Not a bad thing. There was an interesting column by Paul Krugman a couple of weeks ago giving reasons why the current financial crisis did not hit Canada as hard as many other countries. He attributed it at least partly to the existence of a consumer credit oversight agency in the Canada that the US lacks.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

I think it's a great thing, to be honest. But I'm obviously a tad biased.

Yes, that is true. The big banks in Canada also actually kept a profit line during the recession, which was remarkable. US and European banks all reported losses. There are a lot of little differences here that make a big difference overall like mortgages being full recourse loans, not selling out loans to sub-prime borrowers, etc. We have five large banks in particular that control most of the banking in Canada, and during the recession they were able to communicate with each other and keep practices in line. There is also full insurance on mostly all mortgages, which covers the full amount. Although we recently had 40-yr amortization periods, that has been reduced to 35 yrs max and a 5% minimum downpayment is required. The smaller the downpayment on a mortgage, the higher the CMHC insurance premiums to insure the mortgage. I believe that CMHC insurance is mandatory on all mortgages where there is less than a 36% downpayment.

I was surprised to hear that Canadian banks are considered amongst the safest and most stable in the world, I wasn't aware of that before this.

They are continuing to post record profits...it would be nice to see those profits reflected in cheaper banking costs, that's for sure.

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Chris
2007 E550 4Matic - 61,000 Km - Iridium Silver, black leather, Sport package, Premium 2 package
2007 GL450 4Matic - 62,000 Km - Obsidian Black Metallic, black leather, all options
1998 E430 - sold
1989 300E - 333,000 Km - sold
1977 280E - sold
1971 250 - retired

"And a frign hat. They gave me a hat at the annual benefits meeting. I said. how does this benefit me. I dont have anything from the company.. So they gave me a hat." - TheDon

Well I hope it works out, and the bill does have some good parts to it.

But since I'm not poor I suspect its just going to cost me money, and not benifit me at all. Like most government programs.

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2016 Corvette Stingray 2LT
1969 280SE
2023 Ram 1500
2007 Tiara 3200

I'm just hoping like hell it's not as bad or expensive as I think it will be. Any time I hear a politician say it won't be as expensive as they thought I can't help but think bull$h!t.

I haven't read the bill but listening to a local, Libertarian talking head who, between he and his sister (both lawyers, she also a law professor) have read every single page, thinks it's a nightmare (he is battling Lupus) and has me concerned.

And the next time the Republicans are in control and ram something down the Democrats throats through parliamentary procedure, we'll know where the precedent was set.

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

Can't wait to hear what else they said. Did your economy speaker chime in on this yet?

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1982 300GD Carmine Red (DB3535) Cabriolet Parting Out
1990 300SEL Smoke Silver (Parting out)
1991 350SDL Blackberry Metallic (481)

"The thing is Bob, its not that I'm lazy...its that I just don't care."

Tune into Jim Vicevich, he's on 1080 until noon. A couple points they just discussed,

Re: Pre-existing conditions- Pre-existing conditions will technically be covered, assuming they buy into the High Risk Pool (at least until 2014). If the medical expenses are higher than the income, the Secretary of Health and Human Services (who apparently is going to be very busy with passage of this bill) SHALL make adjustments to make up the deficit. How else do they do this without refusing applications? The government is just going to take the place of the insurance companies, except without the oversight. Medicare currently has a higher refusal rate per procedure than the insurance companies.

Re: Rationing: The Medicare Advisory Board (15 members appointed by the President) will be required to project Medicare expenses yearly. If the amount exceeds the projected amount per capita, the Secretary SHALL reduce those expenses unless Congress intervenes. They will not ration per se, but they can determine which medications will be approved for use or reduce Medicare payments to the doctors (who in many cases are already only getting reimbursed $0.60 per dollar of service rendered from Medicare).

We will be hearing from the other Jim (the economic consultant) at our June meeting in Seattle and again in Phoenix in October. It'll be interesting to see how things pan out over the coming months. Most of the hype from both sides should tone down by that point and we'll be able to see what the actual effects might be.

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

have personal knowledge of at least ONE very experienced MD (years of
experience under his belt) who said he is going to retire as a result
of this bill. I suspect he is not alone......

This wasn't the first or last time for these tactics. The cheney/bush tax cuts were passed with similar tactics. This will go on unless/until the congress changes it's own rules; eliminating the senate filibuster rule might be a good start. Both sides will do whatever it takes to pass its bills, and the other side will always complain. Business as usual.

Yep. Many have had it with all of them.

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

I agree that tort reform should be addressed, still waiting for either party to take the lead.

What tactic was that ? "Voting"?

Basicly, they are avoiding another full senate vote to prevent a filibuster by passing the senate version and putting the house changes in a seperate bill that the senate has promissed to pass. It will not make any sense for the republicans to block the changes after the bill is signed. Typical tactics for both sides.

How far in debt are you guys to nations like say .....maybe China ? May have a bit to do with it as well .

The mortgage deal is nice makes sense.

How over inflated were the property values ? The property values here in Texas rose only about 2-3 % during the bubble therefore we were able to recover from the housing slump faster. Economy is doing fairly well here.

Lessons learned from the mid 80's housing boom / bust .

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Experience : what you receive 3 seconds after you really needed it !!



86 300SDL 387,000? Motor committed suicide
81 300SD 214,000 "new" 132,000 motor
83 300SD 212,000 parts car
83 300SD 147,000

91 F700 5.9 cummins 5spd eaton 298,000
66 AMC rambler American 2dr auto 108,000
95 Chevy 3/4 ton auto 160,000
03 Toyota 4runner 180,000 wifes

Our current debt-to-GDP ratio is decent among the G10 nations. Currently. We have issues to face to keep it there.

Properties were not that over-inflated, we didn't really have the big boom and bust the US had. There was lots of media hype at the start and lots of talk about recession...but as it happened we kind of looked around and realized we were far more insulated from the effects than we had likely initially thought.

The US was the only G10 nation to not have some form of universal health care. A bill/action like this was necessary, IMO. Hope it works out for the US!

__________________
Chris
2007 E550 4Matic - 61,000 Km - Iridium Silver, black leather, Sport package, Premium 2 package
2007 GL450 4Matic - 62,000 Km - Obsidian Black Metallic, black leather, all options
1998 E430 - sold
1989 300E - 333,000 Km - sold
1977 280E - sold
1971 250 - retired

"And a frign hat. They gave me a hat at the annual benefits meeting. I said. how does this benefit me. I dont have anything from the company.. So they gave me a hat." - TheDon

the systematic dismantling of the world's greatest health care system.....
kinda like G.M. (government motors), we now have GHC (government
health care). get ready to go on a waiting list for necessary surgery.
a long waiting list........