I’ve got TD stock -
I’m overjoyed -

I totally agree with your comment. What makes me mad is that the banks are charging now a lot more in fees and interest to the borrower so that the banks can pay for their mistakes by charging us more.

As I winter in Florida, to escape Montreal ice and snow, I am constantly bombarded by all the U.S. negativism, especially in the banking centre - those guys are in very serious trouble!

I agree with your comments on TD, they should have had the sense to make a positive of those good quarterly results in such awful times - wake up guys!!

E.P.M.

We are often frustrated with bank charges but Canadians can take pride in our banking system. Paricularly so when we see the devistation of the banking system in other nations.

Negative headlines! Hey read the CP headlines daily there are negative headlines about Harper and the Conservatives, and A Slobbering Love Affair with Professuer Iggy. There were however glowing headlines about
O’Bummer when he visited, matter of fact seven of ten. depends on your perspective I guess

I believe the media is making the present financial crises worse by continually spreading doom and gloom and FEAR! The current reporting by all branches of the media in both countries and around the world add to the problems created by the US Congress and the banking establishments there.
A great President said ” We have nothing to fear but fear itself” This applies to day as well as almost 80 years ago. Terry Lamping

I agree with your observation about media negativity. Unfortunately the NCC is also somewhat guilty of that. Your daily blog invariable focuses on a daily negative issue.
I have long wished for responsible journalism where in-depth analysis and balanced reporting were part of the criteria, however as we have moved to more 24/7 news outlets, the media has progressed downward to a ‘police report’ type of journalism.
This in the name of ‘fill the void and meet the deadline’. We have been manipulated into believing ‘bad news sells better than good news’. The truth is bad news is easier to write than good news, so that is what we are offerred.
Some ‘good news’ columns are starting to appear, but they are few and far between. Many negative reports about lower profits could easily be re-written into ‘higher than the last five year average’ - but hey that wouldn’t help support the doom and gloom senario we are lambasted with.

I have been a memebr of N.C.C. since it was started. As a retired professional accountant and economist I do not pull party lines. All my research has been in the field of US and World economy. Sadly as we all know, the greed has replaced sincerity and honesty. Communism was created by the same interests which we see now prospering. Sounds contradictory ? Yes! Globalization, the FED, the IMF and behind them the big corporate giants are self serving for a few but not designed to serve the average people. This group thrives on conflict and wars while they are crying the blues.(See TD bank) Only a handful of VERY WEALTHY direct the affairs of the world. They “send people to die for their country” with patriotic slogans. That ruling class cannot be named, but they meet frequently and direct the affairs of the world. Now the bank profit alone shows how we are mislead. A recent investment in bank stock has dropped 40% in my Retirement Fund. Poor banks ! Too much manipulation for fast profits and guys like Madoff is the main cause of all economic problems, which should be completely revised with strict control and transparency for the benefir of investors.

I agree mainstream media are at least half the problem for the state we are in. They never report positives only negatives. I think sometimes we would be better off without tne media altogether. If they would only print the facts and truth instead of sensationalize evetything in order to sell their view which is invariably wrong

In a recession, I basically stop reading the news. Each time we hear the same “end of the world” and “worst ever” claims, yet each time things return to “normal” after a little while and the cycle starts over. We have seen it in ‘74, ‘82, ‘91. The crash of ‘87 lasted 16 months before markets were back to the same point.

Those of us who have seen a few recessions need to be responsible and encourage young people that this isn’t the end of the world, just another cycle. Maybe we all need a kick in the butt every so often to make us appreciate our country.
The banking system in Canada is pretty good but they never miss an opportunity to stick it to us and so voila, another “profitable year”. The CEO’s certainly take care of themselves first, in that respect we are very American.
I’m anxious to hear more about how the Caisase de Depot in Quebec lost 1/4 of the assets under their charge. Due diligence - I don’t think so. Ratings be damned, one charged with such responsibility must do their own ratings. You can bet the top guys will still get their undeserved bonuses even with the crappy job they’ve done. I wonder if Mr Charest’s advance information influenced his call for an election in the fall - disgusting.
Each day we see fraud by rats revealed when the sleezy culprits suddenly have no place to hide and this has been the case on both sides of the border. So before we arrive at any “holier than thou conclusions, lets face facts.
I find it just amazing that a single US administration can create this level of financial disaster for the world - prison is too good for the creeps involved.
I hope this situation leads our own government to review the regulations governing financial and investment institutions.
The media penchant for doom and gloom sells their rags I guess but just not to me.

If you feel bombarded by what seems to be nothing but negative news, you are not alone. There is an old newsroom maxim: If it bleeds, it leads.

Apparently, Americans feel the press has been overzealous in its portrayal of the economic slowdown as being just short of the Apocalypse. In a January poll, Opinion Research Corp. found that 77 per cent of Americans feel the media are making the economic situation worse by feeding consumers a constant diet of bad news. Survey respondents said the negative news reports are eroding consumer confidence and deterring investment.

None of the above is rocket science.

For what it’s worth, I add another great quote from a great man of our history:

“Socialism is the philosophy of failure, the creed of ignorance and the gospel of envy. Its inherent virtue is the equal sharing of misery.” - Winston Churchill

Perhaps, since it seems to be the press’ job to spread the misery, we should not be surprised to find that so many of us think of them as being “left wing”.

I want whatever bank I have my money deposited with to make a really healthy profit. Then the bank won’t got broke and take my money away from me! We, everyone of us in Canada, should thank our lucky stars that we have banks that you can deposit your life savings in and that, usually don’t go broke! Thank the regulations and the regulators. I want my money to be safe and pay me a decent return. I only want to earn the money once!

This is the reason we no longer buy a newspaper. Listening to the news once a day is enough for me. Actually, the National Post is the most balanced as far as, reporting goes. It would be nice to have some positive reporting for a change.

Muriel

Canada, thanks to our banking system, may end up being the global lifeboat in the current economic downturn. The government, having made the politically necessary concessions on “stimulus” spending, must stand fast on its otherwise moderate and sensible economic policy.

YES THE MEDIA SEEMS TO ALWAYS SHOW EVERYTHING IN A NEGATIVE VIEW. I AM HAPPY THAT CANADIAN BANKS SHOW A PROFIT AND I HAVE FAITH IN THEIR CAPABILITIES.
I WOULD LIKE TO SEE OUR ELECTED MEMBERS OF THE FEDERAL GOVERNMENT JUST ONCE IN AWHILE COMPLIMENT ONE ANOTHER AND HAVE AN OPTOMISTIC AND POSITIVE VIEW FOR THE SAKE OF US TAXPAYERS.

My heart goes out to the banks. I received the following in the mail from CIBC: “Effective April 6, 2009, the annual variable interest rate will increase by 1% and will apply to all amounts owing on PLCs. The annual interest rate for PLCs is determined as CIBC Prime plus variable interest rate. This change is a result of global credit market conditions that have increased costs associated with lending products. Interst rates for PLCs opened after October 11, 2008 are not affected by this change.” NOW, DON’T YOU FEEL SORRY FOR CIBC having to raise their rates because they only made 436 million in the last quarter of 2008.

Responsible media should provide balanced reporting which is not the case. The goal to sell more newspapers is achieved by sensationalism and negativism. On the political spectrum the emphasis is on the liberal or socialistic side of things. No wonder circulation is falling. TV is in many respects worse than print. Here, the sound bite is presented to increase the audience rather than to present factual, unbiased news. To obtain both sides of the story I read The Economist which provides, for the most part, objective reporting.

The complete lack integrity within the media is the real problem. Every story must have a spin. None of them seem to be able to just report the facts of a story.

Thanks NCC great reporting. I chuckle at all the hubbub about the banks profitability that we hear from time to time. I am thankful that they are in the profit area. Sure we pay the service charges etc. but if we didn’t then our bank would be where the others are negative reporting. When you take into consideration all of the individual banks involved in the reporting and devide it out the figures come down considerably of course per bank. The fact that they are in the profit margin is very good. It also says something about the Canadian people trusting those banks. Good news encourages the heart and is contagious.

I think headlines like this are the reason that the media is taking a huge hit in profitiability. In the US newspapers are failing, Canwest Global and CTV have serious financial problems. The public is not buying what they are selling. I am a large consumer of news but less and less do I turn to the newspapers and TV news. News is not reported now, virtually all news is editorialized within the article. If I want editorial comments I will go to the editorial page. I do not need it in the news articles, I will (and want) to make up my own mind…….