Conduct unbecoming

COUCH modified

Last week Malcolm Melville lost his career. Deservedly so, says the body which polices people in the financial advisory business.

For misappropriating client funds and then providing false statements to some clients, the advisor was tossed out of the industry for life. In any capacity. He was also fined $400,000. Plus he must pay costs of $10,000. Presumably none of this precludes a civil action, or criminal charges.

The agency such people live in fear of is called IIROC, the Investment Industry Regulatory Organization of Canada. It has judicial powers. It conducts unannounced audits. It employs squads of nasty lawyers. It forces every financial firm to spend huge on compliance officers and regimens. And its justice is swift and final.

Of course, most Canadians don’t have financial advisors. Or investment portfolios. But they do own houses, often costing the equivalent of a decade’s labour. Most people use leverage to get real estate, assuming debts they cannot escape to buy assets whose price they cannot control. The risk is every bit as high as deciding you want an RRSP full of stocks and ETFs. But what happens if you fall victim to a rogue agent, or an unscrupulous mortgage broker? Can you be assured these guys will end up dangling the same way Mr. Melville did?

Don’t count on it. This is the wild west of investing, where even convicted bad guys get to keep their jobs.

Bryan Howard is an agent in Alberta, who’s worked for a few firms including Re/Max. Over the past few years he, by his own admission, committed mortgage fraud, falsified documents and forged the signatures of his clients. In fact, this is what the Real Estate Commission of Alberta found:

  • Mr. Howard knowingly or recklessly misrepresented the seller’s name on two listing documents.
  • In two listings, Mr. Howard created false real estate transactions and involved a buyer who had no knowledge of the transactions.
  • Mr. Howard forged signatures on real estate trade documents.
  • Mr. Howard created documents where he set out that someone was the seller of a property when in fact this person was not the property’s legal owner.
  • While Mr. Howard was involved in seven properties he was willfully or recklessly blind to circumstances of mortgage fraud.

“I work in real estate in Calgary,” says a colleague who contacted me yesterday, “and when I saw this I knew I had to send it to you. I am absolutely flabbergasted by the penalty that was given to this industry member by our regulator RECA.”

So what did he get for fraud, forgery and deception?

The regulator has assessed a fine of $39,500 plus costs of $15,000. Bryon Howard will also have to take a course, after a three-month suspension, is good to go. That’s it. Back selling properties.

“The commissions he made on these fraudulent transactions are probably more than the fine,” says the fellow agent. “I am shocked that this individual is not receiving a lifetime suspension for these infractions. It begs the question as to what a person has to do to actually receive a lifetime ban. In terms of being a Realtor and unethical and illegal things that could be done in that position this pretty much takes the cake and the guy gets a slap on the wrist.”

Toothless lapdog real estate regulators are not only in Alberta. They litter the Canadian landscape. For example, the Real Estate Council of BC shocked jaded Vancouverites when it basically ignored a blatant example of media manipulation, false advertising and deliberate misrepresentation than ended up making headlines globally.

MAC Marketing cooked a scheme to purposefully dupe the media, having staffers pose as Chinese buyers of a condo project, then feeding them up to voracious TV cameras. The reporters fell for it (of course), and viewers of several networks were bombarded with viz of horny HAM ladies feasting on Van properties.

The punishment: a $1,250 fine and a 12-day suspension for the company manager. The imposters went unpunished as RECBC said they were unlicensed. In fact, regulations in both BC and Ontario don’t require the dude or babe selling you a condo to be licensed at all. Like I said, this is the wild, wild west. You’re on your own.

Well, govern yourself accordingly.

Get a good agent through referrals, and do some due diligence on him or her. Most real estate regulators offer a search function on their sites, telling you if an agent has ever been suspended, convicted, charged or subject to a disciplinary hearing.

Find an experienced real estate lawyer, and run everything past him or her – including offers and conditions, not just signed deals.

Work with a known broker and large real estate organization with a rep to protect and the resources to make you whole if there is fraud, misrepresentation or unprofessional conduct. The same goes for your mortgage lender. And the risk needle flips to extreme when you’re dealing with a FSBO, who’s regulated by nobody.

Or, rent.

133 comments ↓

#1 OttawaMike on 11.12.14 at 7:13 pm

Cletus Turner of the Alabama Securities commission issues decree from his trailer park office: Beware of Marijuana stocks and Bitcoin.

http://www.al.com/business/index.ssf/2014/11/maybe_dont_invest_in_marijuana.html

He also wants to know why God hates trailer parks?

#2 Lapio on 11.12.14 at 7:15 pm

Am I really the first?

#3 OttawaMike on 11.12.14 at 7:22 pm

Apparently a real estate regulator will ban an agent for murdering their client but it must be premeditated, if it is just an angry moment caused by a difficult client or manslaughter that does not count.

#4 North Burnaby on 11.12.14 at 7:24 pm

I certainly hate those real estate agents… They are just a bunch of parasites

#5 Happy Renting on 11.12.14 at 7:26 pm

And that’s just the stuff he’s done that you can prove! Wow.

#6 Mike S on 11.12.14 at 7:29 pm

But will the clients of Malcolm Melville get their money back?

good that he is out, but any precautions on how to select a good financial adviser?

Also it is not only about fraud, I see many boomers working with “good” advisers that select a bunch of mutual funds for them

#7 hsk on 11.12.14 at 7:30 pm

We have been renting as that is the best thing to do but the owners want to move back in so we have to start hunting for another house/apartment at a short notice. Nice houses/apartments are rare in the nice neighborhoods of Surrey.

#8 Obvious Truth on 11.12.14 at 7:31 pm

It seems almost everyone I talk to has an investing sob story.

Hit by the crisis. Locked into sketchy products they bought. And a massive mortgage.

They have been exposed firstly and only to sales products and they have no idea what investing really is.

What garth explains is so simple but people don’t understand because it’s not pushed as a product. It doesn’t have a big bank logo on it so they are skeptical. Count on most to think the opposite of what they should.

On the plus side I’m hearing about investment loans. Feels like we get good flows for a while. Whatever products they may be in.

#9 Dirty Debtor on 11.12.14 at 7:31 pm

Feels good to hand over my $650 every month to the landlady in Surrey. Place is a bit small for 1, but its clean. Heat, hydro, hot water, cable and internet included.

My friends were giving me a ribbing last weekend because i’m paying somebody else’s mortgage with my rent. Later on they were talking about how they are spending their annual vacation renovating the bathroom instead of in mexico with the group of us, they couldn’t afford to do both (they make about $130k between the two of them)

They can keep their marble bathrooms, I’m not getting another day of my 20’s back! asta la vista, baby! viva la vida!!!

#10 mark on 11.12.14 at 7:37 pm

“telling you if an agent has ever been suspended, convicted, charged or subject to a disciplinary hearing.”

And when the standards are so low, even that is useless.

#11 Mike S on 11.12.14 at 7:45 pm

A house is a place to live, investment strategy and a retirement plan. Just take the maximum possible mortgage and hit the markets … or so I have heard **

** This said cynically by me, but actual people seem to be 100% it is true

#12 rainclouds on 11.12.14 at 7:46 pm

An industry that has the popularity of a skunk at a barbeque.

We have the competition bureau sloooowly chipping away at TREB and access to information.

Apparently no action required on Realtor/Marketing malfeasance (presumably due to the success of self regulating)?. What could possibly go wrong?

Que the indignant Realtors and the many tales of hardship and why the unwashed doesn’t understand their plight

#13 SealTeam0 ( I shot bin laden from my couch, those guys from team 6 just cleaned up the mess) on 11.12.14 at 7:48 pm

How do the lowlifes in either example avoid criminal and civil penalties. Everything you described is a crime and that certainly arrest people for far less on a regular basis. The only reason I can think of would be no one complained to the police nor filed a statement of claim.

#14 4 AM Sunrise on 11.12.14 at 7:51 pm

When TMZ gets boring, I read the disciplinary cases on the IIROC site. It gives me the same kind of rush when I read about Investment Advisors Doing Bad Things: http://www.iiroc.ca/industry/enforcement/Pages/Search-Disciplinary-Cases.aspx

#15 Realties.ca » Conduct unbecoming on 11.12.14 at 7:54 pm

[…] Source: http://www.greaterfool.ca/2014/11/12/conduct-unbecoming/ […]

#16 Vincent on 11.12.14 at 7:55 pm

Hi, just a quick message to point out a typo (so no need to post this, really):

“The reporters feel for it (of course),”

fell.

#17 canadianjoe on 11.12.14 at 8:14 pm

your a bit off the mark on this post. The situation is a lot worse than you stated. the wild west had the occasional Texas ranger. Organised real estate has nothing but self serving organisations passing themselves off as legitimate. A few years back a broker was caught removing $500,000 from the trust account, he was demoted to a salesperson by RECO, his son runs the company. he is now a broker again, I’m sure soon he will be broker of record again.

#18 4 AM Sunrise on 11.12.14 at 8:17 pm

Garth, keep in mind that we renters can also fall prey to tyrannical landlords…and that our local Residential Tenancy Board can be toothless in their enforcement, too. Only thing is that the resulting financial hurt won’t be in the hundreds of thousands of dollars.

#19 Bob Copeland on 11.12.14 at 8:20 pm

These are desperate times. Desperate people do desperate things.
Nothing nowhere is good. Protect yourself. Boomers have been around the track. Feel sorry for and shake a young couple.

#20 Habs76-79 on 11.12.14 at 8:23 pm

#9 Dirty Debtor.

You got that right. Spending crazy sums of cash (cough cough borrowed money) to make over the top and often short lived excitement, renos of kitchens, bathrooms etc. is silly. None of these renos will recoup the costs by increasing the value of the home! No matter what gibberish is sold to the people doing the renos and especially no matter what shite is spun on HGTV.

By all means make a home yours be it a rental or buying. But one needs not borrows ungodly sums to create a phony impression of success with IMO often over done renos. A little bit of prep, paint and elbow grease can even with modest money spent make any home look comfy and feel comfy.

I’d rather save such money and be able to have CASH to do things like go to a nice restaurant, go to a nice show or event, concert and be able to do some real traveling and vacationing especially before one gets too old to do big trips abroad.

After all a bathroom is really only place to shower, shave, brush the ivories and do your ones and twos. THAT’S IT! A kitchen is really just a place to plan, prep and cook food. THAT’S IT!

Save the money, DON’T BORROW CRAZY AMOUNTS FOR RENOS THAT WILL NOT INCREASE RESALE ABOVE THE COSTS OF CARRYING THE MONIES BORROWED FOR THE RENOS!

#21 cynically on 11.12.14 at 8:26 pm

Interestingly the shenanigans mentioned are in the Alberta real estate world but no surprise as had they been in the financial realm little would have been done either as Alberta doesn’t want a Canadian national security agency like the SEC in the US monitoring its financial activity. B.C. and Ontario are on board but not cowboy country. Another plus for the US and a big minus for Canada and I’m not even sure any national board in Canada would come down hard on miscreants based on cases in B.C. in the past.

#22 Ying Yang :):( on 11.12.14 at 8:28 pm

#158 Smoking Man on 11.12.14 at 6:53 pm
#133 Ying Yang on 11.12.14 at 2:22 pm

He’s doing great, good thing hard case of dementia, he’s already forgot about mom. The man escaped nazi 3 times,
Got got twice. Theird time was a charm. Made it to Canada.

What where you doing in Indonesia?

………………………………………………………
Business we deal with a company in Jakarta that had their wheels fall off. So I got the call to go and put the wheels back on. Girlfriend was so pissed at me gone almost 8 weeks, until I flew her into Macau for a weekend. My brother came in later same weekend from his big ass banking job in Singapore. Hell he makes so much money and never spends any if it. I keep telling him he is crazy, live a little. Holy crap when he came into Macau did he ever spend some money we went to the casino he blew $75k USD like it was nothing. But as always he came out smelling like roses he actually made about US$7000. You have to go to Macau sometime Smoking Man, you are treated like royalty.

#23 Ying Yang :):( on 11.12.14 at 8:31 pm

Smoking Man next week I have to go back the London, then LA. I actually like LA. Traveling really blows.

#24 Cow Man on 11.12.14 at 8:32 pm

Sir Garth:

Investment dealers may be afraid of IIROC. However are Life Insurance Salesmen afraid of Financial Services Commission of Ontario? Not from my experience. FSCO is a lame duck regulator.

#25 Rural Rick on 11.12.14 at 8:32 pm

People forget really fast. Steven Harper is forgetting our veterans.
http://www.huffingtonpost.ca/2012/11/11/rick-mercer-veterans-rant-remembrance-day_n_2114136.html

#26 Goodfella on 11.12.14 at 8:33 pm

Also in the news, the prudential regulator of banks and mortgage insurance companies finalized its rules for mortgage insurers.

http://www.theglobeandmail.com/report-on-business/economy/housing/watchdog-releases-mortgage-rules-for-insurers-banks/article21479335/.

Source: http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/b21_nr_1114.aspx

#27 Sheeple Shearing on 11.12.14 at 8:34 pm

Brad Lamb (such an inappropriate name) has found more virgins to pluck in Calgary.

Found this fluff in the mail this week for his new project The Orchid:

[IMG]http://i59.tinypic.com/21ed98g.jpg[/IMG]

Return on Invested Capital of over 1,300% after 25 years. Woo-hoo!

“Conduct unbecoming” … indeed

#28 nonplused on 11.12.14 at 8:37 pm

More useful stories about just how bad the average person can behave if given the motivation. Explains a lot.

Another scam popping up in Canada from time to time is title fraud, where unscrupulous people will transfer title of a house to themselves or someone in on it without the home owner’s consent, and then mortgage the heck out of the property. Land titles often doesn’t even check with the homeowner. So what you need is some sort of lean on the property (like a secured line of credit). They will then contact the bank to make sure they are getting their money, and the bank will likely then contact you.

It’s funny land titles is concerned about homeowners selling the property and then not paying the bank but they aren’t concerned about this type of fraud. There should be a big red flag that goes up whenever a free and clear property changes hands.

#29 Rainclouds on 11.12.14 at 8:38 pm

replace the invented moniker “Realtors” with the more accurate “Property Sales” and it helps with perspective.

#30 Fred on 11.12.14 at 8:49 pm

Took my 3 year old trick-or-treating on Halloween. I found a real estate agents businesses card in his loot bag. I took that card and used her email address on some online sites. Hope she enjoys the spam.

#31 sideline sitter on 11.12.14 at 8:52 pm

Small brokers are just as good, Garth!
Also, in Ontario at least, brokers must carry insurance for their Trust accounts

#32 HogtownIndebted on 11.12.14 at 9:04 pm

The regulation in RE is at the control and behest of the agents and brokerages instead of the public interest. A paper tiger at best.

Too many different ineffectual boards. Too many insiders having too much say.

Too many cooks.

https://www.youtube.com/watch?v=QrGrOK8oZG8

#33 james on 11.12.14 at 9:06 pm

what, mortgage fraud in Canada?

During a housing boom?

I am SHOCKED. Realtors and RE pumpers tell us that there is no fraud and no subprime here. SHOCKED.

I’m sure it was just this one guy, and that it is not systemic.

#34 Rocket R on 11.12.14 at 9:12 pm

Garth
The penalties for blogging are even fewer.
Would love to hear an announcement like, 2 minutes for roughing, 5 minutes for fighting, and a 10 minute misconduct for blogging….

#35 Retired Boomer - WI on 11.12.14 at 9:20 pm

Garth,

Sound Advice. I am curious what has developed with the customers who gave “earnest money” to a Lawyer, who then absconded with the cash, or turned the cash over to another? What protections are available here?

If I get screwed in real estate, I would prefer to at least own some dirt, no?

#36 Shawn G in TO on 11.12.14 at 9:28 pm

that’s a great pic. do you have the after photo?

we can dream about a real regulator of RE industry. but is there any political will to do it? how many MPs want a crack down? there is no right or wrong, just a lot of personal interests.

#37 Speaking of poor regulators on 11.12.14 at 9:33 pm

Hey Garth

Speaking of toothless regulators, who is monitoring the syndicated mortgage companies like Fortress? I continue to see ads for “guaranteed”, “safe”, “secure” 8-12% returns. One example:

https://www.facebook.com/205962172808163/photos/a.205981092806271.50335.205962172808163/758145607589814/?type=1

How can they make those claims? These aren’t guaranteed investments, are they? I don’t believe they are CDIC insured

#38 Smoking Man on 11.12.14 at 9:36 pm

#23 Ying Yang :):( on 11.12.14 at 8:31 pm

Realy, get on a plane for 11 hours without a smoke, my body would explode. Can’t do it.

I get royal treatment in Vegas, AC, and Niagara. Plus I did spent a week in Macau in 93. I’m sure it’s alot more built up.

If you’re ever in Kuala Lumpur, great casino on a mountain called Genting Highlands.

If I can quit smoking one day I’ll take a trip out for nastalga.

#39 statsfreak on 11.12.14 at 9:47 pm

This scenario will get even worse when interest rates rise, house sales plunge, etc. We will see many more realtors being desperate to make some coin and pulling out every trick in the book to do so.

#40 Mark on 11.12.14 at 9:53 pm

Pretty sad. As I commented the other day, if professional financial advisors get their clients into leverage, the regulators will basically send them to the gallows if there’s any lapse in testing the client appropriately for ‘suitability’. Yet Realtors routinely get their clients into far more leverage (20X with a CMHC insured subprime mortgage, versus the 3.33X that is typically the limit in the financial industry), and can do so with impunity. If the housing market goes down (which it is), there’s no SEC/FINRA or whatever the Canadian equivalent looking into their files. There’s no half million dollar fines, or lengthy license suspensions. There’s not an army of back-office compliance staff to kept fed in the Realtor business.

So yeah, good post Garth, as usual, and its sad that this sort of environment has pretty much extinguished risk-taking in Canada.

#41 Mark on 11.12.14 at 9:58 pm

“How can they make those claims? These aren’t guaranteed investments, are they?”

The ‘guarantor’ is the issuer itself. Of course, a guarantee is only as good as the guarantor, so caveat emptor.

In my view, a lot of the Credit Union sector is also behaving like cowboys when it comes to mortgages, and they’re not ‘guaranteed’ by anyone but themselves either. Its gonna be a mess, trust me…

#42 Keith on 11.12.14 at 10:01 pm

Stole 8 million, served two and a half years. Financial fraud has always been the white collar crime that really pays.

http://bc.ctvnews.ca/multi-million-dollar-fraudster-ian-thow-granted-parole-1.1011841

#43 JimH on 11.12.14 at 10:02 pm

#30 Fred
I laughed til I literally was crying!!!

That is the best retort I have ever heard! Great one!

#44 Spectacle on 11.12.14 at 10:09 pm

Much needed exposure , thanx Garth.

Important to remember, nobody looks out for your interests more than you do. Or should do!

Corruption, dirty deals, dishonesty begins at the top.

http://opinion.financialpost.com/2011/11/16/whos-funding-mayor-robertson/

In the voting booth today, I read on the back of the vote form, that the ruling oligarchs in BC are asking us to vote chck yes or check no, can they please borrow another 1/3 of a trillion dollars! What?

Who’s watching them?

Regards. all…..

http://opinion.financialpost.com/2011/11/16/whos-funding-mayor-robertson/

#45 Toronto_CA on 11.12.14 at 10:16 pm

Garth, would you weigh in on whether or not Harpo will bring in $11k TFSA limits or not next Spring?

http://www.thestar.com/business/personal_finance/2014/11/12/hey_wheres_my_11000_tfsa_limit_mayers.html

I would love it! But after the backlash his income splitting got for favouring the rich, only well off couples could stick $22k/year into a TFSA.

#46 Mike S on 11.12.14 at 10:29 pm

“I’d rather save such money and be able to have CASH to do things like go to a nice restaurant, go to a nice show or event, concert and be able to do some real traveling and vacationing especially before one gets too old to do big trips abroad.”

You never too old. most of the people travelling abroad are old guys anyway. youngsters are too busy renovating the kitchen

#47 Gold Stockpile for Safety on 11.12.14 at 10:40 pm

Garth, I read something in the news that bank deposits will not be held in the same standing as bank notes come 16-November with the upcoming G20 Meeting. Would this be a good time to buy gold before the meeting?

#48 NoName on 11.12.14 at 10:47 pm

interesting read
don’t forget to go thru presentation slides they are very interesting and informative.
article deals mainly with an american millennial and as they say a new american dream

https://blog.slideshare.net/2014/11/07/weekend-reading-your-home-sweet-home-on-slideshare/

#49 Freedom First on 11.12.14 at 10:58 pm

Great Post Garth. I am amazed how many “naive” people are out there. For myself, I have pretty well given up on warning people about $$$hit like this going on, as when I have done so in the past, the majority of people do not want to hear it, and invariably say something along the lines of “you worry too much”, or, just look at me like I don’t know what I am talking about. Close minded fools are easy to spot however. And the cons, fraudsters, liars, cheaters, manipulators, thieves, users, etc., know this better than anyone.

#50 Debtfree on 11.12.14 at 11:09 pm

Thank you again Garth . The out line of dd on agents and agencies is very helpful . First time I’ve read that anywhere and I’ve read lots on re .

#51 Nemesis on 11.12.14 at 11:14 pm

#HowHollyWoodDealsWithUselessSacksOfS***… #OldSchoolButSurprisinglyEffective…

http://youtu.be/xu0p6CtioZk

(NoteToGT: Strictly between the two of us… it’s been so long that I rather doubt that I could PullOff a convincing ‘Cockney’ on ShortNotice… Never mind, there’s always PlanB – efficacious and… with the added advantage that BlowBack, if any, is not only plausibly deniable but tends to suffer from false attribution: http://youtu.be/bXZFFinWVYw )

#52 };-) aka Devil's Advocate on 11.12.14 at 11:15 pm

You think it’s so easy movin’ dirt stop selling financials and try your hand at it.

Oh and at least when someone does buy real estate they get something more assuredly worth their money than just a piece of paper saying they did.

Did you read that on the men’s room wall at Re/Max headquarters? — Garth

#53 Lashandra Aird on 11.12.14 at 11:16 pm

I am realtor in Toronto. The Way you point out differentials in the post is really good . I like this one !

#54 };-) aka Devil's Advocate on 11.12.14 at 11:17 pm

That said (previously) I do agree with your closing comments;

<blockquoteWell, govern yourself accordingly.

Get a good agent through referrals, and do some due diligence on him or her. Most real estate regulators offer a search function on their sites, telling you if an agent has ever been suspended, convicted, charged or subject to a disciplinary hearing.

Find an experienced real estate lawyer, and run everything past him or her – including offers and conditions, not just signed deals.

Work with a known broker and large real estate organization with a rep to protect and the resources to make you whole if there is fraud, misrepresentation or unprofessional conduct. The same goes for your mortgage lender. And the risk needle flips to extreme when you’re dealing with a FSBO, who’s regulated by nobody.

Or, rent.

#55 Terrier on 11.12.14 at 11:18 pm

If you think anything is regulated in Canada, go and read “Thieves of Bay Street”

#56 };-) aka Devil's Advocate on 11.12.14 at 11:18 pm

That said (previously) I do agree with your closing comments;

Well, govern yourself accordingly.

Get a good agent through referrals, and do some due diligence on him or her. Most real estate regulators offer a search function on their sites, telling you if an agent has ever been suspended, convicted, charged or subject to a disciplinary hearing.

Find an experienced real estate lawyer, and run everything past him or her – including offers and conditions, not just signed deals.

Work with a known broker and large real estate organization with a rep to protect and the resources to make you whole if there is fraud, misrepresentation or unprofessional conduct. The same goes for your mortgage lender. And the risk needle flips to extreme when you’re dealing with a FSBO, who’s regulated by nobody.

Or, rent.

#57 PeterfromCalgary on 11.12.14 at 11:27 pm

Ever notice that people who commit fraud in the USA seem to go to jail but not so much in Canada?

White collar criminal might not be doing drive by shooting but they still ruin peoples lives and should go to jail.

Like poutine, regulatory oversight (at least of the financial biz) is something Canadians are better at. — Garth

#58 };-) aka Devil's Advocate on 11.12.14 at 11:27 pm

A good REALTORº doesn’t sell they educate both buyer and seller. Think about it… There is no stronger motivator than an education learning what you didn’t know that you NEEDED to know and if that education doesn’t do it the there is no motivation nor need to know.

Move on…

NEXT

#59 };-) aka Devil's Advocate on 11.12.14 at 11:30 pm

Did you read that on the men’s room wall at Re/Max headquarters? — Garth

Hell no… I wrote it on the men’s room wall at Royal LePage! };-)

#60 Dominoes Lining Up on 11.12.14 at 11:45 pm

Like I was saying after the UN reports a week ago, climate change negotiations truly are a game changer for Canada’s economy and politics.

Look at the news today, barely one week later. The new U.S. – China deal is very ambitious with tight timelines.

http://www.theglobeandmail.com/report-on-business/international-business/us-china-climate-change-deal-a-game-changer-for-prime-minister-harper/article21568580/

The Liberals and NDP now have their wedge issue almost ready made.

Alberta’s oil economy and Keystone are both probably doomed.

Alberta real estate is most certainly doomed.

Harper? My bet is now looking at him to resign in the spring. No way can he follow the U.S. on this and hang around to destroy his base.

#61 TurnerNation on 11.12.14 at 11:47 pm

Pic reminds me of the formerly Econ prof at UofC, W. Holden. He always delivered deadpan stories like the time he and buddies were partying in an apartment. I forget the rest but somehow a couch ended up off the balcony to below.
Cops come, look around right at the empty imprint where a couch likely sat. I know nothing the guys claimed! Not ours officer.

Ah well tomorrow is a usual Thurs. One of the 3-4 places will be in ‘America’ as usual, or, things that go Trump in the night. Similar view to yesterday’s pic’s. Not as lofty as my dreams.

#62 Bobby on 11.12.14 at 11:48 pm

Just like the latest editorial in Moneysense magazine states about real estate sales, “trust no one”. Good advice I think.
It has been my experience that realtors are just like car salesmen, they will say whatever to make a sale.
But, I have to ask. Why is it that every time I go look at a stale property that has been sitting for months, the agent always says they are expecting an offer the next day. I feel sorry for some of these halfwits I have encountered. Selling is definitely not their thing.

#63 Spectacle on 11.12.14 at 11:56 pm

Oops,

Posted incorrect link on second supporting documentation of my point, earlier post tonight.

Indicates how quickly we forget, and don’t perform our due diligence with enough depth. The BC elections are here. That lack of policing, or any idea of real public financial protection are still “Wild West” at best!

Something is lacking at the top in BC. Public figures should be that protective body. With the Gregor Robertson mayor…we forget too soon…..

Quote: “The couple married in the late 1980s, and they have four children. In 2013, their foster son Jinagh Navas-Rivas was sentenced to four years in jail for gun and drug offences.”

Does anyone else mind this “Conduct Unbecoming” going on?

Link:
http://www.huffingtonpost.ca/2014/07/05/gregor-robertson-wife_n_5560359.html

Re: #49 Freedom First on 11.12.14 at 10:58 pm
“Great Post Garth. I am amazed……….
……For myself, I have pretty well given up on warning people about $$$hit like this going on……….

……. And the cons, fraudsters, liars, cheaters, manipulators, thieves, users, etc., know this better than anyone.”

Freedom First #49 . Really, don’t give up. Always consider that you may save many people from devastating loss and ruin. Although you may never know of the great influence you may have on other wonderful, people, even at a distance.

Kindness…..how we grow

#64 Tony on 11.13.14 at 12:01 am

Re: #21 cynically on 11.12.14 at 8:26 pm

Canada really needs something like the SEC up here. Citing a recent example a 19 million share trade day in U308 about 5 days before the news about the start up of the Japanese reactor was made public. Blatant insider trading and no charges laid up here in Canada. Heavy fines and criminal charges would be laid in America.

#65 SWL1976 on 11.13.14 at 12:16 am

Slightly off topic for tonight, but it does tie in well to the tail end of yesterdays conversation and might shed some light on recent geopolitical events for anyone interested

#66 SWL1976 on 11.13.14 at 12:20 am

sorry for the double post, old mac obsolete browser

#67 Debtfree on 11.13.14 at 12:23 am

DA quit while you’re behind .

#68 Steve French on 11.13.14 at 12:23 am

Smoking Man:

I’ll be in Kuala Lumpur in December.

Although I hate casinos.

A tax on the dim-witted and gullible.

I guess all those statistics teachers brainwashed me.

#69 Sheane Wallace on 11.13.14 at 12:29 am

#47 Gold Stockpile for Safety

if you sell your house and the money comes to your account the moment your bank fails you are doomed.

You will be considered ‘unsecured creditor’ to the bank and in worse situation that another bank that loaned the failed bank.
(for the amount over the guaranteed deposits, around 100 k)

Unsecured creditor while getting 0.1 % on your money.
Cheers. I would ask for 10 % interest, if not demand you money in cash and store in deposit box.

#70 omg the original on 11.13.14 at 12:30 am

#57 };-) aka Devil’s Advocate
A good REALTORº doesn’t sell they educate both buyer and seller.
——————-

You are slaying me – is that right out of the real estate course textbook?

Lets see what else could be covered by that.

“A good used car salesman doesn’t sell they…..”

“A good infomercial huckster doesn’t sell they…..”

“A good politician doesn’t campaign they…..”

#71 omg the original on 11.13.14 at 12:33 am

Must……..

………not………

………………respond………

………………………..to…….

………………………………….FSBO dig.

#72 Rural Rick on 11.13.14 at 12:36 am

News flash. It is all insider trading. Like my dad said by the time we find out about it is too late.
Use Garth’s plan instead no insider tips needed.

#73 Westcdn on 11.13.14 at 12:36 am

One thing I have noticed in life. If people are not afraid of consequences, they will abuse you.

It is not an absolute but generally if you take care of yourself, you can not take care of others. Don’t let the unethical win without a contest.

#74 Westcdn on 11.13.14 at 12:39 am

Damm, it should say “take care of yourself and the rest will follow”

#75 oldmeany on 11.13.14 at 12:47 am

The number of people who’ve lost money with honest advisors is still staggering. Malcom is a statistical error in the universe of wealth destruction.

I’m just a meany I guess…I often listen to the new cubby clerks at local banks pitching product who don’t know of my 40 year experience as an investor ….cause I’m easily amused. OMG….good thing I never act on their advice. I feel sorry for the people who do.

#76 Juno on 11.13.14 at 4:46 am

#30 Fred on 11.12.14 at 8:49 pm
===========

Under the bankster mortgage loan rules.

Your 3 year old has a heartbeat, Therefore he/she can get a loan!

#77 JWD on 11.13.14 at 4:51 am

A very useful post and should be on the front page of every business section in every newspaper in Canada. Knowledge is power.

#78 maxx on 11.13.14 at 8:40 am

#5 Happy Renting on 11.12.14 at 7:26 pm

“And that’s just the stuff he’s done that you can prove! Wow.”

Exactly. The stories so many buyers and vendors can tell……

I’d love to see a more open system that would eventually flush the lot of them.

#79 Pastbeyond60 on 11.13.14 at 9:28 am

@45North, @CatoTheElder, re: Nov 11 post, comment #117

45North asks Cato, “what evidence do you have that bankers influence the FATCA issue? ”

The Canadian Bankers association heavily lobbied the conservative government to sign the FATCA IGA. demanding the government protect the banks and not Canadian citizens. This can be documented via videos archived regarding the financial committee meetings in May 2014.

The government never sought to negotiate a better deal with the US, allowed the Canadian Charter of rights to be decimated just to satisfy the banks. There were many creative options the government could have explored. This atrocity was so blatant under FATCA it was never removed from the massive budget bill for open debate and scrutiny by the Canadian people.

Obviously the banks control politics. Our elected government is just a ruse to make you believe we still live in a democracy. The most difficult question to answer here: Not only are the banks influencing the FATCA issue, the US government is running our banks, thus our government.

To date the Canadian Banks have spent 750 million in compliance costs and it is ongoing, to become arms of the IRS. FOR NOTHING IN RETURN. Who exactly is running our country? The IRS should pay its own damn bills. Canadian citizens rights should be protected by their government.

#80 Kenchie on 11.13.14 at 9:47 am

“Why your taxes pay to make climate change worse”

http://www.cbc.ca/news/business/why-your-taxes-pay-to-make-climate-change-worse-don-pittis-1.2832452

#81 `shibboleth` on 11.13.14 at 9:50 am

#42 Keith

Yes, and another Victoria, BC financial advisor recent fraud conviction, involving 484 clients and $65M lost:

http://www.cbc.ca/news/canada/british-columbia/david-michael-michaels-guilty-of-65m-investment-fraud-1.2735423

#82 Nuke on 11.13.14 at 10:03 am

I come across the worst offences with exempt market and sophisticated investor schemes. I have seen individuals lose 100% of their life savings and homes getting pulled into these high risk almost unregulated ventures. Money moves quickly between provinces or offshore and the sales guy walks away with a huge cut and disappears. It when people are convinced to finance their homes or invest their RRIFs into these venture that the wheels fall off. Another scary world is the crowd funding that has taken off. Crazy what people throw their money at.

#83 ;-) aka Devil's Advocate on 11.13.14 at 10:21 am

#67 Debtfree on 11.13.14 at 12:23 am
DA quit while you’re behind .

You are right Debtfree; I’m wasting my time here. This is not an audience I do well with nor should I care to. It’s just that they are so misinformed on some things I can’t help myself even though I know anything I say will be tainted by their prejudice.

#84 Funny that on 11.13.14 at 10:36 am

Today’s picture. Funny thing is they were actually moving the couch into the apartment.

#85 CalgaryRocks on 11.13.14 at 10:37 am

#60 Dominoes Lining Up on 11.12.14 at 11:45 pm
The Liberals and NDP now have their wedge issue almost ready made.

Alberta’s oil economy and Keystone are both probably doomed.

It looks like Keystone is about to get approved. So we’ll see about that.

Maybe Obama decides to be a big baby about it and veto the bill. Then we’ll have to wait for president Hilary to approve it in her first 100 days.

#86 45north on 11.13.14 at 10:46 am

Pastbeyond60: 45North asks Cato, “what evidence do you have that bankers influence the FATCA issue? ”

The Canadian Bankers association heavily lobbied the conservative government to sign the FATCA IGA. demanding the government protect the banks and not Canadian citizens. This can be documented via videos archived regarding the financial committee meetings in May 2014.

thanks

#87 Holy Crap Wheres The Tylenol on 11.13.14 at 10:58 am

#150 Cato the Elder on 11.12.14 at 4:59 pm
Whats wrong with you dude!
Well Cato the Elder in relation to my comments yesterday regarding the invasion of Poland by Hitler via the bend over and take it up the rear help of Chamberlain. I was simply stating that sometimes negotiations are useless. Albeit If I may perhaps I didn’t present the entirety of the chronological order that precipitated WW2 verbatim however We are supposed to keep it short and simple here.
As for taking on ISIS or any of the other radicals out there. Ive been there and done that from 1969 to 1973. I got the grand pleasure of being involved in a divisive war the likes of which you can not understand unless you where there! Not only that I have family that have served in the Bosnia conflict and Afghanistan War as well. Let me enlighten you on negotiating with the likes of ISIS, Al-Qaeda, and the Taliban. YOU CAN’T NEGOTIATE WITH THEM! Their mandate to work to expel the infidels from the lands of the Faithful, unite Muslims and create a new Islamic caliphate. Khorasan, Islamic State (widely known as ISIS or ISIL), and al Nusra—originally were part of al Qaeda. Khorasan reportedly was dispatched to Syria originally to recruit Westerners from among the thousands of jihadi volunteers who could take their terror war back to Europe and the United States. When you catch a plane to negotiate with them let me know, I will come and watch your negotiations, from a distance of course.
So Cato…………go negotiate……………

#88 45north on 11.13.14 at 11:21 am

Holy Crap wheres the Tylenol: As for taking on ISIS or any of the other radicals out there. Ive been there and done that from 1969 to 1973. I got the grand pleasure of being involved in a divisive war the likes of which you can not understand unless you where there! Not only that I have family that have served in the Bosnia conflict and Afghanistan War as well.

thanks

#89 Retired Boomer - WI on 11.13.14 at 11:24 am

Negotiating from a position of strength, though not necessarily one of (mutually assured destruction)…
often shows the folly of continuing your struggle.
While it has been many years since any country has needed to demonstrate overwhelming power the world is always a testing ground of incalculable stupidity. Who would be next?

#90 SWL1976 on 11.13.14 at 11:31 am

Just heard on the local radio and the people of Ft Mac will be happy to know that they can unlock some of that equity in their home. This add was from some probably question mortgage broker. Funny thing is the add was very convincing that one must unlock the equity in their home as if it has been mistreated locked away in the basement all these years

Some questionable sales people like this and falling oil prices. One needs not be a weather man to know which way the wind is blowing

#91 fancy_pants on 11.13.14 at 11:34 am

politicians even have the realturds beat.

just ask McGuilty. gas plant scandal, erased hard drives. punishment? left the game before his turn was over with a full pension.

but I guarantee the little old church lady who missed declaring $3.52 interest income on her taxes will be hunted down and penalized to the max.

by the way, wealth creation is no longer the game being played, wealth confiscation is the new game.

#92 Cato the Elder on 11.13.14 at 11:38 am

Re: #87 Holy Crap Wheres the Tylenol

So…how’d the outcome of the those conflicts go?

Not very well. Same mess as ever. Time to mind our own business and stay out. Let the countries in that region battle it out back into the stone ages. I don’t support sending a single one of our kids over there to die, maybe you do.

Here’s the real reason the bankers want ISIS gone:

https://twitter.com/zaidbenjamin/status/532916905322250240/photo/1

Watch as our politicians clamor to justify spilling more Canadian blood and treasure in that region. All to satisfy the bankers desire to stamp out any competition to their monopoly issuance of currency.

#93 Dominoes Lining Up on 11.13.14 at 11:53 am

#85 Calgary Rocks

You sound like you might be a realtor, or perhaps someone who has levered highly and/or bet the farm on Alberta real estate – your drive to deny and rationalize is very understandable as a human quality.

But the tide is turning. This China/U.S. deal makes it much more likely that the 2015 Paris meetings will also achieve a deal.

Obama is looking for legacy causes. He is thinking 100 years out, not to the next election. Could there be a better cause out there now that his healthcare plan is under way?

Note – he does NOT need congressional approval to sign onto Paris next year, because that conference is about setting internal, national limits. Clever of them.

http://www.theguardian.com/environment/2014/nov/13/us-china-deal-makes-international-carbon-emissions-pact-very-likely-says-david-king

Even IF, Keystone is ‘approved’ temporarily, this deal will effectively negate it.

26% reduction in 10 years is a big deal. Easier for the U.S. than us, because they (and China) have a lot of coal to cut. But carbon is carbon, wherever it comes from.

“It’s an ambitious target without having Congress weigh in, but it is doable using existing authority,” said Alden Meyer of the Union of Concerned Scientists.”

http://www.latimes.com/world/asia/la-fg-us-china-environment-20141113-story.html#page=1

Even if there is pushback over the next couple of years, this will all come to pass. Think what we are likely to be facing.

If you are gambling on Keystone, the tar sands, Alberta’s real estate craziness, you are on the wrong side of history. Sorry, but that is the truth.

Ten years. Just think of all the extreme environmental stories we’ll be witness to in that time, coastal flooding, annual temperatures increasing, food production issues, flooding in Calgary. Think the last ten years, times two or more.

Do you think denial will be more powerful than the lived reality of so many, including right in your own flooded backyard?

#94 gut check on 11.13.14 at 11:58 am

“Let me enlighten you on negotiating with the likes of ISIS, Al-Qaeda, and the Taliban. YOU CAN’T NEGOTIATE WITH THEM! Their mandate to work to expel the infidels from the lands of the Faithful, unite Muslims and create a new Islamic caliphate.”

that may be so, however if Western Governments never created and armed them in the first place they wouldn’t be a problem.

So we can negotiate with our Western Governments, can’t we? Or can we? Who are our soldiers fighting, exactly?

#95 Spectacle on 11.13.14 at 12:04 pm

So close, fancy_pants, so close…….

Re: #91 fancy_pants on 11.13.14 at 11:34 am
( great teaser opening line )
politicians even have the realturds beat.

( solid reference sentence here )
just ask McGuilty. gas plant scandal, erased hard drives. punishment? left the game before his turn was over with a full pension.

( ah, builds on topic, deeper segue into heart of your blog response , I’m interested …)

” but I guarantee the little old church lady who missed declaring $3.52 interest income on her taxes will be hunted down and penalized to the max.

( now, a reference and Link a outlining your comment would have been stellar here )
” by the way, wealth creation is no longer the game being played, wealth confiscation is the new game.”

My response: ” Wealth confiscation ” is a great topic here on Garths blog. It can be important to see how it is being thrust upon us, the mechanics of it! So we can avoid them/and such schemes. Look forward to everyone’s input into such scams, as always.

#96 CalgaryRocks on 11.13.14 at 12:06 pm

#84 Funny that on 11.13.14 at 10:36 am
Today’s picture. Funny thing is they were actually moving the couch into the apartment.

I hope these pictures are staged, but I’m afraid that they may not be.

The good news is that with these guys, there’s probably no piano, the bad news, is the mandatory 100″ big screen TV that’s likely sitting in the back of the 4×4 pick-up with oversized testicles.

#97 CalgaryRocks on 11.13.14 at 12:28 pm

#93 Dominoes Lining Up on 11.13.14 at 11:53 am
#85 Calgary Rocks

You sound like you might be a realtor, or perhaps someone who has levered highly and/or bet the farm on Alberta real estate – your drive to deny and rationalize is very understandable as a human quality.

I have bet on Alberta. And I have won my bet. Cashed it all out. Alberta’s been really good to me from 2004 to 2013.

I just needed a change of scenery after almost 10 years. Now I’m back in the US earning US$, creating a business where my location in the world is irrelevant.

I have no horse in this game. I just don’t think you’re right that’s all.

I think you find more pleasure at the idea of the destruction of the Albertan economy than you care about finding realistic solutions to a real problem.

I think that’s weird, because Alberta is a province that contributes greatly to the Canadian economy. I believe Canada is your country. So I just don’t get people like you that wants to see it destroyed.

#98 45north on 11.13.14 at 12:28 pm

Cato the Elder: Re: #87 Holy Crap Wheres the Tylenol

So…how’d the outcome of the those conflicts go?

Not very well. Same mess as ever. Time to mind our own business and stay out.

That’s an ongoing fantasy. They stay in their country and we stay in ours. I’d drink to that.

At the outset of the Cold War there were some, especially in the United States, who supported the isolationist idea of fortifying North America and abandoning international involvements. This option was rejected with the formation of NATO and the decision to permanently station troops in Europe.

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

Where I live (in Ottawa) the people I see, come from all over the world. They’re good people with good values -taking care of their families with some concern for the greater good. There is no way we can cynically reject involvement in the affairs of the world. The world will know.

It’s important to realize how this “mondialization” has progressed. 100 years ago by the time news of a calamity in a far-off country reached us, our only recourse was to pray but now we know within the hour and we can help by sending money. Maybe not within the hour but soon. There aren’t any more far-off countries.

#99 TnT on 11.13.14 at 12:42 pm

#92 Cato the Elder

Watch as our politicians clamor to justify spilling more Canadian blood and treasure in that region. All to satisfy the bankers desire to stamp out any competition to their monopoly issuance of currency.

****

I’m watching how Canadian’s are so disconnected from the realities of global dominance, resource wars and what it takes to maintain this unattainable lifestyle.

Your posts spewing conspiracy of Bankers and War Profiteers while lavishly living the off the benefits is the epitome of ignorance.

#100 Macrath on 11.13.14 at 1:23 pm

Big Banks Busted Massively Manipulating Foreign Exchange, Precious Metals … And Every Other Market

http://www.ritholtz.com/blog/2014/11/currency-markets-are-rigged-3/

“central bankers have never been more firmly in control” ~ Garth

#101 TurnerNation on 11.13.14 at 1:27 pm

100th? Where is everyone these days.

#102 Cato the Elder on 11.13.14 at 1:30 pm

Re: #99 TnT

Again, you make assertions that are not true. Switzerland does not interfere in the internal affairs of other nations and they are richer than us. I don’t really need to say anything else, as this disproves your misled beliefs.

Subjugating people is only a way to gain wealth through THEFT. Wealth does not multiply in that system. The world was enveloped in that for thousands of years before British and American enlighted ideals established laws the protected the free market.

Work hard, sell services or goods to your fellow man. That is how wealth is created. There is no need for the ‘system’ as you describe it to provide a good standard of living.

In fact, it is actually detrimental to our standard of living as resources are diverted away from goods that would benefit our lives into armaments that hurt it.

You are only partially right, in the sense that the way the system exists today, the US is the prime beneficiary. They run over an over 500 billion dollar deficit a year, which is only possible because they can use military force against other nations.

But the average person in the US is becoming very poor (100 million people receiving some form of benefit). When they were a constitutional republic with limited government, they were MUCH richer than anywhere else in the world. The middle class originated there. The corporate takeover that’s happened starting with Kennedy’s assassination has led to a long decline. That decline has been accompanied with their reckless foreign policy that is eerily similar to the predictions in Orwell’s 1984: our enemy is now our friend who is now our enemy who is now our friend…

War is a racket. It’s the only business who’s profits are in dollars and losses are in lives. Read what Smedley Butler wrote about, the highest decorated soldier in US history. He said he didn’t go around the world for democracy, he went around the world for the United Fruit Company, and others.

Quit being so naive. This isn’t a hollywood script where we’re the good guys and they’re the bad guys. Or we are being led by honourable men. We are being led by people who are susceptible to bribes, just as always. Whether those bribes come in the form of campaign contributions or a lucrative private sector job upon retirement is all that matters.

This is why it’s so important to resist our politicians when they clamor for war. It’s why you need to GUARD YOUR MIND when they are feeding you justifications to interfere.

*********

Re: #98 45North

I never said isolation. I said NON INTERVENTION. That means we mind our own business. It means we try to be friends with and trade with ALL nations.

Switzerland is a great example. They trade with everyone. What they DON’T do is piss away their citizens lives and money on useless involvement abroad. They recognize something ETHICAL that many of us do not – their politicians only have legitimacy to govern THEIR ELECTORATE, and have no right to govern others around the world. If you understand democracy, this should be apparent to you.

Rather than relying on your own brain and your previous held mistaken beliefs, spend some time reading about their system of government.

Once you’ve done that, you can debate me intelligently about the merits, or lack thereof, of adopting a similar policy.

#103 Porsche on 11.13.14 at 1:47 pm

Economics no longer makes Keystone pipeline viable

http://finance.yahoo.com/news/economics-no-longer-makes-keystone-153213747.html

#104 not 1st on 11.13.14 at 1:53 pm

Garth, I found the perfect investment. Underground bunker condos. You can probably evens store your gold there.

http://www.leaderpost.com/news/world/Survive+nuclear+apocalypse+style+Underground+condo+with+park/10374830/story.html

#105 NoName on 11.13.14 at 1:59 pm

#90 SWL1976 on 11.13.14 at 11:31 am

Back in ’99 I owed 3.67 or something like tahat, just under 4dollars. it was a late February when i recieved “reminder notice” from cra.
Me being nice guy call them back on 1-800 talked to the some guy and at end of our 15 min conversation I was under impression that we a reached agreement that they will deduct amount owing of my tax refund. I kid you not, 2 days latter there was a letter in a mail stating if I don’t pay within so many days they will send my account to collection agency…
So I chicken-ed out, wrote chq and sent same day.

#106 -=jwk=- on 11.13.14 at 2:03 pm

@ Cato the swiss are active in UN peacekeeping:

In 1996 Switzerland joined NATO’s Partnership for Peace, the Euro-Atlantic Partnership Council in 1997, and deployed Yellow Berets to support the OSCE in Bosnia. In June 2001, Swiss voters approved new legislation providing for the deployment of armed Swiss troops for international peacekeeping missions under UN or OSCE auspices as well as closer international cooperation in military training.
Since 1999, the Swiss army is participating through SWISSCOY in the peace keeping mission of the Kosovo Force (KFOR) based on UN-resolution 1244, with prolonged presence until 2014, after approval by the Swiss federal assembly in Spring 2011. Main duties include the supervision of civilian reconstruction efforts, monitoring and protection of patrimonial sites, military police and medical assistance.[2]

The key difference is their citizens chose to take part. This is real democracy, not the pseudo dictatorship we live under. They also have mandatory military service for anyone 18years or older. If our pols knew their kids would have to server, they might act differently.

#107 TnT on 11.13.14 at 2:06 pm

#102 Cato the Elder on 11.13.14 at 1:30 pm

Again, you make assertions that are not true. Switzerland does not interfere in the internal affairs of other nations and they are richer than us. I don’t really need to say anything else, as this disproves your misled beliefs.

****

Again your ignorance is appalling regarding Switzerland.

Learn why and how Switzerland benefits financially from being “neutral” and why all other nations allow this neutrality.

I also love how you flood the blog with a lot of points while skirting the main point on how you are living the lavish lifestyle on the spoils of Bankers and War Profiteers.

#108 not 1st on 11.13.14 at 2:07 pm

Garth, the elephant in the room you haven’t addressed is that many of these ETFs are hold stocks in industries that are very susceptible to disruptive changed.

Lots of oil companies, pipelines, gold miners and electric and gas utilities. You don’t have too read many headlines to see what these companies are heading for.

Any comments?

Yea. Stay diversified. — Garth

#109 Maggie the Teck Writer on 11.13.14 at 2:07 pm

Mark #41

Ontario, and I believe other provinces, do have a guarantor in place for credit union deposits: http://www.dico.com/design/index.html

if someone else has already posted a correction, I apologize for the repetition. I just haven’t encountered it yet.

I’m glad I own bank stock, but do banking business with my credit union and its associated brokerage. The credit system in Canada is proud to say that, through good times and bad, no member has ever lost a deposit through insolvency.

#110 jean on 11.13.14 at 2:10 pm

Hey, glass wall condo owners in Toronto, get ready to open your chequebooks in 15 years!

http://www.theglobeandmail.com/video/globe-now/video-globe-now/article21571678/

#111 Ronaldo on 11.13.14 at 2:21 pm

“central bankers have never been more firmly in control” ~ Garth”

Exactly.

#112 Blacksheep on 11.13.14 at 2:24 pm

Dominoes # 93,

“Ten years. Just think of all the extreme environmental stories we’ll be witness to in that time, coastal flooding, annual temperatures increasing, food production issues, flooding in Calgary. Think the last ten years, times two or more.”

“Do you think denial will be more powerful than the lived reality of so many, including right in your own flooded backyard?”
———————————————–
I notice you didn’t respond to this W.M.U. paper on the natural, unstoppable, cyclicality of glacial ice sheets, due to global tilt?

“About 20 000 years ago, great ice sheets covered northern North America and Europe. The volume of ice in these glaciers removed enough water from the oceans to expose most continental shelves. Since then there has been a sea level rise (actually from about 20 000 to about 11 000 years ago) of about 120 m.”

“This is just the most recent of many, large changes in sea level caused by glaciers, these variations in climate and subsequent sea level changes have been tied to quasi-periodic variations in the Earth’s orbit and the tilt of the Earth’s spin axis.”

http://curry.eas.gatech.edu/Courses/6140/ency/Chapter10/Ency_Oceans/Sea_Level_Variations.pdf

Want a reason to do the ‘chicken little’ ?

Those in the Lower Mainland should check out how much land is IN the floodplain and being solely protected by small dirt levees. The communities of the Fraser Valley lack the tax base to do the upgrades necessary to secure the now rapidly eroding banks. I recently did some serious digging using an elevation app and maps (before buying again).

This is why I now live on top of a hill, 200 ft above sea level. The smart money is moving away from potential flood zones or low lying water front properties.

The climate is in deed changing and no amount of carbon taxation is going to stop it.

#113 Toronto_CA on 11.13.14 at 2:35 pm

$75 oil now a reality. Kind of shocking. CAD below 88 cents US again, in tandem due to our petro-peso.

Interesting times.

#114 Dominoes Lining Up on 11.13.14 at 2:49 pm

#97 CalgaryRocks

I think you find more pleasure at the idea of the destruction of the Albertan economy than you care about finding realistic solutions to a real problem.

I think that’s weird, because Alberta is a province that contributes greatly to the Canadian economy. I believe Canada is your country. So I just don’t get people like you that wants to see it destroyed.
——————————————————————

Actually I take no pleasure in what lies ahead for Alberta, and have lived there and have friends there. I have never said or suggested that.

You show a tendency for ad hominem attacks rather than clear argument here (you also slagged Obama as a “big baby” if he chose to veto Keystone, another personal attack instead of supporting/explaining your position)

This approach only clouds issues. I say that in your own interests, respectfully.

I wish no harm to anyone in Alberta. In line with how Garth operates, I do hope at least some can make critical decisions now and avoid being part of what is shaping up to be a very painful time.

It sounds like you are also glad to have made your profit and left there yourself. I only wish the same for everyone else who can do likewise if they are exposed to downside risk in real estate and the economy there. That is no comment on the people or quality of society there.

The odds are becoming much clearer that Alberta is in for a repeat of the bad years of the 1980s, and it may be much worse for many.

We are all one country and other parts of Canada will also suffer badly in what is to come. Especially those who have been trying to grasp the real estate bubble.

#115 DM in C on 11.13.14 at 3:05 pm

“100th? Where is everyone these days.”

Numbers go down without Kenchie, DA and other posting multiples upon multiples daily.

Oops, don’t include DA in today’s count. He always rises to real estate flogger bashing.

#116 Bottoms_Up on 11.13.14 at 3:09 pm

Manulife earnings NET $1 billion per quarter. That’s $4 billion NET per year.

Where does this money come from? Who is supporting Manulife’s bottom line? This is $4 billion sucked out of potential disposable income, year after year, by a single company.

#117 4 AM Sunrise on 11.13.14 at 3:13 pm

#81 `shibboleth` on 11.13.14 at 9:50 am

I wouldn’t trust anybody who sounds like the brother of Chazz Michael Michaels, figure skater extraordinaire from “Blades of Glory”.

#118 Rational Optimist on 11.13.14 at 3:15 pm

105 NoName on 11.13.14 at 1:59 pm

On the T1, it says “Generally, we do not charge or refund a difference of $2 or less.” I have had experiences where I was refunded or charged similarly trivial sums as you based on re-assessments.

#91 talked about a little old lady failing to declare a $3.52 interest income, however. Not so. You will not generally be issued a T5 for interest earned from a single source that is less than $50. The CRA has no interest in reading a list of paltry sums earned in various savings accounts; inflation has already taxed away anything you’ve earned and more from them.

#119 SWL1976 on 11.13.14 at 3:19 pm

#99 TnT

——————————————————

I think you are missing the point.

Our entire system and way of life has been hijacked, and things are changing at a drastic pace. Yes things have been good, yes we have lived the good life, but the sooner we accept that the very system that has supported us, has been hijacked, and is now set to enslave us, the sooner we can get on and fix the problem at hand.

The longer we bicker and cover our eyes and ears the more time the system has to further tighten its grip on the very souls who support it.

Without a massive awakening by the general public…

Well lets just say things are not looking good

#120 cynically on 11.13.14 at 3:22 pm

#57 PeterfromCalgary. You are right! There are vastly more financial cases in the USA but that could be related to population size or to the American “go-getter” character which doesn’t exist in Canada. The penalties over there are far more severe and contrary to Garth’s claim, the system is not better in Canada – e.g. witness Connie Black, tried and convicted in the US but not in Canada where the crime took place. We are much more lenient in criminal matters but Garth is understandably defending his territory much as a realtor would defend his or hers even if not necessarily true.

#121 El Davo on 11.13.14 at 3:27 pm

Can we just re-format today’s post into a private member’s bill?

#122 Jasonturbo on 11.13.14 at 3:38 pm

IIROC is a joke, talk to the thousands of private investors who have been burnt by companies listed on the TSX/VSX by fraudulent company activities… and see how parthetic, if any, the punishment was for those responsible.

IIROC does not regulate securities. Provincial securities commissions, such as the OSC and BCSC, fulfill that function. — Garth

#123 Blacksheep on 11.13.14 at 3:55 pm

Holy Crap # 87,

“Their mandate to work to expel the infidels from the lands of the Faithful,”
————————————
You have a military background.

What would you expect Canadian troops (+ male citizenry?) to do, if a much larger foreign entity, actually militarily INVADED, Canadian sovereign soil.

And would not leave?

https://www.youtube.com/watch?v=d95l6PXJelI

Are the characters portrayed, heroes or radicals? Got to love the double standard.

I’m an agnostic pacifist so I’ve got no dog in this fight, just making an observation.

#124 TnT on 11.13.14 at 4:02 pm

#119 SWL1976 on 11.13.14 at 3:19 pm

I think you are missing the point.

** The point is making the connection between Bankers, War Profiteers and the way we are living our life right now in Canada. Can’t slag them while enjoying the spoils.

Our entire system and way of life has been hijacked, and things are changing at a drastic pace. Yes things have been good, yes we have lived the good life, but the sooner we accept that the very system that has supported us, has been hijacked, and is now set to enslave us, the sooner we can get on and fix the problem at hand.

** It has not been hijacked when it was has always been this way. It’s the way the real world works. It’s an ugly truth that we as consumers need to admit. You want Bananas all year long for pennies, beat up the country that grows them then take their Bananas. If there was no market for Bananas then the banana republics would not have suffered. Want cheap energy…. Etc.. Cheap clothes.. Etc… Cheap Electronics…

The longer we bicker and cover our eyes and ears the more time the system has to further tighten its grip on the very souls who support it.

** Start by opening your eyes and see what it really takes to maintain the consumer lifestyle we so lavishly live. The second we stop enforcing trade and embargoes is the second we better learn Mandarin or Russian.

Without a massive awakening by the general public… Well let’s just say things are not looking good

** Making the connection between Bankers, War Profiteers and the way we Canadians are living our life right now is the start. The hypocrisy of slagging Bankers and War Profiteers while living off the spoils is shameful and think of the optics from anyone reading this from a 3rd world country.

#125 Holy Crap Wheres The Tylenol on 11.13.14 at 4:05 pm

#92 Cato the Elder on 11.13.14 at 11:38 am
Re: #87 Holy Crap Wheres the Tylenol
So…how’d the outcome of the those conflicts go?
Not very well. Same mess as ever. Time to mind our own business and stay out. Let the countries in that region battle it out back into the stone ages. I don’t support sending a single one of our kids over there to die, maybe you do.
_____________________________________________
I was there dude, Vietnam was a god dam mess before the USA got there and there was no god dam way we could win it in a conventional manner. Your enemy was the guy who cooked your grub in the morning and provided the fish you ate at night. No uniforms, guerrilla warfare at its best. The strategy and tactics of guerrilla warfare tend to focus around the use of a small, mobile force competing against a larger, more unwieldy one. The guerrilla focuses on organizing in small units, depending on the support of the local population, blending in as well as taking advantage of terrain more accommodating of small mobile units.

Tactically, the guerrilla army would avoid any confrontation with large units of enemy troops, but seek and eliminate small groups of soldiers to minimize losses and exhaust the opposing force. Not limiting their targets to personnel, enemy resources are also preferred targets. All of that is to weaken the enemy’s strength, to cause the enemy eventually to be unable to prosecute the war any longer, and to force the enemy to withdraw. The US government was never prepared for this type of warfare. The indigenous peoples there also had no particular interest in going communist or free man, they just didn’t care.
More to come………………….

#126 Bobby on 11.13.14 at 4:09 pm

For # 83 DA. Are you wasting your time here because most don’t agree with your views or is it because you have no idea what you are talking about and offer little of substance. I would suggest it tends toward the latter.

#127 Holy Crap Wheres The Tylenol on 11.13.14 at 4:54 pm

#92 Cato the Elder on 11.13.14 at 11:38 am

ISIS groups are perverting Islam and using it albeit to their own agenda however the basic facts on hard-core Islam teaching are the same. They don’t give a dam about the price of oil, gold, US dollar, Yen, Iron ore, corn or for that matter any western business concerns. Islam is a religion but it would be most misleading to stop at that. The heart of Islamic teaching is that religion is not just a part of life, but life is a tiny part of religion. Thus everything in life is dominated by this religion. As such, Islam is a system. It is a socio-political, socio-religious, socio-economical, educational, legislative, judicial, and militaristic system garbed in religious terminology.

As such, Islam grants radical Muslims a mandate. It is a mandate to change the existing society into an Islamic society. This isn’t about building a few mosques for the needs of Muslim congregations, or schools, or a few cultural centres. It is to make Islam supreme, and thus dominate every aspect of society worldwide. This is not only the desire of fundamentalists such as Osama bin Laden, but, from their teaching, preaching and publications, would seem to be the desire of a large number of Muslims all over the world. It is funded by Saudi and Qatari money. For an open and free society like ours, which is based on Judaeo-Christian principles and values of democracy, such threats must be taken very seriously. So Cato when they come knocking at your door, and it is just a matter of time, and they tell you and your children to convert or die. What is your choice oh Cato the Old one? Me I choose to do what I want so it is either fight or die.

#128 SWL1976 on 11.13.14 at 4:57 pm

#124 TnT

** Making the connection between Bankers, War Profiteers and the way we Canadians are living our life right now is the start. The hypocrisy of slagging Bankers and War Profiteers while living off the spoils is shameful and think of the optics from anyone reading this from a 3rd world country.
——————————————————–
While you are quick to jump on people for bring up this issue you have offered no postive ideas about a change we can make.

So where does that leave you?

It hasn’t always been this way
—————————————————-
You want Bananas all year long for pennies, beat up the country that grows them then take their Bananas
—————————————————–

Why not just have fair trade?

The system has been hijacked

#129 Holy Crap Wheres The Tylenol on 11.13.14 at 4:58 pm

#123 Blacksheep on 11.13.14 at 3:55 pm
Holy Crap # 87,
“Their mandate to work to expel the infidels from the lands of the Faithful,”
————————————
You have a military background.
What would you expect Canadian troops (+ male citizenry?) to do, if a much larger foreign entity, actually militarily INVADED, Canadian sovereign soil.
And would not leave?
____________________________________________
Live free or Die……………………..
By the way Canada once invaded Russia and occupied their land, just for a short time!
Check it out 1918.

#130 4 AM Sunrise on 11.13.14 at 5:21 pm

#116 Bottoms_Up on 11.13.14 at 3:09 pm
Manulife earnings NET $1 billion per quarter. That’s $4 billion NET per year.

Where does this money come from? Who is supporting Manulife’s bottom line? This is $4 billion sucked out of potential disposable income, year after year, by a single company.
——————————————————–

Anybody who works for a large corporation (or even a small business) will see it deducted from their wages every payday for the group health plan. So I guess the money comes from the company’s coffers. Which comes from the money they make off of other people/entities. And if they make widgets and sell them to you and me, then I guess the answer is “us”.

Then there’s their banking-ish arm, and I guess they make money from there however regular banks make money.

#131 4 AM Sunrise on 11.13.14 at 5:47 pm

Not so. About five years ago, all the banks got their act together and automatically issued T5’s for interest amounts as little as $0.01. Yes, I am serious. Every time we get one of those, my parents are like, “OK, so let’s make Willie Nelson and say, meh, don’t need to report this one. No, don’t need to report that one either. Or that one.”

But of course we all chicken out and report anyway because if a T5 is issued, it means they sent an electronic copy to the CRA, which the data entry monkeys can look up if they wish.

(Yes, I said “monkey”. The kind of monkey that entered my mom’s capital loss as a GAIN. It took 4 months to sort out. She was sooo upset – a senior, Canadian citizen for 40 years, never made any trouble for anybody…I kept telling her to stand her ground and refuse to pay any tax requested or interest accrued even if the nasty CRA letters said to do so. Now I know that pain is nothing compared to Irvin Leroux’s.)

#118 Rational Optimist on 11.13.14 at 3:15 pm

#91 talked about a little old lady failing to declare a $3.52 interest income, however. Not so. You will not generally be issued a T5 for interest earned from a single source that is less than $50. The CRA has no interest in reading a list of paltry sums earned in various savings accounts; inflation has already taxed away anything you’ve earned and more from them.

#132 Alex N Calgary on 11.13.14 at 5:57 pm

Pretty typical of toothless regulators that also apply to energy sector here in Alberta.

After 4 moves in 4 years with dogs and cars and lots of stuff facing the end of our Lease after just 1 year again we’re looking to buy. I know oil is dropping but you know, we talked to a mortgage broker, and I think he was surprised that after 4yrs + on your site I know the long form of OFSI haa haa! he was actually very honest about all the restrictions the banks are putting in now via OFSI for mortgages. They know they are in deep trouble. Anyways we’ll take all the tips you’ve written over the years, and worst case, with a good gov job and a oil and gas, we can probably outlast a correction over 10yrs or so on a lesser priced home, but man the rental cycle with amatuer calgary landlords who are insulting and incompentent has to come to an end.

Please keep up the good tips on how to buy responsibly, I wish we had been able to wait out the bubble! But I think we can survive the correction same as renting.

#133 Snowboid on 11.13.14 at 9:47 pm

#126 Bobby on 11.13.14 at 4:09 pm…

I can confirm most of what he says is complete and utter BS – but it always gets worse when anyone questions his ‘holier than thou’ attitude.

Methinks it’s time for his family to do another intervention.