Seriously?

fish

The world, of course, is nuts. Savings accounts paying a quarter of one per cent. Houses people can’t afford. Mortgages at 1950s levels. Debt off the chart. Leafs in the playoffs. Terrorists taking the VIA train. Justin Bieber.

Some things defy explanation, but when it comes to financial security, they have a massive impact on folks. Today this pathetic blog draws your attention to two freakish things, deftly illustrated by the graphs below.

First this. Hint: we are the red line.

PRICES

…and now this. No, that isn’t cleavage.

DOW1

The chart above, of course, is Tuesday’s action on the NYSE, as plotted by the Dow. Shortly after 1 pm, Syrian knobs hacked into the Twitter account of Associated Press, and sent out this tweet: “Breaking. Two explosions in the White House and Barack Obama is injured.” There are 1,903,328 people following AP tweets, so it took about 10 seconds for this news to start impacting financial markets.

Tweet

The reaction was similar to that following last week’s Boston blasts: sell. So the Dow plunged 150 points. It took several minutes for AP to realize what had happened, delete the tweet and suspend its account. If Obama had indeed been blown up, the selling would have continued unabated for a while. As it was, some smart machines moved in and made out like bandits.

There’s a lesson here. In a minute.

The top chart comes via BMO Economists, where head egg Doug Porter has just published some interesting stats on the Canadian and American housing markets. The blue line is the average price of an American home. The red line represents our shacks. Can you spot a problem, kids?

Clearly the cost of real estate in both countries was similar until 2005. No surprise there.  After all, Canada and the US have similar income levels, home ownership ratios and levels of tax, as well as a general uniformity of houses. But all that changed eight years ago when the American market tumbled under the weight of excessive debt, speculation, lax lending and rising rates.

Canadian prices, on the other hand, were fueled by cheapo loans, zero downpayments, 40-year mortgages, CMHC largesse, cash-back mortgages, house lust and the delusional conviction it was different here. The result’s obvious. We now pay 62% more than they do. Says Porter: “A 62% gap is simply not sustainable for long.” Ya think?

The housing gap eclipses the 11-23% premium Canadians pay for most other goods. And we can’t even blame the dollar, which has been floating close to par for the past few years. So either American houses are stupid cheap, or ours are insanely expensive. Or both.

Of course, it’ll change. Already is. The average US resale home is now 11.8% more valuable than it was just a year ago, while BC is 8% cheaper and other areas are destined to follow suit. As stated here two years ago (to the cascading howls of the doomers), buy America and sell Canada. Now you can see why. BTW, US housing starts just surged again – back to 2008 levels (a million new houses a year) – while construction in the GTA (as I reported yesterday) crashed 47% last month year/year.

You still have time to play this spread.

So, what of the tweet that ate the Dow? Is this a big deal?

Of course it is. Volatility’s the enemy of serious investors and people who want to grow a retirement nest egg. Social media now has the power to move markets and erase (or add) tens of billions in less than five minutes. There are algorithms which do nothing but scan mainstream and social media for key words and combinations (‘explosion’, ‘White House’ and ‘Obama’ would do the trick), then auto-initiate selling or buying programs. The average retail investor does not stand a chance of either benefiting from rapid change, or protecting herself from it.

This is no argument against investing. Far from it. The risk of running out of money is far greater today than the risk of losing it. But the lesson should be obvious: always be balanced and diversified.

Anyone with too great equity exposure, or too much in one market or one country, courts more risk. Seven in ten Canadians, for example, have 100% of their wealth in Canadian stuff. Big mistake – as you can tell from the TSX (down 2% this year while the Dow is ahead 13%). This is why I also suggest 40% or more of a portfolio be made up of safer fixed income assets (various bonds, preferred shares), that you have assets not correlated to the stock market (like REITs) and use ETFs instead of stocks, to harness broad-based growth with less volatility.

Like I said. The world is nuts. Thank God for us.

206 comments ↓

#1 asdf on 04.23.13 at 8:20 pm

First!

I know where you live. — Garth

#2 TurnerNation on 04.23.13 at 8:27 pm

2ndddddd?!! Anyway:

I remembered a defense stock.

Airboss – BOS.TO
Yielding almost 5%.

It comes as recommended by Mike Wekerle (former GMP trading great), now at his own firm, Difference Capital. He drives his silver coloured Porsche GT downtown. I bet Splott drives a Buick.

http://www.airbossofamerica.com/en/defense/

This weblog has moved from Orange Alert (risk of NDP caucus suckers) to Red Alert (Justin T’s run out of gel).
Pray we do not reach Code Bleu (Dr. Wayneker paged into action).

#3 Ennis on 04.23.13 at 8:28 pm

It’s impossible to get a handle on the market right now. It’s unsettling.

#4 TurnerNation on 04.23.13 at 8:29 pm

Here’s their take on today’s mini flash crash. I was kind of watching it live. I saw a bunch of alerts go off then….boom.

http://www.nanex.net/aqck2/4176.html

#5 T.O. bidding wars debunked - updated daily on 04.23.13 at 8:30 pm

This are the bidding wars for today
http://recharts.blogspot.ca/2013/04/to-bidding-wars-debunked-april-23-2013.html

#6 Bill Clinton on 04.23.13 at 8:38 pm

First ten?

#7 jess on 04.23.13 at 8:39 pm

growth …

A flotilla of 16,000 dead pigs drifted down the river that provides drinking water for China’s largest city, Shanghai. Officials say there was no threat to health, but a leading internet theory held that farmers were dumping diseased pigs that would otherwise have been sold for meat prior to new regulations.
Disappearing rivers. A three-year national water census revealed that the number of rivers with a catchment area greater than 100 square kilometres has dropped by 28,000 since the 1990s.
In announcing a plan to control the use of 58 industrial chemicals, the government acknowledged the existence of “cancer villages” near factories. Activists have estimated there may be hundreds of such clusters, caused by pollution. Deaths from cancer in China have risen by more than 80 per cent since the 1970s.
Official newspapers published an international study estimating that outdoor air pollution caused 1.2 million premature deaths in 2010. People are left to speculate what the figure is today, now that levels of the most dangerous fine particles in Beijing are commonly more than 30 times the World Health Organization’s recommended standard.”

cbc.ca patrick brown
http://www.cbc.ca/news/world/story/2013/04/22/f-vp-brown-china-environment.html

#8 Justin Trudeau on 04.23.13 at 8:43 pm

Your last sentence Garth…do you mean thank God for Garth’s blog?

#9 Nemesis on 04.23.13 at 8:47 pm

Seriously?

The Leafs are in the PlayOffs?

Miracles&Wonders.

#10 Smoking Man on 04.23.13 at 8:53 pm

Yes that was a hell of a move on a rumour, now get ready to go long apple..

Now into week six Forex trading, up over 11 precent on my account 50k deposit, over 6 k up trading batman, camel toe.. Most trades only 5 to 10 present of my loot in play.. If used the whole amount it would be in percentage terms 60 present…. P and L will be posted on weekend. With chart entry and exit points……

I love this way better than equities……

#11 Jsan on 04.23.13 at 8:55 pm

” Social media now has the power to move markets and erase (or add) tens of billions in less than five minutes.”

———————————————————

The erroneous Tweet would have been for the most part missed in a “Normal” market. What this should glaringly show everyone is just how much of the stock market is now controlled by trading Bots. You never would have had that sharp a violent move across every single stock at the exact second of time had the market been dominated by human trading. Again, this shows just how much influence the HFT trading Bots now have. This should make everyone who invests very nervous. How many people got stopped out today on the price action for a loss??

As usual, this sort of Bot driven vulnerability will once again be ignored by the regulators.

#12 CrowdedElevatorfartz on 04.23.13 at 8:55 pm

@#7 jess
Ummmmm, jess?
What, if anything, does your comment have to do with the topic at hand?

As for the 16000 dead pigs….old news. 3 , 4 weeks ago. Next.

#13 Mortgagemayhem on 04.23.13 at 8:55 pm

90% of home owners have no idea about the effect of higher rates in the next few years. Payments are going to go up considerably, values will drop, negative equity, no refinancing to payoff debts or buy an ‘investment property’. It’s gonna get ugly folks. This nonsense of gta prices will last a bit longer, but mark my words, after the first rate hike the sh1t is gonna hit the fan hard. The chart Garth posted tonight says it all. 62%. That’s a nightmare waiting to unfold.

#14 deaner on 04.23.13 at 8:57 pm

I’ve been working my way through Nassim Taleb’s Antifragile.

A key suggestion is that investors should have a strategy that is not only robust (a non-correlation), but anti-fragile (negative correlation with stock market or volatility).

That’s essentially the strategy of the algorithm you mentioned.

Any ideas on what might be an antifragile investment (i.e. an ETF) that is appropriate for a couch potato?

The only antifragile investments i can think of are bunkers, canned foods, goats, and tamiflu!

#15 Scott in Gibsons on 04.23.13 at 9:00 pm

The Syrians have no more reason to crash our markets than the Iranians have to bomb Canadian trains. Don’t be stupid enough to believe this BS. Looks more like the work of our neighbors to the south, and our special friends in the Middle East……..

#16 T.O. Bubble Boy on 04.23.13 at 9:03 pm

Is anyone else disturbed at the fact that Smoking Man’s trading strategy is named “camel toe”?

Other trading strategies still available:
– Tramp Stamp
– Badonk A Donk
– Thong Song

#17 Brian Ripley on 04.23.13 at 9:05 pm

As Garth pointed out the TSX has under performed the U.S. markets.

This chart http://www.chpc.biz/2/post/2013/04/world-stock-markets-update.html

… compares various global markets and I have included an inset of the CMHC housing index. A trend is developing.

#18 city that rhymes with fun on 04.23.13 at 9:06 pm

I’m not furst. :(

#19 ChickenLittle on 04.23.13 at 9:20 pm

#11 JSAN
“What this should glaringly show everyone is just how much of the stock market is now controlled by trading Bots.”

I was thinking the same thing. I for one would not want any automated trading device or whatever they use to replace humans to manage my money. It is too easily manipulated as shown in this example. I work too hard for my pittance to have it sold off at a stupid rumor.

Is this common practice, or can you have it so that this does not happen? Can’t a REAL person manage your money?

#20 Tripp on 04.23.13 at 9:24 pm

Interesting article on the Huff today, here’s the opening line:

“Canadians complain about the price gap between U.S. and local stores, but here’s the biggest price gap of them all: housing.”

#21 Mark on 04.23.13 at 9:29 pm

Hi Garth, what do you think of just energy ? It’s on the TSX and the symbol is JE. It has a yield of 12 percent.

#22 Gary M on 04.23.13 at 9:30 pm

“serious investors and people who want to grow a retirement nest egg” aka Mutual Fund managers and folks whom Jim Cramer graciously (yet accurately) refers to as the “moron longs”.

People who buy mutual funds and watch Cramer deserve each other. — Garth

#23 Ronaldo on 04.23.13 at 9:30 pm

Interesting chart by BMO Garth. Will be interesting to see where the red and blue lines eventually meet up. I’m going to guess $275,000.

#24 Waiting On The Sidelines on 04.23.13 at 9:31 pm

Garth – didn’t your favorite egghead follow his chart up by concluding : “The good news is that we believe that most of this yawning gap will be closed by a rebound in U.S. home prices. After all, it’s U.S. affordability that’s off the charts now.”

So clearly Canadian debt levels look fine to BeeeMoh…hmmmm….yawn indeed

#25 The Propeht Ezra on 04.23.13 at 9:32 pm

Garth you’re right about the world being nuts, listen to my friend Gerald Celente in this clip, his Trends Journal is top notch for things happening around the world:

http://www.buygoldbullionuk.com/forum?view=topic&catid=2&id=469#473

#26 Smoking Man on 04.23.13 at 9:33 pm

Surprise; Dangers of Blogging

We have long time best friends, who just abruptly just cancelled their hotel in the falls and said they are not going to make it to my son’s wedding. He also was a no show at my sons stag.

I earnestly asked him, dude my Pink Floyd partner in crime what gives, talk to me…Nothing, he says, he’s not mad, just something else came up. What the hell did we do to piss them off?. His wife at the bridal shower pulls my wife aside and says they can’t make it. Totally out of character.

My wife and I spend days thinking back what the hell did we do, we can’t think of anything…

Then it hits me, few weeks ago after having drinks with them, I showed him my blog, something I never show anyone I know. Was bragging about all the hits it gets, and said its bullshit blog, kind of like a bad attempt at being a comedian. Plus I like to post in altered stats so I can have a laugh when the head is clear and I read it.

So today I go on twitter to send him a message, we got a lot of history and I don’t want to throw it away, he’s like me a secret zillionaire too. He owns his company, hired a president and he runs the engineering department, no one knows. On his twitter he has the Pink Floyd dark side of the moon logo, at the centre an image of Jesus on the cross….It hits me, he must have come across my rant about how I dislike religious freaks. I knew they were a bit religious but had no idea the where Christian Extremists.

All religious extremist regardless of faith have no tolerance for others that don’t drink the cool aid.

Good riddance.

#27 Timbo on 04.23.13 at 9:34 pm

http://www.naturalnews.com/039318_kfc_antibiotics_chicken_supply.html

The issue came up in December when officials in China’s commercial hub of Shanghai and the northern province of Shanxi were looking at KFC suppliers following claims that the chicken the company was selling had a high antibiotics content.

Finger lickin ouch…..want some fries with that?……

http://www.ibtimes.com/heres-what-chinese-real-estate-experts-says-about-whether-theres-bubble-forming-or-not-1209995

“Here’s the worst-case scenario: China’s housing market tanks, which sends the country’s financial system into free-fall, taking the global economy down with it. The result? You lose your job and end up eating only beans and rice as you slog through the next global economic recession.”

finally some optimism……..

#28 TurnerNation on 04.23.13 at 9:36 pm

So they’ve traced it to “Syria”, within hours, but still cannot tell us who bought the 9/11 put options.
Like I say a bad ‘B’ movie plot we’re being sold. Most international “newz” is total, un-vetted, fiction.
(We know he has WMD!)

#29 Craig on 04.23.13 at 9:40 pm

13 Mortgagemayhem on 04.23.13 at 8:55 pm 90% of home owners have no idea about the effect of higher rates in the next few years. Payments are going to go up considerably, values will drop, negative equity, no refinancing to payoff debts or buy an ‘investment property’. It’s gonna get ugly folks. This nonsense of gta prices will last a bit longer, but mark my words, after the first rate hike the sh1t is gonna hit the fan hard. The chart Garth posted tonight says it all. 62%. That’s a nightmare waiting to unfold.
——————————————————————

You got it. It’s coming and I also agree it will be nasty. Everyone I talk to says they’ve always done well in RE and will continue to hold their homes. They say rates will be low for a long time therefore their house prices will remain in this range.

Time to get the spray paint out, a piece of cardboard and a stick ah wood.

Fer Sale

This week only $700K

And the sign says, “Long-haired freaky people need not apply.” (RE Agents)

Signs, Signs, Everywhere there’s signs.
Blocking out the scenery. Breaking my mind.
Do this! Don’t do that! Can’t you read the signs?

#30 The Propeht Ezra on 04.23.13 at 9:43 pm

Algorithms and high frequency trading should be made illegal. That’s like using steroids in sport gives an unfair advantage. Isn’t that the reason insider trading is outlawed??…well kinda anyway,

#31 Van guy on 04.23.13 at 9:44 pm

There’s not enough fear right now for the s&p to correct. Earnings are good and the US is growing.

#32 Smoking Man on 04.23.13 at 9:49 pm

#30 The Propeht Ezra on 04.23.13 at 9:43 pm
Algorithms and high frequency trading should be made illegal. That’s like using steroids in sport gives an unfair advantage. Isn’t that the reason insider trading is outlawed??…well kinda anyway,
………………………………………

You trying to put me out of work, thats not nice, especialy after I shared with everyone on here how to do it..

#33 Dean Mason on 04.23.13 at 9:52 pm

To Mortgagemayhem #13

Mortgage rates rising is going to be just a part of the 90% of home owners that have no idea of the financial punchs to their gut over the next few years.I am talking about rising electricity prices, rising natural gas prices,rising property taxes, water rates,insurance,user fees,H.S.T.,repairs, maintenance, and new taxes aimed at home owners.

A $500,000 house could easily see a $7,500 a year or $625 a month increase in all these taxes,fees,costs,expenses in a 7 year period. Also, do not get me started on monthly condo or maintenance fees that will double in as little as 8-12 years depending on the age, type,location of the condo.

The $7,500 total increase in these costs,fees,taxes,expenses is equivalent to a 1.50% mortgage rate increase that dose not go away when the mortgage is paid off.

People forget the other expenses that increase and affect mostly everyone even those that do not have a house,condo etc. I am talking about car insurance,gasoline,food,clothing , vehicle maintenance and repairs,cell phone bills, telephone,internet,cable or satellite,H.S.T on all these expenses,costs,bills.

All people and homeowners that are in deep debt maximum were able to manage these increases so far because of cheap mortgage rates,line of credit rates,home equity loan rates,car or vehicle loan rates and low minimum payments on their credit cards.

The one,two,three punch of rising interest rates,much faster rising costs,taxes,fees,expenses for homeowners and rising everyday living costs will not work anymore for the low interest rate life is good crowd.Good luck.

#34 popados on 04.23.13 at 9:53 pm

mls lower mainland just blew up today .just wont take any more new list .

#35 Smoking Man on 04.23.13 at 9:55 pm

#28 TurnerNation on 04.23.13 at 9:36 pm

Good one…..

Yes if you wana know how phyops work go to here.
He makes referances to the machine

http://www.nomorefakenews.com

Dont jump to conclutions its not me on that blog, ok….

#36 dosouth on 04.23.13 at 9:58 pm

#22= Gary M –
You may want to see how Cramer rolls? Watch this link with Jon Stewart last year = cut Cramer a new one….and also explains how people like Cramer work.

http://tinyurl.com/ckskjcx

#37 Squatter on 04.23.13 at 10:00 pm

#27 timbo:
“The result? You lose your job and end up eating only beans and rice as you slog through the next global economic recession.”
********************************
I’ll change my name to CrowdedTramwayFartz.

#38 Kevinhole Eerie on 04.23.13 at 10:00 pm

Garth, you left wing nutbar, you’ve jumped the sharktank with this one.

Make your milskies in Real Estate and support a fabulous lifestyle….mine.

Mortgages are where it’s at, and I know just where to get one.

You’re dead to me, cockroach.

You’ve been KO’d. Deal with it.

I’ve forgotten you already.

Huh? — Garth

#39 Sgip on 04.23.13 at 10:00 pm

Dat more butt crack methinks

http://www.nytimes.com/2012/12/11/science/earth/tests-call-mislabeled-fish-a-widespread-problem-in-new-york.html?_r=0

O
O

#40 Spiltbongwater on 04.23.13 at 10:01 pm

The Syrians seem to be pretty good at hacking twitter. Maybe RBC or other Canadian companies would look to Syria as a country to outsource jobs to. They hacked FIFA twitter yesterday.

#41 crazy people on 04.23.13 at 10:01 pm

I for one am waiting for the day when people bid down when purchasing a house. I guess after so many years of joyful RE activity there should be a wake up call.

#42 Sgip on 04.23.13 at 10:03 pm

Wait a second, why would any one
let alone 140 peeps click LIKE .????

#43 not 1st on 04.23.13 at 10:06 pm

Why should a person put their money into a system that can flash crash in a split second on bogus information floating around the web, then allow the HFT bots in to attack it while the rest of us sit on our thumbs. That doesn’t sound very much like “sound fundamentals” to
me.

I better investment is to invest in yourself, education, a side business, better opportunities for your family and let the bots trade pennies with each other.

#44 al on 04.23.13 at 10:13 pm

was a mention on CNN few days ago that the US housing recovery maybe slowing down

http://money.cnn.com/2013/04/18/real_estate/housing-recovery/index.html

#45 jim on 04.23.13 at 10:14 pm

Oddly enough, I was checking out real estate in Silicon Valley, to which I am headed for work. Despite the reputation of the valley as a frightfully expensive place, things seemed downright affordable from a Canadian perspective. High prices, but high incomes to go with it. Retail goods a fraction of what they are here. I won’t even speak of Nevada, Arizona and other nearby states.

As Garth says, this discrepancy in housing prices can’t hold for long.

#46 D.D. Corkum on 04.23.13 at 10:16 pm

#19 ChickenLittle on 04.23.13 at 9:20 pm

“Is [bots] a common practice?”

—-

High frequency trading is now very common, making up a significant part of trading volume on major stock exchanges. Computers execute trades faster than the people who control them.

It has even gotten to the point where orders are submitted and then cancelled faster than you can blink. Because it is cancelled so quickly, the order is never filled. Meanwhile, we mortal human beings are left in the dust. “High frequency traders” definitely have a huge advantage over the rest of us, until such a time that regulators decide to actually impose some rules to restrict their power over markets.

#47 Victoria -the Original on 04.23.13 at 10:27 pm

I thought US taxes were lower and the wealth tax kicked in at something like $350,000 and ours kicks in at $80,000 or something??????

Cheers!

#48 Smoking Man on 04.23.13 at 10:37 pm

#41 crazy people on 04.23.13 at 10:01 pm
I for one am waiting for the day when people bid down when purchasing a house. I guess after so many years of joyful RE activity there should be a wake up call.
…………..

Not going to happen, see the link I gave turner nation, this guy can actually get what’s in my head and paper it, so normals can understand.

The herd lives in a matrix.. 12:43 Union station, they stand, glued to the the TV to tell en what track the train comes on. Even though they repeat this every single day, knowing it’s going to be track6 but track5 is better.

The second real estate gets into trouble, the TV will tell Em to buy…

Work it don’t fight it… You can’t beat the machine

#49 Smoking Man on 04.23.13 at 10:46 pm

#38 Kevinhole Eerie on 04.23.13 at 10:00 pm
Garth, you left wing nutbar, you’ve jumped the sharktank with this one.Make your milskies in Real Estate and support a fabulous lifestyle….mine.Mortgages are where it’s a t, and I know just where to get one.You’re dead to me, cockroach.You’ve been KO’d. Deal with it.I’ve forgotten you already.

Huh? — Garth

………

Now I’m a rebellious alcoholic loon….
. WTF

PLEASE COME BACK IM BOARD in dire need of entertainment, where the hell did that come from…

#50 Tom Vu on 04.23.13 at 10:53 pm

It is clear from blog photo the typical Canadian Politician Evolution.

—Get Arts degree(optional)
—Go to Law school
—Become bottom feeder…

Run for office.

I am proud to have sought election. I tried. — Garth

#51 Tom Vu on 04.23.13 at 10:55 pm

Smoking Old Man:

Much congrats on sons wedding.

PS: He is spayed…right?

#52 will on 04.23.13 at 10:58 pm

#15 “The Syrians have no more reason to crash our markets than the Iranians have to bomb Canadian trains. Don’t be stupid enough to believe this BS. Looks more like the work of our neighbors to the south, and our special friends in the Middle East……..”

AGREED.
-W

#53 Dr. Oblivious C.F.O.S. on 04.23.13 at 10:58 pm

This post makes me think back to one where you were essentially chastising readers for the fear of the market. While it’s sure hard to disagree that it’s the only game to play at this point, it does illustrate why people are so skeptical.

On the Justin Bieber subject I heard that the Germans are going to release his monkey to the wild where it belongs and put Bieber in a zoo, because he seeks to be on display anyhow, and get him the mental health help he needs to teach him that he’s not Michael Jackson but will face a similar fate if he keeps his stupidity up.

“Is anyone else disturbed at the fact that Smoking Man’s trading strategy is named “camel toe”?”

Not particularly, he never mentioned it until camel toe was referenced here on this blog. At the time I’m pretty sure he was one of those who thought it was some kind of a backside incedent, which should tell you all you need to know on the subject (he doesn’t have a clue what it is). Of course he has posted many much stupider things so consider the source.

All this and Just-In Trudeau is the leader of the Liberal party based on name recognition and the choices presented by the other parties. We really are screwed.

#54 thinker on 04.23.13 at 11:01 pm

Why Vancouver prices are really going down and once this hits, All the Hongers will have to sell property of be faced with tax from CCRA. NOBODY IS FOLLOWING THIS. OVER 400,000 HK CANADA PASSPORT HOLDERS WHO ENJOY HEALTH CARE AND SCHOOLING FOR FREE NO MORE…..

ALL THOSE EMPTY FLAT OWNERS WILL HAVE TO BE INVESTIGATED

This will destroy Vancouver once in place

Factual residents are those who might be living and working outside Canada for the time being but who still have ties to Canada, including, for example, a home, a spouse or dependents who remain in Canada, personal property such as a car, bank accounts, health insurance or a Canadian driver’s licence.

To avoid paying tax in Canada on income earned abroad, you have to sever all residential ties. This means you must no longer have a place to live in Canada, must have a residence somewhere else, must have opened financial accounts there, and, if married, must have taken your family with you.

http://www.cbc.ca/news/business/taxes/story/2013/02/19/f-tax-season-2013-foreign-income.html

#55 Frank on 04.23.13 at 11:03 pm

Well I guess you can look at the graph and say that the U.S. RE market has a bit of catching up to do to reach the level of the Canadian market.

#56 Ryan Perich on 04.23.13 at 11:03 pm

EDMONTON – Adjusted for inflation, wages for 99 per cent of Edmonton residents haven’t increased one bit over the last 30 years, the city’s chief economist said Wednesday.

http://globalnews.ca/news/395674/edmonton-wage-earners-spinning-their-wheels-economist-says/

but an average 25 year old home with a garage in 2000 cost under $100,000, now costs $400,000+…..

#57 meslippery on 04.23.13 at 11:06 pm

Maybe I missed it.
Garth has so many comments.

I miss Beach Girl.

#58 i love libraries on 04.23.13 at 11:07 pm

Bored with my old username so an update is needed.

Anyhoo I am ordering new materials for the academic library where I work, any suggestions for good financial reads? I saw an OLD book of yours in the stacks calling for a real estate correction (published in the mid 80’s or mid 90’s…not sure on the date). Should I weed it out??

I ordered Peter Schiff for the collection so a good mix for balanced views are needed.

#59 Seriously? — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate | The Affluent Boomer™ on 04.23.13 at 11:12 pm

[…] Some things defy explanation, but when it comes to financial security, they have a massive impact on folks. Today this pathetic blog draws your attention to two freakish things, deftly illustrated by the graphs above. Continue reading → […]

#60 Smoking Man on 04.23.13 at 11:15 pm

0 Tom Vu on 04.23.13 at 10:55 pm
Smoking Old Man:Much congrats on sons wedding.PS: He is spayed…right?

……..

I wish

#61 baller on 04.23.13 at 11:20 pm

here is one, please help, my in laws have a house assessed at $510,000 in Brampton, they owe $222,000, they are pensioners and get $2200 a month. somehow they are allowed behind their daughters backs to get a reverse mortgage which has a 5.9% interest over 5 years which adds up like an investment. In other words, interest adds up like an investment, principle added to interest and on and on so they apparently will owe an extra $75000 at the end of 5 years. To me that is not 5.9% but approx 34% interest on $220,000. However father in law claims that housing should continue to appreciate at about 3% annually which will offset most of the added interest, minus 15-20 thousand. Oh ya he is 75 years old in a few weeks. Garth i am sure this is playing out in Vaughan, Woodbridge, Brampton and elsewhere a lot more often than we think. Any comments on reverse mortgages and specifically this messed up situation.

#62 Shawn on 04.23.13 at 11:23 pm

MORTGAGE RATES LOWEST IN HISTORY?

Mortgages at 1950s levels….

*********************************

I’m pretty sure a 2.75% 5 year mortgage is the lowest in Canadian history.

Quite possibly the rate was locked in a lot longer than five… but I believe “our” Old Man as well as my own Old Man have told me mortgages rates were closer to 5% in the 50’s.

If rates stay this low its quite possible that most of the gap will be filled by the U.S. rising rather than Canada falling.

I am totally gobsmacked by the low rates, but apparently many richer people and companies have nothing better to do with their cash than give it to banks at zero%.

Simple math will tell you that the value of all long-term financial assets soar as long-term rates approach zero.

#63 Cici on 04.23.13 at 11:33 pm

#26 Smoking Man

Your best friend is a “Christian Extremist,” but somehow you didn’t know…you just caught on? Wow, you sure know your best friends well!

Oh well, don’t worry to much about because that’s definitely not the problem. I have a lot of “hardcore Christian” friends and I like to challenge them on all kinds of issues all of the time (I’m a laissez-faire liberterian Christian, meaning I believe in God and Jesus and everything else in between, except for Church or organized ceremony of any kind). And you know what, they are very cool and polite and kind about it. They hear me out, they defend their position, I defend mine, and life goes on and we love and respect each other all the same.

Dude, I have a feeling you need to dig deeper. Maybe you belched out drunken insults or obscenities the last time you saw him? Maybe he stopped drinking and in sobriety finally came to realize that you can be a bit of an arrogant, ruthless, overly cocksure camel-toe humper at times?

The possibilities are endless.

#64 Cici on 04.23.13 at 11:46 pm

Garth,

# 38 Kevinhole Eerie – I think that’s supposed to be code for “Kevin Leary.”

The comments should now make sense.

#65 aardvark phartz on 04.23.13 at 11:52 pm

Worry, worry, worry It’s only money we are talking here whether you saved it in the orange guys shorts, or a house, or invested it in gold, or some stocks.

You will survive regardless of when the market tanks, or houses sell for $23.99 a sq meter, or gold dips below $900

who cares?

#66 Tom Vu on 04.23.13 at 11:52 pm

#60 Smoking Man on 04.23.13 at 11:15 pm

0 Tom Vu on 04.23.13 at 10:55 pm
Smoking Old Man:Much congrats on sons wedding.PS: He is spayed…right?

……..
I wish
==================================

Not 2 late..

I have many K-TEL devices that are still unused and still under warranty.

#67 Cici on 04.24.13 at 12:00 am

#40 Spiltbongwater

Yes, yes it must the Syrians, it’s always their fault of course! Although I thought that they were already having quite a busy day, what with getting doused in nerve gas.

http://www.ft.com/intl/cms/s/0/0416099c-ac00-11e2-a063-00144feabdc0.html#axzz2RLiLVEAj

Yeah Hackers, bring down TWITter!

I so miss the pre-condo and pre-social-media days. Bring me back to the 70s, where everything was ugly (cars, houses, appliances [green, brown and orange!!], carpet and furniture [green, brown and orange!!], hairstyles, fashion, men and women), affordable and real!

#68 Dodged-a-Bullit-in-Alberta on 04.24.13 at 12:03 am

Greetings; Truly regret, that I will be leaving this blog. I am totally fed up with the arse holes posting first, furst. etc. Wasting blog space. Have no clue of the value of Mr. Turners’ message, and its value to Canadians. Len Jalbert, Medicine Hat, Alberta

#69 Dr. Oblivious C.F.O.S. on 04.24.13 at 12:17 am

“I am proud to have sought election. I tried. — Garth”

I agree and there are others with good motives in the nation’s and provincial/territorial capitals but they seem to be thwarted by those at the top. I have no doubt that good people run and get elected with best intentions but wonder how long it takes to shower the filth that seems to be the reality off once leaving.

I don’t understand why as a country we accept responses from politicians that simply attack the opposition even if the attack involves a government from ten years ago to every question. I guess we do get what we deserve and it really comes from our own lack of involvement.

Even in your case I get what the point of the challenges you made in the house but either you were over confident or perhaps realized that you couldn’t have the sway you thought. I don’t know but the system we have doesn’t lend itself to true representation as it exsists now.

Politics have become so partisan that it serves no one but the politcians, the lobbyists and their employers. Beyond all of the real estate woes, employment woes and so on we are faced with people in control not acting completely in the public good. Even if that is their true intention because they seem to be prevented by the party or larger interests.

All the more reason to follow your recommondations as far as looking out for yourself financially. But it’s sad. Maybe it is my viw of the world I grew up in but it didn’t seem that way back then. I may not have agreed with everything but it did not seem so partisan and ideological. Ideoligy seems to be the root of problems everywhere yet Harper and crew seem rooted in it although they played it down over the last years and even since they’ve had a majority. They have slowly picked it up, the things they have done already are concerning but the rest of their majority could really be frightening.

#70 Devore on 04.24.13 at 12:22 am

#61 baller

somehow they are allowed behind their daughters backs to get a reverse mortgage

Somehow? They are adults, I presume? Were you counting on an inheritance?

#71 Tony on 04.24.13 at 12:25 am

Re: #10 Smoking Man on 04.23.13 at 8:53 pm

Apple is a pig and of course will continue to fall along with the market in general. Someone should just tweet the obvious, the U.S. stock market indexes are around four hundred percent overvalued.

#72 n1tro on 04.24.13 at 1:08 am

adding to comment #43…

DOW drops 150 points and S&P drops 20 points in a matter of 1 minute and recovers in another minute.

Does anyone find this odd at all in this supposedly “healthy” market? Where were all the “people” on the bid side??

Closer inspection, you will notice most of the $ from the drop went straight to treasuries and then back out. How does that work? All within 2 minute??

If there were real actual “investors” or real people driving this market to all time highs as you suggest Garth….

Reaction time to the tweet (true or not) would have taken a lot longer than a minute and the $ coming out of the market would have initially sat in cash driving the USD higher not the treasuries

One needs to at least entertain the possibility that markets are inflated and driven by trading bots scanning headlines with money supplied by large entities (hedge funds, Fed, ?). Any upside gains from the markets gives the “perception” of a healthy recovering economy.

#73 Thanks for the tip on 04.24.13 at 1:59 am

“This is why I also suggest 40% or more of a portfolio be made up of safer fixed income assets (various bonds, preferred shares), that you have assets not correlated to the stock market (like REITs) and use ETFs instead of stocks, to harness broad-based growth with less volatility.”

Thanks.

This is the best summary of your general thoughts on investment strategy that I have seen here since I started reading your blog about a year ago.

#74 popados on 04.24.13 at 2:11 am

a rancher on a t lot just got demoed today in ditchmond.only price drops on shitey lots.p.w.

#75 Buy? Curious? on 04.24.13 at 3:10 am

Check out this article about this guy who retired at 33.

http://www.independent.co.uk/life-style/health-and-families/my-very-early-retirement-at-33-8583307.html

The guy downsized and his money is working for him!

Canadians can be summed up by 3 people, Justin Trudeau, Rob Ford and that hot chick from Calgary that was selling condos off of plan.

Oh, that dude that wrote the comment, 38, is crazy. I love it! Why aren’t there more religious people on here?

#76 Jack on 04.24.13 at 3:46 am

#15 Jack
Which special friends are you referring to? Might as well tell us about the inside knowledge you think you have.

#77 Ralph Cramdown on 04.24.13 at 4:32 am

#21 Mark — “Hi Garth, what do you think of just energy ? It’s on the TSX and the symbol is JE. It has a yield of 12 percent.”

Just Enron? They capitalize their sales expenses cuz, you know, if the contract lasts three years, the cost of getting it should be spread over three years too, right? When presented with a high dividend stock, you always have to find out WHY. If it’s just because the company is too small for many players, or a business risk issue, consider it. If it’s an accounting risk issue, well, somebody has to own it, but I wouldn’t. For fat dividends, consider Canadian Oil Sands (name says it all), Automodular (essentially a bet on Ford’s Oakville assembly plant) and Mart Resources (whenever you see news about Nigerians tapping into a pipeline to steal oil, often with horrific results, you can say “Dammit, that’s MY oil!”). Diversification is key.

#78 Ralph Cramdown on 04.24.13 at 4:45 am

Yeah, trading against computers isn’t going to keep me out of the market. I’d much prefer counterparties who are lightning fast but bone stupid in offering me liquidity so they can collect a fraction of a penny per share from the exchange (which I own a piece of, BTW) than the “good old days” when phoning your broker meant a $75 minimum ticket, bid/ask spreads on the good stuff were 1/8 or 1/4 and more on the rest, and good execution was a minute or two.

#79 drydock on 04.24.13 at 5:42 am

# 15 Scott in Gibsons
# 28 Turner Nation

I agree,
Honore de Balzac said it best.

“Behind every great fortune lies a great crime.”

#80 Beach Girl on 04.24.13 at 5:56 am

Been away. Came back to disaster. NEED some ADVICE here.

A neighbour down the street is 86, on oxygen, in a wheelchair but still a fighter.

He has 2 daughters. The oldest took the old man to bank and had 108 thousand dollars transferred to her account. Her and her boyfriend are deadbeats. The police are involved. He hadn’t seen her in years and was happy but confused. He is crying now. I am assisting the youngest daughter who is my age.

Is this not Elder Abuse. How could the bank do this with no warning, when it is obvious Daddy has lost the plot. He can feed himself and his cat and doesn’t want to go to an old folks home.

Anyone?

#81 future expatriate on 04.24.13 at 6:22 am

Garth, you sure it was the Syrians and not Morgan Stanley? (ducking)

#82 The real Kip on 04.24.13 at 7:01 am

“Of course, it’ll change. Already is. The average US resale home is now 11.8% more valuable than it was just a year ago”

Many economists in the US attribute this increase to the US Fed and it’s QE-3 program or the government is reflating the US housing market. Pump it, pump it, pump it!

QE puts zero dollars in the pockets of consumers. Its only street-level impact is to keep mortgage rates low – about equal to ours. — Garth

#83 The American on 04.24.13 at 7:25 am

The top graph is quite interesting. Although most consumer goods cost more in Canada, historically housing actually cost more in the U.S. than in Canada until 2006. It was in 2005 and 2006 that Canada and the U.S. converged in housing affordability. The U.S. bottomed out, returning to pricing levels of 2001, but has now returned to 2003 level pricing, while continuing a trend of gains. This represents a clear return to the mean for U.S. pricing.

So, the best measure of future performance is based on past performance. In this case, Canada will return to the mean as well. That is a minimum loss of 7 years additional gains since the convergence in 2006. But wait, it gets better. 2006 pricing would represent a roughly 31% correction across the board in the Canadian housing market (duh, and most economists tend to agree today this is definitely going to happen). But wait, it gets better. The convergence is not the mean. The mean is roughly around 2003 prices. In this case, that would represent a 41% housing correction in Canada (again, duh, most economists and publications are now agreeing a massive correction is in store for the Canadian housing market). Of course, this does not even represent the bottom of what Canada’s market will be, as markets tend to overcorrect at first before returning to the mean (see the U.S. bottoming out at 2001 prices. Expect the same in Canada, which would reflect a drop in prices of 50%). Seems the only people not cluing into the fact are Canadians themselves. I’d buckle up and start thinking like Ireland and Spain. Whether it is a soft landing or a hard fall, prices are going to take a massive hit over years and years, or perhaps only a handful of years. Either way, prices are correcting in a big way. Time to wake up and smell the reality, folks.

#84 live within your means on 04.24.13 at 7:32 am

The following was posted on a website:

Completely off topic, just to keep everyone abreast of Preston Manning’s role in this fall’s municipal elections in Calgary. It seems that Cal Wenzel, a very rich/successful Calgary developer, is upset that Calgary’s municipal council is too “liberal”, so he and ten other developers donated $100,000 each to Mr. Manning’s Centre for Democracy. Mr. Manning, in turn, is running a candidate school to target “liberal” aldermanic candidates and incumbents.

Global News was given a tape – it puts one in mind of the Mitt Romney “5% tape” – of Mr. Wenzel ranting and raving about Calgary’s insufficiently developer-friendly city council. Mr. Wenzel is shown admitting his and the other developers’ funding of Mr. Manning’s Centre, which in turn is going to try to make city council more developer-friendly.

Everyone’s known that Mr. Manning is busy trying to transform Calgary City Council, but what was unknown was who was funding this effort, or at least I was not aware that anyone knew. Well, now we know.

globalnews.ca/news/502394/exclusive-video-obtained-by-global-news-reveals-calgary-developers-plan-to-control-city-council/

#85 The American on 04.24.13 at 7:34 am

Backing into my previous post… It is either the Canadian housing takes the massive hit, or the CAD will be taking it to the tune of 40+% against the USD. Or, a combination of falling Canadian housing prices AND falling value in the CAD to reach a compromise that may “feel” or only appear to have less impact on the Canadian consumer. This is another “creative” way to reflect fair-market pricing for housing.

#86 Craig on 04.24.13 at 7:38 am

Always remember; Data is information manipulated to support a message or cause.

People confuse and equate the word Data to Fact.

That is simply not the case

#87 Victor V on 04.24.13 at 7:43 am

http://www.theglobeandmail.com/globe-investor/personal-finance/mixed-signals-as-consumer-debt-edges-higher-defaults-drop-equifax/article11517117/

But Equifax warns that rising bankruptcy filings reflect “the growing financial strains on Canadian families, particularly in Montreal and Halifax.”

First-quarter consumer credit conditions were “mixed with outstanding balances rising and late-stage delinquency rates falling relative to a year ago,” said Mr. deRitis.

Outstanding household debt and available credit rose in the first quarter by 3.9 per cent and 4.4 per cent, respectively, on a year-ago basis, a break in the trend in decelerating growth that began in 2011, says the report.

Total non-mortgage debt in the first quarter was $500.8-billion, up from $497-billion in the year-earlier period.

#88 Yuus bin Haad on 04.24.13 at 7:43 am

OMG! Twitter can be hacked?

#89 COSTA RICA VAGABOND on 04.24.13 at 7:48 am

American Taxes. Longer list for Canadians I am sure.

Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (currently 44.75 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Recreational Vehicle Tax
Sales Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax

Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids.

What in the heck happened?

What happened? You copied and pasted this from a Tea Party web site. You do know we don’t have IRS taxes, inheritance taxes or state unemployment tax, right? Sad. — Garth

#90 Ballingsford on 04.24.13 at 7:51 am

Garth, I need some advice.I have an extra $25,000 laying around. ShouldI buy some ETFs, or a Harley and squirrel gun, or try to find that $26,000 bottle of scotch?

#91 Ralph Cramdown on 04.24.13 at 8:20 am

#80 Beach Girl — “took the old man to bank and had 108 thousand dollars transferred to her account. […] Is this not Elder Abuse. How could the bank do this with no warning, when it is obvious Daddy has lost the plot.”

So this is what this blog has descended to. Fierce competing tales between those who are furious that some people couldn’t get their money out of the bank when they asked, and others who are furious that others COULD get their money out of the bank when they asked.

This observer just wonders why somebody would keep so much money in the bank, rather than engaged in productive economic activity (admittedly, the bank lends your money for supposedly productive activity (= stainless, granite) but they don’t PAY you for the privilege). Could a case be made that anyone who has six or seven figures in the bank is prima facie insane?

That was empathetic. — Garth

#92 Morgan on 04.24.13 at 8:21 am

Seconding #91’s question – how do we make baby steps to diversify? I can’t put 200K into my well-stocked portfolio. I’ve got $25K so far, will have another $25K saved by year’s end. But every trade is $19.95 until I reach $50K – although some ETFs are commission free. I’ve got lots of room in TFSAs and RRSPs, so that’s the good news I guess. But how does someone, incrementally and in real time, build a diversified portfolio as you suggest?

#93 Rational Optimist on 04.24.13 at 8:23 am

Oh, man…the “Monday-Wednesday-Friday” business dweeb on Metro Morning today was talking about this BMO report with the host. Their conclusion? Canadian housing may well be “under-valued”…compared to Paris and New York and London. Some other really enlightening tid bits included his musing about how Canada is a big country, but most of it is uninhabitable and too far north, and that construction in northern climates is superior so maybe our houses are just better-built than the American ones he seems to see on CNN after a tornado or hurricane (I’m not joking here). As for Toronto? Apparently, it makes more sense to compare it to New York or London than Ottawa or Windsor.

If those of you here expecting to be able to buy real estate at rational prices in a couple of years want some insight, listen to this program. People are not going to get it until it’s too late. Remember: the market can stay irrational longer than you can stay solvent…or even just patient.

#94 thiscountryis going down the toilet on 04.24.13 at 8:25 am

Prices is going down? Isn’t that deflationary? Shouldnt we be doing everything we can to fight deflation?….say it ain’t so…..that maintaining artificial increases in one part of the economy is OK while letting the out to lunch gains in union civil service salaries and pensions skyrocket ….because anything else would be deflationary and bring the country to its knees.

If house prices go down….will grocery prices…what about fuel? Of course not…the revenue gains from the hyper inflation set in motion by ZIRP has benefited the elite……..let the rest eat caca.

There is not now, nor will be, hyper-inflation. Don’t you gold guys know when to lie quietly and bleed? — Garth

#95 young & foolish on 04.24.13 at 8:28 am

Interesting how quickly our “liquid” assets can spring a leak. Syrians eh? Right.

As for Canadian RE …. well, it’s pretty clear that values will revert back towards the mean. Perhaps the best way to make money now is to get someone else to pay your mortgage.

#96 Canuck Abroad on 04.24.13 at 8:32 am

Garth I can’t believe you are attributing this to Syria. What nonsense!!! Where did you get that crazy idea?

And by the way the British media has been rubbishing and ridiculing the Canadians for making an Iran – Al Qaida connection. There is none whatsoever. Harper needed cover for ending diplomatic ties with Iran and this was his best and most brilliant idea? So stupid.

Syrian Electronic Whatever Army took credit. — Garth

#97 CrowdedElevatorfartz on 04.24.13 at 8:48 am

@#89 Yuus Bin Haad

Hilarious!

#98 beach girl on 04.24.13 at 8:50 am

Ralph Cramdown that was shitty.

Old bastard is on his last legs, and has bought both his girls houses, mortgage free in Toronto no less. And you are wondering why the old bugger had money in the bank. Well obviously for his security, he is hardly going to begin a career as an investment baker. You asshole.

#80 Beach Girl — “took the old man to bank and had 108 thousand dollars transferred to her account. […] Is this not Elder Abuse. How could the bank do this with no warning, when it is obvious Daddy has lost the plot.”

So this is what this blog has descended to. Fierce competing tales between those who are furious that some people couldn’t get their money out of the bank when they asked, and others who are furious that others COULD get their money out of the bank when they asked.

This observer just wonders why somebody would keep so much money in the bank, rather than engaged in productive economic activity (admittedly, the bank lends your money for supposedly productive activity (= stainless, granite) but they don’t PAY you for the privilege). Could a case be made that anyone who has six or seven figures in the bank is prima facie insane?

That was empathetic. — Garth

#99 Piccaso on 04.24.13 at 8:51 am

#92 Ralph Cramdown

“Could a case be made that anyone who has six or seven figures in the bank is prima facie insane?”
——————————————————
Could a case be made that anyone who has six or seven figures in a mortgage is prima facie insane?

Yikes, all of Canada is insane!!

#100 CrowdedElevatorfartz on 04.24.13 at 8:55 am

@#80 Beach Girl
Well if the “police are involved” it sounds like “things” are happening.
If the old man still has money in that account I would seriously be asking about
a)his mental capacity to handle transactions
b) the idiot bank manager that allowed such a transaction without sitting the old guy down privately to talk with him.
c) the old guy should get a cosigner such as a lawyer, trusted friend, etc. for any withdrawls over $1000.
d) send the oldest daughter a “cowpie” for Christmas

#101 beach girl on 04.24.13 at 9:02 am

DELETED

#102 Caveman Captain on 04.24.13 at 9:04 am

Garth, you keep saying that housing prices are on the way down and that lending rates will be on the way up. In your opinion, do you think the drop in house prices will exceed the increased lending rates in the long term? Is it better to take advantage of the low rates now with higher house prices or wait for housing prices to come down but face higher lending rates?

Focus on debt, not the monthly payment. That means waiting for cheaper prices. — Garth

#103 CrowdedElevatorfartz on 04.24.13 at 9:14 am

Yo Beach Girl.
I remember a few year back when an elderly neighbor of mine had a similar issue.
Her 6ft 4in 275lb son-in-law was at her home helping her move some furniture when the doorbell rang. She went to answer the door while he continued working. A few minutes later he hears a man shouting and goes to the door. A “traveller” (aka con artist) is waving a “bill” at the 80+ year old and demanding “payment”. He crapped himself when Son-in-law arrived at door. Tried to leave. Nope. Son-in-law immediately recognise this piece of shite for a scammer and grabbed him and told her to call the police. Scuffle ensued, he beat the crap outta the guy before the cops showed up. Cops arrested con artist.
Daughter arrives home. takes mom to bank. Finds out conartist( and several others have been scamming her for thousands of dollars over a year she also finds out dear old mom has a gambling problem).
Long stoy short. Bank was aware ‘something fishy” was going on but chose to ignore it.
New bank.
Mom cant withdraw more than $100 without someone to cosign. She owns her house, doesnt drive, has groceries delivered, cash limit not an issue.

Options for Old Guy.

#104 Shawn on 04.24.13 at 9:18 am

The Good Old Days? Seriously?

Costa Rica Vagabond complains at 90

“Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids.”

******************************************

Ah yes 1913 in Canada, the good old days?

Start with Mom… who “stayed home to raise the kids”.

Yeah but home was often a farm where she worked like a dog and raised the six kids that survived having lost two in infancy. At 50 she looked worse than a 70 year old today. Yeah life was good without electricity on the farm, no appliances except a wood stove.

There were people in Alberta living in sod huts.

People got around mostly by horse and carriage in 1913.

A world war was about to start.

The Spanish fluw was about to hill many thousands in Canada. Penicillan had not yet been invented.

Central heating of homes was rare. Radios were rare.

If we could travel back in time not one in a hundred would want to stay in 1913.

No taxes? be careful what you ask for.

Only the unimaginative and unenergetic or unskilled can fail to see that today is the best time in history and that tomorrow will be better yet.

Most prosperous nation of 1913, looking back today, that is a bit like being the tallest of the seven dwarfs, you can have it.

#105 Steven on 04.24.13 at 9:27 am

The world, of course, is nuts. Savings accounts paying a quarter of one per cent. Houses people can’t afford. Mortgages at 1950s levels. Debt off the chart. Leafs in the playoffs. Terrorists taking the VIA train. Justin Bieber.

Absolutely right on the money this time Garth. Being crazy and doing something very foolish is often something that happens before disaster befalls the crazy person or crazy larger groups and nations…
You can warn people of danger but there comes a point where you just have to be in survival mode and get out of the way of the crazies.

#106 Spirit of the West on 04.24.13 at 9:27 am

#15 Scott in Gibsons … whenever I read the coded language you use, I think there’s an arab in the weeds. The arabs had billions in oil wealth with which to build a superb society of universities and hospitals etc. But they are so blinded by their hatreds that all they have to show is discarded military hardware rusting in the desert. But if you need to blame someone else, sure, our special friends have been used for this purpose before.

#107 Ralph 'Dagwood sandwich generation' Cramdown on 04.24.13 at 9:37 am

That was empathetic. — Garth

Who’s to be the subject of the Voight-Kampff Test here, Garth… me, the pseud who’s been using this blog as her own private twitter feed of inanities (and who apparently thinks it’s a good idea to come HERE for advice on abuse of the elders she’s been ignoring right up until yesterday) or the old guy on oxygen down at the bank?

#108 beach girl on 04.24.13 at 9:43 am

I am a bit upset that you deleted my comment. There was only one swear word in there. Peking Duck and F. I think you should repost it, minus the bad word. Am I in detention. I got my grade 12, seriously.

#109 beach girl on 04.24.13 at 9:51 am

CrowdedElevatorfartz

@#80 Beach Girl
Well if the “police are involved” it sounds like “things” are happening.
If the old man still has money in that account I would seriously be asking about
a)his mental capacity to handle transactions
b) the idiot bank manager that allowed such a transaction without sitting the old guy down privately to talk with him.
c) the old guy should get a cosigner such as a lawyer, trusted friend, etc. for any withdrawls over $1000.
d) send the oldest daughter a “cowpie” for Christmas

___

Well I appreciate the help. I actually like the old man. Sad to see him crying. I know he doesn’t have a gambling problem as he doesn’t drive or own a computer. You suggestions are more than welcome. Will address this to his other daughter and son in law today.

And, how can a bank manager let this happen. Meridian. Will get deleted again. When you need advice or some help, and you get stonewalled. I want my deleted post reposted. Will never happen.

#110 jess on 04.24.13 at 9:59 am

too costly, discourage foreign investment ?
What about the “fake direct foreign” investment known Round-Tripping

eg.
Washington non-profit Global Financial Integrity explains how “illicit outflows” (pdf p.9) from China also re-enter the country as fake FDI from the BVI. This is probably due to a trick known as “mis-invoicing,” where a Chinese exporter sells, for example, $100 million of goods to the US but only reports $50 million to the Chinese tax authorities. The rest sits in a BVI holding company for a while until the exporter brings it home disguised as FDI.
http://qz.com/66944/the-brics-biggest-investment-sources-are-tax-havens-which-mostly-shows-the-rich-stealing-from-the-poor/
================
texas and florida bank associations sue over foreign deposit rule
http://www.bloomberg.com/news/2013-04-18/banker-groups-sue-treasury-irs-over-account-reporting-rule-1-.html

#111 jess on 04.24.13 at 10:05 am

#105 Shawn
include the effects of drought on the indian monsoon on impoverished people +the flu. how many frail humans are living in tents due to wars

1918/1919 El Niño related to Flu The coming and going of El Niño and disruption of global weather patterns have … A severe drought took place in India in 1918, as the monsoon rains failed to arrive.

http://www.elnino.noaa.gov/pandemic_1918_1919.html

#112 Carnival Man on 04.24.13 at 10:12 am

There is not now, nor will be, hyper-inflation. Don’t you gold guys know when to lie quietly and bleed? — Garth

But there is debasement of currency, do you do you your own shopping or has your butler been doing it for you for the last 10 years.

Cars, electronics and (soon) houses cost less. That certainly mitigates increases in consumer items. There is no hyper-inflation, nor will there be. — Garth

#113 Herb on 04.24.13 at 10:17 am

#80 Beach Girl,

the police involvement is good, but suggest you contact your local Community Care Access Centre and get a social worker assigned to your old man. He obviously needs an “Attorney for Property”. An “Attorney for Personal Care” might also be necessary. It’s a question of getting a power of attorney into the right hands.

Social Services are overworked, but will respond to urgent cases and can level obstacles. For instance, either daughter could get and exercise the required power of attorney, but it may be necessary to overcome the old man’s resistance or stop him from giving it to the wrong one. Family doctor and lawyer must be involved too.

Have a look at the Substitute Decisions Act at http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_92s30_e.htm

#114 Bargains everywhere on 04.24.13 at 10:20 am

#108 Ralph ‘Dagwood sandwich generation’ Cramdown on 04.24.13 at 9:37 am

I’m with you, Ralph. Some of the nonsense on here deserves to be shot down. Mostly I just ignore it but I’m not sure why some folks insist on using this forum as their personal blog.

#115 beach girl on 04.24.13 at 10:31 am

When I have something that I think is important I get deleted.

Also why do I have to resign up every time I am on this site? Computer malfunction. Has happened twice this morning.

Will readdress this issue, went on a government site for Senior Crime Stoppers after talking to the Elder Abuse people. All were helpful.

I will be a bit more wary of my offspring.

Better?

SERIOUSLY.

#116 Canadian Watchdog on 04.24.13 at 10:35 am

Total consumer debt rises over same period last year according to Equifax Canada, serious consumer delinquencies are at an all-time low. Equifax

Cristian deRitis, Senior Director of Consumer Credit Economics at Moody’s Analytics, commented on the report by adding “first quarter consumer credit conditions in Canada were mixed with outstanding balances rising and late-stage delinquency rates falling relative to a year ago.

In other words, delinquency rates are down because consumers are borrowing more to pay down debt.

#117 Bottoms_Up on 04.24.13 at 10:36 am

“cleavage” and “head egg” had me ROTFLMFAO

#118 Bottoms_Up on 04.24.13 at 10:41 am

#105 Shawn on 04.24.13 at 9:18 am
————————————–
You forgot about plumbing/toilets…how many of us today would like to march outside in -30oC to relieve ourselves?

And grocery selection, I can just imagine going to the local store and having my selection of potatoes and stale bread.

#119 Bottoms_Up on 04.24.13 at 10:46 am

From that housing prices chart I could envision Canadian levels normalizing over the next few years in the low 300,000 range while US housing leveling off around the higher 200,000’s, thus closing the gap significantly and not completely destroying the Canadian economy.

#120 T.O. bidding wars debunked - month to date summary on 04.24.13 at 11:04 am

Some of you wanted to see “the big picture”. It is not looking very well.
Here is my post about this with legend and explanations:
http://recharts.blogspot.com/2013/04/to-bidding-wars-debunked-april-summary_24.html

And here is the direct link to the picture:
http://img856.imageshack.us/img856/2721/tobiddingwarsdebunkenda.jpg

The picture full size map is 4.7MB (slow loading)

#121 Old Man on 04.24.13 at 11:12 am

#116 Bottoms_Up – Did you say plumbing? I got posted once again by my landlord for entrance, as said my kitchen sink needed flushing out on April 25th, so once again had to clean up the mess in my kitchen to make it look normal. I can do my own plumbing, so went to work, and had to write back a note telling him all the threading has rusted out, as pulled one insert but will not touch the other, as need a complete new system now.

#122 Fed-up on 04.24.13 at 11:19 am

Seriously you say?

A 75% price increase over what already the most outrageous ticket prices in the NHL. From the worst team in the league of the past 10 years on top of all that. It just proves that there is no limit in how much you can abuse the most moronic person on the face of the planet, the Toronto Maple Leaf fan. Freaking idiots.

Why the hell do I live here again???

#123 Form Man on 04.24.13 at 11:25 am

Just bumped into a painting contractor this morning. He informed me that ‘there is a huge condo boom happening in Toronto’. He figures it will spread to Kelowna soon.

I didn’t have the heart to tell him…….

#124 Bailing in BC on 04.24.13 at 11:29 am

#68 Dodged-a-Bullit-in-Alberta on 04.24.13 at 12:03 am

Greetings; Truly regret, that I will be leaving this blog. I am totally fed up with the arse holes posting first, furst. etc. Wasting blog space. Have no clue of the value of Mr. Turners’ message, and its value to Canadians. Len Jalbert, Medicine Hat, Alberta

Ha ha Len, this has got to be the stupidest post in the history of this blog! Congratulations!

Wasting, precious and one assumes limited, blog space with your farewell. Don’t let the door hit you on the way out.

Furst!

#125 Buy? Curious? on 04.24.13 at 11:35 am

Beach Girl, I believe it was Rihana who said it best, “Don’t let the bastards get you down, turn it around with another round…Buy? Curious? I love you and want to have babies with you!” Well, I’m not too sure about the second part but you get my point. The people that attacked you are guys, with guys’ issues that are afraid of women. This isn’t a Blue Jays Game!

Song
http://www.youtube.com/watch?v=ZR0v0i63PQ4

Blue Jays Game
http://www.youtube.com/watch?v=1NgAS0Tvfcs

#126 Old Man on 04.24.13 at 11:44 am

#115 Herb re: #80 Beach Girl – The banks may not always accept a General Power of Attorney for an old man, as they might want things done of their forms. The other thing that is important with a Power of Attorney, as do not get it witnessed by a Lawyer, but should be witnessed by his family M.D. to make it binding. Note: for Beach Girl – I am always open for a part-time job, as work cheap, as a plumber in training.

#127 thesurge on 04.24.13 at 11:49 am

If there will never be inflation, and commodities are down, then why is the US stock market up this year?

#128 angel on 04.24.13 at 11:53 am

QE puts zero dollars in the pockets of consumers. Its only street-level impact is to keep mortgage rates low – about equal to ours. — Garth

You got that right it puts money into the hands of bennys best friends closest to the printing press IE.. hedge funds ,central banks (to purchase 10 yr bonds that get you less than official inflation rate lol)and equity markets which buy up blocks of realestate not the people buying realestate but the corporate world buying it with printed money

Wrong, actually. The veolicty of money is subdued. — Garth

#129 Ray Skunk on 04.24.13 at 11:53 am

#125:

Well, there is a huge boom happening in Toronto. From a painting perspective, that is. All those new condos going up need to be painted.

However, I don’t expect anyone to be moving in to these freshly-painted condos…

Buildings planned 4 years ago now reaching the painting stage =/= sales demand for those buildings today.

#130 pjwlk on 04.24.13 at 11:57 am

From my cousin in Victoria

Rental suites are abounding now, not just cus the UVIC students are bailing for the summer, but because many people are shacking up with friends, or moving in with families because the fkkn rents are TOO HIGH vs. wages and cost of living here. I’d be fkkd without my govt job, and I do ‘worry’ about my future; but I’m stashing it away and only spend $$ on good food and the occassional outing.

#131 Jeff in Moose Jaw on 04.24.13 at 12:09 pm

Related to economics, watched this documentary – Party’s Over, and I agree with most of it…. (if you find a coupe extra hours in your day, 2 parts).

http://www.youtube.com/watch?v=z6LNx4vzZbg

#132 Ralph Cramdown on 04.24.13 at 12:11 pm

#121 Bottoms_Up — “From that housing prices chart I could envision Canadian levels normalizing over the next few years in the low 300,000 range while US housing leveling off around the higher 200,000′s, thus closing the gap significantly and not completely destroying the Canadian economy.”

As much as I’d wish that would come to pass, I’m doubting it. Things don’t go from boom to normalized. If we’ve too many people building, selling and financing houses for each other and that grinds to a halt (which it already is), there’s going to be unemployment. Add that to a rotation from real estate being seen as a good place to put your money to not a good place to put your money, and resales and prices are going to plummet, putting further pressure on the building industry.

Here’s something I posted on another blog in February, 2008: “At this point the US had better hope that its share of world trade is still large enough that it can drag the world economy into recession, putting the brakes on commodity inflation. Because if it isn’t, the yuan and oil are going to get pegged to the Euro, and American pensioners are going to be banging on pots on the National Mall.”

At THIS point, my thinking is that Canadians had better hope that the US continues its recovery, Europe starts printing money and China doesn’t bust. Because otherwise, we’ll be facing a housing bust in tandem with an export bust, and we’ll be totally screwed. Personally, I’m betting on a Canadian housing bust and a commodity recovery (or at least not further declines). Let’s hope.

#133 beach girl on 04.24.13 at 12:11 pm

Herb and Old Man thanks for the advice.

Actually am looking for a plumber. I recently ripped out a 800 sq ft kitchen. Bought all new cabinets and dishwasher for the basement kitchen. Will take four weeks for the cabinets to come. Upgrading the nest. Sink has to be hooked up along with the new dishwasher. If you are in Vancouver, forget it.

From Home Depot don’t pay till you are 80 event. Might be dead then.

My MOM died and when I had to sell her house, she still owed on the roof. I laughed, she had the bucks. Sears was on my ass.

This summer will be EPIC.

But I usually drive the old man up the street and duct tape him to a chair so he can watch the young people and the dog swim. Nice old guy.

This has upset me. I cannot believe this has happened.

#134 Uwinsome on 04.24.13 at 12:13 pm

Comments Garth?

http://www.bnn.ca/News/2013/4/24/SP-500-to-plunge-to-400-Analyst.aspx

Another day, another unknown analyst trying to make a name for himself. Fear sells. Are you buying? — Garth

#135 Tony on 04.24.13 at 12:20 pm

Re: #109 Fat Man on a Harley on 04.24.13 at 9:42 am

The main reason for QE was to keep long term rates low but now with America slipping back into recession/depression there’s really no need for QE anymore. Long term rates will stay low on their own.

#136 Canada is an Debt ponzi scheme on 04.24.13 at 12:21 pm

Canadian Watchdog on 04.24.13 at 10:35 am
Total consumer debt rises over same period last year according to Equifax Canada, serious consumer delinquencies are at an all-time low. Equifax

Cristian deRitis, Senior Director of Consumer Credit Economics at Moody’s Analytics, commented on the report by adding “first quarter consumer credit conditions in Canada were mixed with outstanding balances rising and late-stage delinquency rates falling relative to a year ago.

In other words, delinquency rates are down because consumers are borrowing more to pay down debt.
—————————————————————–

If Canadians couldn’t borrow any more money they whole Canadian debt ponzi scheme would crash leaving millions bankrupt. People are surviving by borrowing money to pay off borrowed money. Everyone knows it. I personally know people who borrowed money from their HELOC to pay their mongage payments. The house of cards is starting to come apart as many now are unable to get much more credit and have cut back on spending as we can see with a slowed down Canadian economy.

#137 Old Man on 04.24.13 at 12:28 pm

I have been posted too many times by my landlord for entrance to look around with two people in the past couple of months, as my rent is too cheap, and know they are looking for a woman that might be staying here. First it was called an annual inspection; then it was plugging a hole in the master bedroom within the heating system; and now it is the kitchen sink that needs to be flushed out.

They are looking for a reason to raise my rent or kick me out to make a higher cashflow on my modest penthouse. Well, at least they give me a warning, as hide her in the walk-in closet, or send her shopping, but if caught she will say just am the cleaning lady :) I hope you enjoy my humour, so have a good laugh, as we all need such from time to time.

#138 Ronaldo on 04.24.13 at 12:29 pm

#62 Shawn – this may help to answer your question.

http://www.ratehub.ca/prime-mortgage-rate-history

#139 Ronaldo on 04.24.13 at 12:35 pm

#71 N1tro –

”Any upside gains from the markets gives the “perception” of a healthy recovering economy.”

And that is exactly what Helicopter Ben is hoping to achieve.

#140 FullOfFear on 04.24.13 at 12:40 pm

“that you have assets not correlated to the stock market (like REITs)” !?!

Not correlated!?! Are you kidding?! Try taking a look at a chart comparing XRE to a market index.

Not correlated. — Garth

#141 Craig on 04.24.13 at 12:52 pm

Someone posted here that the Canadian debt ratio is higher than the US and everyone was up in arms….”seeeeeee I told you we were worse than the US”

I say BS

Sort of what I stated earlier when people read Data and assume the Data is Factual and act on it.

Very dangerous.

You might want to drill down and see what that report includes and excludes. The US, in the last 5 years has been totally, financially destroyed. Banks bankrupt, people bankrupt, house prices plummeting, food stamp line ups, etc ,etc.

Then someone pumps out a report and says we are worse than the US and people actually believe it!

WHAT A HOOT!

Did that report count the $Trillions used to bail the banks out? Did it count the $Trillions in bankruptcy write offs?

$Trillions totally evaporated, written off by the US Gov’t and now we’re asked to believe that their citizens are better off than ours?

I betting no.

Factor ALL the numbers in and ALL the people and then re-crunch the numbers.

Tooooo funny.

That old saying – Don’t believe everything you read – applies now more than ever, with the Internet.

Just look at that Twitter – total BS – but the market crashes in seconds on it.

Insanity marches on …. and knows no boundaries.

#142 Josh in Calgary on 04.24.13 at 12:52 pm

#93 Morgan,
You were looking for some helpful advice for building a diversified portfolio while minimizing fees.

1) Figure out what fixed income to equity ratio you want. 50 / 50 is a nice conservative number. 40/60 is a little more growth oriented.

2) Take the fixed income portion and put it into your RRSP for best tax treatment (you’ll be taxed 100% on the income either way, but in an RRSP you get to delay that tax until you’re old and maybe in a low tax bracket). Find a nice safe bond ETF. XBB on the TSX is a fund full of Government of Canada and provincial bonds. There are definitely others, this is just and example.

3) Take the equity portion and put it in your TFSA. Split it between XIU on the TSX, VIG and IDV on the NYSE. XIU is simply the large caps in Canada; the major banks, rail road and energy companies. VIG is american dividen payers; walmart, proctor gamble, coca-cola, mcdonalds, etc. IDV is global dividend payers.

Again, all are just examples picked from RBC’s example portfolio. There are plenty of others that are just as good or better, you should become familiar with your ETF filter on whatever trading site that you use.

Do your top ups once a year (to avoid excess buy and sell fees) and remember to rebalance when you top up.

Also consider holding the bonds under your TFSA if you have room, but that’s all tax planning stuff that will depend 100% on your own unique situation.

#143 Mike in Surrey on 04.24.13 at 12:53 pm

Is the blue line in Chart No. 1 in Canadian dollars? As US average homes 10 years ago, gets more than 143% in Can. dollar terms, so average 200,000 US home is actually 286,000 in Can. Today 200K US house 10 years ago is worth 150K today, lost 25% in value in some US cities; Can. home has doubled to 572K. A family sold US and buy a Can. home at 286K and sold today at an average price of 384K, a mere 3% compound return for 10 years.

#144 Ronaldo on 04.24.13 at 1:01 pm

#125 Form Man – I think he’s been inhaling too many paint fumes.

#145 worried_boomer on 04.24.13 at 1:02 pm

QE puts zero dollars in the pockets of consumers. Its only street-level impact is to keep mortgage rates low – about equal to ours. — Garth

QE puts dollars into consumer pockets indirectly, through public sector employment and public institutions budgeting.

Incorrect. — Garth

#146 Humpty Dumpty on 04.24.13 at 1:02 pm

Another hole in this fish tank….

Massive, uncontained leak at Fukushima is pouring over 710 billion becquerels of radioactive materials into atmosphere

the tsunami-caused nuclear accident at the Fukushima power station in Japan is the disaster that never ends, as new reports indicate that a wealth of new radioactive materials have been spewed into the atmosphere.

http://www.naturalnews.com/040058_Fukushima_radioactive_nuclear_leak.html#ixzz2ROv51egL

#147 Chickenlittle on 04.24.13 at 1:03 pm

#105 Shawn:

And yet so many people came here and still do. There must have been SOMETHING about Canada that drew them in.
I also disagree with you about this being the best time in history. Having not experienced any other period of time, I have nothing to compare it to and unless you are over 60, neither do you.
Besides, what is so great about inflated prices and unrest in the world? YOU may have it good, but there are so many who do not.

#148 jess on 04.24.13 at 1:04 pm

85 live within your means

And what this group?

Company Description: The Urban Development Institute (UDI) is a national not-for-profit association representing the development industry across Canada.

#149 jess on 04.24.13 at 1:20 pm

I cannot comprehend how we have got to the point where nation states have so profoundly trivialised tax evasion.
Bertrand Bertossa, Crime-fighting Swiss magistrate, 2002

…”Between 1996-2000, Enron generated pre-tax profits of almost US$1.8 billion.[6] If paying no federal taxes on that figure’s not enough to get you fuming, try this one for size: the company was in fact a net recipient of tax rebates to the tune of US$381 million over that time.[7] In other words, they were given money by the state, as much as US$278 million in 2000 alone.[8]

Let’s not forget, you need big money to get away with not paying tax. Enron spent US$3.5 million in 1999-2000 alone lobbying for exemptions from taxes and from oversight by regulatory authorities.[9]

Likewise, the company paid its financial and legal advisers US$88 million to avoid paying US$2 billion in taxes.[10] A 2,700 page US Senate committee report estimated it would take ten years to unravel Enron’s tax dodging schemes in detail.[11] Not surprisingly, these same tax minimisation schemes were precisely what made Enron so popular with investors….

http://www.tackletaxhavens.com/the-problems/enron/

#150 jess on 04.24.13 at 1:22 pm

Bank of Ireland loses court battle with HMRC over subsidiary’s £30m tax bill
Revenue & Customs calls 10-year old deal by Bristol & West a ‘flawed attempt to exploit what it thought was a loophole’

http://www.financeandtaxtribunals.gov.uk/judgmentfiles/j7141/TC02630.pdf
http://en.wikipedia.org/wiki/Novation

#151 cramar on 04.24.13 at 1:34 pm

#80 Beach Girl

————————-

Elder abuse for sure! Criminal also. My mother had a similar situation, but different outcome from her son. Years ago when my mother was at the point of needing retirement care, we convinced her to move out of her apartment in a seedy building. When cleaning up the junk my wife finds wads of $20-$100 bills stuffed in dressers between clothes (under mattress too). Seems for a couple of decades she had been cashing her pension cheques and stashing the cash. (She later said she did so so not to have to pay tax on bank interest.) At home we sorted and counted the hoard and were shocked to find around $300k.

I called her bank, told them and arranged for a time. Then with a small suitcase did what they do in the movies. Drove to the bank and nonchalantly walked in carrying all that cash! Unique experience. Was quickly taken to a locked room with two employees who counted. The money was placed in her account, which my mother had made joint previously. The funds were on hold while officials like police were notified. I asked my mother if she had any idea how much cash she had in her apartment? She had no clue. I could have said, “SEVENTY-FIVE THOUSAND!” and took the rest. She would never have known! This is what I did.

I visited my investment guy. I had an account created in my mothers name with both of us having access. Fearing a stock crash, I then purchased mostly AAA-rated bonds paying an average 6% at the time with the balance in a money-market fund. During the 2008 crash while listening to friends complain of 30% stock market losses, my mother’s portfolio sailed on generating revenue. She lived out the rest of her life until almost 98, with no financial concerns whatsoever.

The difference between that eldest daughter and myself is that I live by a code that contains 10 Commandments with the fifth one stating, “Honour your father and mother.”

#152 Anonymous Guy on 04.24.13 at 1:39 pm

#21 Mark on 04.23.13 at 9:29 pm
Hi Garth, what do you think of just energy ? It’s on the TSX and the symbol is JE. It has a yield of 12 percent.

– This is a pretty sick company, and not the good sick.
It’s bleeding itself dry with big dividends, while losing market share. It’s a decent covered call stock, but I have little hope for it appreciating. (I stupidly bought some just prior to its recent slide)

It’s dividend is so high only because it has devalued so much over the last year.
The dividend will most likely be cut back, and the slide will accelerate. I’m already in pretty deep, so I’ll go down with the ship for my small position.

#153 Devore on 04.24.13 at 1:54 pm

#117 beach girl

If you are so unhappy here, Garth does offer a 100% Money Back Guarantee.

#154 Mike on 04.24.13 at 2:04 pm

‘Shortly after 1 pm, Syrian knobs hacked into the Twitter account of Associated Press’

I seriously doubt the Syrians are responsible.

Maybe have a quick look at who or what made a bunch of ‘puts’ in the hours or days before this event. This is getting too easy folks…..

#155 Craig on 04.24.13 at 2:10 pm

What’s with all the drama here. Is this not an investment / RE / Rant Blog?

My Quebec post gets deleted (fine) yet this garbage about some 86 yr old neighbour getting ripped off goes on and on and on….who cares!

Wrong blog!

Mr Moderator needs to moderate this crap out and the countless replies.

Start a J Springer Blog and go there….

Merci :)

#156 jess on 04.24.13 at 2:15 pm

“We can’t punish people who, when they observe criminal conduct where they work, denounce it to the authorities,” Dolores Delgado, state lawyer, told the court.

“special economic zones ”

In Inner Mongolia, developers built the city of Ordos for one million people. But most of it remains empty.

============
policy makers who are the takers? should -a- would- a -and- could- a
Swiss bank account and offshore company remained secret throughout his years as minister.
e.g he championed changes to tax laws and other concessions in 2011
http://www.icij.org/offshore/disclosure-secret-offshore-documents-may-force-top-mongolian-lawmaker-resign

#157 Humpty Dumpty on 04.24.13 at 2:27 pm

These are Perilous Times-Jim Rogers

“We have never had every government debasing their currency at the same time. . . . This is the first time in recorded history where you have most of them doing it all together. These are perilous times…

One way or another, this is going to end badly.” Rogers owns gold and thinks last week’s gold sell-off was a good thing.

“This is normal. This is not unusual. I welcome it. I expect gold to go much, much, much higher over the next decade, but it will not and cannot until it starts having normal corrections.”

“If the U.S dollar becomes confetti, any number you want to make up. They’re printing U.S. dollars fast enough to turn them into confetti. Who knows how high gold will go as long as we have a mad man running the central bank.”

http://usawatchdog.com/these-are-perilous-times-jim-rogers/

#158 TimeAndFreedom on 04.24.13 at 2:29 pm

it’s scary the volatility created by a stupid tweet … that shows weaknesses on the systems

#159 Old Man on 04.24.13 at 2:30 pm

I will tell you what I did with my dad, as had the VP at a Trust Company who was a Lawyer draft the papers for a Power of Attorney, and he said it must be witnessed by his family M.D., and discussed this all with my dad, and said my signature will become yours, as must take control over all family assets, as your mind is slipping a bit; he agreed as he was getting confused at times, so we had a meeting of the minds.

The son would have control over all family assets, and the M.D. witnessed the Power of Attorney that if I had to step in could do such with my signature on any legal document such would be executed, so I took care of my dad in this way to make his life better, as wanted to protect his assets, and mine as well, with the future inheritance of said assets.

#160 Steven on 04.24.13 at 2:39 pm

#134 Ralph Cramdown
You are correct about normalization at around $300 grand for real estate. First of all that so called normal price is still in cloud cuckoo land and would be 10 to 15 year pay for any first time home buyer who should only pay a maximum of 3 years pay or less. So with out raising minimum wages to $50 or $60 an hour or some incredibly good luck with investments or inheritances I don’t see how a 90% or better price crash can be avoided. There is no economic power where it counts to support existing real estate prices.

#161 bill on 04.24.13 at 3:00 pm

that cat fish is just pining for the fjords.
Norwegian blue catfish… they always lie on their side like that.
just like the real estate market in Canada…

#162 Ralph Cramdown on 04.24.13 at 3:04 pm

#159 Humpty Dumpty — “These are Perilous Times”

As opposed to when, exactly? It takes a special kind of ego to think that, of all the crappy times one can read about in any history books, you are living in among the worst.

Every day, billions of people wake up, put on their pants and boots, and earn their daily bread. Some of them, ironically, earn their daily bread by scaring the bejeezus out of other people, for a price. But most of them just keep on working, adding real value to the global economy.

I’m going to be charitable and blame the reporter for the absolutely, completely asinine suggestion that your hero 1) owns gold 2) expected the price to go down 3) is happy about it.

#163 Smoking Man on 04.24.13 at 3:06 pm

#71 Tony on 04.24.13 at 12:25 amRe: #10 Smoking Man on 04.23.13 at 8:53 pm

Apple is a pig and of course will continue to fall along with the market in general. Someone should just tweet the obvious, the U.S. stock market indexes are around four hundred percent overvalued.
……………
It was a dog last sept when told all you dogs to short… Now all the sellers are gone… Supply demand, fear greed….. Buy it now…..

#164 jess on 04.24.13 at 3:10 pm

#12 CrowdedElevatorfartz
wasn’t china the growth engine of the world?

large die offs of animals and a flu circulating make the market nervous

push and pull
lost money in 401k …>house loses half it’s value …>
lose job…>cash in retirement to pay mortgage…> get sick ….>leveraged medical bills

#165 Toronto_CA on 04.24.13 at 3:32 pm

The press release came out with the massive 47% drop, lowest March sales ever for new low rise:

http://www.bildgta.ca/media_releases_2013_detail.asp?id=913

NOT ONE ARTICLE in the main stream media.

This is flat out disgusting. Sickened by today’s journalism.

#166 Humpty Dumpty on 04.24.13 at 3:35 pm

Canadian Watchdog

https://d21uq3hx4esec9.cloudfront.net/images/uploads/ttmygh/6455/22_Apr_2013_TTMYGH.pdf

http://www.marketfolly.com/2013/04/jim-chanos-presentation-on-china-from.html

#167 Humpty Dumpty on 04.24.13 at 3:59 pm

#164 Ralph Cramdown on 04.24.13 at 3:04 pm

Ralph settle down…
Buffett isn’t the only guy in town ya know..

Jims batting average is pretty impressive, yet he aint no hero. He’s mortal just like you are.

Speaking of charity….

KJV 2 Timothy 3

After you read this, let me know if there ever has been a generation in the last 5k years which fits this description….

If I’m wrong, I’ll buy you lunch…

#168 jess on 04.24.13 at 4:14 pm

financial blockaids
Milestone Supreme Court Decision for WikiLeaks Case in Iceland

Iceland’s Supreme Court has ruled that Valitor (formerly Visa Iceland) must pay WikiLeaks $204,900 per month or $2,494,604 per year in fines if it continues to blockade the whistle-blowing site.

The court upheld the decision that Valitor had unlawfully terminated its contract with WikiLeaks’ donation processor, DataCell.
In heavily redacted European Commission documents recently released by WikiLeaks, MasterCard Europe admitted that U.S. Senate Homeland Security Chairman Joseph Lieberman and Congressman Peter T. King were both directly involved in instigating the blockade.
wikileaks.org
=====
Joe Lieberman (I-Conn.) American Enterprise Institute to co-chair a group with former Senator Jon Kyl called the American Internationalism Project.

#169 not 1st on 04.24.13 at 4:14 pm

Don’t worry if your house goes underwater in the next fews year. Just employ the same strategy as government and companies do.

Set up a shell corporation, sell your house to it and default hard on the sucker, let the corp take the loss, let the bank twist in the wind and you move on personally and get another loan from a competitor institution. Companies do this all the time. Don’t try to be some hero who eats cat food trying to pay your mortgage. Socialize the losses, privatize the gains.

#170 Old Man on 04.24.13 at 4:20 pm

#165 Smoking Man -heard this rumour that you were on the wrong side of the border gambling in Niagara at the Seneca Casino without your wife, as you had a few too many shots to drink, and some gal is looking for you, as you asked her to marry you, and she is looking for you now, as wants to chase you down.

#171 The skeptic canuck. on 04.24.13 at 4:31 pm

According to Peter Schiff:

“I think we are heading for a worse economic crisis than we had in 2007,” Schiff said. “You’re going to have a collapse in the dollar…a huge spike in interest rates… and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it.”

Eventually interest rates will rise… and when they do, Schiff says, stocks will tank and bonds dip to nothing. Massive new tax hikes will be imposed and programs and entitlements will be cut to the bone.

“It’s not that the stock market is gaining value… it’s that our money is losing value. And so if you have a debased currency… a devalued currency, the price of everything goes up. Stocks are no exception,” he said.

http://moneymorning.com/ob-article/schiff-us-will-win-currency-war.php?code=3243

#172 my thoughts on 04.24.13 at 4:44 pm

It never ceases to amaze me that houses that were deemed sold come back on the market 1-2 years later. Some houses have definitely dropped in price and there are so many 2 million + houses that I have no idea who will buy them all… but it definitely is an interesting time. Decided to stay put and sink a little money in this house for future resale value. Real estate agents spending money left and right looking like things are going well for them.. so i stay on the sidelines.

#173 Dean Mason on 04.24.13 at 4:49 pm

If the federal liberals and Justin Trudeau win the 2015 election there will be a bunch of new and higher taxes,you can count on it.The federal debt will increase at least by$300 billion in their first term. Thomas J. Mulcair and his NDP party will be just as bad or even worse than the liberals.

Time will tell and show how history repeats it’s self.If you think unemployment is high now than you guys are in for a surprise from the other side policies.

Mr. Harper has increased the federal debt by $200 billion and turned an annual budget surplus into a record deficit. Worth remembering. — Garth

#174 Post Haste on 04.24.13 at 5:18 pm

The world seems to be a place of complete and utter nonsense. I think Garth has provided a incredible service to enlighten the masses that flock here – I, on the other hand, can’t get past the fact that interest rates are so low – and until they begin to inch up – I believe our economies are mired in the bog. If the Fed wasn’t pumping Billions into the economy – we’d be calling this Depression II

I reside in Barrie (1 hour north of Toronto), Garth has indicated that price drops won’t be identical througout the country – Barrie is bucking the trend – I see homes go on sale on Monday – by the following week it’s sold. People are eager to buy – rates so low – and this town may hold the secret that we are still easily 1/3 less the cost of a similar home in TO.

And as one of the 70% of Canadians who own a home – I am about to pay off this beast within 2 years – so those who think all homeowners have the full balance to pay – wrong!! I bet nearly 40% have paid off mortgages to start and a small % are currently carrying the full load – and when the market corrects, they will have a full load in their pants also.

#175 jess on 04.24.13 at 5:20 pm

#54 thinker

..What is treaty shopping?

#176 drydock on 04.24.13 at 5:38 pm

DELETED

#177 Old Man on 04.24.13 at 5:52 pm

In Real Estate or family investments there is nothing that hurts more, for a child of a parent with a proper Power of Attorney to execute with an Opthamologist, away from the old boy system to cover up the false from reality, for his drivers licence to be turned in, as my dad was legally blind, and did not want him killing anyone on the road.

I took his car away, and also began to sell all assets to move them somewhere else for his betterment in life, as took control; hell was the only child so would get it all with his Last Will and Testament, so this was not an issue. The real issue was doing what was right in life, as an only child had to do the hard things for my dad, and it hurt.

#178 Dr. Hoof - Hearted on 04.24.13 at 5:54 pm

#74 popados on 04.24.13 at 2:11 am

a rancher on a t lot just got demoed today in ditchmond.only price drops on shitey lots.p.w.

=====================================

In HAMVille …. I have the ” South Asian gauge”.

They tend to have the lions share of all residential construction except Hi Rise. With very few exceptions, their ethnic group covers all phases of construction…ie excavation….forming….all trades…to final landscaping.

When they start bailing and selling off empty lots…you know the market is tanking.

#179 reap the wind on 04.24.13 at 6:02 pm

@#157 Craig

You’re just dripping with empathy for your fellow man.

I feel sorry for your parents in their old age.

#180 AK on 04.24.13 at 6:37 pm

Meet the New $100 Bill, the World’s Most Popular Bank Note

The new $100 bills

#181 Craig on 04.24.13 at 6:41 pm

183 reap the wind on 04.24.13 at 6:02 pm @#157 Craig

You’re just dripping with empathy for your fellow man.

I feel sorry for your parents in their old age.
=================================

So I don’t like the idea of this blog going way off topic, what’s wrong with that. Would you like folks to start endless conversations about the Leafs, Blue Jays, Flames, Canucks, NASCAR, favorite restaurants, movies, weather, climate change….it has nothing to do with empathy but everything to do with staying on topic and keeping this blog interesting and informative.

OK Sally

I feel sorry for your boyfriend.

#182 Nemesis on 04.24.13 at 6:41 pm

…”I tried.” — Garth

Wrong.

You succeeded.

It was TheSystem [and an unsavory assortment ‘o DimWits] wot failed.

Of course, that’s just an opinion. Strangely however, I am actually qualified to issue authoritative exhortations on such matters. Exo/Esoteric alike.

I digress. Far more importantly… today’s EngineStart…

FirstCrank… as ever, I am pleased to report that only one CoffmanCartridge was required.

http://youtu.be/IACjOvyx5hs

#183 T.O. Bubble Boy on 04.24.13 at 6:45 pm

@ #129 thesurge on 04.24.13 at 11:49 am
If there will never be inflation, and commodities are down, then why is the US stock market up this year?
——————–

What % of the U.S. market is commodities?
(hint: lower than the % in Canada)

What % of U.S. companies benefit from lower costs when commodities go down?
(hint: most of them)

#184 Blacksheep on 04.24.13 at 6:55 pm

S-7

One allowed for “preventative detention,” meaning someone can be held without charge for up to three days just on suspicion of being involved in t****rism. The person can then be bound by certain probationary conditions for up to a year, and if he or she refuses the conditions, can be jailed for 12 months.

The second provides for an “investigative hearing” in which someone suspected of having knowledge of a t****rist act can be forced to answer questions.

If he or she refuses, that person can be imprisoned for up to 12 months.

http://www.cbc.ca/news/politics/story/2013/04/24/pol-anti-terror-bill-s7-vote.html

“The True North strong and free!” my ass.

#185 TurnerNation on 04.24.13 at 7:05 pm

#68 Dodged-a-Bullit-in-Alberta

Yah you should totally leave because of 1/200 of each day’s blog posts.

#186 blok existentialist on 04.24.13 at 7:10 pm

#185, I get your rant, but I don’t think you understand that Garth is (unlike 99% of the financial heavies I have run into in my lifetime) sincerely focused on saving people from financial ruin.
When you say, in effect, just give me the numbers, you bypass the massive humanitarian effort he puts into this blog.
Excepting Saturdays.

#187 CrowdedElevatorfartz on 04.24.13 at 7:11 pm

@#185 Craig
I think that someone who was “schooled” out of 108k by an immediate family member could be discussed on a financial blog……dont you?
Since the boomers are now retiring enmass to the tune of 500,000 people a year for the next 10 years…..
A discussion about how to protect your savings or your parents might be VERY appropriate…..

However, I do agree with you about the leafs and the jays. They should never be discussed here.

#188 Smoking Man on 04.24.13 at 7:29 pm

#172 Old Man on 04.24.13 at 4:20 pm#165

Smoking Man -heard this rumour that you were on the wrong side of the border gambling in Niagara at the Seneca Casino without your wife, as you had a few too many shots to drink, and some gal is looking for you, as you asked her to marry you, and she is looking for you now, as wants to chase you down.

……………..

Ha not likely, I never talk to freebees, lead a simple life..

Complicated enough, triple dipping tax farm slavery, two inventions on the go.. Mangaging my portfolio, and day trading forex like a mad man, and still squzz in time to post here, drink my wine, and a few sentences a day on the chapter rewrite….. And a but of hacking.

I’m a machine..

#189 Timbo on 04.24.13 at 7:45 pm

http://www.ratemyemployer.ca/Employers/RB/RBC-Banque-Royale-du-Canada

“Dozens of employees at Canada’s largest bank are losing their jobs to temporary foreign workers, who are in Canada to take over the work of their department.

Now their Public Relations department is in a mad scramble to cover their assets, to be blunt. I’ve had many friends come and go with RBC’s various branches and they’ve all said, “they were tormented in some way or another”… I do believe every word they told me. ”

wow are the comments brutal……..credit union anyone?

http://www.cnbc.com/id/100666684

Crude oil prices rose on Wednesday with Brent gaining more than $1 a barrel and U.S. crude up nearly $2 as stockpiles of gasoline declined in top consumer the United States, but gains were checked by the prospect of slowing fuel demand in major economies.

The mixed signals, only the shadow knows..and Garth?!

#190 Canadian Watchdog on 04.24.13 at 7:48 pm

TREB average price booster. $4.5M dollars added out of thiin air. If anyone asks, it's the new guy's fault.

#191 betamax on 04.24.13 at 7:54 pm

Vancouver Sun and Province face drastic cuts:

http://www.huffingtonpost.ca/2013/04/24/vancouver-sun-province-cuts_n_3150173.html

The Saturday Sun edition used to have 2 (two!) separate real estate sections, but the days of newspapers fattened by realtor ads are over.

More roadkill on the highway to hell for FIRE industries.

#192 45north on 04.24.13 at 8:08 pm

Post Haste: I can’t get past the fact that interest rates are so low

me neither, keeping interest rates below the level of inflation leads to a massive mis-allocation of resources. Governments and central banks know this.

I reside in Barrie Garth has indicated that price drops won’t be identical througout the country – Barrie is bucking the trend

It occurs to me that the banks and CMHC run sql queries against their data bases. They know how big the mortgages are. My feeling is that most of the owners around Barrie are mortgaged to the gills.

Tell you what. Why don’t you post back here in a year and tell us how Barrie is bucking the trend.

#193 Ukie on 04.24.13 at 8:26 pm

What happened to mad Nostradamus ?

#194 thiscountryis going down the toilet on 04.24.13 at 8:32 pm

Hyper inflation…the Canadian version..has been the 20% p/a that grocery, fuel and every other consumable has been inflating each and every year since the ZIRP was intitiated.

Look at the inflation in house prices and see an exact corelation in all other consumer products……..no it isn’t Zimbabwe…..but with wage and income gains to match the inflato-rush…..the 20% real inflation has been an effect as harsh as any citizen in Zimbabwe experianced…..

The result is the same….an avalanche in stated poverty and a tsunami of personal debt for Canadian people desperate to try and keep up with rapidly rising costs……Don’t hide behind ad hominem attacks and historical referances to distract from the reality of hyperinflation..western style …in Canada.

So my point was……if RE prices are being allowed to ‘deflate’…then why not deflate everything else that was effected by the samd failed policy?

Lets go back to 2001 and set prices back to before the policy was instituted……lets claw back all the gravy awarded to the elites……that wouldn’t be deflationary if everything was normalized would it?

The tax revenue stream to government was juiced by increasing prices…ergo the percetage return to government grew incrementally as price inflation kicked in…….subsequently the civil service all doubled and trebled their take…….whats deflationary about rationalizing an uncontrolled overhead?

Stop throwing these Liberal red herrings about gold and guns into the mix …fess up. BTW Barrick gained 8% today…in one day….an entire years gains for your balanced portfolio…..why haven’t you bought in, don’t you want to make money? Raspberry’s to you friend.

#195 Daisy Mae on 04.24.13 at 8:39 pm

#80 Beach Girl: “He has 2 daughters. The oldest took the old man to bank and had 108 thousand dollars transferred to her account. Her and her boyfriend are deadbeats. The police are involved. He hadn’t seen her in years and was happy but confused. He is crying now….”

**********************

Been there. Court action is necessary. Honesty, decency, integrity should win out. Do not give up.

#196 Devore on 04.24.13 at 8:44 pm

#178 Post Haste

And as one of the 70% of Canadians who own a home – I am about to pay off this beast within 2 years – so those who think all homeowners have the full balance to pay – wrong!

Huh? What kind of an idiot would think such a thing?

I bet nearly 40% have paid off mortgages

No need to bet. Easily found figures from 2009:

40% own without a mortgage.

Of those who have a mortgage, they collectively have 50% equity.

Over 20% of “mortgage-free” home owners have HELOCs. So hardly mortgage-free. A third of home owners with a mortgage have a HELOC.

Unlike in the US, in Canada there is little incentive to re-finance a HELOC. However, they are not necessarily CMHC insured, and are easier for banks to recall or raise rates on. Equity extraction via HELOCs has been growing at well over $10B a year for over 10 years now, this is not just a footnote. Roughly twice as much has been used for plain consumption as for debt repayment, with about 1% used to finance a small business, so so much for that idea.

#197 Daisy Mae on 04.24.13 at 8:51 pm

#101 Crowded: “b) the idiot bank manager that allowed such a transaction without sitting the old guy down privately to talk with him.”

******************

I’m not sure this is the bank managers’ responsibility. What qualifications do you expect him to have? He’s hardly qualified to make a diagnosis with regard to mental stability.

#198 Craig on 04.24.13 at 8:56 pm

” The experiment to kick-start the economy with near-zero interest rates has failed. Maybe our central bankers have figured out that low rates are what is holding back lending and hiring and growth.

Meanwhile, even as the stock market hits highs not seen since 2007, everyone on Wall Street knows interest rates will go up—although no one except Mr. Bernanke knows when. Investors are playing a game of chicken with rates, enjoying the ride but bracing for a downturn when the rates turn up. When rates go up, bonds become more attractive than stocks because you get returns with less risk.

” On May 13, 1981, the three-month Treasury bill rate was 17.01% and the Dow Industrials were just under 1000. Today, three-month rates are under 0.12% and the Dow is headed south from 14000. What should interest rates be? In January, the Consumer Price Index rose 1.6% year over year. In a normal economy with a normal Fed, short rates should be 2%-3%. ”

http://online.wsj.com/article/SB10001424127887324048904578318372831147906.html

#199 Victor V on 04.24.13 at 8:59 pm

Vancouver housing market shows signs of improvement

http://www.theglobeandmail.com/report-on-business/economy/housing/vancouver-housing-market-shows-signs-of-improvement/article11537070/

Sandra Wyant has come across tantalizing clues that she believes point to a gradual turnaround in Vancouver’s tepid housing market.

The new president of the Real Estate Board of Greater Vancouver sees modest but encouraging signs of a stalemate easing between buyers and sellers. Sales volume in the Vancouver region fell 18.3 per cent in March, compared with the same month in 2012, but there is a silver lining: Decreases in year-over-year sales have slowed since last fall, when the number of homes sold tumbled nearly 27 per cent. Another clue? An industry statistic known as the sales-to-listings ratio has improved in Greater Vancouver. “There seems to be more of a meeting of minds going on,” Ms. Wyant said in an interview.

=====================

I am still LOL’ing reading the spin on this.

#200 Dean Mason on 04.24.13 at 9:29 pm

I just searched with Google and Canada’s national debt when Harper’s conservatives won a minority government the first federal election was $462 billion in 2006 January-24-2006 and today it is 609 billion April-24-2013.This is a $147 billion in 7 years and 3 months.It is not $200 billion.

Also,this is in 7 years and 3 months not 4 to 5 years a first term only and Canada’s economy was not growing 4% to 5% a year like it did under Jean Chretien and Paul Martin’s liberals.Canada was now in a 5 year economic funk with 1.50% to 2.00% GDP growth.

#201 FerrisWheel on 04.24.13 at 10:03 pm

I as was #197 Ukie are wondering where Nostradamus is? He was one of the reasons I came to this Blog.

#202 Dr. Oblivious on 04.25.13 at 2:09 am

To Beachgirl from yesterday

Keep on top of the cops and make them do their job.

Also contact these people who are the experts and have lawyers who specialize in this field

http://www.advocacycentreelderly.org/

I truly hope this helps.

Your comment is awaiting moderation.

#203 Dr. Oblivious on 04.25.13 at 2:11 am

“157 Craig on 04.24.13 at 2:10 pm”

You’re self obsessed

#204 Dr. Oblivious on 04.25.13 at 2:25 am

Beach Girl you also need to tell the daughter to contact the office of the public guardian if she can not get a power of attourney with agreement of the father. The public guardian is a division of the attourney general.

#205 beach girl on 04.25.13 at 8:40 am

CRAMAR

The difference between that eldest daughter and myself is that I live by a code that contains 10 Commandments with the fifth one stating, “Honour your father and mother.”

____

Thanks for all the help. It is appreciated.

I made a statement to the Senior Crime Stoppers a division of the Elder Abuse line. They will investigate. They said promptly. Also the Police are involved. And a Toronto lawyer is on board. This is out of my hands now. But, I will visit him daily, the stress level is too high for him. He loves my dog and is quite isolated. The family wanted to get me something. I said buy Milkbone Biscuits for Daisy, the petite ones.

Again, thanks.

This site is valuable for information and I needed help and you provided it.

With the exception of two insensitive people. There is another word for them, but then I am deleted again. Bad for the ego. Not likely.

#206 peter on 04.25.13 at 5:20 pm

Rear view mirror financial planning. Always pointing out the asset class that has gone up the most. Same thing happened during the commodity “super cycle”. Now F.A.’s won’t touch anything related to commodities. Yield chasing today will end badly. Just a question of time.