tomhudson's Journal: Soundest banking system in the world? It's not Switzerland.

Or Luxembourg. Or Sweden.

At least, not according to the World Economic Forum: http://www.reuters.com/article/newsOne/idUSTRE4981X220081009?pageNumber=1&virtualBrandChannel=10338&sp=true

Best part

[nizo]

You guys can now buy a winter house cheap someplace habitable :-)

It is sad when we rank below Namibia.....wtf?

Re:

[tomhudson]

Don't laugh - the guy next door at work did exactly that - a place in Florida for half what the other places on the same block were "trying" to go for.

Says the World Economic Forum

[Morosoph]

I'm not sure just how much I trust orthodoxy in this regard.

Re:

[tomhudson]

We only have a half-dozen major banks (and the Caisse Populaire Desjardins) - and they have the lions' share of the market - everyone else is a bit-player branch of a foreign bank. BTW - not a single Canadian bank went bankrupt during the depression ... indeed, more banks go bankrupt in a month in the US than have gone broke in the last 80 years in Canada (2).

Yeah

[turg]

Have five banks that own 80% of the domestic market (six that have almost 90%), regulations that prevent foreign banks from owning them and prevent them from buying too many foreign banks, and you get crappy products and customer service, but stability.

Don't get me wrong, I'm happy for that stability right now, but that doesn't mean I have to like any of the big five, does it?

If service were the most important thing, though, I'd say open up the market and let all the Canadian banks get blown away.

Re:

[tomhudson]

Have you tried TD? Branches are open on weekends, open early in the morning, open until 8 at night, lots of staff at peak periods ... and of course the ATMs are there 24 hours a day. Somebody's doing it right.

Re:

[Timex]

I have. They bought out the bank I use. The downside is they don't have any branches near where I live (but they do where I work). On the upside, they're all over northern New England. (This is from my perspective...)

Re:

[tomhudson]

Are you happy with the service?

BTW - about your sig - have you been reading frakkedcompany? :-)

Re:

[Timex]

You mean this article [frakkedcompany.com]? Yes. That is exactly why I have this sig.

Re:

[Timex]

Oh- About the service.

I'm very happy with TD/BankNorth (or whatever they're calling themselves this month). They are helpful and friendly, they answer questions in a timely manner, and I find their online banking page to be better than others I've used.

That it's not Luxembourg, I could have told you...

[Corporate Troll]

I mean the government is bailing out Fortis and Dexia... Yay! I wonder what impact that will have on our economy and employment.

Re:That it's not Luxembourg, I could have told you

[ces]

It could be worse. You could be in Iceland.

Re:

[Corporate Troll]

We're not that far from the Icelandic situation.... Yes, it could be worse, but it's far from rosy.

Hispania

[Jeremiah Cornelius]

Ol' Spain has been reasonable, too. Never touch stuff they can't understand as investments.

Re:

[smittyoneeach]

Never touch stuff they can't understand as investments.

Unless, of course, you're the US Congress. OPM is the only way to play, no?

Re:

[tomhudson]

Isn't the whole idea behind the stock market to get access to OPM?

As opposed to the original idea, which was for people to put up both capital AND labour when they formed a company ...

Re:

[smittyoneeach]

In theory, investors pony up their own treasure. But the difference between theory and practice is greater in practice than in theory.

ww3

[symbolset]

It starts in Pakistan. It ends not well for them.

Re:

[smittyoneeach]

Let us pray otherwise.