Mike DeWolfe : The Daily Edition

The economy has had some hard knocks. The main problems: bank management were co-opted by their "rule-lite" investment divisions (eg. CIBC-Woody Gundy is run like one of those buddy movies where one brother is an accountant and the other is a sociopath); retards were allowed to buy homes that they couldn't afford; and Dubya got the U.S. into hock to China to fund the Iraqi war. The problem isn't the economy: it's that we're bored and malleable. The news LOVES to cover this recession-- or is it the Depression-- or the financial Apocalypse? Businesses are not falling over to the speed that the media would have you believe. New businesses are opening. Our economy has fallen all the way from white-hot down to simmering. What's really happening? Recession is the new black. For the last seven years we've had the War on Terror-- the gripping tale of how North America was about to be attacked by Al Qaeda. With Barack Obama in the White House, suddenly the immi...

I quizzed the banking and credit deposit insurance about what happens when a bank goes under. My thinking: with all of the "Canadian banks can't fail" talk, there is too much smugness afoot. It begs for a big bank or credit union in Canada to collapse. When my Mom tried to move her RRSP to another company, her credit union refused to acknowledge her request to move. I think they were holding onto the cash for dear life. People are living on debt and saving for their retirement, so when a bank falls apart it will likely be when their RRSP management falls apart. But, in Canada, collapses are uncommon. Not a lot of people have make use of the insurance system. Here's what I posed and what I found out: Can you help me understand the process of submitting a claim for an insurance deposit. Here is the hypothetical situation and I am unclear how it carries out: - say, I have $50,000 in a BC bank-- a member of the CDIC - the credit union becomes financially insolvent and c...