I don’t remember the comedian, but I remember someone saying (maybe it was a financial advisor, I mix them up with comedians a lot 🙂 ), that said, you would do better to buy stock in Banks than it would to put your money in them. The following results seems to suggest LOUDLY that this is VERY true. I heard one financial commentator saying that this profit was on the back of user fees, which again screams loudly, to not lose your money to the banks, find a NO-FEE banking somewhere!!!!
One of the few investments I do “crow” about (which is a bad thing to show pride during Lent), was buying shares of TD and BMO with moneys I got from my “high-tech” employer. Those shares have paid a lot of money in dividends AND have increased A LOT as well. Is it still good to invest in banks? I don’t know, check with other more informed folks, I am just saying it worked for me 5 years ago.
Here is my question, Why do banks get to gouge us like this? The answer is, because we let them!