Older millennials, adults aged 35 to 44, had debt-to-disposable income ratios around 250 per cent in 2019, while Freestone noted that metric was roughly 150 per cent for the same age group in 1999.

Can confirm we’re sitting around 250% but this is after exercising significant restraint to not take on as much mortgage as the banks would have given us. Everyone I know who bought over the last couple of years went all out and I can’t imagine them being any lower than 300-350%.

  • Lutefisky@sh.itjust.works
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    1 year ago

    No, you’re right. Business should be allowed to adjust accordingly to their needs and no one is guaranteed a job.

    And I’ll add to that: executives earn every single cent of their bonuses based on record profits they make and shareholders earn their dividends for supporting executive’s decisions, let’s say in this instance to fire 1500 people. And when those folks are off the payroll the profits will increase and bonuses and dividends will reflect that.

    And when the Canadian government steps in to help banks, as they did after 2008 to the tune of 114 billion, the taxpayer gets to help banks maintain their profit margins so shareholders and executives can keep their well deserved rewards for their forecasting mistakes.

    Just always seems to me like the dollars and cents matter to the banks (and big business) when we’re talking about a $40,000 salary but a few extra billion to executives and shareholders, well now, why should we question any of that when it’s obviously well deserved and integral to the banks ability to function.

    But hey, it’s the free market. And that means some people are free to earn millions of dollars just as some people are free to all of a sudden earn nothing.

    Edit: read the linked article and yes, some of this move is lateral (selling a division) but some of it is not.

    My original point stands (IMO) as the RBC is saying how the younger generation is fucked while they continue to fuck us in the ass and add a service charge for the fucking.

    • cygnus@lemmy.ca
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      1 year ago

      This has to be the most bad-faith reply I’ve gotten in a long time. Where did I say any of the things you’re ranting about?

      • Lutefisky@sh.itjust.works
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        1 year ago

        How is it in bad faith? I agreed with your response at the beginning of my comment.

        The rest was context that I added, in what I felt, would be similar to an argument that any business would posit as to why they should be allowed to reap record profits while laying people off and at the same time telling us how we’re all fucked.

        My original point was that RBC is telling us that we’re fucked. Meanwhile they are contributing to the fucking of us while they take in astounding profits from their businesses practices which are designed to fuck us and to top it off they fuck over some of their own employees in the same breath. There is an overall cognitive dissonance here that I was focused on, not the minutiae of whether or not a business should be able to hire and fire who they please.

        You are correct. Businesses should have the autonomy to hire/fire people as they see fit. Glad we could make sure that point of the argument is settled.

        • cygnus@lemmy.ca
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          1 year ago

          I started typing a reply to this but I don’t even know where to begin. Good luck in your future endeavours.

          • Lutefisky@sh.itjust.works
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            1 year ago

            There is nowhere to begin. I agree with your point. Fundamentally, business should be able to make those decisions about who it employs and who it doesn’t.

            But maybe, and hear me out here, they shouldn’t be telling us how fucked we are while they are fucking us - the consumer, the taxpayer and a portion of their own employees.

            Good luck with yours too.