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Bhawneet Malhi
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I have got an engineering degree in mechanical from Punjab University,Chandigarh,India. Worked as a financial adviser for 2 years in India. Currently I am doing Canadian Securities Course from Canadian Securities Institute in Canada. In the developed world, low returns rather than being a... More
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Emerge with emerging economies
  • Thank You Mr Flaherty... 0 comments
    Apr 5, 2013 8:54 PM

    Yesterday while traversing in Vancouver Sky Train, I overheard a conversation between 4 middle-aged men about mortgage rates and finance ministries public flirtations with the lending institutions.

    Finance minister despite his best endeavors has not been successful in stopping the banks from pandering to the peoples desires to splurge and take on more debt.

    On the contrary he has succeeded in lifting the veil from over the high level secretive correspondences between the ministry and the financial industry.

    His didactic language and outspoken public outbursts have become part of public folklore and butt of jokes amongst the media, financial and political circles.

    The banks for the most part have toed the line barring one or two exceptions, BMO being the most glaring one.

    What is quite ironical is since this topic has come out in public domain, homeowners have become even more aware of the levity they have when dealing with their financial institution for mortgage.

    This week, Ed Clark, CEO of TD Bank, praised Jim Flaherty for his efforts in trying to curb the household debt. I am pretty sure he said this with a wry smile, because banks are secretly enjoying this slanging match and they are the ones who are emerging out as clear winners in this public mudslinging.

    In the end I would like to thank Mr Jim Flaherty for making us all aware of the bargaining power that we have...

    So again,

    Thank you Sir

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