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Originally Posted by Monahammer
When the people you are talking to specifically in that statement (he said Mortgages) typically are engaging in loans with ~20-25 years in them, then I would say 2 years (10% or less of the total) is most certainly NOT a long time.
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Fixed folks tend to go 5 years...a 5 year economic forecast is the equivalent of a 5 month weather forecast.
Rewind to July 2020 and we had unemployment at levels not seen since ??? No clue on when or even if we'd get an effective vaccine. I don't remember the exact timeline, but some countries may have already been ramping into a second wave?
Frankly, for the BoC to do anything other than provide assurance of stability and encourage economic activity would be tantamount to this:
Quote:
Originally Posted by Monahammer
I don't disagree- personally I am an always lock in type, so locked in a rate prior to the fall and still have 1.5 years left to look at another term. I think it's likely to end up very near my current rate.
I'm not saying this for the people who are now in jeopardy necessarily- what I think is important here is the responsibility of people leading important public institutions. These people in jeopardy IMO are not very different than people who are convinced to throw money in a ponzi scheme.
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The Bank of Canada should not give two ####s about the gullible/greedy/reckless morons in this country.