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Posts Tagged ‘Bank of America’

Governor Rick Perry of Texas speaking at the R...

John Coleman, appearing on Red Ice Radio on September 26, 2011, diagnosed many of the problems facing the United States, yet fell into the establishment’s clutches by coming out in support of Texas Governor Rick Perry for the Republican presidential nomination in 2012 (starting at 16:38).

Subsequent to the interview, Perry made a total fool of himself, much to the chagrin of his establishment promoters, who had already invited him to attend Bilderberg meetings, as he himself later admitted.

But unlike past attendees Bill Clinton and Tony Blair who were invited before their rise to power, Perry flopped.

As if being an attendee of the annual Bilderberg conference wasn’t enough of a giveaway that Perry is an establishment candidate, there was the video of a Bank of America lobbyist telling Perry they would help him out.

The host expressed surprise at Coleman’s claim, but moved on, since there’s no point in putting the guest in a defensive position in stating an opinion when the rest of his points seemed good.

To me, this shows how too many seemingly well-meaning patriots continue to let themselves be duped into voting for a candidate of the establishment parties, thinking that they will somehow be different, as if the bi-partisan examples of “compassionate conservative” George W. Bush and “hope and change” Barack Obama weren’t enough for them by now.

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President Barack Obama and Warren Buffett in t...

I didn’t have as much patience as some did, and tuned out near the beginning when he talked about spending money to hire teachers and police officers, and instructed the States that they need to make high school mandatory until age 18.

Here in Canada, our Prime Minister wouldn’t dare get involved in the provincial issue of education to the degree Obama did.

He indirectly brought up Warren Buffett, who pays a lower effective tax rate that his secretary. I wrote an article in 2010 about Buffett’s three major inconsistencies. He said derivatives are weapons of financial mass destruction, yet subjected his shareholders to billions in losses from them, he said you shouldn’t buy banks, since they can cook their books 10 ways from Sunday, yet he bought a big share in Goldman Sachs and then Bank of America, and he said not to invest in capital-intensive businesses, only to make his largest-ever investment in a highly capital-intensive railroad.

Since then, Buffett has claimed that making Tim Geithner the Treasury Secretary was an excellent decision, and that Bernanke did a great job since the 2008 financial collapse, and deserved his reappointment.

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The Big Five Canadian banks and their stocks: Royal Bank of Canada (RY), Toronto-Dominion (TD), Bank of Nova Scotia (BNS), Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CM), have been paying common dividends since the 1800s.

BMO, Scotiabank, TD, CIBC, and RBC haven’t missed paying dividends on common shares since 1829, 1832, 1857, 1868, and 1870, respectively.

That is, through WWI, WWII, the Great Depression, all the U.S. and international financial crises, and with and without a central bank.

As of June 30, 2010 prices on the NYSE, their annual dividends are:
RY 3.80%, TD 3.40%, BNS 3.90%, BMO 4.70%, CM 4.90%

Whereas the big five U.S. banks (JP Morgan, Bank of America, Wells Fargo, Citigroup and Goldman Sachs)  are only paying:
JPM 0.50%, BAC 0.30%, WFC 0.70%, C 0%, GS 1.00%

They are also listed on the Toronto Stock Exchange, so you can buy in Canadian dollars to hedge against a declining USD, when appropriate.

In February 2009, I wrote how the Big Five Canadian banks were on pace to dwarf the five biggest U.S. banks, with the the five biggest U.S. banks having twice the market capitalization of the five biggest Canadian banks, despite the U.S. economy being nine times the size of the Canadian economy.

As of the end of June 2010, the five biggest U.S. banks are still less than three times the market capitalization of the five biggest Canadian banks.

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