Friday November 14th might mark the day the tide turned in this country. Not sure. But it might be worth sticking some gum on, so we can find it later and check.

“This suggests a major downturn in consumer psychology,” the economist said, unnecessarily. The news was a 14% monthly drop in real estate sales, the worst decline in 14 years, plus a 10% plop in national prices. This happened on a day when the stock market crapped out again, the Canadian dollar plunged to the 80-cent level and the price of crude slipped below what it costs to find the stuff in northern Alberta.

At the same time our prime minister was off to Washington to tell those guys down there they had just screwed up the world with their shoddy financial oversight and lax lending. Meanwhile the above-noted economist, Gregory Klump of the Canadian Real Estate Association, was blaming Ottawa in part for the housing disaster, seeing it had ended the 0/40 mortgage era on October 15th. I hope it was not lost on either of those geniuses that our robust real estate market turned into a bubble, which is now exploding, thanks in no small measure to new rules which let people without money buy $450,000 houses.

Anyway, as I said, mark the day. Retail sales in the US crashed along with Circuit City. Sun Micro is laying off thousands and GM inches closer to oblivion. Would you buy a new Chevy today? Me neither. And on November 14th, BMO economist Doug Porter (he’s okay) said “the bust has begun” when it comes to the Canadian housing market. An equivalent bust in the States, let’s not forget, is what led to the gutting of the middle class, empty department stores, deserted Hummer showrooms and Barack Obama (not all those elements are weighted equally).

The G20 meeting this week is a huge gamble. If it yields nothing concrete, markets will be punishing. The consequences on the streets of Toronto, Calgary and Vancouver will be more holes where condo developments are supposed to be and much better rush hours, thanks to all the unemployed people.

In total, we’ve screwed up on so many fronts it’s hard to know where to start counting. Homeowners wanted bidding wars. Governments wanted easy popularity. Bankers wanted fast profits. Big oil wanted unsustainable prices. GM wanted SUVs. Consumers wanted it now. Greed, lust, power and envy.

So sitting in front of the fire tonight I told my wife about our little squirrel chats here. And she surprised me. She’s backing Ilargi.

Holy crap.

Meanwhile in Calgary…

This is what the future looked like. Remember it well.