Will low oil have a Christmas then January file for bankruptcy!

[SASKFARMER3]

Old joke in banking years ago is December no one wants to not have a merry Christmas!
In January well that's a new year new month so bad news will hit!
I miss high oil I really do as lots of people were making excellent money working in the patch and related industries.
People working is a good thing they spend and spend some more!
But with oil just above $35 something has got to give!
It makes me think their will be a Christmas for most as No one or company wants to hurt people!
Kids need xmas and so do most of our population!
It's family friends and good times!
I think the oil problem will continue in to new year and maybe as long as Till 2017 or beyond!
Throw in a useless environment program that doesn't work!
So Merry Christmas and a happy new year!
2016 might be hard for lots!

[Mr.Pants]

The oil situation is a definite problem but the way I was raised and how I raise my family is that Christmas means more than spending money on useless crap.
Maybe hold off on the big spending items that distract your family and try spending quality time together, make memories and come together so that when hard times do hit, you at least know the person on the other side of the table trying to work it out with you.

[SASKFARMER3]

Again why think it's about me! Oil and human consumption when you have you spend! I believe oil is in for a rough year just saying calm before the storm in January! More layoffs more company and personal failures if oil don't turn higher!
Christmas is family first always!

[nicolaas]

2nd week of January, all hell will break loose. It is not going to be pretty.

[Mr.Pants]

This is why I commented "Kids need xmas and so do most of our population!"

That being said, I do agree with you. We are in for a shocker of a year in 2016. Time to tighten the belt.

[Oliver88]

Yesterday, a reporter on BNN said she expects layoffs in Alberta to hit 100,000.
Many will find new jobs or move but likely for lower paying positions.

Will Saskatchewan start receiving Alberta refugees?

[sumdumguy]

It's sad to see young families who have made long-term plans on the basis of good jobs, but those with an education will be ok, I hope. It's pretty hard to scale back when debt has been the "wise" way and the easy way. Huge houses, big new 4x4's, big boats, recreational vehicles, ski-doos may be on the back burner for awhile. My friend has a recreational vehicle business and he says pretty well all are financed. Only the retirees heading to Phoenix write a personal cheque.

[riders2010]

Saskatxhewan will hit the shitter just as fast just watch. There s no great governing here either.
Where the hell did all the money go when oil was at 100? Beyond stupid.

[sawfly]

lots of layoffs here already in sask..
trucks sitting.
the high prices were a gift.
just like high grain prices.
the snowball is just getting started.
10 months from now everyone will feel the pain.

[Richard5]

Sumdumguy:

Your points are very valid. What I don't understand why people borrow for toys ever. If you don't have at least half in savings you shouln't be buying toys. Lenders shouldn't be lending if the purchaser doesn't have the old traditional 25% or more down.

Loans are good for revenue producing assets and homes if at the right purchase price.

Farmers and general consumers are leaving way beyond their means in many cases. When things go sideways then its someone elses fault.

Its all about the show and for some the show will be over soon

[sumdumguy]

Toys are small potatoes. You should look at small town Saskatchewan and the size of the shacks that some friggin banks lent most of the money on. These young guys were counting on their $150/day per diem. Did the banks never experience this oil cycle phenomenon before? Guess if the Feds back the loans, who cares, Joe Saver will pay for it. This is pure BS.

[Richard5]

I guess what I meant by "toys" is the $125,000 wake board boats and the $100,000 super duty trucks pulling them

Now that SGI covers up the "F" on plates, you don't always know which are supposedly "farm" trucks

I agree, some banks allowed people to go down a path they could never afford. The lines of "interest is cheap, why wouldn't you buy"

[WiltonRanch]

Next fall price for canola delivered to the local elevator is $10.63. If the economy is going to weaken and I had balls of steel I'd contract 5bu/acre. See nov closed at 493 so basis is $24. What would an in the market put cost?

[hobbyfrmr]

At least the laid off folks will save some money when they dont have to go hunting.

The wolves will already be at their door.

[farming101]

Nov16 490 puts are 24.60/t plus comission