#CANADA Moody's downgrades 6 Canadian #BANKS

Hehe, I simply love the way Moody's is quoted, as if it's somehow a reliable resource, when it comes to credit ratings (cough; derivative mortgages anyone?).

Does anyone take any of this financial news seriously anymore; I know I don't.

They're PAINTING the SCREENS FOLKS; grab every bit of paper you have, and SPEND IT on something REAL; whilst you still can.

SIDENOTE:
To the person who asked about the silver price on Twitter the other day, if you're reading this; a more obvious explanation, for the recent drop in price, would be COMEX Expiry Dates (which I just noted, overnight, ended YESTERDAY, on the account I read).  Understand, Options Expiry Dates; are KEY to understanding, if you want to, the OPTIONS PRICE (i.e COMEX price) of SILVER.

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Moody's Investors Service has downgraded the long-term credit ratings of six Canadian banks, including Toronto-Dominion, Bank of Nova Scotia, Bank of Montreal and CIBC. National Bank and Desjardins were also downgraded.

The ratings agency lowered each of its ratings one notch, citing high levels of consumer debt and high home prices as threats to the Canadian economy. Moody's had put all six banks under review in October.

"High levels of consumer indebtedness and elevated housing prices leave Canadian banks more vulnerable than in the past to downside risks the Canadian economy faces," David Beattie, vice-president at Moody's said in a note.

Canadian consumer debt has risen to a record-high 165 per cent of disposable income in the third quarter of 2012, up from 137 per cent in mid-2007. Bank of Canada governor Mark Carney has repeatedly warned about these levels, but they remain stubbornly high.

Continues.

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