Josh Sigurdson talks with author and economic analyst John Sneisen about the continued developing story regarding Home Capital Group as it crashes and burns following massive losses.
This has become one of the biggest bank runs in Canadian history and the biggest bank run in decades.
Canadian Finance Minister Bill Morneau is not ruling out a bailout of HCG as the contagion affects other alternative lenders. But the FM says that there are private options on the table. Knowing the Liberal government in Canada, it's unlikely that the private option will be put in effect.
This is due to insane derivative markets and government manipulated markets that pile debt on top of debt and always inevitably crash and burn.
John breaks down the latest and exactly what this will lead to.
Stay tuned for more on this incredibly important topic!
Yep, it's been coming for some time now, and this is just the beginning. Great reporting Josh, keep us posted.
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Thank you! When you build up the markets artificially, eventually it has to come crashing down. Hopefully people heed the warning and diversify their portfolio, insuring themselves for the coming crash.
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Hello @joshsigurdson
Best advice I am sharing with all my Vancouver accounts is to sell your home now or at least re-mortgage it.
Get all your equity out of your home before it loses 50% or more in this correction coming
Get a 10yr - 5% fixed assumable mortgage
Buyers will be fighting to get your 5% mortgage in a couple of years when the banks rates are at 15% to 20%
There will be bidding wars for your home because of that awesome 10yr mortgage.
Most people will not qualify for a 15% + mortgage so you could be the buyers only hope of owning a home.
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Nice report. Love your posts :D
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Thanks Domen! :)
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Thank you for this update. I amazed that anybody I talk to about this has no clue whatsoever. I also mention about the Moody's downgrade of the Major banks, they look like deer in the headlights.
Some of these people are apparently highly educated yet when pressed admit they are all in on paper assets. If things do cascade into a domino effect things we are going to be in massive trouble.
My biggest fear is that the masses turn to the government and beg to have their rights taken away for bread and water.
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Excellent work! I will definitely be checking all your reports out! Nicely Done!
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