A Money Coach in Canada

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Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com

Tuesday Econ 101: and another devil’s advocate post. The dem’s messed up too! Comment

  1. Lior

    All parties are to blame for the crisis. It’s funny watching those two morons, Obama and McCain, neither of whom has any clue about how we got into this mess to begin with, trying to relegate the blame to one another.

    The simple truth is there were no laws and no supervision in the United States over so-called lenders who would issue mortgages to people who do not qualify to deal with institutional lenders without properly verifying income, and giving these people mortgages for as high as 140% loan-to-value with no down payment whatsoever. In many cases not even the borrower’s credit history mattered. After all, the property served as collateral, and given that real estate prices were at record highs, even if the borrower defaulted and foreclosure was necessary, the investors would still end up making some money. Or so people thought.

    These lenders, who in essence used other people’s money, then bundled these high-risk securities in a pool and sold them off to the highest bidder. Those who bought these kind of securities didn’t even know what these securities consisted of. But why worry, right? The people who bought these securities found a nice way to secure themselves, or at least think they were securing themselves, in case the securities flopped: credit default swaps.

    Millions of Americans were offered low teaser rate, or rather “graduated” mortgages whereas the first payments for one or two years were low, but then with the amount of accruing interest increasing beyond their means to make the mortgage payment, people started defaulting on their mortgages. Why stay in a house that you can no longer afford when you never had any equity in it to begin with? Of course by the time all these investment banks realized the kind of crap they had on their balance sheets it was too late and the domino effect started.

    As such, it doesn’t really matter who said what and who supported this and that. Both parties are responsible for this mess. Instead of relegating the blame to one another, they should come together in a bi-partisan way and get the American people out of this mess. That’s not what’s happening right now. Republicans and Democrats are still engaging each other and trying to go back in time to show the nation how the other party was responsible. The way I see it is why cry over milk that already spilled? Get your act together and start behaving like leaders, not little kids!

    [Reply]

    Oct 08, 2008

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