All in this together

VEGAN

A brief follow-up on the woman starring in yesterday’s post. Kerri-Lynn McAlister is an exec at an online company selling mortgage referrals, and a media-savvy promoter. The Toronto Star’s real estate writer (Susan Pigg) featured her yesterday in a splashy piece on how condo-renters are being screwed by big rent increases. The back story: investor-landlords rake in the money and tenants suffer. Just the kind of message mortgage lenders get all juiced over.

The Star portrayed McAlister as a distraught renter. It did not reveal her position as a mortgage player, a real estate spokesperson nor someone previously interviewed by that paper as a housing expert. Until this blog got involved. Editors then went into damage control. Another writer was added to the story, the piece was rewritten to identity KLM as an insider, and the focus was shifted to the demands of a tenants’ association for more rent control laws.

In addition, this was added: “Note – April 26, 2013: This article was edited from a previous version to include the age and occupation of Kerri Lynn McAllister.

Now, this is not a seminal story by any means. Poor KLM was just doing her job, which is to trash renting and promote buying. If I ran a website churning dollars with every click-through loan referral, I’d want this little digger on my bench.

But if I ran, say, the Toronto Star, I’d be wondering, Did the writer know this information and suppress it because the ‘victim’ angle was stronger? Did the writer not bother to Google the person she devoted a half-page to? Was it a lack of ethics or competence? Or is the writer’s undeclared mandate to promote real estate ownership, since the newspaper cannot afford to lose more lineage from developers, builders and realtors?

As I mentioned yesterday, this is hardly an isolated instance. Blogs like this and Whispers from the Edge of the Rainforest have routinely detailed similar examples of media deception over the past year. It comes at the same time mainstream media outlets are in serious financial trouble. Just days ago employees at the Vancouver Sun and Province were warned of looming buyouts and layoffs in dire terms. Revenue declines, the publisher told employees, are “alarming and unprecedented.”

In a long letter begging staff to voluntarily quit, he says: “Please understand that we need your help. And if you do anything every day of the week, let it be this: ask yourself if you are part of the solution or are willing to be part of the solution. If you aren’t part of the solution, ask yourself why that it. We are all in this together and we are all fighting not only for the future of The Vancouver Sun and The Province, but for the lives and well-being of our families.”

Indeed, Postmedia, owners of the BC papers and slew of others, is bleeding $1 million per week. Advertising has fallen another 14% in the past year. Meanwhile the nation’s largest newspaper, the Star, has just announced its own ‘please-quit’ program for employees and is actually farming out production of its pages. The Globe, as you know, erected a paywall around its web site, as it also jettisoned staff.

CTV  has recently laid off on-air people, camera operators and radio hosts. The CBC’s been punting 650 employees for the past year. And Rogers, with a massive cable monopoly, shocked workers months ago with hundreds of layoffs.

The point is that revenue models no longer work for traditional media organizations because they’re based on eyeballs. As readership and viewership wither, so do the ad dollars. Gone are the days when everybody in town had the same morning paper tossed on their doorstep, or tuned in to the same supperhour newscast.

Part of the reason is the proliferation of new vehicles (I recently discovered the Fireplace Channel), plus alternative information sources like this blog. Another reason: print and TV newsrooms are whoring themselves. As media turns from useful, original content to the delivery of advertising messages, it gets irrelevant and annoying. If a paper wants to succeed, the last person shown the door should be a reporter. These days they lead the exodus.

I spent many years in newsrooms, and will never forget the first day I showed up, all shiny and new, at a small daily. The grizzled editor stood over my desk, staring at me getting organized.

“There’s no news in here,” he growled. “Get the hell out the door.”

I did. Still there.

252 comments ↓

#1 City that smells like it sounds on 04.26.13 at 5:46 pm

I think I’m first!

#2 A. Reader on 04.26.13 at 5:50 pm

> “There’s no news in here,” he growled. “Get the hell out the door.”

…and now you are — far out! ;-)

Keep up the good work!

#3 Nodebt on 04.26.13 at 5:51 pm

Early post today Garth!

#4 Tom Vu on 04.26.13 at 5:51 pm

Do not say the F word

#5 Spiltbongwater on 04.26.13 at 5:55 pm

in before Turnernation

#6 Stan on 04.26.13 at 5:55 pm

who reads newspapers, anyway?

#7 mike on 04.26.13 at 5:57 pm

Good reading. Quite early today.

#8 LH on 04.26.13 at 6:03 pm

Funny picture. Took me a several seconds to get it.

By the way, has anybody noticed C01 is still alive and well, parts of C02 close to Bloor are still prime (72 Walmer sold for 2mm+) and inventory near the U of T St. George campus is even harder to find than houses near Long Branch station!

Condos and surburban SFH’s may crash and burn, but downtown has thus far been an island of stability.

#9 george on 04.26.13 at 6:04 pm

Latest household credit numbers (to the end of March 2013) from the Bank of Canada:

http://credit.bankofcanada.ca/householdcredit

Latest business credit numbers (to the end of March 2013) from the Bank of Canada:

http://credit.bankofcanada.ca/businesscredit

#10 Canuck Abroad on 04.26.13 at 6:10 pm

I think that “print and TV newsrooms are whoring themselves” is the main reason, certainly for me. Do newspapers not realise we are getting our news from several, possibly dozens, of sources from all over the globe? So their business of talking down to us like we are gullible morons won’t work anymore.

And where did investigative journalism ever go? This used to be a way for an ambitious journalist to make a name for himself. Now such a journalist has to worry about being branded a whistlerblower and undermined in some way, or that they will be hauled up on charges for exposing state secrets, or at the very least having their careers destroyed, not made.

Until this changes I won’t be spending a penny on newspapers. And this is from somebody who used to buy three or more a day.

#11 Victor V on 04.26.13 at 6:13 pm

For those of you who took the time yesterday to visit KLM’s facebook page to comment on this issue, you’ll sadly find that she has deleted all your ‘negative’ posts.

https://www.facebook.com/photo.php?fbid=548410371878570&set=a.169424389777172.54821.119614878091457

I’m fine with moderation and many online sites need to perform that function (including this blog), but for KLM to willfully remove civil yet critical comments that speak to the fakery that was exposed here is simply inexcusable. This is censorship, pure and simple.

#12 AngryMan127 on 04.26.13 at 6:14 pm

So why doesn’t someone “get the hell out the door” and report accurate numbers on foreign ownership of residential property?

#13 frank le skank on 04.26.13 at 6:17 pm

Did you get your hands on some lobster yet?

#14 Fzzz on 04.26.13 at 6:21 pm

Good read again! Garth leads the pack!

After Izzy Asper gutted Western Canada’s news media the internet became our saving grace. Nosty openned a lot of doors for alternative news and while some of it may seem very over-the-top, it is always refreshing to be allowed to determine what was bunk as opposed to having someone else’s view shoved down your throat.

#15 Chris L. on 04.26.13 at 6:25 pm

Good riddance. Tv is next!

#16 Victor V on 04.26.13 at 6:29 pm

Here is the link to the updated KLM article in The Star. Feel free to leave your comments there; at least they are not censoring comments entirely:

http://www.thestar.com/business/real_estate/2013/04/25/rent_control_loophole_blamed_for_twotiered_system_of_renters.html

#17 happity on 04.26.13 at 6:30 pm

TRUST

Where is the trust in mainstream media?

Where are the heart warming and comical tv shows of yesteryear?

Fireplace channel is one of the few.

#18 JO on 04.26.13 at 6:31 pm

Slowly but surely, the debt bubble and devastating destruction of demand hits the economy. Over the last 8-10 yrs, some say 30 yrs, a significant part of the aggregate demand and nominal GDP has been seriously inflated by cheap and subsidized debt.

The massive flow of cheap debt helped create a spectacular but false prosperity. The rate of growth in debt in Canada has been about 2-3 times higher than GDP since the early 2000’s…while the average person thought the economy was booming, it was actually a massive tax on the lower and middle class.

Gov’t tax revenues inflated, FIRE sector execs got filthy rich as people with no money gambled on houses thanks for 20 to 1 leverage backed by taxpayers, and yet the average person can no longer afford to buy a house or save money…

Now it’s payback time, and man, is it going to be a bitch.
JO

#19 Corey Zamara on 04.26.13 at 6:34 pm

Wow – this is the first time I’ve read an article of your’s with 0 comments…I guess all media is suffering :p

#20 Pavlo on 04.26.13 at 6:34 pm

Hey that is my photo. And I still rent and living debt free! Thanks to this blog :D

#21 ravi on 04.26.13 at 6:35 pm

I have to sell, but what to do with the money? Anyone know a good or even an average finalcial advisor?

#22 VINCE on 04.26.13 at 6:35 pm

GARTH, WHAT ARE YOU PERSONAL SHORT & LONG POSITIONAL PICKS FOR THIS YEAR?

CHEERS!

#23 Derek R on 04.26.13 at 6:37 pm

Are you on double daylight savings, Garth?

#24 Bill Gable on 04.26.13 at 6:52 pm

Mainstream media is as dead as F’s brain stem.

Newspapers? Right, even the NYTimes are crying.

Radio? Forget it, Jack. I can tune a zillion stations on this app on my iPhone.

They just ran a list of the 200 WORST jobs to have right now. Bottom of the list #200 – yes folks – being a journalist.

Without reporters chasing stories – we get lied to, and no one gets to the bottom of the stories like “Mr. 3%, in Montreal”. Everyone suffers.

Heck, even Jeff “The Hangman” Zucker, at CNN, says that Twitter ‘scares’ him.

This Blog provides answers to many questions a lot of us have. We can read Mr. Turner on varying platforms, when we want – where we want. No matter.

Running home to ‘tune in’ the six o’clock news is OVER. In Vancouver the TV packages are drawing less than a 2.0 share at 6 PM.

I spent 45 years in media.

When I was a whelp – the newsroom at every radio station I worked at, had bustling newsrooms, cruisers, city hall reporters, and crime beat people that invariably drank the hard stuff out of paper cups.

Now? I could take you through a Radio station, that Mr. Turner knows well – and the newsroom has tumbleweeds.

All the experienced journalists and writers have been fired – or are about to get dropped.

That letter ‘begging people’ to “do the right thing” – and take a buyout – at the Vancouver Province and Sun, was the most disgusting piece of self serving drivel I have read since some of Flaherty’s speeches.

Say hello to the “New Era” – in journalism.

#25 Marvin on 04.26.13 at 6:52 pm

It is clear that the Toronto Star has its own agenda it does not admit to its readers, whether it be to make more money off of advertising by promoting bad investments like Toronto condo’s, or promoting the Metro Tenants an extremely radical group closely tied to the rioters at OCAP.

There is some other good information from the Toronto Sun on this radical tenant group and their ties at
http://www.torontosun.com/comment/columnists/sueann_levy/2010/11/18/16209761.html

It you check out this website
http://www.causepimps.ca/FMTA/fmta.html and in particular
http://www.causepimps.ca/FMTA/metrotenants.html
you will find out that the Federation of Metro Tenants Associations was founded by the Communist Party of Canada and is closely interrelated to OCAP, the Ontario Coalition Against Poverty known for the riots they organize in Toronto.

#26 Dorf on 04.26.13 at 6:53 pm

“Another reason: print and TV newsrooms are whoring themselves. As media turns from useful, original content to the delivery of advertising messages, it gets irrelevant and annoying.”

Too me, it is the main reason. I have to have a computer and an internet connection to read alternative sources, I can pick up a paper anywhere.

Why would you pick up a paper, if all you read in it is a front to back column by Tokyo Rose ?

#27 Your money is MY money on 04.26.13 at 7:04 pm

It appears that as a depositor at a bank ou are an unsecured creditor and the last in line in the event of insolvency.

“never happen in this country”

http://www.globalresearch.ca/no-bank-deposits-will-be-spared-from-confiscation/5332743

Absolute paranoid crap. — Garth

#28 Roy on 04.26.13 at 7:08 pm

The print and TV newsroom media sucks, they are “whoring themselves” to the real estate industry.

They really are all in this together… the print and news media, the bankers, the brokers, the realturds, the Brad Lambs, the bank economist shills, the biased realty boards, and the MLS property system FOR REALTORS are all in this together. It’s one happy family of con artists preying on the gullibility of the entire population. Their message- if you don’t like it eat cat food.

#29 Not 1st on 04.26.13 at 7:11 pm

Ahhh, another dinosaur industry being put out if its misery. Got to love it. Think of all the trees that gave their lives for news rags.

#30 drydock on 04.26.13 at 7:11 pm

Two years ago i came out of the Lionel Groulx subway station and the Montreal Gazette had people giving the paper away.
A lot of people dumped them into a garbage can without breaking stride to the buses.
I don’t know if they still do it i haven’t been downtown for quite a while.

#31 Your money is MY money on 04.26.13 at 7:13 pm

I am very surprised it has taken this long for many mainstream media outlets to reveal that the business model is not suitable any longer.

Similar situation for the post office.

Too much life support being pumped into businesses that no longer generate profit.

#32 Your money is MY money on 04.26.13 at 7:18 pm

Absolute paranoid crap. — Garth

Stockbrokers, financial advisors, and financial salespersons next on the block – along with real estate agents and insurance types.

The FIRE is dying.

#33 Bryn on 04.26.13 at 7:20 pm

I’ve been following your advice for the past bunch of years Garth… Today I made my very last payment ever on my consumer debt and I’m now a very happy debt-free renter with a small but growing money pile, invested in a variety of ETFs all paying me to own them. Thanks for saving my financial future!!

#34 Your money is MY money on 04.26.13 at 7:23 pm

Oh and by the way real estate in Calgary and Edmonton areas is doing very well and the spread between Western Canada Select and WTI crude oil has narrowed to the 10 spot range.

#35 Nosty El Mad Diablo on 04.26.13 at 7:24 pm


Welcome my friends, to the show that never ends, akin to an enema or a whole, large pig being turned on a spit, blackened to perfection on the outside while stewing on the inside.

*
#90 Smoking Man — “Go out and beat the world at its own game. Its fun….”
#153 Mike T. — “if you want to change the world, change YOUR world”
— and —
#14 Fzzz — Damn right it’s fun! However, life has become so fast for the better half and I that there is hardly any time to keep up with Garth’s postings and comments, time is flying by. But something replaces that, and so we move ahead.

#134 TurnerNation — “Some will soon learn: the world is ruled by violence, not by democracy. “We know he has….” — To this day, only one nation (the US) has ever used nuke WMD, on Hiroshima and Nagasaki. Both of these weapons were used less than a week after Japan surrendered.

No one else has.
*
Nuclear Fusion Endless supply of clean energy? Confirmation that six companies own 96% of the m$m, so it’s a good idea to avoid them; Gold and Silver So why is it disappearing, who is buying it and for what reason? Where is Germany’s gold? Boston bombings WH planned them for (1) gun control, and a new police state (drones, which don’t need a paycheque or benefits), while the human aspect is frozen out, here and here; 0:37 clip RCMP confirm FF on Toronto – NY train; 16:07 clip Cdn. media exposes SSRIs.

L8r g8tors!

#36 Soylent Green is People on 04.26.13 at 7:29 pm

Vegetarian is a First Nation word that means “bad hunter.”

…..

No Way Through

Imagine if London, England was occupied by Israel http://youtu.be/dYamviV7ZSY 7m vid #cdnpoli #freeGaza

I need one of these for Canada pls

o
o
o
o

#37 Scott in Gibsons on 04.26.13 at 7:29 pm

Well done Garth. You’ve discovered that the media deceives consumers and “whores” itself to the highest bidder. I guess corruption and conspiracies exist when YOU say so. Hopefully one day you’ll discover the truth about bankers and their co-conspirators……

Go ahead. Tell us the truth. — Garth

#38 anne on 04.26.13 at 7:37 pm

that pic is proof that there is no meat in hotdogs!

#39 CrowdedElevatorfartz on 04.26.13 at 7:39 pm

First the Eaton’s catalogue, now the Sun newspaper chain may go extinct?
Can I wipe my bum with an Ipad?

Get a cover. — Garth

#40 Cici on 04.26.13 at 7:48 pm

Hilarious picture, brings me back to the good ol’ days when I did my time as a vegan. My will power ran dry after three good years of veganism, so I too am now a proud sausage eater.
Oh well, at least I didn’t get the tattoo. He needs to laser over that sucker with “porker.”

#41 Dr. Hoof - Hearted on 04.26.13 at 7:54 pm

Re Media etc.

Like everything else…..they hit a wall. Things cannot grow ad infinitum.

However, I think a lot are waking up to the fact that MSM has allowed itself to be prostituted, but is running out of virgins.

Reading that Anderson Cooper was in intern at the CIA…yawwnnn….those stories ooze out all the time. Much of the media is simply gov’t agents and propoganda spewers .

Its amazing what goes on behind the scenes, but one has to become aware of it.

#42 Dr. Hoof - Hearted on 04.26.13 at 7:55 pm

#35 Nosty El Mad Diablo

Welcome back Vlad !

#43 Rai on 04.26.13 at 8:00 pm

Vancouver is where you send money to die right now and for the future. There is no industry whatsover anywhere across Vancouver. Just make to believe that you buying a home near main and hastings or near cambie and 16th will be worth hundreds of thousands more in the next two years. Keep dreaming. All those homes are old. Sewers. And the values will plummet. Guaranteed Vancouver is royally pooched across all real estate markets.

#44 Rai on 04.26.13 at 8:03 pm

Since when do complete gut jobs make a million? idiocy prime buy stupid boomers that have no concept of reality. Go to Crackshack or mansion.com and see for yourselves. The idiocy lies in those that are working and taking out mortgages to live this lifestyle and failing miserably.

#45 Rai on 04.26.13 at 8:04 pm

Crackshack or mansion

here it is, look at it. Keep looking at it. THis is what Vancouver has become.

http://www.crackshackormansion.com

#46 Nemesis on 04.26.13 at 8:05 pm

Kudos. &ThankYou.

No. That’s just not good enough… Let’s have MegRyan respond properly, instead…

http://youtu.be/eFpnPZpFTEk

As a Writer with impeccable BonaFides, I suspect you know the apropos aphorism all too well…

[Aside: TheWriters’ jealously was – for the most part -Well&TrulyJustified; please remind me to tell you about my shocking reply to the SaturdayNight Editor’sQuery, “Do you have LongLenses?” sometime. PS – Meg’s a real SweetHeart. Should’a kissed her when I had the chance. Decorum prevailed. Sometimes… ingrained training is a BloodyNuisance. I’ll bet SmokingMan would have SeizedTheMoment, though.]

#47 Smoking Man on 04.26.13 at 8:10 pm

MSM is over, no independent journalists left, other than the great garth who had the vision, flipped harpo the bird, you knew you bugger, there was a writer trapped behind that girly vonce of yours.. No way after the first gray hair you spotted on your body were you ever going to take an order from dumb stupid shit editor..

MSM is just a scripted infomercial for the stats quo.. No news, just concensus herding..

I haven’t read a paper in years, the only time I glance at the TV is when some nice cleavitch gets my attention, my dog watches more than I do waiting for the fido commercial so she can bark at the dogs.

The machine is in trouble, it lost it’s cattle prong, it’s whip.. Now At the mercy of popular I dependant scribes….

I love it….

#48 Bob on 04.26.13 at 8:12 pm

I e-mailed Ms. Pigg yesterday expressing the annoyance with her articles and why she just re-hashes TREB press releases. I asked her why she doesn’t bother covering interesting topics like TREB’s massaging of their numbers, and she replied to me today:

Funny enough, bob I’m working on a piece on TREB’s manipulation of the numbers right now.

Are times-a-changin’ at The Star thanks to feedback from readers? We shall soon find out.

#49 blok existentialist on 04.26.13 at 8:15 pm

A free society cannot exist without a free press.
I still maintain hope of a phoenix rising from the ashes … that internet reporting will someday achieve the same kind of credibility that newspapers once deservedly enjoyed.
One blog at a time, I guess. Don’t let the bastards get you down, Garth.
And for those of you too young to remember what newspapers once struggled to achieve on a daily basis, imagine what passes for the news these days rewritten to the standard below:

THE JOURNALIST’S CREED (1906, Walter Williams)
I believe in the profession of Journalism. I believe that the public journal is a public trust; that all connected with it are, to the full measure of responsibility, trustees for the public; that all acceptance of lesser service than the public service is a betrayal of this trust.
I believe that clear thinking, clear statement, accuracy and fairness are fundamental to good journalism.
I believe that a journalist should write only what he holds in his heart to be true.
I believe that suppression of the news, for any consideration other than the welfare of society, is indefensible.
I believe that no one should write as a journalist what he would not say as a gentleman; that bribery by one’s own pocketbook is as much to be avoided as bribery by the pocketbook of another; that individual responsibility may not be escaped by pleading another’s instructions or another’s dividends.
I believe that advertising, news and editorial columns should alike serve the best interests of readers; that a single standard of helpful truth and cleanness should prevail for all; that supreme test of good journalism is the measure of its public service.
I believe that the journalism which succeeds the best, and best deserves success, fears God and honors man; is stoutly independent; unmoved by pride of opinion or greed of power; constructive, tolerant but never careless, self-controlled, patient, always respectful of its readers but always unafraid, is quickly indignant at injustice; is unswayed by the appeal of the privilege or the clamor of the mob; seeks to give every man a chance, and as far as law, an honest wage and recognition of human brotherhood can make it so, an equal chance; is profoundly patriotic while sincerely promoting international good will and cementing world-comradeship, is a journalism of humanity, of and for today’s world.

#50 All in this together — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate | The Affluent Boomer™ on 04.26.13 at 8:18 pm

[…] A brief follow-up on the woman starring in yesterday’s post. Kerri-Lynn McAlister is an exec at an online company selling mortgage referrals, and a media-savvy promoter. The Toronto Star’s real estate writer (Susan Pigg) featured her yesterday in a splashy piece on how condo-renters are being screwed by big rent increases. The back story: investor-landlords rake in the money and tenants suffer. Just the kind of message mortgage lenders get all juiced over. Continue reading → […]

#51 AisA on 04.26.13 at 8:21 pm

Alternative media has been MOPPING the floor with MSM for about 10 years now. Does it need to be taken with a grain of salt, no, a pound is the minimum! BUUUUUUUUT as opposed to MSM, AM carries with it the “believe what you will” moniker as opposed to the MSM “WTFISTHISH*T addendum.

The other day, I spent 15 minutes arguing with an accountant about the merits of real estate given current evaluations. After about 16 minutes I ended up listening to a half hour long tirade about the banks and the idiots that provide them their profits. GO FIGURE.

#52 Mike T. on 04.26.13 at 8:23 pm

What an appropriate time to look at some of the history and early days of mass media and the newsprint business….being as these may be the last days of this medium. This deal specifically witht he US

http://en.wikipedia.org/wiki/William_Randolph_Hearst

the best part was the invention of ‘yellow journalism’

‘As Martin Lee and Norman Solomon noted in their 1990 book Unreliable Sources, Hearst “routinely invented sensational stories, faked interviews, ran phony pictures and distorted real events.” This approach came to be known as yellow journalism, named after the The Yellow Kid, a character in the New York World’s color comic strip Hogan’s Alley.

Hearst’s use of yellow journalism techniques in his New York Journal to whip up popular support for U.S. military adventurism in Cuba, Puerto Rico and the Philippines in 1898 was also criticized in Upton Sinclair’s 1919 book, The Brass Check: A Study of American Journalism. According to Sinclair, Hearst’s newspaper employees were “willing by deliberate and shameful lies, made out of whole cloth, to stir nations to enmity and drive them to murderous war.” Sinclair also asserted that in the early 20th century Hearst’s newspapers lied “remorselessly about radicals,” excluded “the word Socialist from their columns” and obeyed “a standing order in all Hearst offices that American Socialism shall never be mentioned favorably.” In addition, Sinclair charged that Hearst’s “Universal News Bureau” re-wrote the news of the London morning papers in the Hearst office in New York and then fraudulently sent it out to American afternoon newspapers under the by-lines of imaginary names of non-existent “Hearst correspondents” in London, Paris, Venice, Rome, Berlin, etc. Another critic, Ferdinand Lundberg, extended the criticism in Imperial Hearst (1936), charging that Hearst papers accepted payments from abroad to slant the news. After the war, a further critic, George Seldes, repeated the charges in Facts and Fascism (1947).

Although he frequently lambasted magnates such as JP Morgan and the Vanderbilts in public, in private Hearst entered into partnership with them in lucrative ventures such as the Cerro de Pasco mines in Peru.’

Doesn’t look like much has changed.

That is why it is refrshing to see corners of the internet like this place.

#53 Soylent Green is People on 04.26.13 at 8:27 pm

Yellow Journalism

Asked to give a toast before the prestigious New York Press Club, John Swinton, the former Chief of Staff and editorial writer at the New York Times, made this candid confession at a banquet held in his honor in 1880, nearing the end of his career:

http://constitution.org/pub/swinton_press.htm

“There is no such thing, at this date of the world’s history, as an independent press. You know it and I know it. There is not one of you who dares to write your honest opinions, and if you did, you know beforehand that it would never appear in print. I am paid weekly for keeping my honest opinions out of the paper I am connected with.

Others of you are paid similar salaries for similar things, and any of you who would be so foolish as to write honest opinions would be out on the streets looking for another job. If I allowed my honest opinions to appear in one issue of my paper, before twenty-four hours my occupation would be gone.

The business of the journalist is to destroy the truth; to lie outright; to pervert; to vilify; to fawn at the feet of mammon, and to sell the country for his daily bread. You know it and I know it and what folly is this toasting an independent press. We are the tools and vassals of the rich men behind the scenes. We are the jumping jacks, they pull the strings and we dance. Our talents, our possibilities and our lives are all the property of other men.

We are intellectual prostitutes.”

[It’s worth noting Swinton was called “The Dean of His Profession” by other newsmen, who admired him greatly]:

#54 Cici on 04.26.13 at 8:30 pm

#21 Ravi

You could try Garth. His fees are probably reasonable.

#55 Maggiewemissyou on 04.26.13 at 8:34 pm

The late Margaret Thatcher had a strong view about consensus. She called it: ‘The process of abandoning all beliefs, principles, values, and policies in search of something in which no one believes, but to which no one objects.’ The same applies to most market forecasts,”

#56 waiting on 04.26.13 at 8:41 pm

You should debate KLM. If she’s so successful at flogging mortgages, why doesn’t she have one herself? Seems like she’s decided it’s better to rent than own.

#57 Ottawa on 04.26.13 at 8:43 pm

Has anyone yet asked why a professional in the mortgage industry is one of the minority that rents instead of owns?

I’ll have to check out the fireplace channel – there is also a fascinating magazine dedicated to aprons called “the apronist.”

#58 waiting on 04.26.13 at 8:48 pm

#57 Ottawa – we must have had the same thought at the same time …

#59 economictsunami on 04.26.13 at 8:54 pm

Garth:

Any thoughts about The BOJ and inflation targeting?

Are the markets and recent US economic data telling The Fed that $85B is not enough?

Last week one of The Fed governors stated that low rates might be in place for another 5 to 10 years.

Are Americans turning Japanese? I really think so…

#60 Retired WI Curmudgeon on 04.26.13 at 8:59 pm

MSM. Yeah, still there. We have cable TV satellite radio, of course the old AM/FM channels, and more crap on the Internet than we can ever eyeball, or use.

I still get a daily paper on Sat. & Sunday. The other days, the local fish-wrapper isn’t worth the cost.

Today’s question should be:

What IS Truth?

Dare I say MSM lost truth, or perhaps never actually HAD it?? I find the stories from varied sources very different, and while perhaps disquieting, actually very revealing.

So, who do you trust?

MSM…..Internet sites…..non-commercial radio….satellite broadcasts…..gossip……preachers…..your spouse….or, voices in your dreams??

#61 MaryContrary on 04.26.13 at 9:02 pm

Two very conflicting ‘news’ stories coming out of the LM today. First this morning is a report from the Conference board of canada saying resale housing market is moving towards a more balanced position. Due in part to sellers removing listings or selling at a loss. ‘Balanced’. (News 1130 link won’t paste in)

Several hours later same news outlet produces a story contradicting itself (as I feign surprise). It indicates the rise in COL and stagnant wages, coupled with a mountain load of personal debt, particularly with mortgages, are responsible for a jump in bankruptcies.
http://dlvr.it/3HkVb9

But hey, it’s different here. and the media can be trusted. In Garth Veritas. (how’s that for an ego boost from this amazon?)

#62 Paully on 04.26.13 at 9:08 pm

One of my former neighbours asked me last night: “why on earth would you rent?” He just cannot believe that real estate could ever fall in value. Of course, he has bought a new house, while his current home remains unsold, so he now owns two homes. The irony is totally lost on him.

#63 45north on 04.26.13 at 9:12 pm

The back story: investor-landlords rake in the money and tenants suffer.

we rented out the upstairs to a young girl with a baby, my wife and I cleaned up a stroller and gave it to them. A few days later, the boyfriends moved in. According to the Ontario Landlord Tenant Act I couldn’t kick them out. One dark night, two of Toronto’s finest stood behind me while I told the boyfriends to leave. The next day the girl and her friends moved out. Thank God for the Toronto police.

The Landlord Tenant Act seriously discards the rights and interests of the landlord. This imbalance is the direct cause of lack of quality rental housing.

#64 Freedom First on 04.26.13 at 9:13 pm

Bravo Garth! Made’em edit the article. No retraction from them either…..even better! With every movement they make, liars, cheats, thieves, all of the unethical reveal themselves more and more. Sociopaths=No conscience.

Honest men have 6-pack-abs and balls of steel. We rock!

#65 Canadian Watchdog on 04.26.13 at 9:15 pm

New Flaherty Rules Threaten Mortgage-Backed ABCP: Canada Credit

Why is Flaherty now going after non-bank lenders? Here's one of many stories from a non-bank lender's mortgage portfolio, MCAP.

Ms. Halbersma provided her Canadian Citizenship documents and driver's license to Mr. Montorio in the context of the immigration matters for her relatives, as well as her 2006 notice of assessment which showed income of $37,611. Unbeknownst to her, MCAP received from the broker documents which she testified were false: a letter from Worldwide Employment Agency Inc. confirming that she was employed there as a senior office administrator making $105,000 a year since August 6, 2006

And they said Canada has no subprime mortgages. Pffft.

#66 Soylent Green is People on 04.26.13 at 9:16 pm

Who Killed Canada
Media Ownership and the Radical Right in Canada

http://www.youtube.com/watch?v=d8D67YiLcOM
http://www.youtube.com/watch?v=fiurWhmOIgk&feature=related
http://www.youtube.com/watch?v=iRnZ43wxGvY&NR=1
Part 1, 2 & 3. Note: each video about 10 minutes long

No time for video? Read review instead:
http://pushedleft.blogspot.com/2009/11/under-stephen-harper-we-are-no-longer.html

Mr. Hurtig begins by discussing the Canadian media and how we now have the greatest concentration of media in the western world. In fact, he states this would simply not be allowed in any other western democracy.

And since these same media outlets control newspaper, television and radio news; we are essentially only being given one voice. There are few or no alternative views. As stated in the video, a healthy democracy should foster a healthy and independent news media.

http://pushedleft.blogspot.com/2009/11/under-stephen-harper-we-are-no-longer.html

o
o
o

#67 jess on 04.26.13 at 9:21 pm

hypocrisy

SPIEGEL ONLINE: Do Swiss politicians now see the country’s role as a finance center in a more critical light

Ziegler: Not in the least. The structure of the Swiss ruling class is rock-hard, and unchanged since the time of Napoleon. They sit on their mountains and lecture the world on democracy. It’s an unbelievable show of self-satisfaction and arrogance…

http://www.spiegel.de/international/europe/sociologist-jean-ziegler-says-swiss-banks-plundering-german-treasury-a-896689.html

gag odours
http://www.guardian.co.uk/commentisfree/2009/mar/19/barclays-tax-guardian-injunction

Uli Hoeness at a soccer match last October.
Bayern Munich President Uli Hoeness, the most powerful man in German club soccer, faces a steep fall from grace following weekend revelations that he is under investigation for tax evasion on a large Swiss bank account. Politicians are criticizing the football icon, who has been a vocal critic of corruption.

#68 Outside of T.O., GTA is melting down !!! on 04.26.13 at 9:26 pm

Today I had the curiosity to see what is going on outside of the T.O. RE market. This is shocking, at least for me. This confirms what Garth was saying. Out of 416 it will be bloodshed. These are the listings that sold in the last 11 days. I could not load all of them in the interactive map, you will have to download the picture included in the post (click on it). For example you can not see Brampton on the interactive Google map but believe me it is bad.

**I am still struggling to find a solution to upload the 10M picture somewhere so if it is not there play with the interactive map for now and please come back later to see “the big picture” that includes Barrie (bonus) and Brampton.

Enjoy!
http://recharts.blogspot.ca/2013/04/outside-of-to-gta-is-melting-down.html

#69 Dean Mason on 04.26.13 at 9:27 pm

To economictsunami #60

The central banks and governments are desperate.Desperate times call for desperate measures.It will not work.This is just an excuse to suck more money out of people’s hard worked savings and investments with ridiculously low interest rates so you will put all your money in much riskier investments.
This is a new form of usury by the borrower not the lender.

I have a friend who visits his family in Japan once a year and he told me that the more government and bank of Japan keeps talking about trying to raise inflation to 2% and inflate real estate,Nikkei 225, stock markets, the more people retrench and save even more. They older Japanese remember the stock market and real estate long slide and don’t want anything to do with it.

They feel more cautious and save more and spend less.I think Japan over the next 5 years will still be in an economic malaise.

#70 HD on 04.26.13 at 9:50 pm

#33Bryn on 04.26.13 at 7:20 pm

Congrats on repaying your consumer debt.

Feels great doesn’t it?

Best,

HD

#71 Andrewski on 04.26.13 at 9:51 pm

Re: #1 City that smells like it sounds;

You, Sir, are vapid…

#72 Smoking Man on 04.26.13 at 9:52 pm

I need to leave this country 4 weeks of summer sucks

#73 jan on 04.26.13 at 9:56 pm

DELETED

#74 MontrealReader on 04.26.13 at 10:00 pm

Anybody knows a good/reliable real estate blog for Montreal? Any alternative media for Montreal?

You can find good information alternatives out there for Vancouver or Toronto, but I need something for Montreal. (even if it’s in French)

Thanks in advance

#75 45north on 04.26.13 at 10:03 pm

Bill Gable: I spent 45 years in media.

I did not know that.

Marvin: It is clear that the Toronto Star has its own agenda … promoting the Metro Tenants an extremely radical group closely tied to the rioters at OCAP.

http://en.wikipedia.org/wiki/Ontario_Coalition_Against_Poverty

blok existentialist: THE JOURNALIST’S CREED (1906, Walter Williams)

http://en.wikipedia.org/wiki/Walter_Williams_(journalist)

#76 Rob on 04.26.13 at 10:06 pm

Why are they asking people to quit? Is it cheaper then to pay a severence package? If you quit do you qualify for employment insurance? Is it to protect the companies reputation (shareholder selloff ) from negative news coverage? Sounds like they really have the best interest of quiting employees and their families.

#77 Keith in Calgary on 04.26.13 at 10:06 pm

It appears that as a depositor at a bank you are an unsecured creditor and the last in line in the event of insolvency.

“never happen in this country”

http://www.globalresearch.ca/no-bank-deposits-will-be-spared-from-confiscation/5332743

Absolute paranoid crap. — Garth

—————————————-

Garth……..

Why do we have limits on deposit insurance then ?

So, I decided to fix that rebuttal for you. Saying it in Greek seems much more fitting.

Απόλυτη παρανοϊκός χάλια. – Garth

#78 Ret on 04.26.13 at 10:10 pm

In every election, the Editor of the Hamilton Spectator feels compelled to recommend who would be the best party or person to lead. What unmitigated gall. Does he think that he is running the Politburo? Subscription cancelled.

The way I see it, why waste $20 a month? I’ve got a wife to tell me what to say, think, feel and do and it costs me nothing!

#79 Ronaldo on 04.26.13 at 10:13 pm

#31 – Your money is My money –

”Similar situation for the post office.”

Friend who is a mail carrier told me that 90% of the mail she delivers nowadays is junk mail. From the looks of what I’ve taken from my mailbox this week, I would say she is not far off. Methinks there is a rude awakening coming to that group.

#80 MontrealReader on 04.26.13 at 10:18 pm

#32

“The FIRE is dying”

wise words. this simple sentence says a lot…

#81 Shawn on 04.26.13 at 10:23 pm

Newspaper Business…

It’s a tough business. Warren Buffett has been in it for about 40 years. His Buffalo News is no longer nearly as profitable as it once was. But he made a fortune on it in the earlier years.

His shares in the Washington post purchased for $11 million in the 70’s have paid him massive cash dividends over the years and were once worth well over one billion but have slipped well below that mark. He refuses to sell the shares for a variety of reasons (like he gave his word that he was buying for keeps when he bought those shares decades ago).

Warren’s early grub stake came in good part from his paper routes in Washington D.C. where as a teenager he delivered 3 massive paper routes each day and saved up about $10,000 as a result. Big money in the 1940’s.

Warren Buffett helped write a story for his weekly Sun Newspaper of Omaha that exposed certain unsavory financial matters at Boys Town and earned the newspaper a Pulitzer prize the trophy of which now resides in Buffett’s office.

In other words Buffett REALLY knows newspapers.

In 2012 Buffett bought a chain of little community newspapers and explained that those are the type of papers that can make money.

In his 2012 annual letter and in an open letter to his editors he wrote about what a newspaper needs to do to make money today.

Apparently not everyone is listening. La Presse in Montreal has embarked on a course 100% opposed to what Buffett suggested. Ah, but what does Buffett know?

#82 Aristotle, Cicero and Plato on 04.26.13 at 10:32 pm

Απόλυτη παρανοϊκός χάλια. – Garth

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

Its all Chinese to us.

#83 Dr. Hoof - Hearted on 04.26.13 at 10:36 pm

I read once the newspapers were very profitable….ie in the 20% profit range.

Those days are long gone…people have too many options.

People will son develop Ipads as a 3rd limb….

#84 Coho on 04.26.13 at 10:38 pm

Posts #49 vs #52 are pointers to the opposing energies in this world. The Journalist’s Creed in #49 reads like it was divinely inspired. Post #52 reads like the dominant very dark force that controls this world — the one that crucified Jesus for standing up to the moneychangers and telling the few that would listen that this world is of the Anti-Christ and that He may be IN this world but not OF this world.

Post #53 is interesting where a highly respected journalist admits there is no real free press. Lies and half-truths are promoted while Truth is stifled. And what is sad isthat too many people don’t even want to know the truth because of the implications and the fear and/or guilt deep within for having succumbed to ‘The Machine’ to make things easier for themselves. In other words, they gave up their Will with the defeatist mindset t hat if you can’t beat them, join them.

#85 Canadian Watchdog on 04.26.13 at 10:50 pm

This is a table of a few recent Toronto home sales. What the table shows is the difference between recently sold prices and the last price (what realtors and boards want you think prices are falling by) and from recently sold to the highest asking price listed within the last few years. The idea here is to quantify the discrepancy between TREB's  reported Sale Price / Last List Price and actual Sale Price/ Original List Price.

Note: The table above may compare recent MLS sales by the owner to any previous owner's listings. In most examples, asking prices are from the owner who recently sold.  

Remember folks, always always always ask a realtor for full price history disclosure on the home you are buying and neighboring homes for reference. If you don't demand this info, a realtor is always going to show you the last inflated list price, which tells you nothing about how desperate and low a seller was willing to go.

#86 FTP - First Time Poster on 04.26.13 at 10:52 pm

If you aren’t first true to yourself, who will rely on you?

This is the adage that now faces the MSM. They’ve whored themselves out to political and big business – how did Duffy and the chubby “blonde” bimbo become Senators you ask?

I can read things on the web that are then reported by the highly touted “Edmonton Journal”, a CanWest rag, a whole 3 days later as being ground breaking! What a joke. Remember when you’d watch the CBC in the early 80’s and politicians would have their feet held to the fire? Pffft..not anymore.

#87 Yellow Rox Rock on 04.26.13 at 10:53 pm

The Banksters Garth… the Banksters!

#88 Chickenlittle on 04.26.13 at 10:53 pm

#68 Outside of TO…

VERY TRUE! I just moved today to another rental and my landlord (former) has STILL not sold the house in spite of a 10% decrease in price.

Her agent told her he GUARANTEED that he would sell her house last weekend….didn’t happen. He then told her nothing was selling in her area (Mississauga).

Maybe it is because $740K is A LOT of money!

#89 Notta Sheeple on 04.26.13 at 10:57 pm

Post media is bleeding $1 million a week?

Looking forward to the day when they request that criminal commoner, Lord Black of Cross-Dresser, to ‘be part of the solution’ and exit the building…

#90 Craig on 04.26.13 at 11:05 pm

lmao: “This article was edited *form* a previous version to include Kerri Lynn McAllister’s occupation.”

I guess their outsourced writers from india worked hard for that one!

#91 Cici on 04.26.13 at 11:12 pm

If you ask me you are all being fooled big time.

There’s still money to be had in newspapers and TV and even radio, but there’s more money to be had for the right-wing boys that run the media conglomerates in gutting the free press completely.

Heard about the Charbonneau Commission in Quebec? If there weren’t any newspapers you probably never would have. And because they are dumming the newspapers down more and more every single day (there’s hardly any “news” left–it’s been overrun by the fashion, culture and lifestyle sections), we’ll never really get the full story on the full extent to which corruption is amidst here in Quebec, or elsewhere in Canada for that matter.

But here’s a fun little snippet of info: Québec media empire magnet Pierre Karl Péladeau was just recently appointed chairman of the board of Hydro Quebec, which just happens to be Canada’s largest power utility.

So to all of you celebrating the death of newspapers and mainstream media, you’re also celebrating the death of responsible citizenship, and the one of the last vestiges for democratic freedom and forum. “Alternative media” has a role, but they can’t keep up to daily national, regional and local politics, and the big boys know it.

So, yup–many trees will be saved, but the rich are now wiping their butts directly on the middle class, who are paying top dollar to rent/own a little parcel of outhouse.

#92 Geeks on 04.26.13 at 11:14 pm

You surprise me every day!!!

Was somebody still reading newspapers on this planet? I used to buy them but moved to the Internet in 1997 and haven’t looked back since.

BTW what happens in Canada today had already happened in Europe and the US – the printing rooms closed.

I hope that trees are breathing well in Brazil and BC these days.

#93 whatsinaname? on 04.26.13 at 11:15 pm

“There’s no news in here,” he growled. “Get the hell out the door.”

I did. Still there.

You Rock! Great Post!

#94 Saskiboy on 04.26.13 at 11:15 pm

#35 it is about @!&#’n time!

#95 Slats on 04.26.13 at 11:31 pm

Dont always agree with you, but this is a fantastic post.

#96 Cici on 04.26.13 at 11:35 pm

#85
Oops, I meant “magnate” not “magnet” (although he is a force that both attracts and repels)

#97 Craig on 04.26.13 at 11:37 pm

There’s tiny town house here in Etobicoke that’s been on sale for about $990,000. It’s been on the market for a few months. Today I noticed they put up a new sign that says “Reduced!!” and a bizarre sign at the top that says “Honey…stop the car!!” (lmao…what????).

It was only reduced by about $15K….hmm.

#98 Dean Mason on 04.26.13 at 11:38 pm

Canadians don’t complain when taxes,fees go up. I warned you.It’s not my fault that people can’t see what’s coming. I cashed out all my RRSP’s over 8 years so they will not get me there.I paid a 27% tax rate on all my RRSP’s not the 50% or more governments are expecting.

I did it with planning and no risk,cost,interest.Those that bought multiple cars,houses. The H.S.T on gasoline.,Toronto land transfer tax,vehicle registration tax,H.S.T. on utilities,H.S.T. on realtor’s commission,H.S.T. on lawyers fees,10%+ water rates annual increases,property taxes 4%-10% depending on municipalities,Toronto garbage tax,garbage fees rest in Ontario.This is just the start.

Road tolls,extra parking fees,1% extra sales tax and who knows what else. Remember who put these higher and new taxes,they are coming for you.

#99 dragonslayer on 04.26.13 at 11:43 pm

Came to realize that the local newspaper is really just a small bit of (day old) news sandwiched between advertising. The “home” section is just real estate pimping with articles designed to whet your appetite for houses and furniture. The “auto” section is just a bunch of reviews on new cars you can’t afford and don’t need anyway. And the “travel” section is only travel stories to get you pumped to book trips with the travel companies whose ads are conveniently located right beside the articles.

I think if the articles took a more critical approach it might be ok, but they are so obviously “boosters” of the products and services, that the paper loses all credibility.

We are down to one newspaper a week .

#100 John in Mtl on 04.26.13 at 11:46 pm

@#27 Your money is MY money on 04.26.13 at 7:04 pm

“It appears that as a depositor at a bank you are an unsecured creditor and the last in line in the event of insolvency.”

To which Garth replied:

“Absolute paranoid crap. — Garth”

But Mr Garth, did you actually READ it before commenting?

Only the most powerful money mogul$ know what the future of our money is; no, they don’t have a crystall ball; they ARE the crystal ball!

I am now at the point where I have absolutely no faith in the system and the so-called “rulers”. Wether by this kind of article or any other truth that I uncover, it just confirms my suspicions that everything is rigged, always has been, always will. Or at least, we are never told the complete truth. It is up to each individual to find out that truth. Like how a bank really works, as revealed in that article.

John

The article revealed nothing. More of the same discredited tripe the metalheads feed on. — Garth

#101 The full picture of the RE GTA disaster on 04.26.13 at 11:57 pm

Can be downloaded from here. http://s1332.photobucket.com/user/recharts/media/TheGTAdisaster_zps2b629363.jpg.html

It was I nightmare to find a way to publish a 10M file :-( This is the best I could do.
PS: I forgot to mention that you need to select Options at the top right side of the page and then Download

#102 Cici on 04.27.13 at 12:36 am

#74 MontrealReader

For daily news, I’d say your best option, even though it’s far from “alternative media” would be Le Devoir. It’s at least independent, has a variety of opinions, and most of the articles are well though-out and researched. You also get much better, and more in-depth coverage than the other local rags. Anglos always accuse it of being a “separatist” newspaper. Personally, I’ve never found any evidence of that; there’s a broad range of coverage and opinion.

As for alternative news, you could check out alternatives.ca. I believe it reaches much further to the left.

#103 Nemesis on 04.27.13 at 12:58 am

WestCoast CockTail Hour Afterthought…

http://youtu.be/vz51p5PZuGQ

[PS, OP: Mark Knopfler was an UnderAppreciated EnglishTeacher in ‘dire straits’ before he invented SultansOfSwing.]

#104 drydock on 04.27.13 at 1:07 am

I get my Internet and Hydro bills via e-mail, when i check the mail box once or twice a week it’s usually junk mail.
The only real mail i’ve received in a long time was my DL renewal.
Two institutions i grew up with have been reduced to giving out free papers and delivering pamphlets that go straight into the garbage,i pay the bills through a bank machine.
Not all that long ago ice, milk and bread delivery were commonplace, not now.
Science marches on.

#105 Joe on 04.27.13 at 1:10 am

Never owned a TV, never subscribed to a newspaper in my life. Both things disappeared when I moved out from the parent’s house 10+ years ago. Haven’t regretted it a single bit. In fact, even my parents just recently unsubscribed from their daily newspaper that they were reading since god knows when and are now getting their news online on a tablet.

Due to the Internet’s essentially unlimited reach the only way to survive is therefore to deliver good journalism. Running these kinds of stories with such blatant cover-ups is an insult to readers and will simply accelerate the demise of these papers and companies.

That things had to change was visible years ago from miles away but they just keep going ever faster with ever worse content. Now let the free market weed out these losers and make room for something worth our attention. I won’t shed a single tear for them.

#106 I was Kaiser Bill's Batman on 04.27.13 at 1:22 am

Another good article. CTV an other media laying off. Perhaps if they told the truth more people would be using them. BS like global warming for one. Thank God for blogs, Drudge Report and other similar sites.

BTW-Many NHL Jerseys are made in Bangledesh. Where is the NHL Players Union on this one?!?!

#107 worried boomer on 04.27.13 at 1:34 am

the banks will never deal with high risk mortgages unless the government protects them removing all that risk involved. economy, nowadays, is mostly a tool in the hands of government.

#108 Tony on 04.27.13 at 1:43 am

Only time will tell if Ontario sees a huge increases in the mill rate to cover huge budgetary shortfalls. This will increase the foreclosure rate and devalue all properties in the province. Alberta did it many years ago and saw property values decline year after year until the mill rate finally declined to 3 times the inflation rate from four and one-half times the inflation rate. For owners of condos in Ontario this should be their biggest fear putting them into foreclosure and bankruptcy. Renters as you can see are a moot point.

#109 Small Town Steve on 04.27.13 at 1:52 am

Man is she a “snake in the grass”.

On a lighter note… Today I executed a buy order on a US. ETF with my limit order (actually 2trades one was filled right away). Then I fell asleep. Woke up after the market closed. My other order was partially filled. 8 shares worth!! I didn’t even get to adjust my order to get the full # I wanted! Needless to say with a lovely 29.00 investorline commission on top that was a pricy per share cost. Lol hope it goes up a lot!

#110 Tony on 04.27.13 at 2:07 am

Re: #34 Your money is MY money on 04.26.13 at 7:23 pm

Both cities are falling and the retards at the city of Calgary and city of Edmonton will likely increase the mill rate to some absurd level like in the past sewering real estate in all of Alberta for years to come. When will the morons learn if you increase property taxes at 3 to 5 times the inflation rate you end up with less revenue not more through foreclosures and bankruptcies.

#111 David McDonald on 04.27.13 at 2:30 am

I guess I was busy and missed all this. The Mcguinty government effectively passed a sunset clause on rent control. This must be considered as a major factor in the current condo boom.

The Residential tenancies act came into effect January 1 2007: http://www.mah.gov.on.ca/Page137.aspx

Here’s a link to the act and the relevant section:
http://www.ontariotenants.ca/law/act01.phtml#RTA6 (2) Sections 104, 111, 112, 120, 121, 122, 126 to 133, 165 and 167 do not apply with respect to a rental unit if,

(a) it was not occupied for any purpose before June 17, 1998;

(b) it is a rental unit no part of which has been previously rented since July 29, 1975; or

(c) no part of the building, mobile home park or land lease community was occupied for residential purposes before November 1, 1991. 2006, c. 17, s. 6 (2).

I personally believe rent control was a disaster that has stifled investment in rental properties. We should have a little faith in our free market system to stabilize rents in newly built units. All the new units coming on stream have to force rents down.

Realistically however rent control has nine lives since there is always a constituency wishing to preserve their privileges. If this new condo exemption is repealed it will truly be the kiss of death for the condo boom.

#112 Gary M on 04.27.13 at 3:01 am

Appearances can be deceiving (i.e. buddy in the picture could be eating a veggie dog, like those sold at the Rogers Centre).

By the way, those veggie dogs taste so bad that I’d rather not eat meat for an entire year than eat one of those vile things once again.

#113 Scott in Gibsons on 04.27.13 at 3:29 am

From Matt Taibbi of Rolling Stone, back to his best, most floral of writing styles:

Everything Is Rigged: The Biggest Price-Fixing Scandal Ever DELETED

(a) Posted three times already. (b) About US banks, not ours. (c) Use a link. — Garth

#114 Sapienti Sat on 04.27.13 at 3:29 am

#77 Keith in Calgary
remember Confucius: ” To people above average we may speak of things above average, to people below average we must not seek of things above average”

#115 Sockeyemoon on 04.27.13 at 6:05 am

Looks at this: On the Government website Prime Minister Harper thinks he’s 46! http://www.parl.gc.ca/ParlInfo/Compilations/FederalGovernment/PrimeMinisters/Biographical.aspx

#116 maxx on 04.27.13 at 6:10 am

Good riddance to the lot of them. Haven’t bought a paper in years.
One less device for social engineering .
Perhaps actively seeking out and comparing data will help enable people to think for themselves.

#117 maxx on 04.27.13 at 6:23 am

#33 Bryn on 04.26.13 at 7:20 pm

“I’ve been following your advice for the past bunch of years Garth… Today I made my very last payment ever on my consumer debt….”

Well done Bryn!! Congrats.

#118 Buy? Curious? on 04.27.13 at 6:40 am

STOP! Stop right now! Garth, You will never write a better post than the one you just published! Reading your blog is like watching Muhammed Ali or Nick Diaz fight while listening Punjabi music and having a samosa then coming home to see your wife in lingere!

You’re crazy, Garth! Sticking it to the media is a death warrant. You’re going to have them digging through your trash finding old photos of your wild days with the Amazons. But, I’m here for you. If you need me to lend you money or help you move, I’m there.

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

#119 thinker on 04.27.13 at 6:51 am

Garth, be clear – what is fake? Is she faking the story? Is she really an owner? If she is mortgage pusher, why does she rent?

This has more to it.

#120 David W on 04.27.13 at 7:14 am

I watch CTV Ottawa and each week for the past few months they’ve had mortgage brokers and RE agents come on saying that things in ottawa are okay and that we’re affordable compared to the rest of Canada. With the public service job cuts making their way through the pipe still, no1 knows who will lose their job. Add the tightening of amortization (40 down to 25) to the mix and we’ll get hit twice as hard.

#121 Devore on 04.27.13 at 7:15 am

Traditional media (radio, paper, magazine, TV) has solely created and sealed its own fate. Ever since edumacated business majors decided to turn eyeballs from customers into product, it has been a downhill race to the bottom. The Piper always calls the tune even if he does show up a couple decades later.

However, the most mind boggling part is that we are surprised, even outraged, at this outcome.

#122 Montréalaise on 04.27.13 at 7:17 am

@74 – MontrealReader
Actually La Presse has one writer (Maxime Bergeron) who covers real estate. His blog “Le blog immobilier” is one of the more balanced news source regarding Montreal / Quebec real estate.
He is currently in Europe for the summer, so unfortunately no new posts, but the commenters are still very active…

#123 Ballingsford on 04.27.13 at 7:31 am

I could also be considered a vegan. I eat animals that eat plants.

#124 David W on 04.27.13 at 7:36 am

For every 5 dollars I make,
I try and save two,
Like a cndian squirrel,
Now I have a few.

Take my nuts to the bank,
To be greated at the door,
By a bunch 1% saving rate sharks,
That want to see me live poor.

So I flip them the bird,
And I take my cash,
Cuz giving it to them,
Is like throwing it in the trash,

RE is no better now,
F dropped the ball,
Wants me to buy some cheap mortgage crack,
Or spend it at the mall.

No thank you right now,
I’m just a Canadian furry mouse,
I’ll invest it in growth,
Not a silly straw house.

#125 Ralph Cramdown on 04.27.13 at 7:39 am

“Nobody ever went broke underestimating the taste of the American public.” — H. L. Mencken

Toronto’s still the home of 4 dailies, tied with NYC for top spot. Add in the vibrant ethnic news scene and the alternative dailies and weeklies, and there’s still a lot of ink being applied to paper every day.

It’s hard running a newspaper. Your business reporter can drop dead Monday and not be missed until Wednesday, but if you substitute Cathy for Garfield in the comics section, the mailroom will be swamped by noon. Your most loyal and vocal readers (old people) are the ones your advertisers care (and pay) least for.

To the person who was outraged that the Spec would endorse a candidate for office: Really? All papers have done this forever. http://www.nytimes.com/interactive/2012/10/28/opinion/presidential-endorsement-timeline.html?_r=0

Somebody says the Star has a hidden agenda? All news organizations have agendas. I linked to the Star’s explicit one yesterday. You can argue that they sometimes don’t live up to it, but they’re quite upfront about it.

There’s still lots of money to be made in media, folks.

#126 Devore on 04.27.13 at 8:17 am

#111 Sockeyemoon

Looks at this: On the Government website Prime Minister Harper thinks he’s 46! http://www.parl.gc.ca/ParlInfo/Compilations/FederalGovernment/PrimeMinisters/Biographical.aspx

The joke’s on you.

First, the page is automatically generated, so it doesn’t matter what Harper Thinks. If there is a mistake, it would be either data entry, or programming. Second, the age given is obviously the age when the PM took office. Funny how you’ve noticed Harper’s age is “incorrect”, but not of any of the other PM’s. Obsessed much?

#127 Chickenlittle on 04.27.13 at 8:39 am

Men just can’t handle a woman who fakes, can they? This really isn’t news. Women have been faking for years.

#128 I am in C on 04.27.13 at 8:40 am

@124 Ralph
Have to disagree on one point. The Toronto Star is a Liberal Party organ, but will never own up to that. It always claims to be the ‘independent voice of the people’

#129 TurnerNation on 04.27.13 at 8:40 am

Quick glance at the Star’s and Globe’s headlines today:
– How we’re addicted to cheap consumer goods.
– A musician who identifies as neither a he nor a she.

(This is front page news?)

There it is, the social programming is almost completed, we’re genderless consuming machines.

But how? Some say tee-vee and Hollyweird are programming us. Via tee-vee ‘programs’, duh.
Star Trek? A group of genderless, almost autistic beings interfacing mostly with computers? Who isn’t on their smart phones these days. The kids are all right?
You may have noted many industrial chemicals which render fish, frogs into androgyny and sterility. And humans? Now the kids are getting Guardasil and other stuff at the tender formative ages… Name one TV show which shows normal “nuclear” families. Speaking of this term – a nice trigger/mind word holdover from the duck and cover days. How’d that work out. They got us alright.
I don’t watch movies but got the gist of Matrix, Hunger Games, Avatar. It’s coming. We are known by our online avatars. Don’t take my word for it.
Oops I’ve said too much, enjoy your Saturday.
Go buy a house or something!

#130 Raven on 04.27.13 at 8:47 am

Believe half of what you see and 25% of what you read may have to change. Unfortunately we are now forced to believe less of both and draw our own conclusions going forward!

As for rent controls, you (#103 David MacDonald) have hit a raw nerve! Any gov’t controls stifle our free market systems. Tenants (not all) would show up to rent a unit with the Landlord Tennant Act, Human rights code, Rent Control Act, and their NDP-MP on speed dial. You then had the Municipal Maintenance of Occupancy By-Law on how you had to maintain your buildings. These were and are why you don’t own the rental business in Ontario. When the Gov’t tells you how much you can charge for rent, who you have to rent to and how you have to maintain your buildings, then you are just in for the ride.

The BC gov’t removed rent controls in the Eighties and sure enough the rent doubled.The “I told you so” howls of the left, were short lived as the development community saw the potential to actually make a decent return began to build rental accommodation. Within a few years BC rents were the lowest in the country. It was an obvious supply and demand conundrum.

Taking advantage of the Ont. controls and subsidized housing I built 60 gov’t financed and subsidized rental houses, which will be subsidized for 20 years. This is in direct competition to free market homes that are not rent subsidized. McGinty used these grants to increase low cost housing leaving the next gov’t to finance as fixed costs.

The oversupply of TO. Condos will have the same oversupply effect on rents in the coming years, although not as the originally intended distortion of Free Market Principles the Part Time Purveyors of the Public Purse had intended, this is pure ” we can do it better than the open markets! At least while we are in office!

Ya can’t beat the machine use it! Nobody ever went broke taking a profit!

#131 TurnerNation on 04.27.13 at 8:59 am

This weblog is a medium. I believe Garth runs it as his own online newspaper. Playing hardnosed editor until the end! Beats a model train set or stamp collecting.

This blog serves up tips, gossip, facts, and acts an informal-polling-zone. Which was his web site goal while an MP?

#132 new on 04.27.13 at 9:08 am

@89 Cici; I totally agree with you people should open their eyes and see what’s coming before it become too late. If there’s only internet news left, people will be manipulated big time as links like “Boston guy got set up by cops” that Smoking Man showed us the other day gutting internet news. The truth is, the ethic issue is not just limited to the media, ethic slide have been covering all professions in the current generation. I’ve got to say that media here has already done a much better job that many other countries.

My question is when did last time an RE owners got screwed by a banker or a professional RE appraiser did the populace say it’s the “professional” ‘s fault. Most people just ridicule the one get screwed for stupidity, haven’t checked it for themselves! I just wonder if they need to check it for themselves, why should they even pay for the advice in the first place. So, it seems less and less people value hard work, honesty than be a “people’s person” like Smoking Man when he was in his Sales suit!

BTW, Smoking Man, even I don’t always agree with you, I have great respect for you as you’re not just a “fun” guy here, you’re also inspiring!

#133 Ronaldo on 04.27.13 at 9:27 am

# 103 – Drydock –

”i pay the bills through a bank machine.”

Save yourself the trouble and set up your bill payments on automatic deduction from your chequing account. You can do that with almost anything nowadays.

#134 Craig on 04.27.13 at 9:36 am

Anything of paper is dead;

When was the last time you went to the white pages looking for a phone number….yellow pages for a business number….the library for a book….a newspaper for news…the mailbox for mail….

All dinosaurs.

I get called once or twice a month from the Star, the Sun, Financial Post promising FREE papers 7 days a week, delivered to my doorstep. I accepted once then lugged them in my blue box to the curb every week, untouched. Never again.

The only reason they give them away is so they can tell their advertisers that they have a subscription level of a million or whatever, to keep them happy and buying space….regardless of the fact that no one reads the paper.

My earlier rants about the manipulation of data stands. Don’t believe/trust everything you read.

#135 X on 04.27.13 at 9:37 am

The edited version of that article is blatant propaganda. What a joke the Star has become. It is still free and has no pay wall, and it is worth every penny.

If you don’t like your rent move. I have no doubts that renting that same condo is cheaper than buying it. Although the very thorough reporting does not include the value of the condo.

How about we request and article in the Star on LL’s subsidizing tenants.

#136 Ballingsford on 04.27.13 at 9:41 am

Garth, is it a good time to buy in Ottawa now that the SENS are in the playoffs? I’m thinking that a lot of fans from Toronto will be moving here.

#137 Cow Man on 04.27.13 at 9:45 am

#114

Age when Harper took office.

#138 b on 04.27.13 at 9:54 am

I find the best way to get well researched pieces on the social and economic issues facing this country is to read academic journals, plus independent blogs like this. No unspoken business interests to contend with, and no crumby articles lazily composed of cut and pasted AP headlines.

#139 Craig on 04.27.13 at 9:55 am

Question;

What was the cause of the RE insanity in BC – Vancouver in particular – that ran small average SFH’s up to and over $1 Million?

#140 Ralph Cramdown on 04.27.13 at 9:55 am

#127 I am in C — “Have to disagree on one point. The Toronto Star is a Liberal Party organ, but will never own up to that.”

Pretty crafty of it to endorse Jack over Iggy in the 2011 election, wasn’t it? http://www.thestar.com/opinion/editorials/2011/04/30/toronto_star_endorses_the_ndp.html

#141 Soylent Green is People on 04.27.13 at 10:25 am

This is a portion of the speech that President John F. Kennedy gave at the Waldorf-Astoria Hotel on April 27, 1961 “The President and the Press” before the American Newspaper Publishers Association.

http://youtu.be/xhZk8ronces

Transcript:

“For we are opposed around the world by a monolithic and ruthless conspiracy that relies on covert means for expanding its sphere of influence–on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations.

Its preparations are concealed, not published. Its mistakes are buried not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed.”

“No President should fear public scrutinity of his program. For from that scrutiny comes understanding; and from that understanding comes support or opposition. And both are necessary.

I am not asking your newspapers to support the Administration, but I am asking your help in the tremendous task of informing and alerting the American people. For I have complete confidence in the response and dedication of our citizens whenever they are fully informed.

I not only could not stifle controversy among your readers– I welcome it. This Administration intends to be candid about its errors; for as a wise man once said: “An error does not become a mistake until you refuse to correct it.” We intend to accept full responsibility for our errors; and we expect you to point them out when we miss them.

Without debate, without criticism, no Administration and no country can succeed– and no republic can survive. That is why the Athenian lawmaker Solon decreed it a crime for any citizen to shrink from controversy. And that is why our press was protected by the First (emphasized) Amendment– the only business in America specifically protected by the Constitution—

…not primarily to amuse and entertain, not to emphasize the trivial and sentimental, not to simply “give the public what it wants”–but to inform, to arouse, to reflect, to state our dangers and our opportunities, to indicate our crises and our choices, to lead, mold educate and sometimes even anger public opinion.

This means greater coverage and analysis of international news– for it is no longer far away and foreign but close at hand and local. It means greater attention to improved understanding of the news as well as improved transmission. And it means, finally, that government at all levels, must meet its obligation to provide you with the fullest possible information outside the narrowest limits of national security…

“And so it is to the printing press–to the recorder of mans deeds, the keeper of his conscience, the courier of his news– that we look for strength and assistance, confident that with your help man will be what he was born to be: free and independent.”

#142 Craig on 04.27.13 at 10:29 am

Avery Shenfeld, chief economist at CIBC World Markets, expects Canada will hike its interest rate in the first quarter of 2015. But that’s “not materially different” from his forecast for a mid-2015 hike from the U.S. Federal Reserve.

http://business.financialpost.com/2013/04/22/will-the-u-s-fed-raise-interest-rates-before-the-bank-of-canada/

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

I’m not buying this impending RE crash when the lenders are saying rates will stay the same for the next 2 years.

People buy houses based on the monthly payments they can afford. Yes that is a separate argument in itself but it’s also reality and what is driving the current RE prices.

In my area houses are selling fast and at or above the ask. and yes a few below but not by much. Keep in mind what the ask is, ….it may not be fair so again its fun with numbers.

Example;

If I ask $700K for my house and get $650K the reports will show I sold way below my ask which is BAAAAADDDD.

Reality is, I got more than I thought it was worth.

Like in Vegas – Let it Ride baby….

#143 Canadian Watchdog on 04.27.13 at 10:42 am

Ontario Government Introduces Legislation to Protect Home Buyers and Sellers

If passed, the legislation would enforce new rules for the real estate sector that would strengthen consumer protection for home buyers and sellers by:

– Requiring real estate salespeople and brokers acting on behalf of a buyer to only present offers in writing
– Requiring the brokerage acting for the seller to retain copies of all written offers received, providing clarity for buyers and sellers
– Allowing home sellers and buyers to negotiate a combination of fees and commissions with a real estate professional, tailoring the cost with the services consumers want.

So much for open outcry bidding wars.

#144 Dr. Wayne on 04.27.13 at 11:06 am

#1 City that smells like it sounds on 04.26.13 at 5:46 pm

I think I’m first!

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

And why is this moron not deleted …

#145 Paul on 04.27.13 at 11:15 am

Garth: What do you think is a good way to profit from the expected downturn in real estate? I have had difficulty finding a good stock to short. Builders and most risky lenders aren’t publicly traded. Any ideas?

#146 Bargains everywhere on 04.27.13 at 11:18 am

I get the feeling that the real estate market is really starting to soften in some parts of Toronto. In my neighbourhood houses always sold quickly with bidding wars but now there are 23 listings (a historically high number) and not a single house has sold in the last 2 – 3 weeks in what is generally considered to be the peak selling season. It’s probably because the asking prices are ridiculously high but at least it tells me that perhaps people are regaining some common sense and are refusing to pay these kinds of prices. I sure hope so.

#147 souvereigninternational on 04.27.13 at 11:57 am

#65 Canadian Watchdog on 04.26.13 at 9:15 pm

… And they said Canada has no subprime mortgages. Pffft.

-in Canada majority of mortgages are 5-year and closed. There is also a substantial amount of VRMs.

In US typical mortgage is 30 year and open. During the RE boom in US there was a growth of subprime and adjustable-rate mortgages (ARM) as well as no interest ARMs.

ARMs are considered substandard mortgages in US because your rate is affected by market (and other) conditions. Yet all we have here in Canada is a big pool of CMHC “ARMs” with some VRMs. If rates and/or valuations change we are going to be FUBAR and we’ll hope our real estate crash was just like the US. At least in US they still have their McMansions. Here we got screwed into believing that 400 sq. ft. condos and postage stamp lots are normal and we should fork out 500k for this new “American Dream”. Time to wake up, slow sales this year. Down 5-15% 2014. Repeat that x 2-3 years.2016 forward stagnant RE. In 10 years effect will be for TO (in nominal C$ values) suburbs homes -30 to 60%, suburbs condos/TH -50-65%, Downtown/core condos -25-50%, homes 0 to -20%. Inflation (if it’s in the cards, more likely after 2016 in my opinion) will affect nominal prices, and will make Brad Lamb mathematics look credible. Values of RE as priced in DOW or PMs I expect a lot of volatility as the forces of deflation/inflation go to battle in near term. In a long term I expect them to perform significantly better than even inflation adjusted numbers.

#148 souvereigninternational on 04.27.13 at 12:00 pm

Garth-Sorry about long copy/paste error on my first submission

#65 Canadian Watchdog on 04.26.13 at 9:15 pm

… And they said Canada has no subprime mortgages. Pffft.

-in Canada majority of mortgages are 5-year and closed. There is also a substantial amount of VRMs.

In US typical mortgage is 30 year and open. During the RE boom in US there was a growth of subprime and adjustable-rate mortgages (ARM) as well as no interest ARMs.

ARMs are considered substandard mortgages in US because your rate is affected by market (and other) conditions. Yet all we have here in Canada is a big pool of CMHC “ARMs” with some VRMs. If rates and/or valuations change we are going to be FUBAR and we’ll hope our real estate crash was just like the US. At least in US they still have their McMansions. Here we got screwed into believing that 400 sq. ft. condos and postage stamp lots are normal and we should fork out 500k for this new “American Dream”. Time to wake up, slow sales this year. Down 5-15% 2014. Repeat that x 2-3 years.2016 forward stagnant RE. In 10 years effect will be for TO (in nominal C$ values) suburbs homes -30 to 60%, suburbs condos/TH -50-65%, Downtown/core condos -25-50%, homes 0 to -20%. Inflation (if it’s in the cards, more likely after 2016 in my opinion) will affect nominal prices, and will make Brad Lamb mathematics look credible. Values of RE as priced in DOW or PMs I expect a lot of volatility as the forces of deflation/inflation go to battle in near term. In a long term I expect them to perform significantly better than even inflation adjusted numbers.

#55 Smoking Man on 04.25.13 at 9:20 pm
-not smoking much lately, starting to make sense. Damn may not be able to skip your posts no more.

#149 Shawn on 04.27.13 at 12:20 pm

Dr. Wayne says:

And why is this moron not deleted? …

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

Well, clearly some morons are still permitted…

#150 Nothing is Selling on 04.27.13 at 12:24 pm

LH on 04.26.13 at 6:03 pm
Funny picture. Took me a several seconds to get it.

By the way, has anybody noticed C01 is still alive and well, parts of C02 close to Bloor are still prime (72 Walmer sold for 2mm+) and inventory near the U of T St. George campus is even harder to find than houses near Long Branch station!

Condos and surburban SFH’s may crash and burn, but downtown has thus far been an island of stability.
—————————————————————–

Sure the odd house or two selling but the majority sit or are reduced and or sold well below asking. One house in the Bloor and bathurst area has been up for sale on and off for the past THREE YEARS. I live in the area and see houses put up and then taken off. I’ve seen houses or condos for sales for over a YEAR and they haven’t sold. Poor realors hungry for money will lie for money. Why don;t you spread the fake news in the star? LOL

#151 panhead on 04.27.13 at 12:31 pm

My Pa (90 years young) subscribed to the Van Sun for as long as I can remember. Even he figured out it wasn’t worth reading any more and cancelled his subsription. Next he get’s a call from the paper asking “how much would you be willing to pay to keep your service?”
Good night Irene … hope CKNW is next …

#152 Old Man on 04.27.13 at 12:38 pm

The media in Canada has had some downfalls, and one was Global Television which had developed broadcasting technology using a microwave system. Al Bruner was a close friend of my daddy, so called him one day to do some business, but such was done, but asked me to come to see the studio operation. Shortly thereafter there were financial problems, and if my memory serves me correctly it involved a bank loan for about $7 million. The sharks moved in on him, and took it all away, so a great idea can never be moved forward without proper funding. Ok back to preparing my taxes, as am going down to the wire.

#153 ParanoidCrapDrivel on 04.27.13 at 12:46 pm

http://www.telegraph.co.uk/finance/financialcrisis/9993691/German-Wise-Men-push-for-wealth-seizure-to-fund-EMU-bail-outs.html

#154 Mister Obvious on 04.27.13 at 12:53 pm

#138 Craig

“What was the cause of the RE insanity in BC – Vancouver in particular – that ran small average SFH’s up to and over $1 Million?”
———————–

Simple… everyone wants to be here.

#155 Jsan on 04.27.13 at 1:22 pm

Interesting Globe and Mail article today.

“Meet the man who’s selling Canada short”

“Vijai Mohan has made an all-in bet against Canada.

The founder of a small San Francisco-based hedge fund called Hyphen Partners LP has staked 95 per cent of his investors’ assets on a wager that the country’s housing market and banking sector are about to come apart at the seams. Mr. Mohan has amassed large short positions on Canadian bank shares and the loonie, betting their values will fall sharply.”

http://www.theglobeandmail.com/globe-investor/meet-the-man-whos-selling-canada-short/article11585150/

#156 Gary M on 04.27.13 at 1:28 pm

#144 Paul on 04.27.13 at 11:15 am
Garth: What do you think is a good way to profit from the expected downturn in real estate? I have had difficulty finding a good stock to short. Builders and most risky lenders aren’t publicly traded. Any ideas?
————————————————————
From the US housing bubble experience:

-Short REITs exposed to residential and multi-family RE.
-Short banks.
-Short home-improvement companies, such as Home Depot (which is due for a correction anytime soon, anyway).

Short banks making record profits with 100% insured high-ratio mortgage portfolios? I think not. — Garth

#157 Jsan on 04.27.13 at 1:37 pm

#153 Mister Obvious on 04.27.13 at 12:53 pm

#138 Craig

“What was the cause of the RE insanity in BC – Vancouver in particular – that ran small average SFH’s up to and over $1 Million?”
———————–

Simple… everyone wants to be here.

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

Mr. obvious, what might not be so obvious to you is everyone wants to be in Florida, Arizona, California, Las Vegas but that didn’t keep their prices from crashing back to earth. Read up on the meaning of asset bubbles and what really drives them. You’ll probably notice your response is one of the biggest excuses used when an asset is inflating.

#158 Old Man on 04.27.13 at 1:45 pm

The internet has changed the world as is having a financial affect on all forms of media, and retail stores as well because too many people have gone online for the news or to make a retail purchase. The chain reaction is now hitting the bottom line, as there has been a shift in commerce that includes banking as well.

I can go into a Sears website to buy for 50% off with a phone call paying on a credit card to be delivered for a pickup at an outlet, as in the store there is no sale, but the main Sears warehouse in Belleville is a separate company called the catalogue division; also notice on the web it might say internet only for a delivery to your residence for a sale price.

On Friday was walking down the hall to throw out some garbage early in the morning dressed like a bum, and a small group was in my way. There was my landlord; his trophy wife; and several contractors, so he nodded at me, and said good morning, and his wife gave me a wink, as they knew about the plumbing job. I was posted again this morning which said watch your step on Monday, as the new carpets will be put in place.

#159 Dr. Hoof - Hearted on 04.27.13 at 1:58 pm

I see newspapers problems as part of a major transition. They are not the only ones suffering.

Many others are consolidating if not simply shutting down. Those that have catered to the more elite levels ,like golf and skiing, will try to survive with upcoming generations of debt laden students as older generations die off.

The irony is that newspapers may have lead the downfall. They have simply been major pimping agents to unsustainable credit. ” Buy Now Or Be Priced out Forever” may be the epitath on many media businesses as the death spiral begins.

#160 Canadian Watchdog on 04.27.13 at 1:58 pm

#138 Craig

What was the cause of the RE insanity in BC – Vancouver in particular – that ran small average SFH’s up to and over $1 Million?

Fraud. We're not talking about it yet, but we will be soon.

#161 Shawn on 04.27.13 at 2:06 pm

TAX MAN WILL “GET” MY RRSP?

Dean Mason at 98 said:

I cashed out all my RRSP’s over 8 years so they will not get me there.

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

Well, cashing out RRSPs may work for some. But for others RRSPs have been a great way to invest.

Here’s the actual numbers for myself and spouse:

Total contributions since 1989 $138,061

Our share of that after approximate 35% tax refunds $89,740

Value of the RRSPs this week: $932,979

No matter how much tax we are hit with this has been a great investment. The tax free compounding has been key. So has making big returns.

I do not and will not begrudge the government its 35% or so share of the RRSP. After all the tax man effectively contributed 35% via those tax refunds.

And yes we might get the Old Age pension clawed back so maybe the tax rate will be higher. The RRSP still works out well for us.

The fact is I hope to have to pay massive taxes in my old age because of high income.

#162 AngryMan127 on 04.27.13 at 2:30 pm

http://twitter.com/RennieVancouver/status/328174568860708866/photo/1

Oh yah I take back….Vancouver has nothing to do with Chinese property acquisition. It’s all going to correct as per Mr Turner. It’s not different this time. global capital movement is the same as it ever was….

It’s Time to let your mind accept what your eyes are telling you. Not a call for hatred or resentment just a recognition of the new reality.

I see a bunch of people who probably live in Richmond. So what? Nothing preventing you from joining the queue. — Garth

#163 Timbo on 04.27.13 at 2:34 pm

http://www.latimes.com/business/realestate/la-fi-subprime-mortgage-20130427,0,6498564.story

“The Polands paid nearly $10,000 in upfront fees for the privilege of securing a mortgage at 10.9% interest. And they had to raid their retirement account for a 35% down payment.”

Another day, another train wreck ……..

http://www.counterpunch.org/2013/04/26/the-terror-of-capitalism/

“In the Atlantic world, meanwhile, self-absorption over the wars on terror and on the downturn in the economy prevent any genuine introspection over the mode of life that relies upon debt-fueled consumerism at the expense of workers in Dhaka. Those who died in the Rana building are victims not only of the malfeasance of the sub-contractors, but also of twenty-first century globalisation.”

Checking the label yet?… no guilt here ;)

#164 Many are going to profit off the Canadian housing CRASH! on 04.27.13 at 2:36 pm

http://www.theglobeandmail.com/globe-investor/meet-the-man-whos-selling-canada-short/article11585150/

Vijai Mohan has made an all-in bet against Canada.

The founder of a small San Francisco-based hedge fund called Hyphen Partners LP has staked 95 per cent of his investors’ assets on a wager that the country’s housing market and banking sector are about to come apart at the seams. Mr. Mohan has amassed large short positions on Canadian bank shares and the loonie, betting their values will fall sharply.

#165 FutureExpatriate on 04.27.13 at 2:36 pm

If the trajectory of the press of Canada follows the press of the United States, soon enough all will be monopoly conservative-owned and operated (by good folks like the Koch Brothers in the US), NO ONE but 10% of the population will buy them, and they will be run at a loss as trash propaganda organs no one will ever read, least of all the drones who buy them for toilet paper. Thank GOD for the internet. And blogs.

#166 Dr. Hoof - Hearted on 04.27.13 at 2:59 pm

#138 Craig on 04.27.13 at 9:55 am

Question;

What was the cause of the RE insanity in BC – Vancouver in particular – that ran small average SFH’s up to and over $1 Million?

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

IMHO It was a (2) phase approach.

After the early 1980’s RE bust…we had Expo 86.
These lands were sold afterward for a relative pittance…$50 Million to Chinese Billionaire Li Kai Shing.

Waves of Hong Kong citizens started immigrating…in fear of the takeover of Hong Kong by mainland China in 1997. I don’t know what happened, but they were supposed to create business, not buy up Real Estate.

After 1997, Real Estate started to drop and flatline .

Then, in the early 2000’s, it picked up again…People were wondering WTF is going on, then connected the dots that many of these Chinese were coming in from Mainland China, taking advantage of the opportunities THERE that were once present in Hong Kong. aka Many from Hong Kong etc simply moved their business to China

However, now we are paying the price. We have built an economy dependent on building potemkin villages and ghosts cities…no real economic justification . We have hit the wall. We let our economy become based on consumption, not production.

Add to that what I think was the Feds getting suckered into allowing the CMHC into this game… and further increase the bubble..perhaps to stem the tide of resentment of foreigners buying up RE and excluding local citizens…so harvest all those property virgins while they are still house -horny.

Newspapers are simply a “canary in the mine” of what I think is going to be major unwind.

#167 musa on 04.27.13 at 3:17 pm

veggie dog?

#168 Old Man on 04.27.13 at 3:18 pm

There will be a huge change coming about in the retail food business, as the baby boomers do not want to walk a football field to spend $50.00 anymore. The stores that will prosper over the next 15 years will be foodland, valumart, the corner independent grocery store, farmer food markets, and specialty stores.

Those mega food corporations with the big box stores thought bigger was better, so are they in for a surprise with a demographic shift, as the masses coming about on stream, which is a reality, will no more walk forever looking for products to spend $50.00 as the football field is over. Oh the marketing is to force all to walk here, and there, and everywhere to buy basics. The con is over.

#169 AK on 04.27.13 at 3:45 pm

#155 Gary M on 04.27.13 at 1:28 pm
“From the US housing bubble experience:

-Short REITs exposed to residential and multi-family RE.
-Short banks.
-Short home-improvement companies, such as Home Depot (which is due for a correction anytime soon, anyway).”
——————————————————————-
Geez. I hope you don’t charge poor people for your advice. :-)

Less than 7% of Home Depot’s sales come from Canada. LOL

Over 50% of TD’s and BNS’s sales are outside of Canada.

REITS have nothing to do with Canada’s housing market.

Having said that, “Go for it!!” :-)

#170 AK on 04.27.13 at 3:49 pm

#143 Dr. Wayne on 04.27.13 at 11:06 am
“#1 City that smells like it sounds on 04.26.13 at 5:46 pm

I think I’m first!

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

“And why is this moron not deleted …”
——————————————————————-
Simply put, “Every Moron has his day!!”

#171 Canadian Watchdog on 04.27.13 at 4:04 pm

Here comes the herd of detached and semi assignment flippers on Craigslist and Kijiji.

Woodbine/ Major Mackenzie Brand New Townhouse

BRAND NEW DETACHED IN WISMER COMMONS IN MARKHAM

Newmarket Copper Hill Semi Detached

Brampton's Stunning New Development

NEWMARKET – BRAND NEW SEMI-DETACHED

Assignment Sales-46 High St. Cathedral Town, Markham

Att : Assignment (Sheppard & Weston Rd)

House for sale in Stouffville 10th line & Hoover park

Brand New 3 Bedroom Freehold Townhouse in Markham

Brand New Newmarket Semi Detached Home!!! Copper Hills Phase 2

New Home In Brampton Core Area- Call now

Brand New Detached Home in Vellore Village, Vaughan

HOUSE FOR SALE 5-Bed, Lebovic Campus

Detached 4+1 One of a kind in Maple – Selling on Assignment

Inventory = Active listings + XX,XXX flipper units.

Never mind condos. SFH homes is where all the leverage is.

#172 Basil Fawlty on 04.27.13 at 4:19 pm

“Go ahead. Tell us the truth. — Garth”

They print trillions. Does anyone else remember when Motel 6 rooms cost $6? They are now $50.

Does this make me a “Metalhead”?

#173 shawn on 04.27.13 at 4:51 pm

Basil Fawlty at 169 asks: Does anyone else remember when Motel 6 rooms cost $6? They are now $50.

Yes and had you bought $6 worth of Berkshire Hathaway at that time (say 1965) it is worth about $60,000 today.

But the S&P 500 would only have turned $6 in 1965 into $378 by now (with dividends reinvested). So you can get 7 rooms at $50. So how was inflation a problem?

#174 blok existentialist on 04.27.13 at 4:59 pm

#167 is bang-on with his prediction for the food business. In metro markets (where the money is), the cost of renting/maintaining business premises is astronomical. Escalating fuel/energy prices are also unavoidable. Small, niche-market, local product businesses are definitely a worthwhile venture for anyone wanting to strike out on their own.

#175 Deliverator on 04.27.13 at 5:15 pm

In a world where we had the tragedy in Boston, and a giant explosion in Texas,THIS is what the Province put on its front page the next day. Free (or was it?) advertising for a condo development. And they are wondering why nobody reads their newspaper.

http://www.theprovince.com/Canada+smallest+ever+condominiums+start+square+feet+Whalley/8256935/story.html

#176 Deliverator on 04.27.13 at 5:25 pm

Another reason: print and TV newsrooms are whoring themselves. As media turns from useful, original content to the delivery of advertising messages, it gets irrelevant and annoying. If a paper wants to succeed, the last person shown the door should be a reporter. These days they lead the exodus.

Very well put. Now, why don’t the owners of these papers understand this?

#177 Old Man on 04.27.13 at 5:28 pm

One point Mr. Turner has made clear about retirement in life, as he has stated that it might cost a lot of money in the future, so invest wisely for the future impact, as there might not be enough to live the good life or support a current lifestyle. In other words what looks good now in life, but not be reality in retirement.

I took note of #171 with the statement made by Basil, and remember the days when I went to Daytona Beach in the early 1960’s, and a few of us in highschool met, as George would always fly who became a senior captain for Air Canada, and a couple of us would go Greyhound on the Miami express. George would rent us a beach house scenerio just beside the pier and the boardwalk for $45.00 a week.

We all had fake ID’s as 21 was the age, so we hit all the bars; nightclubs; shot pool; and hit upon those oh too older babes in life. Now for dinner we found this beach motel with a special buffet, and for $1.00 it was all you could eat, so we went there for dinner. The point am making as years ago things were cheap; today things might look like a bargain; but what will the future hold?

#178 Tom Vu on 04.27.13 at 5:31 pm

Yummy hot dog…

All natural….quality control !

See process for yourself !

http://www.liveleak.com/view?i=11b_1254378345

#179 Ken R on 04.27.13 at 6:30 pm

#108 Small Town Steve on 04.27.13 at 1:52 am

$29 per trade is too high, $ 6.95 at CIBC Investors Edge and 30% discount on all monthly bank account fees.

#180 Gary M on 04.27.13 at 6:31 pm

Short banks making record profits with 100% insured high-ratio mortgage portfolios? I think not. — Garth

————————————————————

I remember TD and Scotiabank were also having record profits in 2008. However, that did not stop either of them from loosing about half of their equity in just a few months at the beginning of 2009; at which point Flaherty, with his $75B in bailout and his suppression of interest rates, came to the rescue.

But yeah, it’s different this time.

Everything went down. The banks boomeranged back. No point whatsoever. — Garth

#181 jess on 04.27.13 at 6:36 pm

1 journalist covered this GE-krupp trial 1947

http://truth-out.org/opinion/item/15892-another-one-the-msm-missed-ge-krupp-conspiracy-trial-of-47

#182 Gary M on 04.27.13 at 6:44 pm

Geez. I hope you don’t charge poor people for your advice. :-)

Less than 7% of Home Depot’s sales come from Canada. LOL

Over 50% of TD’s and BNS’s sales are outside of Canada.

REITS have nothing to do with Canada’s housing market.

Having said that, “Go for it!!” :-)

———————————————————–

1) I did not explicitly say “short Home Depot” (although Home Depot is long due for a correction). I meant, look at companies that are very sensitive to the housing industry. If you want more examples, here’s a few: Rona, Canadian Tire, Leons, Richelieu. Is that a little easier to understand?

2) Look at my post above re: banks. I particularly discussed TD, with you in mind.

3) REITs are highly correlated to the housing market, even commercial REITs. Look what happened to US REITs in 2007. Look what happened to Canadian REITs in 2009. If you don’t believe me, look it up. Don’t take everything that you read for granted.

Lastly, AK, it’s okay to have thoughts of your own every now and then.

#183 Mike T. on 04.27.13 at 7:11 pm

Has this been posted here yet? From Rolling Stone magazine…

‘The Biggest Price-Fixing Scandal Ever

http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425

Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right.

The players may be a little different, but your basic premise is correct: The world is a rigged game.

We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world’s largest banks may be fixing the prices of, well, just about everything.’

I mean…jeez duh you think so?

But this is trickiling down to pop culture..stay tuned I guess

#184 Spiltbongwater on 04.27.13 at 7:11 pm

The Sun and Province is becoming broke because the seniors are going to McDonalds buying their 80 cent seniors coffee, getting a couple of refills and reading the Province for free. They always steal the crossword page thinking they own the paper. These seniors are a big part of our entitlement problems we face. Taking everything handed to them, and contributing nothing.

#185 Canadian Watchdog on 04.27.13 at 7:15 pm

20 Worst Performing GTA Areas – Q1 2013 vs Q1 2012

By Sales-To-Listings Ratio

20 Mineola  – Mississauga  38%
19 City Centre  – Mississauga  38%
18 Harding  – Richmond Hill  38%
17 Eastlake  – Oakville  37%
16 Niagara  – Toronto C08 37%
15 Rural Vaughan  – Vaughan  36%
14 Beverley Glen  – Vaughan  36%
13 Devonsleigh  – Richmond Hill  35%
12 Sheridan  – Mississauga  35%
11 Milliken Mills East  – Markham  34%
10 Islington Woods  – Vaughan  32%
9 Bram West  – Brampton  31%
8 Waterfront Communities – Toronto C01 30%
7 Old Oakville  – Oakville  29%
6 Northwest Brampton  – Brampton  29%
5 Vaughan Grove  – Vaughan  29%
4 Kleinburg  – Vaughan  27%
3 Fairview  – Mississauga  27%
2 Uplands  – Vaughan  26%
1 Port Credit  – Mississauga  25%
 
By Dollar Volume   

20 Greensborough  – Markham  -36%
19 Bullock  – Markham  -37%
18 Bayview Glen  – Markham  -37%
17 Streetsville  – Mississauga  -38%
16 Coates  – Milton  -38%
15 Heart Lake West  – Brampton  -39%
14 Royal Orchard  – Markham  -39%
13 Beverley Glen  – Vaughan  -39%
12 Dufferin Grove  – Toronto C01  -39%
11 Angus Glen  – Markham  -41%
10 Commerce Valley  – Markham  -42%
9 Milliken Mills East  – Markham  -42%
8 Uptown Core  – Oakville  -43%
7 Cathedraltown  – Markham  -44%
6 Sheridan  – Mississauga  -44%
5 Markville  – Markham  -46%
4 Devonsleigh  – Richmond Hill  -47%
3 Islington Woods  – Vaughan  -47%
2 Fairview  – Mississauga  -49%
1 Uplands  – Vaughan  -64%

Wondering why the same areas are stuck on both worst performing lists? Hint

#186 Old Man on 04.27.13 at 7:46 pm

#166 musa – who are you? This is my code name in my rant room.

#187 jess on 04.27.13 at 7:49 pm

well foam the runway and pad the numbers!!!
the 19901 screen ISDAfix
…ICAP, the interest-rate swap desk, and the 19901 unit was nicknamed “Treasure Island

Read more: http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425page=4#ixzz2Ri7sWuLk
Follow us: @rollingstone on Twitter | RollingStone on Facebook

Read more: http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425#ixzz2Ri4tqn3C
Follow us: @rollingstone on Twitter | RollingStone on Facebook

#188 Coho on 04.27.13 at 7:56 pm

#140,

Thanks for that. He was one of the very few that sat in the oval office who actually cared for the people and spoke out against the ‘Machine’. Inspiring words of truth that a small minority today would appreciate. For too many, their eyes would glaze over after the first few sentences and ask ‘What’s for lunch’? These are not guards of a free society. They will soon be road kill by the ‘Machine’.

#189 Dr. Hoof - Hearted on 04.27.13 at 7:59 pm

There is a big mythology about Bigger is Better re: retail

I find our local Ma and Pa RONA owner has better prices that Home Depot…out local Ma and Pa IGA is very competitive to SuperStore etc.

Often better prices and better quality.

#190 Roial1 on 04.27.13 at 8:18 pm

Garth, ever read “Towers of Gold, Feet of Clay” by Walter Stewert? (a reporter for the Ottawa Citizen news paper)
I’ll bet not.

If you can find a copy.

The banks withheld the credit of the publisher till it was dropped.

Check it out. Might be hard to find as it only got one printing, even though it sold out the first edition.

I read it when it was new. Decades ago. The credit-withholding story is false. — Garth

#191 HogtownIndebted on 04.27.13 at 8:20 pm

Canadian Watchdog #170 & 184

Interesting data and it mirrors what Garth has been suggesting about the 905.

I see little to no resistance available for the downward pressure on particle board shacks in the suburban wastelands. It looks like some are just starting to get desperate to sell before it’s too late.

#192 drydock on 04.27.13 at 8:20 pm

# 132 Ronaldo

My bills are programmed into my checking account, but i manually do the payments at a machine.
I tried internet banking for a while and there’s no denying it’s efficient i just don’t want that level of automation in my life.
The bottom line is i don’t trust pre-approved bill paying, internet banking, credit or debit cards and now bitcoin is on the list.
I’ve worked with technology all my life and i know how relying on it and taking it for granted is fraught with danger.
Watch a movie from before the pc revolution, say the forties, what you notice is a lot of people performing various tasks.Compare it to a modern movie and the level of automation is striking, machines make it possible for power to be concentrated in fewer hands.

#193 Old Man on 04.27.13 at 8:20 pm

#166 musa – can be only one woman in North America, who is having some fun with me, as she is the best IT tech in the world, and never mind the IP, as she can hide all, as only she would know, and thanks babe for all that you have ever done for me, and what are we going to do with scooter?

#194 Coho on 04.27.13 at 8:40 pm

#182,

We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world’s largest banks may be fixing the prices of, well, just about everything.’

Prices are set so that soverign nations end up operating at annual deficits and need to borrow money from their central banks, the owners of which (not the people) are only too glad to do…year after year. Come to Papa! Papa is glad to lend money from nothing. Eventually sovereign debt will be so high that the amount of debt owed will be secondary to the shackles just the interest payments alone will put the country in. And soon, there isn’t enough money for education, highways, healthcare public services and utilities and so forth. This is what is happening now.

The people work harder and longer but there is never enough money to pay the central bank its interest AND properly maintain the country with an annual deficit. Why would a nation create an entity that is essentially a parasitic blood sucker? Notice that the few remaining countries without central banks are demonized?

#195 Keith in Calgary on 04.27.13 at 8:52 pm

Heh……the paper media……and the media in general.

Reminds me of a story……

Got a phone call one day when I owned a company, a sale rep from YELLOW PAGES was on the line (remember them ?…….if not you can use GOOGLE, they’ll be listed under travel agents and soon realtors in the “extinct” section) he said I needed more business and the only way to get it was to be in the YELLOW PAGES for $4K a year……..

I asked him if he had heard of “THEINTERNET” (make caption symbols with fingertips in your best Dr. Evil fashion)……..promptly hung up on the arrogant prick.

IIRC they went BK a year ir two later and stopped distributing the book.

#196 Smoking Man on 04.27.13 at 9:04 pm

Ah there is hope for the USA

Duck dynasty pulled ahead of American Idol in the ratings war.

Crystal ball translation, if Obama don’t get the young working soon . by Internet consensus, lot of flags will be flying up side down..

DHS has more hollow points than the army, does it have enough men who will shoot…. That is the billion dollar question.

My question, how do I profit from this?

#197 Ralph Cramdown on 04.27.13 at 9:24 pm

Old Man, nobody cares what the Boomers want in food retail. All the big spending is still done by the harried housewife who doesn’t want to find parking and undo the carseats at three separate stores.

Ask people all day long; they’ll say they value friendly, knowledgeable service, the convenience of nearby retail, and healthy, ethically made products — and they’re willing to pay a bit more for it. Some undoubtedly are willing, but when you look at what the majority actually do, you discover that they’ll drive across town to save fifty cents a pound on the turkey even if they do end up paying more for the potatoes, squash, bread and cranberry sauce, they’ll shop for electronics at the local specialist and then order it online and they’ll wait twenty minutes at the border crossing to save ten bucks on a pair of made in Vietnam panda skin pants.

#198 Victor V on 04.27.13 at 9:26 pm

KLM is taking to twitter to plead her case:

https://twitter.com/KL_McAllister/status/327797543327105024

#199 City that smells like it sounds on 04.27.13 at 9:48 pm

Here’s what almost 300k buys you in Regina. Can anyone say this city is overpriced and out classed?

http://www.realtor.ca/propertyDetails.aspx?propertyId=13094400&PidKey=-508045442

#200 Dean Mason on 04.27.13 at 10:40 pm

To Shawn #160
You said you have $932,979 in your RRSP.You do know that in Ontario any non spouse meaning children,brothers,sisters,nephews,nieces etc. will only get 50% in Ontario,Quebec it’s 45%,B.C. 53%.

So in Ontario you pay $466,489.50 in total income taxes,Quebec you pay $513,138.45 in total income taxes,B.C. you pay $438,500.13 in total income taxes.I hope you live a long time because if you don’t deplete your RRSP’s by then your compounding return did not work out as well as you first thought.

Income tax rates for high income earners have just gone up in Ontario and the U.S.They are the new easy target group.Old age clawbacks could cost you $3,000 to $6,000 per person a year depending on your taxable income.This will eat away most of the tax refunds you received over the last 24 years.

I can see also a day where they start taxing $1,000,000 RRSP’s at an even higher income tax rate than 50%,55% etc. A sort of RRSP surtax on $1,000,000 income earners because an RRSP is considered taxable income in the year any non spouse receives the money.

They first start with a larger number and eventually lower it to catch all the fishes in the net.They may even start taxing spouses for their transferred RRSP’s above a certain level say $250,000.Does this not sound familiar incomes above $250,000.Made in the U.S.A.

A problem you will not have, apparently. — Garth

#201 Tony on 04.27.13 at 10:46 pm

The guy looks a lot like a young “mean” Gene Ziebarth.

http://www.heritagelanes.com/Traditional/Winners/2008%20winner-%20Gene%20Ziebarth.jpg

http://members.shaw.ca/kgbowl8/images/Champ_2002.JPG

#202 Canadian Watchdog on 04.27.13 at 10:52 pm

New condo prices "back to 2007"

A growing overhang of new and unsold condominiums in Metro Vancouver has driven prices back to 2007 levels says Urban Analytics, which publishes the New Home Source. "The combination of higher-valued incentives and the willingness of some developers – especially those with completed and unsold inventory – to negotiate sale prices has made for the most favourable new-home buying conditions in several years," the market-research firm stated.

The report found that new concrete condos in Coquitlam, for example, are selling for around $400 per square foot now compared with a nearly $500 per square foot six years ago.

The report adds that new-condo prices are lower now than in 2007 in Surrey, Langley, parts of Burnaby and Vancouver East.

Ahh yes, the next spin tactic by condo pumping marketers. Price per sq.ft. is back to 2007 levels for a concrete cube.

#203 Dean Mason on 04.27.13 at 10:53 pm

To Shawn #160

I forgot to mention another point. The extra taxes they inventing and higher taxes they are going to raise must be put into your equation. When you spend that money or who ever gets the remaining value of your RRSP after both of you are deceased the taxes that exist will reduce even more of your benefit of your compounding RRSP.They get you more on the other side.

Oh,by the way I calculated your rate of return from 1989 until today 2013,the 10.50% return is not sustainable going forward and possible over the next 24 years of who’s ever life or lives.We live in a much more controlled and financially repressed world.

#204 Smoking Man on 04.27.13 at 11:07 pm

The new smoking man theam song..

You shout it loud, but I can’t hear a word you say I’m talking loud, not saying much

I’m criticized, but all your bullets ricochet
you shoot me down, but I get upI’m bulletproof, nothing to losefire away, fire awayricochet, you take your aimfire away, fire awayyou shoot me down, but I won’t fallI am titaniumyou shoot me down, but I won’t fallI am titaniumCut me down, but it’s you who’ll have further to fallGhost town and haunted loveRaise your voice, sticks and stones may break my bonesI’m talking loud, not saying muchI’m bulletproof, nothing to losefire away, fire awayricochet, you take your aimfire away, fire away[ From: http://www.metrolyrics.com/titanium-lyrics-david-guetta.html ]you shoot me down, but I won’t fallI am titaniumyou shoot me down, but I won’t fallI am titanium

I am titaniumI am titaniumStone hard, machine gunFired at the ones who runStone hard, as bulletproof glassYou shoot me down, but I won’t fallI am titaniumYou shoot me down, but I won’t fallI am titaniumYou shoot me down, but I won’t fallI am titaniumYou shoot me down, but I won’t fallI am titaniumI am titanium

#205 Smoking Man on 04.27.13 at 11:19 pm

https://www.youtube.com/watch?v=JRfuAukYTKg&feature=youtube_gdata_player

For those of you that think school is cool… I beg to differ, the little girl flips bird to machine, crank it… Smoking spirt inspiring the world via the universal conscious consolidator..

Enjoy

#206 tito on 04.27.13 at 11:43 pm

The FirePlace channel is a a fixture at my in-laws house during the holidays. I swear to god that my father in law giggles every time the hand reaches in to turn the logs, like it was time.

#207 Basil Fawlty on 04.28.13 at 12:34 am

Shawn #172 “So how was inflation a problem?

Real wages have been falling since the 70’s. How many people purchased Berkshire?

If you seriously believe inflation has not been a problem, you are asleep at the wheel.

#208 Anon y mus on 04.28.13 at 2:03 am

201-even at 2007 prices, the box in the sky are unaffordable!

#209 T.C. on 04.28.13 at 3:00 am

I book-marked this one.

#210 truth on 04.28.13 at 4:00 am

@ #161 Rennies sales launch at The Wall Central Park Saturday….. FYI the 1st 1000 visitors were given a free 25$ gift card… of course there were a thousand and 5 chinese people there, only 5 were there to buy a condo!

#211 Tony on 04.28.13 at 7:25 am

Re: #181 Gary M on 04.27.13 at 6:44 pm

Though Rona will probably go bankrupt Canadian Tire is by far the most overvalued of them all. Most people wouldn’t remember why Canadian Tire’s share price went up in the first place. This was when Nortel went bankrupt and the big Canadian pension funds shifted from Nortel into Canadian Tire. I doubt Canadian Tire is even worst anything over ten dollars a share. If not for the dividend short sellers likely would’ve gotten all over it short.

#212 Ralph Cramdown on 04.28.13 at 8:29 am

#206 Basil Fawlty — “If you seriously believe inflation has not been a problem, you are asleep at the wheel.”

Oh, indeed. That the current generation can no longer afford the formica and linoleum “war-time-houses” of our forefathers has practically been the rallying cry for this blog.

#213 Craig on 04.28.13 at 8:33 am

#167 Old Man

Oh the marketing is to force all to walk here, and there, and everywhere to buy basics. The con is over.

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

Go to WalMart and price match. One store only, get all your stuff and save a chunk of cash.

Unfortunately these box stores aren’t going anywhere.

#214 Digger on 04.28.13 at 8:54 am

I don’t think it acceptable that G-Man takes weekends off.

Dude. I take one day off to ride. You will have more red meat later today. — Garth

#215 Herb on 04.28.13 at 8:57 am

Smoking spirt inspiring the world via the universal conscious consolidator.

Utter BS.

#216 thephantom on 04.28.13 at 9:33 am

Hi Garth (AND bloggers, posters and lurkers alike)…

Been sometime since I had time to devour and savour the blog and the erudite and thoughtful comments made by people; in particular Smoking Man!

I have honestly been “out of the loop” quite frankly, trying to sort my life out and so I concede I am ignorant of property values and trends. I will offer this little tidbit, a home for sale here in Winnipeg has dropped $40,000 since it initially was listed, notwithstanding the fact that it is located in what many consider a nice area. It is a character home in Crescentwood (862 Grosvenor, I believe) and, at first blush appears to well maintained…

Now it could be that it was over priced to begin with and/or the home simply doesn’t withstand closer scrutiny. It could also be attributable to the fact that the owner is highly motivated to “move” the property too. All I know is that the list price has dropped nearly 10% of the original asking price in the previous few weeks…Guess the bidding wars are happening on this listing just yet.

Go figure

later folks,
the phantom

#217 Tony Right on 04.28.13 at 9:52 am

Agreed. People are too smart to have papers insulting their knowledge with weak articles pandering to some sector of the economy. Papers need to go back to real, objective reporting and maybe people will read your papers again. As Garh says, quit whoring yourselves out. It’s pathetic!

#218 LP on 04.28.13 at 10:03 am

Part of the reason is the proliferation of new vehicles (I recently discovered the Fireplace Channel),
*****************************************

Have you found the aquarium channel yet? At the rate my grandkids go through gold fish, they may just as well tune in there and give the fish the same crazy names they christen the live ones whose sojurn in their bedroom fish bowls is horribly short. The two most recent, Violet and Spidey, lasted four days and 3 weeks respectively.

#219 Canadian Watchdog on 04.28.13 at 10:25 am

The Mechanics of TREBEX, REBGVEX and CREBEX Condo Futures Exchange

Video: Inside The Toronto Pre-Construction Condo Sales Process

"Assignment basically means being able to sell the unit before it actually finishes, so you don't have to get a mortgage."

Watch the entire video and pay very close attention to how many layers of investors take part before units are actually sold to the public. Then have a look at the following chart to see why many, if not most, presale owners (realtor/brokers) are already underwater.

And for anyone still confused about just who all those buyers waiting in condo lines really were, please revisit this video from 2009.

#220 Smoking Man on 04.28.13 at 10:26 am

#214 Herb on 04.28.13 at 8:57 am
Smoking spirt inspiring the world via the universal conscious consolidator.Utter BS
………………..

Herbert I know it’s been a while for you, but take your self back to the stiff days……

You meet a chic, you just know with in a milli second two of you who will be having breakfast, or when I said the blue jays aren’t going to do it. Or when I said short apple in Sept…. You go onto a casino and know if your going to win or lose before you walk in.

That’s the universal consciousness consolidator. It’s the server our brains connect too. Only insane people who live outside the matrix can access it’s power..

That’s why your luck to have me around. :)

The

#221 gladiator on 04.28.13 at 10:59 am

@193 Coho:
Q: “Why would a nation create an entity that is essentially a parasitic blood sucker? ”

A: Because it wasn’t the nation that created the blood sucker and even after realizing that this IS a blood sucker, the nation can’t get rid of it, because the majority of its subjects have no idea how it works and how to kill it.

#222 Sideline Sitter on 04.28.13 at 11:16 am

*SIGH* I’ve got a wad of cash (from selling my SFH in 2012) doing ZERO in the bank as I rent and await calamity…

but supplies have dwindled, as has my wife’s patience.

What to do? I don’t want to risk my wad in the market – do I?

There is a wide gulf between ‘in the bank’ and ‘in the market.’ Either educate yourself or get an advisor. — Garth

#223 Devore on 04.28.13 at 11:55 am

#181 Gary M

Just give this guy your money.

http://www.theglobeandmail.com/globe-investor/meet-the-man-whos-selling-canada-short/article11585150/

The guy selling banks short? Yeah, right. — Garth

#224 Canadian Watchdog on 04.28.13 at 12:11 pm

Ontario Foreclosure Listings

Burlington

Milton

Oakville

Brampton

Mississauga

Aurora

King

Markham

Newmarket

Richmond Hill

Vaughan

Toronto

From my understanding, realtors are limited to display the number of distressed properties per area. So be assured, there's many more.

#225 Rural Rick on 04.28.13 at 12:34 pm

#217 LP on 04.28.13 at 10:03 am
Goldfish are cold water fish putting them in a small container in a 70 degree house and over feeding them will pretty much finish them off. Goldfish should be outdoors in a pond. Get a few tropical fish in a larger aquarium and do not over feed.

Not a fish blog. — Garth

#226 DonDWest on 04.28.13 at 12:47 pm

My thoughts on the situation as I see it? The collapse of the Western Empire is already here, but it’s not the financial economic collapse portrayed by those of Austrian economic school.

It’s a societal collapse – long story short, it’s all about sex.

Young men across America, Canada and Europe have been priced out of having a house and a car – two key ingredients necessary for attracting women in the modern era.

Young men, in all practicality, honestly don’t care too much about the house and the car. It costs very little for a bachelor to sustain himself. Young men only care about the house and car because it provides him with access to sex.

Young men, who can easily do the math, will soon come to the realization they’re priced out of houses and cars regardless of how hard or long they work. They’re thus priced out of having women. In such a reality, men will most likely adapt by working less and paying less taxes. They may abandon society altogether and live off the grid. The life of a man becomes very simple once women become unobtainable. . .

What is the result of all this? Shrinking GDP and a declining birth rate producing less little consumers. The elite have tried to compensate with mass immigration, but that only lasts a generation. Once the immigrants children (in particular their sons) grow up – they’ll be in the same predicament.

The elite have made a fatal mistake in targeting young men as expendable. We’ll see the consequences of their actions soon enough, but it won’t be a bank collapse that’s the catalysm, the banks are the last domino to fall in our corporate-socialist empire.

The catalysm will simply be tired, frustrated, sexually angst young men breaking stuff. And it won’t be a controlled arena environment this time like WWII -with nuclear weapons that option is now unavailable for the elite.

It’s inevitable, young men with no role to play in society, no women, no job, etc. will destroy and the destruction will seem quite random. To deny this reality is to be oblivious of your humanity. The West will fall. Slowly but surely, it has already fallen.

#227 Dr. Hoof - Hearted on 04.28.13 at 12:56 pm

Just finished watching “INSIDE JOB” , a documentary on the Global Financial Meltdown

http://www.youtube.com/watch?v=OI6Ay8Zo-OU

One of the better ones insofar as easy to understand what happened.

What really stands out is the revolving door between Gov’t /Private Sector(Banks)/Regulatory agencies and Academia.

When the music stops and the SHTF…the stinky finger pointing starts.

#228 Deliverator on 04.28.13 at 1:19 pm

This Richmond, BC realtor is being frank about the number of people already ‘under water’ on their mortgages:

“Primarily in Richmond, most people who bought in the last 3 years are technically under water. What I mean is that they are for sure going to be unable to sell their property for more than they purchased it; they are definitely likely to have a selling price net of commissions yield proceeds of disposition less than the amount owing on their mortgage.

I say this because in our previously expensive real estate market, buyers were throwing everything they could at the down payment and they would be lucky for a house purchase to be able to do so with a conventional mortgage at 20% down. The market being down some 25-30% depending upon neighbourhood, means that they are 40% through their 5 year fixed mortgages and in the event they were at term today, the discussion at the bank would most likely revolve around them coming up with sufficient equity in the form of a new 20% equity payment to finance a conventional loan, or CMHC insurance for a non-conventional one. Both scenarios are grim and place yet another purchase of the next house phase in jeopardy.”

#229 Shawn on 04.28.13 at 1:44 pm

RRSPs and Taxes

The biggest benefit of RRSPs BY FAR is that the tax refund encourages people to save and invest. Without the carrot of the refund in many cases the money would never have been saved up and invested.

In fact the refund essentially gets paid back as the RRSP is cashed out or as a tax on death of the last spouse but nevertheless the refund is perceived as the great carrot and that is why people save and put money into RRSPs.

Mathematically the real benefit is tax free compounding on your share of the RRSP (Your contributions less the refund). And it is TAX FREE if the marginal tax rate and other impacts (clawbacks) lead to an unchanged marginal txx rate. The taxes are merely the repayment of the refund plus the return the government earned on the refund as you invested it for them. (Bizarre but a mathematical fact if marginal tax rate unchanged).

Tax free growth means higher returns. It can easily mean your money doubles an extra time over 30 or 40 years. If your money doubles an extra time inside an RRSP that means a 50% tax rate is taken care of by the extra double.

There is a lot of math here and math rarely trumps long-held but erroneous beliefs to which one has an emotional attachment. So it is understandable that many will dismiss this mathematically correct observation.

When the math is done your share of the RRSP grows to precisely the same level (after tax) as it would in Tax Free Savings Account as long as the marginal tax rate is unchanged. And we know tax free is tax free so if RRSP is equal (as long as marginal tax rate unchanged) then it too is tax free on YOUR SHARE of the RRSP. (Apparent taxes are the repayment of the original refund which in substance is the government’s share of the RRSP.)

Good enough for an episode of Ripley’s Believe it or Not? (old TV show)

P.S. Dean Mason, we did not contribute all the money in 1989 as a lump sum and so your return calculation is way low, unsustainable, perhaps, but so far so good. Also I am planning to live forever so estate taxes will not be an issue.

#230 Tom Vu on 04.28.13 at 2:00 pm

Not a fish blog. — Garth

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

Yeah…this is for Vultures, Vampire Squid, drunk posters, and those who like people with the first name Justin

#231 Anon y mus on 04.28.13 at 2:10 pm

#225 what kind of bs theory is that. Many young people female or male are choosing not to have children b/c they can not achieve what their parents achieved with one income. Who wants to bring a child up in a small box in the sky. Although, many people elsewhere do this, this is not the standard associated with the America’s. however, this theory also doesn’t explain why there is a birth drop every where including places like India. The reasoning is higher education, material desire, laziness, and higher child survival rate, shift fr agriculture economy to one of many diverse economies(in the past your children were your workers and sign of wealth) lack of time, overworked, violence, instability. Many other factors which I can not think of yet….. Oh one more. Egotistical people like you who thinks it is all about themselves…or their sex

#232 Anon y mus on 04.28.13 at 2:15 pm

And greed

#233 espressobob on 04.28.13 at 2:52 pm

#227 Shawn

The greater concern about an RRSP is indeed increasing tax rates down the road! Tax refunds are welcome and investable in a TFSA or non-reg account. At least you know where you stand with those.

I agree with your comment for the most part, but one has to wonder about government rules as they are today?

#234 Piccaso on 04.28.13 at 2:52 pm

#225 DonDWest

Young men, who can easily do the math, will soon come to the realization they’re priced out of houses and cars regardless of how hard or long they work. They’re thus priced out of having women.

——————————————————–

Then ten years later the now middle aged man is again priced out of a house forever because his woman got it and he got the child support payments. Isn’t life great!

#235 Herb on 04.28.13 at 3:04 pm

Canadian Watchdog,

you earned your keep to-day with your #218 and 223. Garth should double your pay!

Oh, wait …

#236 Dr. Hoof-Hearted on 04.28.13 at 3:05 pm

“Who controls the food supply controls the people;
who controls the energy can control whole continents;
who controls money can control the world.”
—Henry Kissinger

There are two ways to be fooled.
One is to believe what isn’t true;
the other is to refuse to believe what is true.
–Soren Kierkegaard (1813-1855)

“If a nation expects to be ignorant and free in a
state of civilization, it expects what never was and never will be.”
–Thomas Jefferson, 1816.

“No people will tamely surrender their Liberties, nor can any be easily subdued, when knowledge is diffused and Virtue is preserved. On the Contrary, when People are universally ignorant, and debauched in their Manners, they will sink under their own weight without the Aid of foreign Invaders.”
— Samuel Adams

#237 Shawn on 04.28.13 at 3:05 pm

Unemployed Youth and Anarchy

The anarchy that DonDWest talks about has been written about before. The Demographer David Foot who wrote Boom Bust and Echo has talked about this.

He seens it mainly in third world type situations. Keep your yound people employed or they will destroy the country he says.

Maybe places like Spain and Greece will succumb.

North America is a long way from that.

The notion that young women will refuse sex with unemployed young men has possibilities. Lecherous rich old guys rejoice! (Does this explain the Amazons? or is that all based on the Adonis body?)

An old millionaire aged 75 returned to his rich old buddies and announced he had just married a young chorus girl. How did you get her to marry you they asked? Did you lie about your age? Yes indeed he said… I told her I was 85.

#238 DonDWest on 04.28.13 at 3:33 pm

#229 Anon y mus

“Many young people female or male are choosing not to have children b/c they can not achieve what their parents achieved with one income. Who wants to bring a child up in a small box in the sky.”

You have proven my point; young men can’t achieve the level of security necessary to raise a family as their fathers did. Trust me, when a woman is selecting a mate, she’s always measures/sizes you up by comparing you to her father. Most women are unaware of this – it’s deeply imbedded in their subconscious.

Men have a similar flaw; they measure up women against their mothers. They’re looking for that kind and nurturing type that simply doesn’t exist in this cold and harsh world when a woman declares you invisible because you don’t have a car or house – which is 90% of young men by the way. Buying the living standards off one income like our fathers did is just impossible, but the expectation is still there.

Where I disagree with you is that people choose not to have children. The women may be choosing not to have children, but I’m not so sure if that’s what men truly want. As a man, who talks to fellow men, their “not settling down” seems to be a matter of circumstance rather than choice.

Historically, what separated the West from the rest was we found a way to somewhat tame the bad sexual habits of both men and women. We insured that most men had a wife (and had the means/resources necessary in order to attract one) – and with that came stability in the community and family.

Today, we’re moulding into a primitive alpha-male orientated society with advanced computers – where the few rich men will become polygamists and the majority of men will be left with nothing. I’m telling you, it’s coming, and the level of societal dysfunction will be enormous.

#239 Garth Turner vs. Kerri-Lynn McAllister regarding Toronto Star article | canada.com on 04.28.13 at 3:40 pm

[…] focus of the coverage shifting to a demand for more contemporary rent control laws — Turner didn’t lay blame upon McAllister: “If I ran a website churning dollars with every click-through loan referral, I’d want this […]

#240 TurnerNation on 04.28.13 at 4:19 pm

#225 DonDWest . Not cars. Never been cheaper, or more advanced. 0% financing. 84 months. $70/week for a new econobox.
An econobox in 1990 cost 13-15k. Same today.

Difference now for young men, is drugs. Many small Atlantic towns, unemployed, are ravaged with theft, drugs.

#241 Tom Vu on 04.28.13 at 4:56 pm

An old millionaire aged 75 returned to his rich old buddies and announced he had just married a young chorus girl. How did you get her to marry you they asked? Did you lie about your age? Yes indeed he said… I told her I was 85.
==================================

http://www.fanpop.com/clubs/anna-nicole-smith/images/33733168/title/anna-nicole-smith-husband-photo

#242 HogtownIndebted on 04.28.13 at 5:04 pm

#225 DonDWest

Your theory is rather dramatic but the reasoning does have some merit, notwithstanding the attacks on you here.

It’s long been a staple of cultural anthropology that every society has a fundamental challenge to face: what the hell are young men supposed to do? Biologically superfluous beyond a few minutes of activity, but enabled with spare time and larger physiques, men have variously made themselves either useful or a pestilence upon society.

The dumber ones have created mythologies to self-aggrandize and obscure their general uselessness, hence all of the patriarchal religions (almost all of them btw) which all can barely conceal their real motive – to diminish female power. Some other men are actively, stupidly engaged in attempting to do the same thing in their own private cult-like ways, hence all the lone wolves of ideology or smoking idiots who are also virtually all male. Existential and genetic losers and half-wits, all of them, sadly.

The idea of house and hearth, home ownership and all its trappings does indeed help to institutionalize the more useful path that men can take, and you are right on that in your assessment.

We are indeed in a sort of crisis that way, and I know far too many in their 30s and 40s who are giving up on the very idea of family and stability simply because of economic factors, including the receding dream of home ownership. This is men, but also correspondingly women of course, too.

Stats Canada (2011 Census) reports that 39.9% of families now have no children at all; of those that do have kids, 45% have only 1 child.

http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil50a-eng.htm

While if continued, this could indeed become a demographic and socio-economic disaster, I disagree with you there. It is an intellectual trap to view trends as unstoppable things, and many trends are just part of longer patterns or cycles. Like with a stalled aircraft, the earthward plunge eventually creates enough airspeed to generate lift, and the plane can rise again. So will the economic and social prospects for young men change and eventually improve; but, sadly, that does not mean that a generation or so may not get scorched before the cycle comes around again.

#243 Ronaldo on 04.28.13 at 5:21 pm

#221 Sideline Sitter –

”What to do? I don’t want to risk my wad in the market – do I?”

Choices:

1. Jump into the housing market now and risk losing 25-30% of your wad and possibly save your marriage, or
2. Stay renting, keep your savings where they are or put all your savings into the markets and risk returning to single life….

tough choices

#244 DonDWest on 04.28.13 at 5:23 pm

#239 TurnerNation

“Difference now for young men, is drugs. Many small Atlantic towns, unemployed, are ravaged with theft, drugs.”

Are you seriously suggesting this generation is more into drugs than the baby boomers were in their youth?

Drugs have always been around and young men have always disproportionately taken drugs compared to other demographics. That hasn’t changed – drugs are not the cause of this generation’s malaise.

All of my friends who are men (aged from 21-42) are all doing worse economically than their fathers were at the equivalent age. As for their fathers, they’re not exactly intelligent and hard working men. Most rarely work beyond their regular scheduled hours and they take multiple vacations throughout the year. Many are drunks. They’re baby boomers in “grandfathered” positions.

None of my friends take drugs. I stand corrected, I do know one of my friends’ who SELLS drugs (but never takes drugs) – he’s the only young man doing economically better than his father. Not exactly a good role model though. . .

Young women are a different story though – if a young woman actually wants to work the sky is the limit. They have management positions groomed typically for her and where I work it’s no exception. It’s been the same story in past jobs I’ve had as well. Businesses want to look “progressive” by having a legion of female managers. Unfortunately, very few young women are up for the offer – they’re always the first to volunteer to leave early from work. Being the highest performer at my company, I’ve tried to apply to these management positions myself, but I’m told I lack the “soft skills,” i.e. I am not a woman or visible minority. The positions are often left open until a woman comes along willing to take the position. Make no mistake, young men are definitely expendable in this corporate-socialist run environment.

#245 DonDWest on 04.28.13 at 5:38 pm

And cars are not cheaper (adjusted for inflation) than at the time of my parents. You’re comparing a basic econobox. Let’s compare real vehicles:

-My father bought a Mustang convertible for $2,200 back in 1966. This was a brand new vehicle/model at the time period. Adjusted for inflation that’s $15,628.90 today. (http://www.bankofcanada.ca/rates/related/inflation-calculator/)

-I can’t find any brand new Mustangs of the equivalent unit today for $15,628.90. With $15,628.90 in your pocket, you would have a hard time buying a new Honda Civic, although you might be able to get a KIA. The lowest price tag for Mustangs now is around $21,000 (http://www.ford.ca/cars/mustang/). That’s for the basic coupe model – the convertible model is even more expensive.

#246 DonDWest on 04.28.13 at 6:09 pm

# 241 HogtownIndebted

“It is an intellectual trap to view trends as unstoppable things, and many trends are just part of longer patterns or cycles.”

It is an intellectual trap to apply mathematics and engineering to people.

You can’t have a “stalled generation of young men” and expect the aircraft to regain lift-off. People have life cycles – they only live once. If the conditions don’t change quickly for young men within their lifetimes – they will deliberately crash the aircraft killing all hands on board.

Not to put people in a panic, but we have at most ten years to course correct this societal trend, and I sense no urgency or even awareness of the problem by most people. By the time people notice – it will already be too late.

#247 Shawn on 04.28.13 at 6:19 pm

CAR Price Inflation

Don D. West at 244…

Don, nostalgia aside, today’s Mustang’s are incomparably more advanced than the 1966 models.

And if you finance it the payments may be lower than 1966 for a four year loan even if the price is higher today (inflation adjusted).

Those 1966 Mustangs were a classic for sure. The reliability today would be far greater. No fuel injection in 1966. Gas mileage, tires and stopping distance all much improved. And it would be unfair of me to mention that the gas tanks had a habit of coming into the passenger compartment in rear end collisions on those early Mustangs.

Any way you look at it, the hours worked to buy a car are lower today and the quality is better. It would be nonsense to suggest that wages have not gone up quite a bit faster than CPI since 1966.

#248 Anon y mus on 04.29.13 at 1:30 am

237 this world does not revolve around young men! What century do live in. However it’s controlled by old farts

#249 john on 04.29.13 at 10:07 am

Garth, thank you for all your work.

Could you please do a piece on what is the mechanism and impact of the bond buying program (QE’s and $85B/month) being followed by the FED, BOJ and ECB. Is devaluation the goal or keeping long term rates low the end game?

#250 john on 04.29.13 at 10:31 am

http://www.cbc.ca/news/world/story/2013/04/26/f-rfa-macdonald-power-shift-savers.html

Great Article on CBC!

Every night you should give thanks for globally-coordinated monetary policy. The world would be vastly different, and imperiled, without it. — Garth

#251 David W on 04.29.13 at 5:10 pm

Is a housing bubble really the issues Garth? What seems more troubling in the gov debt used to prop up world economies. That money has stopped flowing and now governments are cutting spending, sucking the steam out of growth. If growth slows or housing bubbles pop, government are out of levers to fix things.

#252 countrymusicfan on 04.29.13 at 10:01 pm

DonDWest – dude you are sounding pretty bitter and inflexible in your doomsday dreams.

A dog with a bone. Give it a rest, buddy.