Ron Butler- What Does “Higher Rates” Actually Mean? Just Not Crazy Low Anymore. Deputy Governor Rogers just said out loud what rational people in the Mortgage Business have known since the Bank of Canada started raising its Rate. No more ultra low Mortgage Rates
“The Zero Interest Rate Program from 2008 onwards is now understood to be stupid and dangerous even though no one at Central Banks talk about it because they were all involved in it.”
ZIRP, zero interest rate policy, for years was a bad policy. I have zero confidence in the current Bank of Canada’s current executive. They have been wrong about pretty much everything for years regarding inflation and interest rates. Will they be wrong about high interest rates remaining high, too? Who knows but a recession or election in Canada might force them to change their minds and cut the interest rate.
Ultra Low Mortgage Rates……
Where was this most of my life? I seemed to have missed out with 10% to 12% rates. Teach me for paying off early years ago….Several times…..
It means capitalism can start working again and progressive dreams are going to die on the vine. Reality will torch their designs.
The real origin of low rates was in 2001. Even in the late ’90s Greenspan was accused of keeping rates too low. A quarter-century of bad policy.
All central banks and agencies such as stats canada have colluded for years to not report true inflation, which was probably at 8% for many years since 2000. The banks are in on it too, and all levels of government.
This year, it is more like 18%, just like in 1981. Your food, home heating, clothing, gas, insurance, sin taxes, weird taxes, fake land value assessments, cars, professional services have gone up astronomically. Most western counties are broke.
Economies can not grow for now. We need a huge recession.
Open borders needs cheap housing, right?.. A proper economy needs real money.. Who exactly is our? government serving?.. Us or their policies?.. We are finding this out rather quickly..