, Interest rates, limbo, recession, spending

Wednesday November 28, 2012

November 28, 2012 by Graeme MacKay

By Graeme MacKay, The Hamilton Spectator, Wednesday November 28, 2012

A British Take on Mark Carney

Mark Carney, the new Governor of the Bank of England, is a remarkable man. He studied economics at Harvard, racked up a Master’s and a doctorate at Oxford, and, for the past four years, he’s been governor of his national bank – all before the age of 50. Carney is married to a glamorous British economist and has four lovely daughters. According to Time magazine, he’s one of the 25 most influential people in the world.

But – wait for it – there’s something even more remarkable about England’s new top banker. He’s a Canadian! Carney, he of the snappy suits and slicked-back hair, hails from the nation affectionately known as “America’s attic”. What’s more, he’s proud of it. He’s a maple syrup-drinking, poutine-loving, moose-spotting, beer-swilling ice-hockey fan, who once dreamed of playing for his local team, the Edmonton Oilers.

A couple of decades on, his selection for the coveted BoE job has raised a few eyebrows – not least because of his nationality. “Canadians have a reputation for being the boring good guys,” says Oxford academic (and bona fide Canadian) Margaret MacMillan. “If you want to say something is really tedious, you say ‘as dull as a Sunday in Canada’. We’ve never been loudly patriotic, probably because we live next to the US. As a result, people think we’re dull and quiet all the time.”

You see, even Canadians admit it: their country has an image problem. It has long been subjected to stereotypes – perpetuated by South Park and Due South – and rather than deny them, Canadians have simply got used to being the butt of bad jokes. “A Canadian,” goes the gag by the author Pierre Berton, “is someone who knows how to make love in a canoe.” (Source: The Telegraph) 

 

Posted in: Canada, International Tagged: bank, Big Ben, British, Canada, Canadian, carnival, carny, England, Governor, London, Mark Carney, UK, Westminster, worker

Thursday May 13, 2010

May 13, 2010 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday May 13, 2010

Canadians’ household debt reaches record levels

Canadians’ debt-to-income ratio now ranks first among 20-advanced countries in the OECD and a new study suggests the recession did little to dampen the country’s enthusiasm for taking on household debt.

The level of household income soared to an average of more than $40,000, according to a report from the Certified General Accountants Association of Canada.

“We were a little bit surprised that throughout the recession we continued to take on debt,” Rock Lefebvre, a vice president for CGA Canada, told CTV News Channel.

Household debt reached an all-time high of $1.41 trillion, according to the report. If spread out evenly among Canadians, every man, woman and child would owe $41,740 — more than two-and-a-half times greater than 20 years ago.

Lefebvre said Canadians used to save up to 20 per cent of their disposable income as recently as the 1980s but that number is now less than one per cent.

“Consumerism has taken hold (in Canada) and people who have access to credit, are taking advantage of it,” he said.

Lefebvre said some debt is necessary to stimulate the economy and fill the government’s coffers.

However, he noted bankruptcies were up significantly during 2009 and governments’ debts are on the rise.

“The question becomes at what point has society taken on too much debt?” Lefebvre asked. (CTV) 

 

Posted in: Canada Tagged: architecture, bank, Canada, crush, debt, House, household, Lender, loan

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This website contains satirical commentaries of current events going back several decades. Some readers may not share this sense of humour nor the opinions expressed by the artist. To understand editorial cartoons it is important to understand their effectiveness as a counterweight to power. It is presumed readers approach satire with a broad minded foundation and healthy knowledge of objective facts of the subjects depicted.

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