Skip to comments.Canadians Richer Than Americans For First Time In History
Posted on 07/16/2012 10:47:06 PM PDT by tsowellfan
Americans may enjoy teasing and taunting their neighbours to the north but now the jokes on them.
For the first time in recent history, the average Canadian is richer than the average American.
The net worth of the average Canadian household in 2011 was $363,202 compared to the average American households $319,970 worth, according to data published in Canada's Globe and Mail last month...
(Excerpt) Read more at dailymail.co.uk ...
We still have a real estate bubble here (Vancouver and Toronto are outrageously expensive), but we’re not nearly as vulnerable as the US because we didn’t have an equivalent monstrosity to the “Community Reinvestment Act” and we only have 5 major banks. Our banks can actually determine if you are credit worthy and have a job before they give you a mortgage. We had a real estate bubble in the late 80’s which burst in 1990. There was a significant drop in prices in Toronto which made things uncomfortable for a few years as many people were in the bucket (mortgage higher than the appraised value), but most people had jobs and were able to ride things out until prices started to rebound around 1996-97. There will definitely be some pain if we get a significant price adjustment, but it is very unlikely that any of our banks will be in jeopardy.
Or...much simpler...much more effective:"Are you better off today than you were 4 years ago".
Remember the old USA that had those... instead we’ve become the Netherlands.
Yep and the Netherlands is about to have its head chopped off.
Amazing that although we cannot exploit our own reserves, we can happily purchase Canadian electriciity.
World’s 50 Safest Banks 2012:
10. Royal Bank of Canada
11. Toronto Dominion Bank
14. Bank of Nova Scotia
18. Caisse centrale Desjardins (primarily in Quebec)
23. Bank of Montreal
24. Canadian Imperial Bank of Commerce
40. National Bank of Canada
American banks in the World top 50:
25. BNY Mellon
31. CoBank ACB
36. JPMorgan Chase
38. U.S. Bancorp
41. Northern Trust Corporation
Save some Tim Bits for me.
Who cares? Does them having more make us less comfortable?
Best wishes to the Canadians and all that.
Oh, and let us know when you get your subs working again.
When I spoke to my TD BANK rep he said that American holdings are different than Canadian holdings and although the banks have the same name they do not intermingle. So the question is American TD or Canadian TD?
Forget the “illegals,” I think I’m going to get my passport at the ready. One never knows when one will have to leave the country.
"I want to take those profits....." Hillary Clinton
A friend of mine condemns Canada as being a "resource whore". I don't care, wealth is wealth whether you mine it, drill down for it, or manufacture it. He is an industrial engineer so I guess he is prejudiced toward manufacturing.
As an aside, the US has greater energy resources than Canada, they are simply unwilling to exploit them.
Duh!...With our little socialist in charge who’s surprised?
At the rate we are going Kenya will pass the U.S.
The TD Bank on the list would be the Canadian bank. Having said that, I suspect that the results of the American subsidiary have some impact on the bottom line of the Canadian parent.
Bloomberg also did a list of the World’s Strongest Banks 2012:
4. Toronto-Dominion Bank
5. National Bank of Canada
6. Royal Bank of Canada
18. Bank of Nova Scotia
22. Bank of Montreal
They must use different criteria to assess “strongest” vs. “safest”, but it’s still an impressive result for a small country. Three US banks made the top 20:
13. JPMorgan Chas
17. PNC Financial Services Group Inc.
20. BB&T Corp.
Surely you jest
Surely. My comment was to show how stupid our American Government has become.
Canada is smart and doing many of the things we should have done.
Like lowering corporate taxes.
We are trapped in this perpeptual losing proposition, which is bogus at its core, of trying to right the wrongs of our past.
It use to be in America, not so long along, if you made the effort you could create a comfortable life for yourself and your family.
Its still possible but getting harder and harder. Before long it may well become impossible.
Especially,IF the prog control freaks do not quit the social engineering and stop monkeying around with everyone’s existence.
Get the G’mint out of our business (and bussinesses)
Stop regulating us out of existence and stop getting in the way of drilling and while they are at it fix the progressive tax code!
Then we can get back to not caring what color you are, what religion, what your sex preference is...Who cares?
Make yourself useful and stop expecting other’s to take care of your sad ass!
Make yourself useful and stop expecting others to take care of your sad ass!
Not you but the generic you.
True, but the Liberals seem to have moved beyond their previous addiction to deficits. They still trust in taxes, so I'm not going to write an apologia for them, but they weren't budget-busters the last time they were in charge.
You missed the chance to call me a hose-head :)
In 2007 only 4 Canadian banks were in the World top 50:
17. Royal Bank of Canada
38. Bank of Nova Scotia
48. Bank of Montreal
7 American banks were in the top 50.
8. Wells Fargo
24. Bank of America
30. US Bancorp
41. State Street
44. JP Morgan Chase
This should be an eye opener for anyone who thinks that the American financial sector has turned the corner. America continues to be the world’s leading economy because it still has the highest number of active consumers, but that position cannot be sustained unless America recovers some of its manufacturing base and brings its government spending under control. You have only a few years remaining until you descend into Spain/Greece territory. I’m not saying this as a way of bragging about short-term Canadian success. If America implodes, we will be the first ones to suffer the residual impact. Canada needs America to be successful. We wish you good fortune in November.
I can assure you that Canadian leftists like the official leader of the opposition openly flay resource extraction.
It is true they don’t intermingle much. TD Bank in the US is never called the Toronto Dominion Bank much like Kentucky Fried Chicken is now called just KFC. In Canada the current name is called TD Canada Trust which is after the biggest trust company in Canada was absorbed by TD at that time called just the Toronto Dominion Bank. Trust companies in Canada were the mortgage and housing lenders. The US forays by Canadian banks have had mixed results. TD seems to be in it for the long haul but no one knows the future.
Simpler, but not necessarily more effective. In my experience persuading people you need to do so in a way that they can connect with. Everyone projects their own experiences onto others lives.
In this case there are a lot of blacks who resent Latinos, read Mexicans, for taking “their jobs”, etc. The illusion won’t be lost on them or others who think similarly. We need to rephrase “Are you better off now than you were 4 years ago” into every “dialect” in the American mindset.
To paraphrase an Obama favorite - “Let a million phrases bloom!”
On our way to becoming a Turd World Country
Actually I wasn't think of any words in particular. The French language just doesn't have any really good curse words . Other than cursing in French at their church the French often use English curse words mixed in French phrases . Friend of mine's favourite saying was "Shit la Merde ! " , like she couldn't make up her mind.
Since all of our product are made here we are exempt from the long detailed forms. The largest shipments go through a cartage agent and so long as we keep each box below 1500.00 we are OK as well.
Now I deal with a fishing class that spends on average of 500.00 for rod n reel. Whether they fly fish or use a center-pin the outfits are pricey and in all of my conversations, the Canadians are usually closer to 1500.00 on their center-pin rod and reel.
This is also the NE corridor of lobbyist and high payed Fed workers from DC, NY and PA. They fish on both sides of the border as well as the Canadians and we’ve seen nothing but growth from this region. In the rest of the country we’ve seen massive drops in volume.
I know what you mean about BC. Vancouver is looking like Asia. Good hard working people but they kill every fish they catch and that does not make for a sustainable resource.
Canada is cutting the number of government employees. We have nothing comperable to ATF or EPA. Our border and customs services is just that. "Homeland security" is taken care of by the RCMP. We have no federal Education Department and almost everybody can read and write. Our Agriculture Department does not have a food stamp program and is not engaged in welfare.
The conservative government of Stephen Harper is on track to move the federal government to a budget surplus by 2015. For those from Yorba Linda, a budget surplus is the opposite of a deficit. According to Wiki, the federal debt is around $600 billion. Roughly a third, proportionally of the US federal debt. Canada is forecast to be one of a very few number of countries to retain a AAA credit rating for the next decade.
BTW, your president does not like PM Harper or the economic success story he represents. Harper is an economist by trade (imagine that). Their meetings consist of Harper trying to educate your president on economics. Your president doesn't like that.
What?? Obama is the elephant in the room. One word: "Obama"
I’m updating my passport as we speak. Parody will soon become reality)
OBAMA is the only variable
The US federal government is far too big and intrusive. You need to cut out whole departments
Absolutely, and Romney could earn the respect and admiration of his most ardent conservative critics and do a those things.
I would NEVER speak ill of him and I can’t stand him.
Anyhow,put all those under the catagory of TRUE REFORM. If Romney is as “severe” conservative as he claimed we will likely know it very early on.
Probably is very few of us believe he is anything more than a go along to get along squishy moderate (nice term for even dumber than a liberal).
The US federal government is far too big and intrusive. You need to cut out whole departments
Absolutely, and Romney could earn the respect and admiration of his most ardent conservative critics by doing a those things.
Including scrapping the current tax code.
If he did I would NEVER speak ill of him and I cant stand him.
Anyhow,put all those under the catagory of TRUE REFORM.
If Romney is as severe a conservative as he claimed we is we will likely know it very early on.
The problem is very few of us believe he is anything more than a go along to get along squishy moderate (which is a nice way of saying even dumber than a liberal).
I wonder where these numbers are coming from?
Just last month the median U.S. family net worth was only $77,300 according to this article:
WHAT AN AMAZING RECOVERY HAS TAKEN PLACE! Back up to almost $314K in ONE MONTH!!
The regime is probably gonna use these figures to show the recovery we’ve had!
The fact that the Canadians buy American speaks volumes to me.
They still travel to America for medical attention, including their public officials.
From the article involving Canadian Official Wiiliams:
“Allowing his words to speak as loudly as his actions, Williams, who is said to be recovering in Miami from his surgery (which according to this story took longer than expected), had explained his decision simply: “This was my heart, my choice and my health.”
“I did not sign away my right to get the best possible health care for myself when I entered politics,” Williams said.”
Canadians may earn more, but they also pay high taxes. The article is another one of your typical anti-American hit pieces. I just read that according to National Geographic, America is the LEAST green country in the world. I’m sure that’s about as accurate as their reporting on the Bible and Judas Iscariot.
Generally speaking, I like Canadians.
They love to buy American by the way. Knowing that our stuff is not from Asia makes them very happy.
I have certain ingredients that have to come from Asia. Takes forever...6 months and the consistency of products is less than 50%. We have to adjust every batch because of their “inability” or “care” to send us exactly what was ordered the last time.
Canadians deal with the same crap but with 1000% more of their own bureaucracy. So they hate Chi-Coms screwing everything up.
the biggest difference is that if a Canadian borrower goes into foreclosure, the bank can and will come after that borrower’s assets until the balance is repaid.
what a crazy concept.
“what a crazy concept.”
You mean you Canadians have to pay back money that you borrow?
How do you expect everybody to get everything that they want right now with that attitude?
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