Today I'm writing as I'm getting to that boiling point where many of you are as well.
There's one thing in life that I really can't stand and that's being taken advantage of. And especially being taken advantage of from our government and big corporations. Good on the people on Wall Street for taking a stand.
I wont get into the whole oil and gas spiel as I know I share the same views as almost everyone who depends on their car.
As well I wont get into the proposed 2c a litre gas tax being voted on today and the increase in property taxes to pay for a transit system that will NEVER work. Especially for us in the burbs.
My main focus is on banks and lending insitutions. In the last week we're seeing lenders dramatically reduce the discounts off of prime. They say due to liquidity issues. This is utterly wrong. In my opinion and I've been told by lenders themselve, the reason why the don't like variables is they don't make as much money off of them. So their reducing the discounts to bring them closer in line to the fixed rates so people lock in instead of float.
Oh and by the way, one lender just emailed me right now saying the discounts are pretty much gone as of Monday afternoon and will most likely be surpluses. Thanks for the heads up going into a long weekend!
Just today RBC announced rate cuts on their fixed rates. Conveniently only on the shorter 2 and 3 year terms. You may say this is good. No it's not! Why? Becuase anyone that bought into a fixed rate a few years ago are sitting in the high 4 to mid 5% range. If you wanted to take advantage of reducing your rate to lower your payments and pay less interest costs, you would have to pay an IRD (interest rate differential) on your current rate and the current 2 or 3 year fixed term. See where I'm going with this? I heard of one persons IRD go UP $4,000 in a matter of two days because of this. Absolutely NOT FAIR.
These big corporations are doing nothin more than taking advantage of us consumers by taking every last dime out of our pockets to put into theirs. Having a CEO making less than $10 million a year is just unheard of.
Anyways, theres my rant for the day and beleive me, I could go on for much longer!
Have a great long weekend.
