Finale

F modified

Since F was omnipresent here, a few words on his early call home.

Without a doubt, he’s been mauled on this site for a few years. F’s viewed by many as the architect of a real estate bubble which turned housing unaffordable in the nation’s largest cities. He created zero-down mortgages and shifted that risk onto the taxpayers. He brought in 40-year amortizations, dropping monthly payments, and making it easier for prices to inflate. He supported throwing interest rates in the ditch, so people would borrow fiendishly and the economy could recover on the back of household debt.

For each of those transgressions against the middle class, we raked him.

F also came to see the error of his ways. He revoked the zero-down mortgages. Then he shortened insured home loans from 40 years to 35, then to 30 and finally to 25. He cut million-dollar homes off from CMHC, and raised the borrowing standards for the cashless newbies. He yelled at the banks when they sliced mortgages rates too aggressively. He warned people about excessive debt and wagged a finger saying rates were destined to rise.

In short, he recanted, reformed and tried to repair some of the damage. It takes a gutsy man to backtrack, carefully laying out the reasons you screwed up the first time, then trying to make it right. Most people can’t do that. Especially in the glare of public.

F destroyed the retirements of many people when he taxed income trusts. But he was told. I know that. It actually disturbed him greatly to have campaigned on one thing, and then do another. On the other hand, he improved millions of lives allowing creation of the TFSA and letting retired couples share their pension income. He caved in to the prime minister on income trusts, then did the right thing standing up to him on family income-splitting. He also brought in a valuable program to help families cope with the cost of disabled kids.

F presided over the worst annual federal deficit in Canadian history. He helped add about $70 billion to the national debt. But last month he brought in a budget which was in surplus, considered a Herculean task for a finance minister who took office two years before the economy committed suicide.

So it’s a mixed legacy, as it should be. And those were just the final chapters. F was the finance minister of Ontario before that, a hard-ass, right-wing disciple of iron premier Mike Harris – the kind of guy who was tight with the Ford family in Toronto, and himself ran to be leader. Impressively.

As I’ve written before, F and I knew each other, ate together, sat in caucus together, argued and fought. He took an active role in throwing me out of my political party, and he certainly did not need to do that. But he was told. I know that. F was a good soldier most of the time, truly believing that if conservatives don’t run things, even in a badass sort of way, then we’re all doomed.

Having been in elections, winning and losing, having stood in public and shouldered every consequence of all actions, real or imagined, I have a lot of sympathy for the elfin deity. Just lasting eight years in that arena is more than most people could endure. His body showed that. A few weeks after shedding the burden, and the adrenalin, of his lofty post, F’s dead.

Sad. He was ready to monetize years of public service, and all the crap that entails, on Bay Street. That resource is now gone. So we all lose a little, because I’m sure he would help important companies make better choices. One learns a lot along the way, and by your sixties a great deal has become clearer.

Ideology and arrogance are the fuel of younger men. But mileage counts more.

219 comments ↓

#1 CY on 04.10.14 at 5:10 pm

F should also be remembered for serving the country as a public servant. He’s well connected in the business community.

#2 Smoking Man on 04.10.14 at 5:14 pm

Nicely done Garth..

#3 ILoveCharts on 04.10.14 at 5:15 pm

RIP Jim and condolences to his family.

#4 Meck on 04.10.14 at 5:16 pm

Sad. Yet somehow I feel that there’s a House of Cards angle here. Condolences to his loved ones.

#5 j on 04.10.14 at 5:17 pm

Seriously…

#6 -=jwk=- on 04.10.14 at 5:19 pm

It is a bummer. I think he learned from his provincial days not to let the leader run amok. That helped keep Harper and neo con gang in check (he seemed like the least neo-con of the bunch) He never made the press for anything bad, never threw a fit over a car wash, never got arrested. We’ve all lost something today: a politician one could respect.

#7 CY on 04.10.14 at 5:19 pm

RIP – F

#8 jose on 04.10.14 at 5:19 pm

well said! we all make mistakes and it takes a greater man, not a fool, to admit them :)

#9 jeff on 04.10.14 at 5:21 pm

Perhaps, under the circumstances of the day, it would be respectful and appropriate to refer to him as Jim Flaherty.

#10 Waterloo Resident on 04.10.14 at 5:23 pm

Remember a few weeks ago I told everyone that it’s not the boomers parents who will be dying off, it will be the BOOMERS THEMSELVES doing the dying.
Well, Jimmy’s death just proves my point here.

As for your investment in stocks and bonds and mixed assets: I’d sell if I were you.

Better sell all of your stocks either now or soon; some time in 2014 we will be getting a 32% crash on the S&P500. This is directly from CNBC news:

2014 crash will be worse than 1987’s: Marc Faber
http://www.cnbc.com/id/101573688

Quote: “”This year, for sure—the S&P will drop 20 percent,” Faber said, adding: “I think, rather, 30 percent. But all I’m saying is that it’s not a very good time, right now, to buy or own stocks.”

#11 Sheane Wallace on 04.10.14 at 5:24 pm

Garth,

Your forgiveness is exemplary.

#12 Derek R on 04.10.14 at 5:24 pm

Well said, Garth.

#13 Smoking Man on 04.10.14 at 5:26 pm

#174 devore on 04.10.14 at 4:53 pm

Your insult was entertaining, how ever you failed to explain my earlier points about the contradiction in MSS, main stream science.

So the dark stuff is pushing em (galaxies away from each other)

What is the a force field around the galaxies that prevents the dark stuff from getting in and pushing suns away from planets.

Read less day dream more

#14 coastal on 04.10.14 at 5:26 pm

Sad to see a guy go so fast after retiring. No one deserves that. RIP Fman.

#15 waiting on 04.10.14 at 5:26 pm

A fitting tribute, the good and the bad,
we’re not all angels or devils, just human beings, frailties and all.

#16 jan on 04.10.14 at 5:28 pm

Ideology and arrogance are the fuel of younger men. But mileage counts more.

Amen sir !

#17 straight six on 04.10.14 at 5:29 pm

Garth’s eulogy for Jim.
amen

#18 Echo on 04.10.14 at 5:29 pm

On this of all days, you could at least pay Jim Flaherty the respect of using his full name.

#19 Shawn on 04.10.14 at 5:30 pm

Risks passed to CMHC and Taxpayers

Some years ago I was almost certain that CMHC was going to choke.

It had and has very little equity and in a house price collapse it could need equity injections from the government.

But mortgage default rates remained at almost record lows. I watched every month for years but the defaults refuse to budge. I have given up watching.

The risks and the costs to taxpayers have failed to materialise.

As for encouraging debt. No one was forced to borrow.

So far F’s legacy is looking pretty good to me.

Governments may have acceerated to move to low interest rates. But ultimatley supply and demand of funds sets rates in the maket and rates are low and belong low because someone is clearly a wash in savings.

Perhaps it’s the rich lending to the poor and middle class, whatever, rates are low and house prices remain high.

It’s only entertainment to me really as the value of my house is not of much importance to me (I will always own one so will never realise any big gain or loss really no matter what).

I owned loads of stocks on October 31, 2006 but no Income Trusts and laughed as they became taxable which well they should have. They were a tax scam. Next let’s tax REITs too.

F’s legacy is quite fine by me.

Bring on some more taxes for the rich, we can afford it.

Why should the lower middle class face the highest marginal tax rates while the upper middle class gore on dividends and capital gains and TFSA and RESP and (yes) RRSP and also tax breaks on their pension contributions? The tax breaks for those of us that can use all these is embarrassing. I use ’em all.

#20 Stickler on 04.10.14 at 5:31 pm

Thanks Jim, for reminding everyone why its a good idea to retire early and not assume all will be well @65 or 67.

#21 RM on 04.10.14 at 5:31 pm

Very crisp and honestly written obituary. Financial Post should have asked you to summarize it for them.

#22 takla on 04.10.14 at 5:36 pm

A good man with a extremely difficult position in gov.To bear the weight of all those dicisions in his career obviously took their toll on his health as he seemed to be in decline in his last yr at the helm as Canadian finance minister.Handleing other peoples money has to be the most thankless job out there,especially in challenging times..RIP F

#23 McRob on 04.10.14 at 5:36 pm

Well played, Mr. Turner, well played.
JF was one of the very few among a coiterie of ***holes who deserved the term “honourable” in front of his name.

#24 Ray Skunk on 04.10.14 at 5:39 pm

We’ve all had our moans about the state of the RE market and the Canadian economy in general. With hindsight, it’s easy to criticize decisions made and paths taken to where we are today. Some are happy, some fuming.

We can never say with certainty if things would be better or worse if Jim had made different choices. He’s only human, and can only act on the information he had at the time. If he had a crystal ball I’m sure things would have been different.

Personally, I’m fearful of the state of the economy today, but I am also grateful that his actions allowed me to buy my first place back in ’07; a move which was able to kick off my saving and investment plans.

RIP Jim.

#25 Nemesis on 04.10.14 at 5:40 pm

#Mileage #3Million&Counting #”DriveItLikeYouHateIt”

http://youtu.be/9vlRIVIUQKc

#26 Mooshee on 04.10.14 at 5:41 pm

“Ideology and arrogance are the fuel of younger men. But mileage counts more.”

Well said… RIP F. Condolences to the family.

#27 Homeless in Canada on 04.10.14 at 5:46 pm

It’s a shame he didn’t live to see the rotting fruit of his economic policies.

Yes, he was only human but he is not living with his mistakes. Millions of Canadians are.

Great story came out today about the nub lines of our housing market.
http://business.financialpost.com/2014/04/10/canada-housing-market-correction-us/

Unfortuneatly it will now be buried under Flaherty.

#28 Nemesis on 04.10.14 at 5:48 pm

#BonusZen #UncleAlbert

“Reading, after a certain age, diverts the mind too much from its creative pursuits. Any man who read too much and uses his own brain too little falls into lazy habits of thinking.”

“The pursuit of truth and beauty is a sphere of activity in which we are permitted to remain children all our lives.”

“Once you can accept the universe as matter expanding into nothing that is something, wearing stripes with plaid comes easy.”

#29 T.O. Bubble Boy on 04.10.14 at 5:48 pm

Ideology and arrogance are the fuel of younger men. But mileage counts more.

So – if Harper is still leading by ideology… he’s the younger man?

Very balanced post Garth. Also, made it quite clear who you observed steering the car into the ditch (Harper).

#30 Homeless in Canada on 04.10.14 at 5:49 pm

….about the bubbliness of our housing market.

#31 TurnerNation on 04.10.14 at 5:49 pm

I’m trying to parse the good things.
Parsing.

#32 Finger point on 04.10.14 at 5:51 pm

RIP Jim, I hope the leaders of the country don’t point the blame finger at you when SHTF, that would be a low blow, but it wouldn’t surprise me

#33 fancy_pants on 04.10.14 at 5:52 pm

wow, shocking to read of F’s passing.

I haven’t been to this blog for quite some time but I immediately had to hear Garth’s words about F… and as expected, a nice tribute to such an adversary

RIP

#34 not 1st on 04.10.14 at 5:55 pm

Too bad Rob Ford felt the need to eulogize JF.

Whatever Flaherty did, good or bad, he wasn’t a crack smoking fool in denial embarrassing an entire country every day.

#35 Zeeman1 on 04.10.14 at 5:57 pm

Well said Garth.

Back when I was in high school and first started getting interested in politics I remember Flaherty and Harris as being the least of the available evils.

This remained true when he was part of the Harper government.

Flaherty never forgot who he was and the humble history of his ancestors, and he tried to make life a little easier for a lot of taxpayers, while remaining free from scandal.

Yes, he did as he was told, and fierce loyalty to,party and constituents has always been one of Flaherty’s prime characteristics, but again, he represented the least of the available evils.

Well miss you, you little twinkle eyed elf.

#36 A Yank in BC on 04.10.14 at 5:57 pm

One can assume that Flaherty was a good family man. That’s all he needed to be to earn my respect.

#37 Marco Polo on 04.10.14 at 5:58 pm

I agree, respectfully use the ” late Jim Flarety”. He wasn’t a particularly bad man, a consequence of his times. Had you both been serving in the early 90’s, the situation might have been quite different. Condolences to his family.

#38 not 1st on 04.10.14 at 6:01 pm

Garth, I think its secretly a blessing you got ejected from the commons. Look at the stress and criticism that Flaherty was clearly under every day, especially at budget time and when the economy teetered. He was obviously torn between towing the company line, keeping the economy going and trying to satisfy the common voter.

Instead of that you can quietly blog away in relative peace.

I always think about that line “Who would ever want to be king?”

#39 Shawn on 04.10.14 at 6:01 pm

Homeless at 27 said

Yes, he was only human but he is not living with his mistakes. Millions of Canadians are.

***********************************
Would you rather trade places with F?

#40 Millenial on 04.10.14 at 6:07 pm

http://www.thestar.com/life/homes/2014/04/10/what_they_got_condos.html

Mount Pleasant East
Location: 2191 Yonge St., Suite 2209,
Yonge St. and Eglinton Ave. E.

Asking price: $449,888
Selling price: $448,000
Previous selling price: $303,400 (2008)

Size: about 750 sq. ft.

Parking: one owned underground space, one owned locker
Maintenance fees: $460.21 per month
Taxes: $2,813 (2014)
Bedrooms: 1 plus 1
Bathrooms: 1

Days on the market: 8

#41 World Traveller on 04.10.14 at 6:10 pm

Great post, Garth. Jim Flaherty never struck me as a malicious man. Harper on the other hand, something is going on behind those dead soulless eyes.

#42 Catalyst on 04.10.14 at 6:10 pm

In politics, its better to be wrong but consistent then change your mind in the presence of new facts. He had some bonehead moves, and had the cajones to admit when he messed up and change course.

Everyday I hear from tin soldier Oliver, the more I miss the elfin deity.

Shocking news to all, none more than his family I am sure. My deepest condolences and wish his family strength at this time.

#43 David B on 04.10.14 at 6:13 pm

Your last words sums it all up in a nutshell Garth ….. keep well and enjoy the love of your family.

#44 DocInTheWaitingRoom on 04.10.14 at 6:17 pm

My condolences God forgive my comments

#45 killaboy on 04.10.14 at 6:19 pm

“It’s not the years, it’s the miles.”

Rest in peace in that big bank in the sky, F.

#46 Mean Gene on 04.10.14 at 6:21 pm

A reminder to all of us that we do not live forever, plan as best you can and live life to the fullest everyday.

#47 Smoking Man on 04.10.14 at 6:21 pm

#34 not 1st on 04.10.14 at 5:55 pmWhatever Flaherty did, good or bad, he wasn’t a crack smoking fool in denial embarrassing an entire country every day.

……….

Typical tree hugger. Have some respect…

#48 Yuki on 04.10.14 at 6:22 pm

Shocked to hear the news… RIP Mr. Flaherty

#49 Old Man on 04.10.14 at 6:26 pm

F brought in a surplus budget? This was a shell game of cooking the books to make black look white; once again creating a distortion of reality. They are holding back enormous unfunded liabilities of at least $100 billion that has yet been expensed for all the promises that have been made. Fighter jets, helicopters, bridges, new prisons, naval ships, arctic bases, coast guard ships, and the list is endless. At the same time have closed down facilities from coast to coast, and have increased the national debt bigtime. Where has all this money gone for the betterment of Canada?

#50 Ry YYZ on 04.10.14 at 6:29 pm

Seems that Mr. Flaherty was a decent man, even if we didn’t agree with some of his policy decisions. As always it is sad to see a man die so relatively young, on the verge of hopefully enjoying his retirement. Some (like my father, at 54) die younger, it’s true, but 64 is still too young.

#51 bill on 04.10.14 at 6:42 pm

What shocking news.
Rest In Peace Mr Flaherty

#52 Happity on 04.10.14 at 6:43 pm

DELETED

#53 chopper on 04.10.14 at 6:49 pm

The job took its’ toll on him, sorry he had to exit before he could see the damage that is to come.

#54 TRON on 04.10.14 at 6:56 pm

Jim may not have been liked here; that’s politics. However, whenever a person decides to go into public service they understand they’ll be hated or loved depending on the day.

Mr. Flaherty served the people of Canada and for that he should be respected and remembered in kind. Most of us could never do his job or know what sacrifices he made along the way. RIP JF.

#55 bill on 04.10.14 at 6:57 pm

I think I am going to have a beer and reflect a bit on things.

#56 Blacksheep on 04.10.14 at 7:00 pm

I am very concerned for a close friend whom is having serious heart issues in his early fifties. I keep telling him to simplify and downsize, as after a while, all the toys just become a burden to look after. Hopefully he listens and that lightens his load. Jimmy F’s untimely passing (R.I.P.), just reminds me once again, how short life is.

My parents both passed at 63.

I’ll be dipped in shit before you find me working till I die.

#57 Joe on 04.10.14 at 7:00 pm

That’s what it is.. Western society and life about money..
and forgetting about real life which is hidden to us or we forgot in rush for profit on accounts or stock markets..

#58 Dentist can't afford a home on 04.10.14 at 7:08 pm

Rest in Peace Mr. Jim Flaherty – May God bless your family in this time of need.

#59 TS on 04.10.14 at 7:08 pm

Great post, Garth. RIP Mr. Flaherty.

#60 Just some guy on 04.10.14 at 7:12 pm

I extend my condolences to his family and I thank you, Garth, for your touching and sensitive memorial to Jim Flaherty.

I almost met him once. He was in a pub downtown, sitting across from me. I was polishing off a cheeseburger; there may have been bacon. He was nursing a beer but he didn’t really make eye contact with anyone. After a few minutes, he left. What surprised me was that when he was seated, his feet didn’t touch the ground. His ankles were crossed and he had to hop off the bench to get to his feet.

Apparently, he went to Princeton on a hockey scholarship. In hindsight, he looked like everyone that I have ever known who has played hockey for many years – a bit of a forward lean, almost a crouch; eyes moving around constantly; worn, leathered skin, and judging by his movements, direct and purposeful, he appeared to be thinking three steps ahead as he worked his way out of the crowded bar.

#61 raider on 04.10.14 at 7:13 pm

RIP – F, you will be missed in some way.

Thanks Garth for the Eulogy.

#62 not 1st on 04.10.14 at 7:23 pm

#56 Blacksheep on 04.10.14 at 7:00 pm

I’ll be dipped in shit before you find me working till I die.

—-

What I have noticed is that people who work jobs they hate just to get to retirement age then coast don’t live very long.

Likewise people in high stress but rewarding careers seem to kick early. All those wall street types wont see their 80s.

The people who live the longest and happiest are those pursuing their dream career or business on their terms and the words retire have no meaning for them.

#63 Entrepreneur on 04.10.14 at 7:32 pm

We heard the sad news this morning; we will remember Jim Flaherty. When in the spotlight, especially in politicis, it can be good or bad. I feel that he tried his best with a bad situation. RIP

#64 Victoria Real Estate Update on 04.10.14 at 7:32 pm

. . . . . . . . . . . . Greater Victoria. . . . . . . . . . . . . .
. . . . .Total Yearly Single Family Home Sales. . . . .
. . . . . . . . . . .(Percent Below Peak) . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1989.***********************************
1986.*********************
1987.**************************
1988.****************************
1990.******************
1991.*****************************
1992.*************************
1993.******************
2002.*****************
2003.*****************
2010.*******
2011.*****
2012.****
2013.*****
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . -60%. . . . . -40%. . . . . -20%. . . . . 0%

(source: board)

Single family home sales across Greater Victoria have been extremely weak since 2010 (see chart).

Yearly single family home sales totals from 2010-13 were well below Victoria’s long-term average and about 60% below 1989’s yearly total (population adjusted).

Is 2014 off to a stronger start than 2010-13? Absolutely not.

So far this year, 2014’s SFH sales total (January + February + March) is lower than it was in 2010, 2011 and 2012.

Total single family home sales (January + February + March):

2010: 883
2011: 721
2012: 717
2013: 588
2014: 685

Victoria’s housing market continues to be a buyer’s market. Buyers have an advantage over sellers in price negotiations. Supply of houses continues to exceed demand from buyers. The result of these market conditions is continued downward price pressure. In general, slow sales indicate future price declines.

House prices in Victoria have fallen 10-15% since 2010, however, prices remain deep in bubble territory. Prices will fall a lot more before a bottom is reached.

According to the IMF, Canada’s housing market is the most overvalued in the world.

Canada: 85% overvalued
US: not overvalued

In 2006, the US housing market was extremely overvalued. According to The Economist, Canada’s housing market (in 2011) was more overvalued than the US housing market was in 2006. Since 2011, Canada’s housing market has become even more overvalued.

Historically, house prices in Canada and the US had been approximately the same (until 2006 ). Incomes in Canada and the US are approximately the same so the norm (similar house prices) makes sense, based on economic fundamentals.

House prices in the US corrected back to a level where incomes and rents provided price support. To get a better idea of the extreme overvaluation of Victoria‘s housing market, it is useful to compare house prices in Victoria to prices in US markets.

Let’s look at house prices in San Antonio, Texas.

House criteria:
* min. 3 bed, 2 bath
* min. 1800 sq. ft. of above ground primary (main) living space
* 2004 or newer
* attached double garage

In Victoria, a house like this would probably cost $700 K or more.

In San Antonio, the combined value of these 6 houses (that fit the above criteria) is about $750 K.

$122 K (3 beds, 2 baths, 1900 sq. ft.)
$111 K (4 beds, 3 baths, 1881 sq. ft.)
$138 K (4 beds, 2.5 baths, 1909 sq. ft.)
$123 K (4 beds, 2.5 baths, 2232 sq. ft.)
$123 K (4 beds, 2.5 baths, 2174 sq. ft.)
$136 K (3 beds, 2.5 baths, 2259 sq. ft.)

Girls and guys, now is not the time to buy a house in Victoria. All major housing bubbles deflate and prices always revert to the mean (the level where incomes and rents provide price support). It isn’t different in Canada. It isn’t different in Victoria. House prices in Victoria will fall a lot more before a bottom is reached. Don’t let yourself become a victim of this correction. Wait for lower prices. Wait for normal to return.

Until next time – Cheers!

#65 Alex n Calgary on 04.10.14 at 7:34 pm

A lot of us didn’t agree with what he’s done, and been told to do, I agree with some other posters that I think most of the blame falls directly on the PM. But it was too early, after all that crazy stress he should have maybe had a chance to take it easy a bit, a lesson for all of us to learn about without your health, you don’t have much.
RIP F

#66 Chickenlittle on 04.10.14 at 7:36 pm

WOW!!! I am so shocked right now! I feel so bad for his family! That’s why I never want to know the future. The present holds enough drama without the knowledge of what is yet to come.

As for everyone who is blaming him for the debt Canadians are in:

Do you REALLY this is all his fault?!? Homes were WAY more affordable just a few years ago and it is the greed and stupidity of Canadians that have driven prices to where they are now. We have always had the choice of whether to buy or not. I have a feeling that even if rates had never gone as low as they did people would still feel entitled and want one.
I’m surprised the prices alone haven’t scared the sh*t out of most people.

Then again, we are better than Americans, aren’t we?;) (LOL!)

#67 john m on 04.10.14 at 7:40 pm

Great post Garth,i was curious about your comments..and you delivered with a first class non submissive remembrance…my thoughts exactly.

#68 Cici on 04.10.14 at 7:43 pm

Condolences to Mr. Flaherty’s family and close friends, I can’t imagine what they are going through.

I really cannot imagine how stressful it must have been working alongside Harper for that long. Ironically, Mr. Flaherty was one of the last remaining survivors under Harpo’s political regime…most of his colleagues got shafted or shuffled way earlier in the game, which in hindsight, I guess, was a blessing.

Garth, be thankful he kicked you out. He probably did you a huge favour, and I think you are able to reach more people via this brilliant blog.

Take care of the leg and keep getting better and stronger!

#69 Keeping the Faith on 04.10.14 at 7:45 pm

RIP Jim.
I didn’t agree with you or the party but I respected you for doing a job to the best of your ability in what I’m sure were difficult circumstances.

My thoughts and prayers go out to your wife and children.

#70 PJ on 04.10.14 at 7:46 pm

Excellent post Garth.

#71 Smoking Man on 04.10.14 at 7:47 pm

One thing I’m happy about I never really chirped F that much. When shit hit the fan in 2008, mealtage all over the world, he made some moves.. Cushioning the blow for all of us. Even you basement dwellers, OK your locked out of the housing market at leased you have a tax farm to go to.. And collect some crumbs.

Those kids is Greece Spain and even the USA. Not so lucky…

He had a tough job, at a tough time. He did good.

His biggest mistake, Hoofing Garth. But then again we know who made him do that..

#72 Grantmi on 04.10.14 at 7:55 pm

RIP Jimbo

We will miss you. (One of a kind!)

http://oi47.tinypic.com/260350x.jpg

#73 Martha on 04.10.14 at 7:58 pm

Well said Garth… thank you.

#74 TheCatFoodLady on 04.10.14 at 8:03 pm

I had decided to take a ‘media holiday’ today. I’m a net & news junkie & periodic breaks keep me grounded. So… I sent the day blissfully unaware of Mr. Flaherty’s passing.

I was stunned when I heard a few hours ago – I still really haven’t watched a newscast – The National will do later; they’ll have had time to interview people & do a bitter better analysis of… everything.

First, sincerest condolences to his family, friends & colleagues – both past & present. One can be vehemently against a person’s policies, strive mightily in the House against them & their party, yet still be fast friends or very cordial.

Garth, thank you for a fitting & sincere tribute. You paid him honour by NOT trying to make him out to be a saint – no man or woman fits that description & painting a person as they are – flaws as well as strong points – does them more honour than an effusive & insincere flowery passage.

It’s sad the man didn’t get a chance to regroup in his life, begin new endeavours. I can only hope he found some extra time to spend with his family before his untimely passing. His death is a stark reminder there are no guarantees in life & OF life.

Tomorrow promises to be our first fine, real spring day. I will spend it outdoors, celebrating life. I will try & do some random act of kindness – just because.

And I’ll finely book that damned ‘annual’ checkup I’ve avoided for three years.

RIP, Mr. Flaherty.

#75 AK on 04.10.14 at 8:03 pm

#10 Waterloo Resident on 04.10.14 at 5:23 pm

“Better sell all of your stocks either now or soon; some time in 2014 we will be getting a 32% crash on the S&P500. This is directly from CNBC news:

2014 crash will be worse than 1987′s: Marc Faber
http://www.cnbc.com/id/101573688

Quote: “”This year, for sure—the S&P will drop 20 percent,” Faber said, adding: “I think, rather, 30 percent. But all I’m saying is that it’s not a very good time, right now, to buy or own stocks.””
====================================

Now I am really shaking in my boots.

Here is a loud tout who knows exactly what is going to happen. The sad part is that some people will believe him.

#76 Terry on 04.10.14 at 8:04 pm

God’s speed and redemption through Christ to you Jim.

God Bless.

#77 Happy Renting on 04.10.14 at 8:07 pm

#66 Chickenlittle on 04.10.14 at 7:36 pm

People SHOULD have critical thinking, financial literacy, and a sense of personal responsibility, but many don’t. Government is there to regulate behaviour because people do not always make the right choices. Ideally laws wouldn’t be necessary because people wouldn’t be ruled by greed and stupidity but we are far from an ideal world.

The very basis of policy setting is that people respond (mostly) predictably to incentives. For years now we’ve been in an environment with significant incentives to lever up and buy a home. If regulators make it cheap and easy for people to get something they want, of course the masses will pile in.

We’re at the stage now where the most we can hope for is the pain of unwinding this won’t be horrifically bad.

#78 Smoking Man on 04.10.14 at 8:10 pm

#62 not 1st on 04.10.14 at 7:23 pmWhat I have noticed is that people who work jobs they hate just to get to retirement age then coast don’t live very long.

Likewise people in high stress but rewarding careers seem to kick early. All those wall street types wont see their 80s.

The people who live the longest and happiest are those pursuing their dream career or business on their terms and the words retire have no meaning for them….
………….

Much better post, and I see your point…

I retired at 49, never need to work another day in my life….

At 53 I signed up for a dog boy role at the tax farm. I love the gig, I’ve been abused, pressure and stress beyond imagination. No mortals could hack it.

Why would I do that.. Simple, my self control off switch has been broken for years, 49 to 52 I started drinking at 9am and go for days, and days.

When I go tax farming. I put my wardrobe on, memorize my lines, and when the curtain is swong open. I’m on.

Do I give shit, nope, my thrill is puzzle solving and this gig gives me lots……

Obviously I’m not normal….

#79 Steve on 04.10.14 at 8:13 pm

Poor fella, reminds me of my old dad.

#80 devore on 04.10.14 at 8:15 pm

#10 Waterloo Resident

2014 crash will be worse than 1987′s: Marc Faber
http://www.cnbc.com/id/101573688

I got one better:

Marc Faber: Look out! A 1987-style crash is coming

Ooops…. that’s from 2013.

Oh, wait, here’s one:

Marc Faber: We Could Experience A 1987-Style Crash This Year

Oh snap, that’s from 2012!

Although I like this headline better:
Marc Faber Laughs Maniacally, Predicts Massive Market Crash in the Fall
“We could easily drop below 1000 on the S&P.”

Lets face it, the man is obsessed with 1987. Dr Doom indeed.

#81 Alero01 on 04.10.14 at 8:16 pm

You’re a class act, Mr. Turner. This eloquent eulogy was befitting of this forum. Thanks for taking the time to get it posted so quickly. Rest in peace, Mr. Flaherty…

#82 Aggregator on 04.10.14 at 8:20 pm

What Flaherty should have done he couldn’t do because he was always told what to do by his authorities. If only Canadians knew how our government really works, they would understand how those they elect have little power towards making major reforms. Everything is controlled.

RIP Jim

#83 DreamingInTechnicolour on 04.10.14 at 8:21 pm

This Goes Down as a Lesson in Life – e.g Don’t work too hard everyday just to pay a mortgage and make bank stock holders rich.

#84 devore on 04.10.14 at 8:22 pm

#13 Smoking Man

What is the a force field around the galaxies that prevents the dark stuff from getting in and pushing suns away from planets.

The force of gravity overcomes other forces, including the force of solar wind pushing on planets and other orbiting bodies.

How does a satellite stay in orbit around Earth despite gravity? If gravity is keeping things down, how come satellites stay up? It’s because the satellite has enough velocity and momentum to overcome gravity.

There is more than one force at work.

I believe you can read some books on this.

#85 What about CMHC? on 04.10.14 at 8:28 pm

Very well said GT.

#86 Nemesis on 04.10.14 at 8:34 pm

#UncleAlbertRedux #HandsAcrossTheWater/TheSky #LiveALittleBeAGypsyGetAround #InMemoriam

http://youtu.be/1aMZh3m_ez0

#BonusZen #PirateEulogies [ScrubTo: 04:34 SegmentEnds: 05:19]

http://youtu.be/yC_PR7YWQOc?t=4m34s

[NoteToSaltyDogCinephiles: That was Walt’s first LiveAction feature.]

#87 boopsie on 04.10.14 at 8:36 pm

Shocking news..but then again, nearly bought it myself last year with double pneumonia (4 yrs older than Jim).
I got all teary watching the political shows at 5..Mulroney still has the best gift of the gab, Mulcair a close second, and EMay her usual ebullient self.
Jim’s best attribute was his million dollar, 100 watt smile.
So sorry for the family.

#88 1st post on 04.10.14 at 8:38 pm

Thanks for the honesty Garth. It does take courage…Rip Jim.

#89 JustTryingToProtectEquity on 04.10.14 at 8:38 pm

One of your finest, Mr. Turner.

#90 TS on 04.10.14 at 8:45 pm

Yeah the elfin deity made some mistakes.

But 30 years from now when my wife and I are living tax free off our TFSAs, we’ll still be blessing him.

TFSAs will be his legacy.

and boy, what a legacy to leave!

#91 Old Man on 04.10.14 at 8:52 pm

Many of you will forget the name of Brigette Marcelle aka DePape. Here we had a young woman who put her life, job, and reputation on the line with courage in what she believed correct for all of Canada. She challenged Caesar’s right to rule and was fired for her democratic right to protest in silence. A noble act in youth with a vision that we all must pay attention to for two reasons. It will be the youth of Canada that will determine its fate and our future, and she was right.

#92 Babblemaster on 04.10.14 at 8:56 pm

#27 Homeless in Canada

It’s a shame he didn’t live to see the rotting fruit of his economic policies.

——————————————————

He wouldn’t ever admit it was his fault. He certainly helped create a big steaming pile of private debt with his stupid policies but he would never have been held accountable in the media. Look at Greenscam. He is somewhat still revered. Many say the meltdown in ’87 was not his fault as it was a global phenomena.

#93 Babblemaster on 04.10.14 at 9:00 pm

390 TS

“But 30 years from now when my wife and I are living tax free off our TFSAs, we’ll still be blessing him.”

————————————————————-

Don’t be so smug. I also love the TFSA, but 30 years is a long time. Enough time for the economic carpet to be pulled out from under you by the lingering effects of his policies. He created apparent wealth by encouraging debt. I don’t think this will end well.

#94 Chris on 04.10.14 at 9:01 pm

Rest in Peace Mr. Jim Flaherty

#95 Smoking Man on 04.10.14 at 9:02 pm

#82 devore on 04.10.14 at 8:22 pm

#13 Smoking Man

What is the a force field around the galaxies that prevents the dark stuff from getting in and pushing suns away from planets.

The force of gravity overcomes other forces, including the force of solar wind pushing on planets and other orbiting bodies.

How does a satellite stay in orbit around Earth despite gravity? If gravity is keeping things down, how come satellites stay up? It’s because the satellite has enough velocity and momentum to overcome gravity.

There is more than one force at work.

I believe you can read some books on this.
………………….
I write books, no time to read em

Again you failed to answer the inconsistent theory of MSS

So let me get this straight professor.

Between planets and suns exists nothing Ness, the only thing preventing them from flying apart is gravity. The planets orbit the sun, the suns orbit the black hole at the Centre of every Galaxie spinning away and singing songs. Black hole having a strong gravity.

Now you suggest that black nothingness is expanding and pushing giant galaxies away from each other. Well why then is the black nothingness not expanding between the stars and planets.?

Because there is no expansion, it may appear to be expanding but mass is shrinking inside bleeding of energy.
actually

Look at my diagram..

100 years ago MSS thought they could cure madness by drilling holes in temples of people’s head, was accepted as fact.

Plus way back when people where jailed if they said the world was flat. In fact modern science wants to jail people if they denied climate change.

At cern last year the shot a partial that went faster than the speed of light….

Only explanation, shrinkage.

Now if we

#96 Mark on 04.10.14 at 9:04 pm

Flaherty did not damage income trusts. Income trusts damaged themselves by being severely overpriced relative to their underlying assets. “F” can be blamed for many things relating to the housing market, but income trust drops were not his fault at all.

#97 So Long Jimmy on 04.10.14 at 9:06 pm

DELETED

#98 TS on 04.10.14 at 9:13 pm

“But 30 years from now when my wife and I are living tax free off our TFSAs, we’ll still be blessing him.”

————————————————————-

Don’t be so smug. I also love the TFSA, but 30 years is a long time. Enough time for the economic carpet to be pulled out from under you by the lingering effects of his policies. He created apparent wealth by encouraging debt. I don’t think this will end well.

————————————————–

I’ll stop being smug. Point taken :)

#99 T.O. Bubble Boy on 04.10.14 at 9:14 pm

Back on the Bitcoin watch… since recovering from the Mt. Gox scandal, Bitcoin has seen a steady decline.

Tonight, sitting around $365 USD (from a high of over $1100 in Nov-Dec).

#100 dosouth on 04.10.14 at 9:20 pm

….yes, well written with sentiment and timely reflection.

#101 Silent the people on 04.10.14 at 9:20 pm

It’s too bad he did not know what short time he had left. Life truly is a challenge and blessing at the same time. Thank you Garth for sharing with us in the respect for this man.

#102 Retired WI Boomer on 04.10.14 at 9:24 pm

Beautiful post, Garth.

Jim Flaherty was only as ‘perfect’ as the rest of us whose feet are made of clay. I’m sure he did his job to the best of his ability, amongst the compromises required of the political life.

Jim was a survivor, hence the mileage.

My sincere sympathy to his family, friends, and colleagues.
You may not have always agreed with him, I certainly did not, yet I was never party to all the data available to Jim, nor the political circumstances in which he operated.

Rest in peace Jim F. and thank you for your service to the good people to my north.

-Retired Boomer WI-

#103 J. Evans on 04.10.14 at 9:27 pm

My sincere condolences to Mr. Flaherty’s family, friends and colleagues. No person, let alone politician, is void of shortcomings, whether they be in thought or action. I believe Mr. Flaherty to be a most patriotic Canadian and one of the very few politicians who had earned my respect over the years.
While what you write in your blog may be truthful, Mr. Turner, your bitterness speaks louder than Mr. Flaherty’s failings ever will.

I feel no bitterness. Life’s too short, as we were just reminded. — Garth

#104 Obvious Truth on 04.10.14 at 9:28 pm

#74 We’ll said.

Condolences to all JFs loved ones. RIP.

And hope all is well with you CFL.

#105 Shredder on 04.10.14 at 9:30 pm

DELETED

#106 Andrew Woburn on 04.10.14 at 9:35 pm

Dimon [Jamie Dimon, the CEO of America’s biggest bank] does think interest rates will rise, perhaps to 5% on the 10-year Treasury bond, which is double where it is today. But he says that it is unlikely to slow the economy. Companies already have a lot of cash. And a stronger economy means they only will be generating more of it. So he doesn’t think the higher borrowing costs will affect them much.

“Jamie Dimon says Fed stimulus exit will be easy”

http://finance.fortune.cnn.com/2014/04/10/jpmorgan-jamie-dimon-federal-reserve/

#107 Shredder on 04.10.14 at 9:37 pm

After blowing up $32B in Income Trusts, TFSA was the chicken feed of F’s legacy?
During his term in Ottawa did our total debt decrease or increase?
Same result when he was Ont Min of Finance, never saw a surplus he couldn’t turn into a deficit.

#108 Andrew Woburn on 04.10.14 at 9:47 pm

“Greece has raised €3bn in a five-year bond deal after attracting in excess of €20bn in orders for its eagerly anticipated return to the bond market.
The yield on the deal was confirmed at 4.95 per cent – much lower than most analysts expected.”

Apparently the Euro doesn’t know it’s dead.

http://www.ft.com/intl/cms/s/0/49af3560-c085-11e3-a74d-00144feabdc0.html#axzz2yXPQIAWg

#109 Flamed out in Kitchener on 04.10.14 at 9:50 pm

A sad day for sure.

I had met Mr. Flaherty on three occasions for breakfast meetings in the 90’s, when he was minister of labour in Ontario. I had respect for him then, as I did in his federal role. Didn’t always agree with his direction or decisions (lost many $1000’s on income trusts) but respected the man, and that he was always working for what he believed was best for the country.

My thoughts are with his family and friends tonight. Let’s never forget that – time – not houses, stocks, cash or returns on investments … is our greatest asset.

Cherish who and what matters in your life. Enjoy each day.

RIP Jim.

#110 P.Bocanegra on 04.10.14 at 9:56 pm

Condolences to his famliy and friends and hope he is at peace. #27 has it right: the man was a disaster as a public servant and negatively impacted the lives of millions of people.

#111 Jay Currie on 04.10.14 at 9:59 pm

Always sad when an essentially decent man dies far too soon.

He kept a steady helm.

#112 Chickenlittle on 04.10.14 at 10:02 pm

#75 Happy Renting:

“The very basis of policy setting is that people respond (mostly) predictably to incentives.”

Or in behaviourist jargon”positive and negative reinforcement.”

It’s just like school with it’s punishments and rewards. Learn this and you’ll get a prize; don’t and you’ll get punished with a label. Buy now or be priced out forever.

Who says behaviourism is dead?!?! It’s all the government uses as it coerces us into even more debt.

#113 Blacksheep on 04.10.14 at 10:05 pm

not 1st # 62,

“The people who live the longest and happiest are those pursuing their dream career or business on their terms and the words retire have no meaning for them.”
———————————
Pretty much describes me and my little business, and yes I realize, I’m lucky. Reality is having any obligation, even if in control and pleasant, is still a time commitment.

True freedom / retirement comes when one wakes up some where warm, looks at his hot wife and asks, what do you want to do today, honey?

#114 Bottoms_Up on 04.10.14 at 10:07 pm

He loses the ability to monetize on Bay street…but he also loses his CPP, and pension income (a little may go to his family).

So one pays into these things for 3 or 4 decades, and if you die early, you lose.

#115 Victor V on 04.10.14 at 10:17 pm

Too many times at these moments people say things like “Although we were opposed in our politics…” Who cares? It’s not about you.

https://twitter.com/acoyne/statuses/454337378334015488

#116 Yuus bin Haad on 04.10.14 at 10:20 pm

D’Accord – not too many right honourables left – sauve qui peut.

#117 Andrew Woburn on 04.10.14 at 10:21 pm

#19 Shawn on 04.10.14 at 5:30 pm

I owned loads of stocks on October 31, 2006 but no Income Trusts and laughed as they became taxable which well they should have. They were a tax scam. Next let’s tax REITs too.
============================

I’m not sure why you call it a tax scam. Distributions from a trust are normally taxable in the hands of the recipient so AFAIK, tax would still have been paid although at personal rates. I thought the issue was that income trust units could be held in an RRSP so the income could be sheltered. It should have been easy to either to make trust units ineligible for RRSPs and/or subject the distributions to a minimum tax.

#118 Smoking Man on 04.10.14 at 10:21 pm

I feel no bitterness. Life’s too short, as we were just reminded. — Garth

……..

That’s been the most message I’ve been trying to get through to these universal expansionist.

People worry to much, plan to much, attempt to control to much.

Life is for living, risk taking, fun having.

Poor F, he retired with pocket aces, and an ace on the flop, Bay Street was waiting, grim reaper takes him out with a flush on the river.

If you ear right, don’t smoke, don’t drink, save and sacrifice and grim gets you. You lost.

If go bacon and eggs everyday, smoke, drink, spend and have fun. Still a good chance grim won’t find you..

But if he dose,or doesn’t you win either way…

Make it to 50 you’ve won…. That when you go out on the lake in a small boat in a thunder storm and start flipping the bird to God.

I get such a kick out of it…. .

#119 shredder on 04.10.14 at 10:24 pm

DELETED

#120 ozy - I beg to differ on 04.10.14 at 10:24 pm

ozy – I beg to differ – but will abstain today

#121 Old Man on 04.10.14 at 10:29 pm

I was just reviewing the comments on another site and nobody is holding back, as they are listing F’s political accomplishments and so much more. Oh they are keeping score and are angry as the list is long indeed which brings up the matter of the definition for an accomplice for any given action. This I will think about.

#122 shredder on 04.10.14 at 10:33 pm

DELETED

#123 chris on 04.10.14 at 10:34 pm

He lost so much, what a fool. Hey Garth, good on you!

#124 ozy - why would anyone keep working HARD on 04.10.14 at 10:36 pm

why would anyone keep working HARD past 55 years-old ???

We should all retire at 45 if possible, especially those who were successful – I do not get it – WHYYYYYYYYYYYYYYYYYYYYY?

Stop the madness. Retire at 55. Enjoy the little left of life, and allow youngsters to have some well paid jobs…

win-win

#125 Scalgary on 04.10.14 at 10:43 pm

Garth,

Every letter in your blog today spells your magnanimity!!! Well said!

Regarding Jimmy – a man who made others cry by planning his demise well!!! Felt like wow!!! RIP Jim!

#126 Nemesis on 04.10.14 at 10:45 pm

#MoodMusic #Chillax:”It’sAtmosphere” #TheThirdMan #FerrisOfWheelLife #AntonKaras #N♥Vienna

http://youtu.be/Jfg8N2x6wuo

#BonusDedicatedCinephileZen

http://youtu.be/HjMDg1Z9_gA

#127 2CntsCdn on 04.10.14 at 10:55 pm

I sorta felt sorry or the guy. And now more sorry for his family. He was caught between many rocks and many hard places. Politics is nasty business, and after 2008 it was crazy times in world (and every countries) economics. Doing whats best for voters (and hopefully getting re-elected) and doing whats best for a your countries economy are two diametrically apposed things. And to try to find a working compromise between the two IS impossible. I feel he did the best he could with what he had to work with (and for sure he was getting steered from the wings). OK in hind sight maybe he should have trimmed back home buying rules 2-3 years sooner (but I repeat … he was getting steered from behind the curtain). I wouldn’t have taken his job (and have given my life) for any amount of money. It’s just a job. RIP Mr Flaherty. Live is short everybody …. don’t forget to live …. we don’t always get a warning.

#128 John in Mtl on 04.10.14 at 11:02 pm

I salute your honesty and gratitude, Sir Garth. You are a Gentleman!

Beyond what we do for a living, and which we so often identify as being “who we are”, fundamentally we all walk on this small rock we call “home”; our frail and combative human condition forever compelling us to carry on in whatever way we can, and find some meaning in it all. From the story you fondly told, I see Mr Flaherty was a good man.

Didn’t know him personally but when I see someone close to that long vacation we call retirement, and who doesn’t make it to the finish line, it forcefully rustles me back to “what really matters” in life. I often have to remind myself that: when I’ll be sick and dying, work will not take care of me, my friends and family will.

So, farewell Mr Flaherty, RIP; and thank you for reminding me to cherish my life and existence.

John

#129 wallflower on 04.10.14 at 11:03 pm

#103 J. Evans on 04.10.14 at 9:27 pm
My sincere condolences to Mr. Flaherty’s family, friends and colleagues. No person, let alone politician, is void of shortcomings, whether they be in thought or action. I believe Mr. Flaherty to be a most patriotic Canadian and one of the very few politicians who had earned my respect over the years.
While what you write in your blog may be truthful, Mr. Turner, your bitterness speaks louder than Mr. Flaherty’s failings ever will.

– – – – – –
Disagreeing strongly with last sentence.
Offside.
Flaherty’s legacy (whether considered failing or not) speaks volumes above Garth’s words or any words on his blog. Generations who do not read Garth’s blog will feel the legacy. Can’t get the volume any bigger than that.

#130 Cici on 04.10.14 at 11:06 pm

#74

Nice post CatFoodLady ;-)

#131 Cici on 04.10.14 at 11:11 pm

#49 Old Man and #163 Old Man (from yesterday)

Great calls, it’s good to know that at least one person can see through all the smoke!

#132 Canada is a HOUSE OF CARDS FALLING DOWN on 04.10.14 at 11:12 pm

Homeless in Canada on 04.10.14 at 5:46 pm
It’s a shame he didn’t live to see the rotting fruit of his economic policies.

Yes, he was only human but he is not living with his mistakes. Millions of Canadians are.

Great story came out today about the nub lines of our housing market.
http://business.financialpost.com/2014/04/10/canada-housing-market-correction-us/

Unfortuneatly it will now be buried under Flaherty.
____________________________________________

F was a corporate socialist for the rich . Now big hitters in the US (who run the world) are shorting the Canadian housing bubble. Guess who will win that one realtors? The average dummy or the wealthy rich who run the show?

#133 Spiltbongwater on 04.10.14 at 11:20 pm

Didn’t know that Jim was a left handed golfer. As a fellow left handed golfer, we are in good company, and always represented by the best.

#134 Jon B on 04.10.14 at 11:22 pm

All those years in a high level government job, as Garth points out, set him up for what would have probably been a much more enjoyable and rewarding stint in the private sector. Perhaps a job on Bay street was his dream. There’s a lesson in Jim’s passing for all of us. The concept of retirement is a big lie propagated by the big banks and insurers. Don’t be fooled with their nose to the grindstone lifestyle for forty years and then you get let out at 65 for a few years of fun mindset. Incorporate the things you want to do into your daily schedule. Delaying anything until retirement will only serve the interests of others. If you hate your job and yearn for retirement, find another line of work.

#135 World According To Garth on 04.10.14 at 11:30 pm

Lines are being drawn in the USSA

http://canadafreepress.com/index.php/article/62317

#136 mousy on 04.10.14 at 11:43 pm

Didn’t agree with his policies, but agreed with his work ethic. Sucks to die at 64, which every year seems younger. It is the people that you disagree with that make you sharper. He was a good fencing mate for you Garth. My condolences to his family.

#137 JL on 04.10.14 at 11:58 pm

Garth, is it possible that Calgary is different? You seem to argue that the 40 year, 0 down, mortgage created a real estate bubble but Calgary has not followed the pattern as the rest of the country. So you definitely can’t blame F for any influence on the Calgary market.

Calgary prices peaked in 2006 WELL BEFORE rates hit rock bottom and mortgage amortizations were increased to 40 years. Calgary appears to not only follow its own trajectory, but its irrespective of rates. From 2007-2012 while Toronto and Vancouver were setting record highs Calgary was dropping. Calgary only really started picking up steam in 2013.

Meanwhile markets like Van, Victoria, TO, and others (as Garth so often points out) shows very strong symptoms of being unhealthy and Calgary is healthier than ever, massive building taking place, huge net migration, rising sales and prices. Still low inventory but isn’t that to be expected when you’re in a tight market?

#138 MoMoney on 04.11.14 at 12:06 am

I’ll never vote conservative but regardless … RIP Jim

#139 Capt. Obvious on 04.11.14 at 12:08 am

Flaherty was clearly a bright fellow and he should be remembered as someone who put his talent to work in service of his country. It sounds sort of lame, but we could have done much worse over the past bunch of years. Such an untimely death, I really do feel for his family. I hope he will RIP.

@Bottoms_Up: “So one pays into these things for 3 or 4 decades, and if you die early, you lose.”
You can take a more optimistic view, that he’s done a service by being part of the mortality table that allows those older to keep collecting. We need some to die young, or the math doesn’t work out the way the actuaries intended.

#140 TurnerNation on 04.11.14 at 12:25 am

Still parsing…

Anyway, TSX and IIROC issued official press releases marking his passing. Say what you will but this seems to run deep.

#141 Son of Ponzi on 04.11.14 at 12:39 am

Remember,
You can’t take it with you.
So be generous with the less fortunate, while you’re still around.

#142 chapter 9 on 04.11.14 at 12:45 am

Rest in Peace Mr. Flaherty
Condolences to all family members.

#143 Turtle on 04.11.14 at 1:03 am

Well said Garth. Jim was a good man. I am sure his family loved him and were proud of him.

#144 Chief Keef on 04.11.14 at 1:24 am

Flahertys legacy is making Vancouverites rich.Thanks for the cheap rates Live everyday to your fullest
http://www.theprovince.com/news/homes+over+Vancouver+real+estate+experts/9726219/story.html

#145 Sukh Haye on 04.11.14 at 1:37 am

Another Man’s Done Gone (Billy Bragg & Wilco)

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

#146 Sydcixel on 04.11.14 at 2:15 am

#10 Waterloo Resident

“Remember a few weeks ago I told everyone that it’s not the boomers parents who will be dying off, it will be the BOOMERS THEMSELVES doing the dying.
Well, Jimmy’s death just proves my point here.”

I have been thinking in the same terms for about the last year, as I have witnessed an apparent increase in the rate of deaths of Boomers.

In my mid fifties now, I doubt that I will still be, like my parents today, alive and living well at the age of 89 and 86 respectively. Factors such as accumulation of toxins in the body, genetically modified food, depletion of nutrients from the soil and stress from a hectic lifestyle are taking their toll on this generation.

#147 Average Canadian on 04.11.14 at 2:56 am

Truthfull and respectfull posting (good on you). The man wasn’t perfect (who of us is?) but did manage a few good things and that probably wasn’t easy considering the caucus he was part of. As you said he was capable of changing his point of view and actions, an admirable trait. Way more than you can say for most of those cretins in Ottawa nowadays.

I offer my condolences to his wife and sons as well as other family and friends. Rest in peace Mister Flaherty.

#148 TrumpVu on 04.11.14 at 3:25 am

When you get stressed the body releases adrenaline. This is good if your running from a dinosaur but not otherwise. Over the years that unburned adrenaline builds up in your cardiovascular system (clotting) causing that whole heart attack/stroke/where ever the block is in your body problem.

Simple solution is don’t stress about nothing ever. Being a panic never solved anything. If your experiencing lots of cognitive dissonance make some changes. The Honorable Mr. Flaherty did, however too late.

Here, I’ll Write you all a haiku:

March with me Comrade
Opaque is the objective
Green shoots for us all

See the irony?

#149 TrumpVu on 04.11.14 at 4:04 am

On a side note, don’t you think someone who has a serious medical condition that frequently visits their doctor would have other medical problems detected? Especially with the age and physical appearance of the patient. Now if the Finance Minister can’t get good health care…..

#150 Buy? Curious? on 04.11.14 at 5:02 am

Garth, every Sherlock Holmes needs a Moriarty, every hot chick needs an ugly friend, and you had Mr Jim Flarety. I hear he was a good guy and we all know politics is a profession of ego driven jerks. But he tried his best.

https://www.youtube.com/watch?v=dTmgL0XQehI#aid=P81AdjRqVrw

Biggups Mr Flarety! I buy lottery tickets thanks to you. You gave us, Hope.

#151 Detalumis on 04.11.14 at 6:31 am

#114 His wife will get his survivor benefits on his pension very likely but I agree with the CPP. It’s the number one reason I am totally against expansion of that program – no residual value. When both spouses work you get zip, zero, nada out of the CPP that benefit only goes to the stay-at-home wives.

His is actually a cautionary tile, the average age of widowhood hovers at around 60 not 75 or whatever people imagine. Most couples have zero retirement together. In my circle though it’s mostly widowers, the boomer women drop like flies of cancer while their mothers are still ticking at 85 and up.

#152 maxx on 04.11.14 at 7:30 am

“He was told.”

2015.

#49 Old Man on 04.10.14 at 6:26 pm

“Where has all this money gone for the betterment of Canada?”

It’s illusory. It simply keeps the little widgets moving in the same familiar pattern, thus avoiding ripples in the fiscal murk which would frighten sheeple, “shock” the markets, but bring the economy back to sustainable reality.

The false stability conferred by questionably spent tax money creates a framework which enables msm to “report” questionable RE stats, economic “forecasts” which are continuously “updated” and any social engineering which aligns with current global policy.

Increase rates by 10 basis points per quarter and the economic problem vastly improves over 5-10 years. Perfectly inconvenient on an election schedule timeline.

All economic entities should feel some pain- not just citizenry….little pieces are so easy to manipulate.

#153 Stephen (not Harper) on 04.11.14 at 7:34 am

“F was a good soldier most of the time, truly believing that if conservatives don’t run things, even in a badass sort of way, then we’re all doomed.”

I agree with Mr. Flaherty. The Conservatives certainly have made their share of major mistakes. But I can’t even begin to imagine the screwups that a Trudeau-led Liberal government would generate.

My condolences to the Flaherty family.

#154 sdl on 04.11.14 at 7:34 am

I forgive you Garth as you should forgive yourself about Jim Flaherty. I think you were accurate in your assessment of him and the Cons. We are in trouble with our debt and the pain will be great and JF was certainly in the centre of it. Whether he had control of any of it is debatable. I think less than more. Debate is the back bone of truth seekers – Soldier on Garth. We need you.

#155 Rob on 04.11.14 at 9:12 am

Love how most posters are blaming JF for low rates. Every country in the world has done the same thing. You really think the Liberals or the NDP would have done anything differently? Stand up and take responsibility basement dwellers. You guys didn’t step up. With all the money printing going on in the world where did you think real eastate prices would go?

#156 Holy Crap Wheres The Tylenol on 04.11.14 at 9:39 am

Salutations Mr Turner,

My father used to say if you have nothing good to say about someone then don’t say anything at all. Obviously Garth you have something good to say about Mr Flaherty. He was a tenacious man coming from a decent family. His career came off the heels of hockey scholarship where he received a Bachelor of Arts degree at Princeton. He then received a Bachelor of Laws degree from Osgoode Hall Law School of York University. No dummies here, very smart man and he was resolute in the function of his work. Probably being a scrappy hockey player in his youth helped him to get in there and dig when he was involved in politics. Princeton is definitely Ivy League stuff and births out many notables such as James Madison, Woodrow Wilson, F. Scott Fitzgerald. Faculty members included Ben Bernacke and lecturer Albert Einstein. Jim Flarharty was in good company!
I have seen this before with my friends who have retired after years of arduous work only to pass away much too early, never enjoying those golden years.

R.I.P Jim Flaherty (Husband, Father, Family Man, Lawyer, MPP, MP)

#157 Doug in London on 04.11.14 at 9:42 am

While mourning the passing on of Jim Flaherty, in retrospect I have mixed feelings about him. As for taxing income trusts (the announcement was made Nov. 1, 2006), I’m one of a small minority who thought he had the right idea. Only 2 weeks earlier I read in The Globe Business Section a large company (Bell Telecom, if my memory serves me right) was considering becoming an income trust. It seemed like every company was becoming an income trust, if the loophole hadn’t been closed the laundromat not far from my home would be owned by an income trust. The idea of an income trust came about for certain kinds of businesses like REITs, and it probably made sense for them. Of course, every company was jumping on the band wagon, and even an idiot like me who failed a college financial course could see it was going to end. When the announcement was made, all income trusts took a hit, so I scooped up some cheap Riocan. I also scooped up more of CIBC Income Fund, as it suddenly went on sale also. Mr. Flaherty did the right thing closing this loophole.

#158 ~ shibboleth ~ on 04.11.14 at 9:51 am

To the Honourable James Michael Flaherty,

“we lift our glasses to you, sir” in tribute to your many years of dedicated service to Canada.

The Parting Glass:

http://youtu.be/qgboqZNduF0

Lyrics:

Oh all the time that e’er I spent,
I spent it in good company;
And any harm that e’er I’ve done,
I trust it was to none but me;
May those I’ve loved through all the years
Have memories now they’ll e’er recall;
So fill me to the parting glass,
Goodnight, and joy be with you all.

Oh all the comrades that e’er I had,
Are sorry for my going away;
And all the loved ones that e’er I had
Would wish me one more day to stay.
But since it falls unto my lot
That I should leave and you should not,
I’ll gently rise and I’ll softly call
Goodnight, and joy be with you all.

Of all good times that e’er we shared,
I leave to you fond memory;
And for all the friendship that e’er we had
I ask you to remember me;
And when you sit and stories tell,
I’ll be with you and help recall;
So fill to me the parting glass,
God bless, and joy be with you all.

Jim, go n-eírí an bóthar leat.
(May the road rise with you.)

#159 Soylent Green is People on 04.11.14 at 9:56 am

Harper’s article published in National Post Oct 5 2000, 2 days after the funeral for Pierre Trudeau

http://news.nationalpost.com/2014/03/21/the-trudeau-complex-how-harpers-attacks-on-liberal-dynasty-could-be-a-double-edged-sword/

pic.twitter.com/OrDLMBqoGT

.

#160 Daisy Mae on 04.11.14 at 10:04 am

“In short, he recanted, reformed and tried to repair some of the damage. It takes a gutsy man to backtrack, carefully laying out the reasons you screwed up the first time, then trying to make it right.”

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

I don’t believe he did any of those things…except backtrack. He didn’t mention he’d made any errors — and neither did the media. He just took credit for the ‘four necessary steps’ to repair the bad situation he created.

The program to help the disabled and their families? As wonderful as it may be, it was carefully calculated to appear the government is a caring and compassionate while the program is not costly because it’s not helping many.

#161 WhiteKat on 04.11.14 at 10:07 am

I wonder to what degree, Flaherty’s deal with the devil over FATCA played a role in his death. Presuming he was a man with a conscious, there is no way he slept soundly at night knowing he played a role in helping to throw 1 million Canadians whom USA claims as its own, into the mouth of the starving lion to our south. Ironically, Canada’s sovereignty giveaway to the USA, under FATCA, comes into effect this Canada Day.

#162 john_the_clerk on 04.11.14 at 10:07 am

If Canada’s former finance minister was indeed a ‘soldier’, what should the legions of government functionaries and office clerks should be called? – John

#163 T.O. Bubble Boy on 04.11.14 at 10:11 am

Another Irish name… completely different story…
Kevin O’Leary Mortgages is the latest failed venture from the guy who berates other people’s ventures:
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2014/04/oleary-mortgages-is-no-more.html

#164 Daisy Mae on 04.11.14 at 10:11 am

#90 TS: “TFSAs will be his legacy.”

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

The TFSA was Garths’ idea. Not Flahertys.

#165 WhiteKat on 04.11.14 at 10:15 am

If Flaherty had listened to this speech in parliament given by NDP MP Charlie Angus, the day before Flaherty died, he may have felt pretty stressed out:

https://www.youtube.com/watch?v=rZhQUxe3VV0&feature=youtu.be

#166 Daisy Mae on 04.11.14 at 10:18 am

#127 Wallflower: “While what you write in your blog may be truthful, Mr. Turner…”

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

Anything wrong with speaking the truth?

#167 High Plains Drifter on 04.11.14 at 10:21 am

My two most loved politicians from a money for nothing point of view.#1 G. W. Bush-war is profitable. #2 J. Flaherty- recovering from war fever requires emergency medicine. Thank you J. Flaherty for my 8 wks. of emergency pogey, my 35 yr. mortgage, my 2% cash back GST rebate from condo purchase agreement at 7% and paid at 5%, enabling me to arbitrage my 5.7% mortgage into a 2.5% mortgage and any other things Garth put in your bad column. Skin disease is testing on the heart, that red colour is not free so if any express surprise at this good mans death, it may be a faint or ignorance.

#168 Old Man on 04.11.14 at 10:24 am

There is an old saying that perception is everything, but all too often things don’t always square with reality. F is being portrayed with a touch of hagiography and great tributes are being carried by the msm, so all must be true. Now I ponder if such was indeed the case, why didn’t he cross the floor years ago? One crosses the floor with dignity knowing right from wrong, but Jim did not – why?

#169 Not Impressed With Smoker on 04.11.14 at 10:46 am

#84 devore on 04.10.14 at 8:22 pm
#13 Smoking Man
What is the a force field around the galaxies that prevents the dark stuff from getting in and pushing suns away from planets.

The force of gravity overcomes other forces, including the force of solar wind pushing on planets and other orbiting bodies.

How does a satellite stay in orbit around Earth despite gravity? If gravity is keeping things down, how come satellites stay up? It’s because the satellite has enough velocity and momentum to overcome gravity.
There is more than one force at work.
I believe you can read some books on this.
………………………………………………………………………

He doesn’t read books, apparantly he writes them. So what books have you written genious?
Heres another link for you Smoking Man and your dark side.

http://www.youtube.com/watch?v=YZ_j3s5xj8I

#170 Daisy Mae on 04.11.14 at 11:04 am

#49 Old Man: “F brought in a surplus budget? This was a shell game of cooking the books to make black look white; once again creating a distortion of reality.”

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

Agree. I can’t imagine how anyone can live with themselves behaving in such a manner. Well, I guess you don’t….

#171 Old Man on 04.11.14 at 11:14 am

#159 WhiteKat – you nailed one of many as the list is long indeed. The definition of conscience is an aptitude, faculty, intuition, or judgment that assists in distinguishing right from wrong. Now if he had a conscience at all, it failed him for many years as he would have crossed the floor long ago. Lets face reality, as he sold out and we cannot blame Caesar for his actions because gentleman Jim knew what he was doing without a conscience. Checkmate!

#172 Malik on 04.11.14 at 11:14 am

I didn’t know F , ate, sat, argued or fought with him but I can tell that he was a good man and he served his country the best. May his soul be rest in peace!!!

#173 Kingarthur on 04.11.14 at 11:22 am

Good to read an honest appraisal of Mr. Flaherty’s tenure as Minister of Finance. (as opposed to all the uncritical fawning praise evident today) R.I.P. Jim Flaherty.

#174 Ogopogo on 04.11.14 at 11:22 am

A heartfelt yet forthright tribute. Only from a straightshooter like Garth.

Regardless of a terrible legacy of a housing bubble that will devastate so many Canadian families, we mourn the passing of a fellow human being. Our common lot in this world. RIP F

#175 Kingarthur on 04.11.14 at 11:50 am

#62 not 1st: Huh!

“The people who live the longest and happiest are those pursuing their dream career or business on their terms and the words retire have no meaning for them.”

and you evidence for this is…

#176 chapter 9 on 04.11.14 at 11:56 am

#147 TrumpVu
Are you familiar with heterocyclic amines.They are the by-product of deep-frying,barbecuing or grilling and well cooked meat is loaded with them.When you eat that hamburger amines are released into your system and they can cause damage to the arterial walls. The body will try and repair the damage but if your immune system is not strong enough that lesion will not fully heal and plaque will start to build up on them and the next thing you know you have a blockage/heart attack.
And it is just not your heart if affects all other body parts.
RIP JIM

#177 pathcontrolmonk on 04.11.14 at 12:07 pm

Sorry, but death doesn’t make you more likable, or forgive your misdeeds. RIP indeed, but unfortunate he didn’t survive to see the consequences of his arrogance and incompetence.

The article below, “Jim Flaherty’s legacy of failure”, an excellent summary of what a determined “public servant” can do to damage Canada.

http://www.ipolitics.ca/2014/03/20/jim-flahertys-legacy-of-failure/

#178 BCD on 04.11.14 at 12:16 pm

Read this today somewhere. This is what I worry about with the stock market. . .maybe it’s an irrational fear. I certainly hope it never materializes as my employer controlled pension fund is in stocks etc. But for my own money I refuse to play.

The stock market is like the game of Monopoly. Remember when we played as kids? Then there was that one kid who cheated? He’d roll a 9 but move his iron 10 spaces, then he would try to steal money from the bank. Same thing with the stock market. They are cheating and you ain’t in on the game, you’re the sucker. When the players of the game know there’s cheating going on soon they fold up the board and just quit. This is what will happen with the stock market. Then only the cheaters will be playing amongst themselves and the entire system will cave in.

#179 Dean Mason on 04.11.14 at 12:42 pm

To TS #98

The socialists work a different, sneaky way. They add new taxes and increase other taxes.

Their worse nightmare is people actually being more financially independent and paying less and less taxes.

Jim Flaherty wanted people to actually have more of their own money so they could make their own financial decisions.

Jim Flaherty is number #1 in my book and we need more people like him.

You will be missed Jim Flaherty and condolences to his family.

#180 Diana on 04.11.14 at 1:23 pm

Beautiful eulogy Garth.

I like others here am shocked at this day’s news.

I have been saddened over the last couple years when seeing Mr. Flaherty in the papers. It was obvious he was not well but yet he had a determination about him that shone through. His time in public service could not have been easy. Perhaps he was smaller in stature then some but I’d say he soared above many.

#181 45north on 04.11.14 at 2:08 pm

F was a good soldier most of the time, truly believing that if conservatives don’t run things, even in a badass sort of way, then we’re all doomed.

like right now with Wynne running Ontario

T.O. Bubble Boy : Back on the Bitcoin watch… since recovering from the Mt. Gox scandal, Bitcoin has seen a steady decline.

The problem with money is that governments can expand its supply. The problem with gold is the environmental damage – I watched a show about gold miners in the Yukon – it’s all about ripping up a couple of acres with a big bulldozer. Bitcoin is a better solution.

Daisy Mae : I don’t believe he did any of those things…except backtrack.

reminds me of Homer Simpson “son I know it’s easy to criticize – so I do”

#182 T.O. Bubble Boy on 04.11.14 at 2:10 pm

@ #170 Daisy Mae on 04.11.14 at 11:04 am
#49 Old Man: “F brought in a surplus budget? This was a shell game of cooking the books to make black look white; once again creating a distortion of reality.”

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

Agree. I can’t imagine how anyone can live with themselves behaving in such a manner. Well, I guess you don’t….
————————-

Yep – there is a structural (read: permanent) deficit… just because you moved around some costs in 1 month doesn’t change that.

Kinda like selling the 407 and counting that all against 1 fiscal year when F was Ontario minister.

#183 Daisy Mae on 04.11.14 at 2:21 pm

#173 Kingarthur: “Good to read an honest appraisal of Mr. Flaherty’s tenure as Minister of Finance. (as opposed to all the uncritical fawning praise evident today)….”

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

I appreciate Garths’ honesty, as well. We all reap what we sow. The “uncritical fawning praise” is nauseating.

#184 Short Canada on 04.11.14 at 2:42 pm

Short Canada discussion had a closed door meeting as heavy hitter in the US and Around the world are betting huge $$$ on the downfall of Canadian housing. Word is Ben Tal was snickered at in the meeting for his weak position that while there maybe red flags it isn’t as bad as US bubble. The fact is Canada has a housing bubble that is must worse then the US housing bubble. These heavy hitters are always on the winning trade. Canada is going to face a world of hurt.

#185 Bottoms_Up on 04.11.14 at 2:46 pm

#178 BCD on 04.11.14 at 12:16 pm
—————————————
If you own exchange traded funds, you are effectively spreading out risk, including those companies that do and do not cheat. There will be no stock market collapse.

#186 jim on 04.11.14 at 2:49 pm

F was a crackservative and like most crack heads he would sell assets for a short term fix ie. selling 407 for pennies on the dollars to his corporate masters. It’s the crackservative way. Conservatives are horrible evil people who have sold their soul to evil corporate (rich) interests. F didn’t have a chance to “work” AKA receive his payoff for selling Canada and Canadians out.

#187 Morgan on 04.11.14 at 3:05 pm

I send my respects to this man’s family – but honestly my gripe with him goes all the way back to when he was Mike Harris’ hatchet man. He destroyed families on welfare and hounded the poor. He ended existing programs for pregnant and runaway teens who were allowed to collect welfare as long as they stayed in school – sending many of them to drop out and live on the streets. I think you can have fiscal balance and responsibility without trying to skin it from the flesh of our most vulnerable populations. I remember asking one young mother how she’d cope with getting kicked off welfare, she said no problem, she just watered down the baby formula by half and was starting work as a stripper once she turned 18. I wonder how that baby’s doing now? I feel sorry for Mr. Flaherty’s family, but I’m a bleeding heart so I’m just like that.

#188 Lorne on 04.11.14 at 3:09 pm

Very eloquently put, Garth. When I heard the news yesterday about F’s passing, my first thought, literally, was “what will GT’s comments be?” You didn’t disappoint. You are an effective communicator and I encourage you to keep up the great work.

#189 jan on 04.11.14 at 3:14 pm

#71 Smoking Man on 04.10.14 at 7:47 pm
One thing I’m happy about I never really chirped F that much. When shit hit the fan in 2008, mealtage all over the world, he made some moves.. Cushioning the blow for all of us. Even you basement dwellers, OK your locked out of the housing market at leased you have a tax farm to go to.. And collect some crumbs.

Those kids is Greece Spain and even the USA. Not so lucky…

He had a tough job, at a tough time. He did good.

His biggest mistake, Hoofing Garth. But then again we know who made him do that..

Me – I like you Smokey because you say it like it is.

#190 Nemesis on 04.11.14 at 3:27 pm

#FrivoulousFriday #YouCan’tMakeThisStuffUp #GreatEscapes&Tony’sMaltedMilkBalls

“Their record-keeping seems to be very spotty.” – Mary Grice

[WaPo] – Social Security, Treasury target taxpayers for their parents’ decades-old debts

…”Across the nation, hundreds of thousands of taxpayers who are expecting refunds this month are instead getting letters like the one Grice got, informing them that because of a debt they never knew about — often a debt incurred by their parents — the government has confiscated their check.

The Treasury Department has intercepted $1.9 billion in tax refunds already this year — $75 million of that on debts delinquent for more than 10 years, said Jeffrey Schramek, assistant commissioner of the department’s debt management service. The aggressive effort to collect old debts started three years ago — the result of a single sentence tucked into the farm bill lifting the 10-year statute of limitations on old debts to Uncle Sam.”

http://www.washingtonpost.com/politics/social-security-treasury-target-hundreds-of-thousands-of-taxpayers-for-parents-old-debts/2014/04/10/74ac8eae-bf4d-11e3-bcec-b71ee10e9bc3_story.html

“Well, you know, everybody was talking about these things and never telling me anything… I was in Australia. When I got back, I naturally asked the staff, and it opened up. That’s the story. And then, you know, a week later I filed [for divorce]. As soon as I could find a lawyer.” – Rupert Murdoch

[SCMP] – Wendi’s rumoured affair with Tony Blair led to my divorce, Rupert Murdoch says

http://www.scmp.com/news/asia/article/1476158/wendis-rumoured-affair-tony-blair-led-divorce-rupert-murdoch-says

[UK Telegraph] – Chimps use ingenuity to make great escape out of zoo

…”After they had made sure no one was looking, seven chimpanzees made a carefully co-ordinated bid for freedom from their pen in Kansas City Zoo.”…

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/10760267/Chimps-use-ingenuity-to-make-great-escape-out-of-zoo.html

[NoteToSaltyDogz: HandsDown… today’s AstoundingTales trophy goes to RupertMurdoch… like, when has it ever taken a Gazillionaire a week to find an attorney?]

#191 Kingarthur on 04.11.14 at 3:39 pm

#177 pathcontrolmonk

Thanks for the link. Everyone should read this article:

“But what did Mr. Flaherty actually do? We should remember that Mr. Flaherty inherited a $14 billion structural surplus from the Liberal government. Within two years, he had wiped it out with a two-point cut in the GST, which cost the federal treasury $14 billion annually. This was a political decision that went against the advice of virtually all economists — including the ones in the Department of Finance. It would end up costing the government $115 billion between 2006-07 and 2015-16 — which forced Mr. Flaherty to impose a policy of expenditure restraint.”

#192 Manic Pixie on 04.11.14 at 3:43 pm

Long time lurker, first time poster.

I saw this and thought of you, Smoking Man: http:DELETED

(Warning: there are swear words)

Not on this blog, dude. — Garth

#193 Holy Crap Wheres The Tylenol on 04.11.14 at 3:44 pm

#161 WhiteKat on 04.11.14 at 10:07 am

I wonder to what degree, Flaherty’s deal with the devil over FATCA played a role in his death. Presuming he was a man with a conscious, there is no way he slept soundly at night knowing he played a role in helping to throw 1 million Canadians whom USA claims as its own, into the mouth of the starving lion to our south. Ironically, Canada’s sovereignty giveaway to the USA, under FATCA, comes into effect this Canada Day.

_____________________________________________

All he did was to officially give them what they wanted. I’m quite sure the IRS and other agency’s already have much of the ammo and info they needed to nail people for tax. Its just now agreed that it can be officially accessed by them.
Big Brother and all……..And I’m not talking about Big Brother and the Holding Company.

#194 Penny Henny on 04.11.14 at 3:47 pm

A BMO Retirement Institute report titled Home sweet home or retirement nest egg?, says the home represents the biggest financial asset for 47% of Canadians, representing 51% of their total net worth.
-So Canadians are not so bad off as it may seem.
http://business.financialpost.com/2014/03/27/canada-retirement-downsize-home/

#195 Ronaldo on 04.11.14 at 4:14 pm

A good paper for low income seniors and low income individuals approaching retirement or anyone expecting to be on low income at retirement.

http://openpolicyontario.com/wordpress/wp-content/uploads/2012/09/allinonelowincomeretirement.pdf

#196 maxx on 04.11.14 at 4:25 pm

#129 wallflower on 04.10.14 at 11:03 pm

Brilliantly put.

#197 Not a single tear on 04.11.14 at 4:29 pm

Is it ok if I don’t feel bad? Yea, I’m gonna go ahead and not feel bad about this.

Like someone else said, it’s a shame he didn’t get to live to see the fruits the conservative ideology will bear for Canada. I for one was looking forward to interviews with the man 10 years from now when he admits he was wrong.

I still remember that post from a few weeks back, the one where Garth recalled F eating with his fingers. You guys remember? How F asked Garth for advice on what to do as Finance Minister? It’s obvious that just like all of Harper’s appointments, the choice was based on ideology and partisanship, not on who has a concrete plan. F walked into the job having no idea what to do, with nothing to guide him but the echo-chamber of the cons.

Sorry, but I don’t have much respect for a man who only started developing a conscience when he sensed he was an inch away from the end of his life.

For those that personally knew him, I can understand the feeling of sadness. Even if you hate someone, when a person you know in real life dies it’s disturbing, reminds you of your own mortality. But for those who never met the guy? I have no idea why they would be sad.

I’ll hold my tears for the dreams of young Canadians whose parents can’t buy them a future. Meaning almost all of them. Here’s to hoping this sad chapter in Canadian history will close in 2015, and fringe right-wing extremist political ideologies will be back to being suppressed by the first past the post system, instead of propped up by it. For now, we live in strange times.

#198 Ralph Cramdown on 04.11.14 at 4:42 pm

#190 Nemesis — “AstoundingTales trophy goes to RupertMurdoch… like, when has it ever taken a Gazillionaire a week to find an attorney?”

One of the oldest tricks in the jilted spouse’s playbook, Nem. Visit all of the best divorce attorneys in your area and ask for advice before settling on one to hire for the duration. Then, when the spouse seeks her own, they’ll all be unavailable due to a conflict, leaving her with no choice but to hire a second rate mouthpiece.

#199 fixie guy on 04.11.14 at 4:52 pm

“Sad. He was ready to monetize years of public service, and all the crap that entails, on Bay Street. ”

When the housing market turns, as history argues it inevitably must, the federal obligations he created will hinder ownership for a generation and shred Canada’s social safety net. Like formerly inflated markets to the south, Canada will then be threatened with a transfer of land ownership from buyers/citizens to mortgage holders/banks. We’ll shift from an owner to a renter society in direct opposition to the CMHC’s mandate.
It’s an odd definition of tragedy since ultimately Bay Street was Flaherty’s employer all along. His full legacy will makes these seem sunny days.

#200 Old Man on 04.11.14 at 4:54 pm

It must be Friday as was not my day at the Polish store having a mother and daughter getting into a fight over me. I went to get some kielbasa; 90% chocolate; pure honey; and a jar of Ukrainian salad. The mom pointed at me and said a large kielbasa, but daughter said no that is not the right one for him. They went at each other and looked at me for a decision so played it safe and flipped a coin – the mom smiled at me, as her daughter threats me special :)

#201 screwed on 04.11.14 at 5:03 pm

Garth,

Not sure if you saw this. Please rip apart and comment at your leisure.

5600 residential units for Calgary increasing residences by 75% in the planning.

http://www.calgaryherald.com/business/Currie+Barracks+plan+would+boost+residential+units+cent/9728033/story.html

Are they expecting a mass exodus from other parts of Canada or did Alberta just sign the min. 3 kids per eligible womb into law?

#202 3 letter word on 04.11.14 at 5:32 pm

first!

#203 Bilbo Bloggins on 04.11.14 at 5:35 pm

I agree with this guy 110%

http://vancouvercondo.info/2014/04/saving-is-hard.html#comments

The Real Deal Says:
April 9th, 2014 at 9:55 am 2
Vancouver isn’t experiencing immigration from Asian, Vancouver is feeling what it’s like to be on the short end of an economic arbitrage.

Income tax in Asia is low, and the social safety net is weak. In Canada income tax is high, and the social safety net is strong. If you work in Asia, you can’t retire early because of the risks of having no income. However, if you take the money you made in Asian, you can come to Canada, retire early, and take advantage of the social programs here.

Your children, can enjoy fresh air, cheap universities, and free healthcare. Then when it comes time for your children to work, they can do the same thing you did and go back to Asia to make money.

Thousands of Chinese-Canadians lured back to Hong Kong by better job prospects than Vancouver can offer
http://news.nationalpost.com/2013/05/27/chinese-canadians-lured-back-to-hong-kong-by-better-job-prospects/

After they make their money they can return to Canada for an early retirement. For these people integration would probably be a bad idea, since being Canadian will probably hurt you in your over seas career.

This isn’t immigration. This is people exploiting the difference in tax and social welfare between two jurisdictions. This is an economic arbitrage.

But “The Real Deal”, Canadians go to the USA to work all the time! That’s true, but we can’t control what they do. But we can prevent foreigners from coming into Canada and doing the same thing.

#204 the jaguar on 04.11.14 at 5:42 pm

An interesting article written by Kevin Carmichael in todays Globe & Mail regarding the ‘Short Canada’ strategy. It was Thursday that the closed conference was held with some big names in the economics biz.
“It’s telling.” Benjamin Tal said of his invitation. “These are not marginal players….”
Hope that didn’t have anything to do with the stress F might have been feeling….

#205 JL on 04.11.14 at 5:46 pm

#201 screwed

“Are they expecting a mass exodus from other parts of Canada ”

Where have you been the last 10 years?? Net migration into Calgary in 2012 and 2013 was 20,000 each year? Thai development is talking about 5600 new residential units that will be built over several years.

The ignorance of some on this blog is disturbing.

#206 Reasonfirst on 04.11.14 at 5:53 pm

Wonder what he thought about the Fair Elections Act.

#207 shawn on 04.11.14 at 5:57 pm

Income Trusts Were Tax Scam

Andrew at 117 questioned my view that Income Trusts were tax scams.

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Thank you Andrew it’s always good to explore assertions respectfully.

In 2006 almost every corporation was thinking about becoming a Trust to avoid income tax. The tax on distributions at the unit holder end did not make up for the corporate tax loss. Reasons included what you said, that retail investors were holding these in RRSP accounts. Pension funds were also buying them.

Ottawa was losing loads in taxes.

Also they imposed unwise restrictions on entities. Trusts had to pay out 100% of earnings even when said earnings were needed to grow and maintain the company.

Trusts usually owned operating corporations that were made non-taxable only by being loaded up with huge debt and little equity. That left the operating companies weak financially.

Trusts basically made for an uneven playing field as entities that were not Trusts were paying income tax.

I also don’t think there is any real basis for REITs being non-taxable either. So what if they are passive income? (Which is the usual brief argument (and non-answer) for not taxiing REITs). A profit is a profit and REITS and Trusts should pay income tax just like corporations.

What about REITS owned in TFSAs?, there will NEVER be any income tax paid. That is outrageous.

We could never have had the TFSA if Income Trusts were still around as way too much tax revenue would be lost.

#208 zamman on 04.11.14 at 6:08 pm

#71 Daisy Mae. wow you havin a bad day or what. Cut the guy some slack. wheww.

#209 shawn on 04.11.14 at 6:11 pm

Losing out on CPP if you die

114 Bottoms up complains:

He loses the ability to monetize on Bay street…but he also loses his CPP, and pension income (a little may go to his family).

So one pays into these things for 3 or 4 decades, and if you die early, you lose.

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The sharing of longevity risk is precisely what makes defined benefit pensions including CPP affordable and more efficient than DB plans where you have to plan to live till 90 or whatever.

The death of DB pensions is a crying shame.

When you die early you (and your survivors) lose most of CPP unless spouse was non-contributor, or there are minor children. But that is the least of your losses. Dying early plain sucks.

#210 Just Sayin on 04.11.14 at 6:12 pm

Psalm 33

5He loveth righteousness and judgment: the earth is full of the goodness of the LORD.

6By the word of the LORD were the heavens made; and all the host of them by the breath of his mouth.

7He gathereth the waters of the sea together as an heap: he layeth up the depth in storehouses.

8Let all the earth fear the LORD: let all the inhabitants of the world stand in awe of him.

9For he spake, and it was done; he commanded, and it stood fast.

10The LORD bringeth the counsel of the heathen to nought: he maketh the devices of the people of none effect.

11The counsel of the LORD standeth for ever, the thoughts of his heart to all generations.

12Blessed is the nation whose God is the LORD; and the people whom he hath chosen for his own inheritance.

13The LORD looketh from heaven; he beholdeth all the sons of men.

14From the place of his habitation he looketh upon all the inhabitants of the earth.

15He fashioneth their hearts alike; he considereth all their works.

16There is no king saved by the multitude of an host: a mighty man is not delivered by much strength.

17An horse is a vain thing for safety: neither shall he deliver any by his great strength.

18Behold, the eye of the LORD is upon them that fear him, upon them that hope in his mercy;

19To deliver their soul from death, and to keep them alive in famine.

20Our soul waiteth for the LORD: he is our help and our shield.

21For our heart shall rejoice in him, because we have trusted in his holy name.

22Let thy mercy, O LORD, be upon us, according as we hope in thee.

There’s A Time for Reflection…

#211 Daisy Mae on 04.11.14 at 7:22 pm

#177 Pathcontrolmonk: “Sorry, but death doesn’t make you more likable, or forgive your misdeeds. RIP indeed, but unfortunate he didn’t survive to see the consequences of his arrogance and incompetence.”

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Very good article. It’s about time everyone stopped whitewashing the current disgraceful politics.

#212 Daisy Mae on 04.11.14 at 7:35 pm

#197 Not a single tear: “Is it ok if I don’t feel bad? Yea, I’m gonna go ahead and not feel bad about this.”

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Good post.

#213 Daisy Mae on 04.11.14 at 7:43 pm

#202 3 letter word: “first!”

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Now THAT made me smile! However, I am NOT encouraging others to bore us with similar posts.

ONCE, is enuf….okay? ;-)

#214 Daisy Mae on 04.11.14 at 7:49 pm

#208 zamman: “#71 Daisy Mae. wow you havin a bad day or what. Cut the guy some slack. wheww.”

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Don’t know what the hell you’re talking about…

#215 shredder on 04.11.14 at 9:06 pm

F’s 2006 budget opened CDN housing to the same US style of buying more than you can afford.

How much did the 2009 CDN bank bailout cost taxpayers?
Globe and Mail published a #

CMHC liabilities…..now that since 2006 most of the “too big to fail” US mort insurance are no longer in Canada, how big is this?

#216 screwed on 04.12.14 at 2:17 am

#205 @JL

Have at it. Enjoy more suburbia around Cowtown.

Boomers retiring, vacating residences and moving away all the while increasing housing stock by 75%.

The boom is over. Your ignorance must be bliss. I’m calling PEAK Calgary. You read it here first.

#217 Iso-Classical on 04.12.14 at 10:54 am

“Ideology and arrogance are the fuel of younger men. But mileage counts more.”

Ohh Garth, don’t mistake age for wisdom…it’s not the mileage that counts it’s the bumps and the perseverance to avoid/learn from them that truly matters…

What F did to the affordability of real estate in Canada could have easily been avoided with a simple brainstorming session with some top advisors or better yet some Grad students in Economics…

Wisdom without knowledge is a life wasted…remember that!

#218 shredder on 04.12.14 at 3:40 pm

Shows what kind of rookies the Cons were….Election promise “we will never tax Income Trusts”
and in less time than it takes a woman to conceive and give birth, their (one of many) lies to get elected turned out wrong for the Country.
The felony stupid part was taking a sledgehammer to all trusts, not using a scapel to prevent new ones.

#219 nonplused on 04.12.14 at 3:44 pm

Remember, speak no ill of the dead. Elf was no angle, but at times like these we remember the good and bury the bad. We all get a mixed score card at the end of the day.