Four of the big 6 Canadian bank CEO’s are cashing out this year at the top of the Canadian consumer credit bubble. After reaping a fortune working to ramp the country up in debt and financial leverage over the past 14 years, TD’s retiring Ed Clarke says he’s worried about Canada looking over the next decade. He also admits “I’m paid too much”, but will continue giving some to charity. Thanks Ed. Here is a direct video link.
Here’s an update on the Canadian TSX broad market and its internals. With the energy sector crashing the past 4 months, the Canadian stock market is now being levitated (below its 2008 cycle peak) on its egregiously over-priced bank shares which now comprise more than 38% of the index market cap. But wait…financials are not a GDP-driving sector but a tax on the real economy…who’s going to drive growth from here as the resource sector is imploding back to its 2009 recession lows? Good question to ask.
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