If he asked me

HONK

It’s a day etched in my memory. The prime minister called me into his office on the third floor of Centre Block, with the big wooden door guarded by two beefy guys with wires in their ears.

He said a few things that pissed me off, so I got up to leave. He ordered me to sit. Like a poodle. Then this: You were a journalist, he continued. Journalists make lousy politicians. They think they always have to tell the truth.

And that was the moment I knew this was going nowhere. So I left. A few weeks later my derriere was punted from the Conservative party, even thought I’d been elected a Con MP. The PM sent his caucus chairman out to tell the media it was because I had blogged about matters the public had no right to know. (By the way, that guy was later arrested by the OPP with drugs in his vehicle.)

See how much fun politics is? Mr. Harper knew that by running me out of the party I’d be finished. I knew it, too. And that’s exactly what happened. I became a pathetic blogger, sleeping in ditches and underpasses, stealing food scraps from feral dogs, selling financial advice in bath houses and brothels, until rescued by a kindly nun who turned out to be an Amazon. But that’s another story.

I mention this because we’re at a new intersection of economics and politics. Sometime this weekend, it seems, the Big Guy will drop the writ for the autumn election. The supposed date is October 19th, but if he asked me (lol) I’d suggest Monday the 14th of September. There are a few reasons for this.

First, the Bank of Canada is set to make its next interest rate announcement at 10 am on Wednesday, September 9th. This is a tricky situation for the governing Conservatives. With the economy now in negative growth every single month so far in 2015, the price of oil mired in the mid-$40 range, our trade numbers in serious deficit and job losses looming, there’s a growing chance the BoC could cut again. On one hand, voters love cheap money and free mortgages, believing it will keep their houses going up forever. On the other hand, this will hurt the dollar and underscore our economic woes, creating a sense of crisis.

That is eerily similar to the vote of October 14, 2008. The stock market was crashing, the credit crisis was expanding, companies were slashing payrolls and fear gripped the land. Is this, Stephen Harper asked, the time to let some tree-hugging, tax-increasing untested leftie take the reins of power? And he won, defeating Jack Layton and Stefan Dion.

Of course, if the central bank does not drop its rate in early September, then the government will point to it as evidence the economy is recovering and we should all get over ourselves.

Second reason for an early election: the Fed. If you believe Janet Yellen, the US central bank boss, instead of all the Nobel-winning macroeconomists who read this blog, the first rate increase in ten years will take place on September 17th. That will dramatically highlight the disparities between the two economies – theirs which is healthy enough to end excessive monetary stimulus and stand on its own and ours, which sucks bad. Besides, if the BoC cuts one week and the Fed raises the next, you can kiss the dollar (now at 76 cents) goodbye.

Third, we’re in the ninth inning for housing – a fact which will be a lot more evident to people once they stop drinking Red Bull and return to autumnal sobriety. With the Canadian economy entering a technical recession, amid lousy commodity prices, rising unemployment and off-the-chart household debt it’s only a matter of time before most people sweat. Greed can turn to fear in a few days. When it happens, folks need somebody to blame, since they themselves are utterly blameless. Remember that Canadians do not vote for a new politician. They just punish the old one.

As we head into this election-call weekend, a new report from TD is warning of “cautionary yellow” flashing over the housing markets in YVR and 416. “When we put it all together, key housing indicators on balance continue to highlight the vulnerability of the Toronto and Vancouver housing markets to a significant correction in activity and prices,” says the bank. In a departure from the past, we now have a major Bay Street outfit using words like “a steep and painful price adjustment,” which the economists are giving a “moderate” chance of happening.

So there it is. That’s why I’d call this election early, and not risk waiting until October – also traditionally the most volatile month for financial markets and the value of your TFSA. But if I were Stephen Harper, I’d have retired long ago, paving the way for a charismatic new star to grab the party horns with a fresh alternative to the leftist hordes.

Isn’t ego interesting?

242 comments ↓

#1 old gringo on 07.31.15 at 5:59 pm

Thanks Garth…..another good blog

#2 Mike on 07.31.15 at 6:02 pm

“You were a journalist, he continued. Journalists make lousy politicians. They think they always have to tell the truth.”

Really? Journalists? Hm, not really, at least not when it comes to reporting on anything RE related in Canada :)

#3 waiting on the westcoast on 07.31.15 at 6:08 pm

I thought we were in the ninth inning, a few innings ago. ;-). I have been both stunned and impressed with the audacity of hope in RE…

Garth – which charasmatic leader would you pick to lead the conservatives if they could pry the baton from PM Harper?

#4 Brian Ripley on 07.31.15 at 6:15 pm

“…With the economy now in negative growth…” Garth

I mashed up a chart of Canadian Import & Export prices as well as Corporate Profits, Personal Savings Rate and the GDP growth rate.

http://www.chpc.biz/history-readings/sour-result

The low CAD continues to depress private sector spending in favour of (forced) saving… except of course for electioneering. It’s a good time to be in big media servicing big politicos.

#5 cramar on 07.31.15 at 6:21 pm

“Pride goes before destruction, and a haughty spirit before a fall.”
– Prov. 16:18

#6 joblo on 07.31.15 at 6:22 pm

“But if I were Stephen Harper, I’d have retired long ago, ”

If only, where would we be?

Fresh is needed, same old blows chunks.

Sign should read We drink.. we honk.
Kanada eh?

#7 polecat on 07.31.15 at 6:22 pm

Thank’s for your service anyway Garth. Your service now is at least appreciated and you dont work for a robot anymore. I want to hear the amazon story though.

#8 Smoking Man on 07.31.15 at 6:23 pm

It’s a day etched in my memory. The prime minister called me into his office on the third floor of Centre Block, with the big wooden door guarded by two beefy guys with wires in their ears.

He said a few things that pissed me off, so I got up to leave. He ordered me to sit. Like a poodle. Then this: You were a journalist, he continued. Journalists make lousy politicians. They think they always have to tell the truth.

And that was the moment I knew this was going nowhere. So I left. A few weeks later my derriere was punted from the Conservative party, even thought I’d been elected a Con MP. The PM sent his caucus chairman out to tell the media it was because I had blogged about matters the public had no right to know. (By the way, that guy was later arrested by the OPP with drugs in his vehicle.)
………

This is why I have a man crush on you. Inglorious rebal.

Tylenol,

I’ll be out on the lake alot in Aug.. Name of your boat?

I’ll cruz in to your Marina for a visit… I know I’m on your wifes shit list.. So make sure she’s not around.

Let’s talk area 51. I got some good ones..

#9 Shane on 07.31.15 at 6:23 pm

Garth, so what’s the point in voting if the government holds back the truth on how they run our country..maybe the people should boycott the elections or civil war..

#10 Jo on 07.31.15 at 6:23 pm

We’ve been in the ninth inning for housing for 5 years now…Harpo called N election because the Cobs can outspend the other parties

#11 Let's get ready to rumble on 07.31.15 at 6:25 pm

Who will win the election Garth, the bully , the beard or the Hampton Inn hammer ?

#12 Goldie on 07.31.15 at 6:32 pm

Best thing that happened to ya, buddy!

Away from that den of thieves and reprobates!

#13 Van real on 07.31.15 at 6:33 pm

was just approached by a developer with an offer to purchase my house for 1.4 million for a new condo development. The offer is contingent on my neighbours also agreeing to sell. They need 5 properties. I’m located near commercial drive area. Problem is that if I sell I will have to either move elsewhere or downsize. I’m not happy with either option.

#14 Estrella on 07.31.15 at 6:34 pm

Garth, were you a renegade “Red Tory” too?

http://ottawacitizen.com/news/politics/harper-to-skip-red-tory-flora-macdonalds-funeral

Poor Flora, gets no respect ..

#15 crowdedelevatorfartz on 07.31.15 at 6:34 pm

Some of my best meals were stolen from the mouths of feral dogs….. but the gurgling gas……was my punishment…….

#16 Shawn on 07.31.15 at 6:40 pm

Early Election?

Would make a mockery of the fixed date. Another reason to vote the bums out. (See Jim Prentice).

Officially early calling an election that is already officially on seems a bit dumb.

My advise to the PM. In the weekend press conference just mention that yes the election will be October 19. Then take the rest of the weekend and all of August off. Officially call the election, by visiting the Governor General, around labour Day.

#17 Suede on 07.31.15 at 6:42 pm

If i vote for Mulcair and place bets against the loonie then is that considered fronting a trade?

hmm

#18 John Abbot on 07.31.15 at 6:46 pm

Sour grapes makes the sweetest whine Garth, and yours is a special vintage indeed.

#19 MSM-Free Zone on 07.31.15 at 6:57 pm

Occasionally, a paragraph (e.g. #4) comes along that causes me to blow an entire glass of Coors out my nose.

Classic.

#20 Zorba on 07.31.15 at 7:03 pm

Garth, preaching financial prudence and at the same time bashing social democracy is a bit schizophrenic :)

#21 SWL1976 on 07.31.15 at 7:09 pm

Apparently there is no longer room for integrity or morals in politics these days.

Harper’s attack adds make me want to vomit.

I honour you for the fact that Harper gave you the boot for being truthful Garth. Harper, not so much. Disgrace. The truth is we need more people like you in politics.

Sadly though the system is better set up to keep honest people out.

#22 Loonie Watcher on 07.31.15 at 7:11 pm

As of 19h12 ET, Friday, July 31, 2015, the Canadian dollar is trading at $0.7640. Only $0.1641 to go before the loonie breaks through $0.60.

#23 MSM-Free Zone on 07.31.15 at 7:15 pm

Despite my moniker, today I spent a little time in the MSM catching up on a forgotten lady, Flora MacDonald.

Being a blue collar guy, I’ve never been much of a fan of the (C)onservative crowd, but there was a lady with some class, compassion, intelligence, and integrity; one of just a few politicians on a shrinking list I might have any remaining respect for.

No wonder Harper disliked her so much, and couldn’t even bother to spell her name correctly in his curt, flippant Twitter acknowledgement of her passing.

Classic Harper.

#24 Conservative Confession on 07.31.15 at 7:16 pm

With the wisdom of age, I’ve found spooning on my left side, is pretty good.

#25 Paully on 07.31.15 at 7:20 pm

I loved elections when I sold advertising. Cash on the barrel-head, because a lot of politicians are flakey and don’t pay their bills, especially if they don’t win!

#26 North Burnaby on 07.31.15 at 7:24 pm

Hey Garth, I think a combination of rental condos and diversified dividend stocks will serve young investor like myself well over the long-run. Don’t you agree?

#27 Adolf Harper on 07.31.15 at 7:25 pm

An interesting read, maybe you saw some of these traits Garth?

http://www.sott.net/article/227547-Psychopathology-in-Canadian-Politics-Stephen-Harpers-Ruthless-Drive-for-Power

#28 Chaddywack on 07.31.15 at 7:25 pm

It’s ok Garth, I’m sure you can throw the fact that this blog has more followers than Harpers Twitter account the next time you guys meet. when is the next privy council meeting? ;)

#29 FormerSaskie on 07.31.15 at 7:27 pm

maybe Harper will just prorogue parliament…again, skip the election and govern from his house in Calgary :)

how long can a prorogation continue? years?

#30 Interstellar Old Yeller on 07.31.15 at 7:29 pm

Garth, I am just trying to picture you in a bath house or brothel. :)

#31 Obvious Truth on 07.31.15 at 7:29 pm

That’s the thing with most people who look for advancement or like to climb corporate ladders and be the top dog.

They usually think a lot of themselves and are more interested in themselves than anyone else.

Especially when yes men stroke their ego daily.

Amazing how quickly things can turn and at the same time how easy it was to know it was likely to happen. And how leaders can often be the last to know.

#32 bigtown on 07.31.15 at 7:32 pm

My grand-kids are prepared to emigrate out of Canada. They are prepared for success outside of Canada which is a good thing considering the dollar and the society and the no jobs and no income growth.

I lived this economy before so we prepared them for real success outside of the greatest country in the world.

#33 Brian on 07.31.15 at 7:38 pm

Good lord I loathe this RE market.

#34 cramar on 07.31.15 at 7:38 pm

Recently, I was watching the Detroit news and they showed a Before I die… dream wall installed in downtown Detroit. Never heard of it before, but there have been over 1,000 walls created in over 70 countries. It was first started in New Orleans by artist Candy Chang. The official website is here:

http://beforeidie.cc/site/

The one I saw on Detroit TV was moving. One dream I saw was:
“Before I die I want to find my lost son.”

Another was:
“Before I die I want to find what real love is.”

Chalked on Chang’s original wall is the following:
“Before I die I want to Care For A Dog!”

The ones that grab you the most are the intensely personal ones like the above. What also was interesting on the Detroit wall is that I did not see,

“Before I die I want to buy a house.”

#35 saskatoon on 07.31.15 at 7:39 pm

over 100 million for toyota.

almost half of which never has to be repaid.

all taxpayer dollars…being extracted and transferred through state violence to a private, foreign company.

who needs real journalism in canada?

most of the population is too dumb and numb to care.

#36 CJ on 07.31.15 at 7:43 pm

July 30: Census numbers reveal Calgary’s population grew by 36,000 over the past year.

Garth’s head explodes, as do the noggins of so many anti-Calgary readers of this blog.

How many were babies? — Garth

#37 Sheane Wallace on 07.31.15 at 7:48 pm

Harper is nothing without power. He uses it to intimidate others, it is like drug addiction, in reality it is a kind of mental illness. Like Putin.

#38 Nagraj on 07.31.15 at 7:51 pm

TD’s eggheads say there’s a moderate chance of Hogtown and Van’s RE bubbles blowin’ up. How calculatedly moderate of them. Also sweet: it’s a “technical” recession. Really. (The Depression will be technical too.)

How about we get an unemployment crisis and currency crisis and consumer default crisis (you name it, houses, cars, cards, even utility and tax bills) all at the same time.

AND a political crisis with one minority gov’t after another.

Why not?

We already have the worst case scenario in place re house prices and household debt.

“Greed can turn to fear in a few days.” Instantly, actually. And then there’s anger.

I submit that already today our captains of industry, leading institutions (banks, ins co’s, no to mention MSM) and governators enjoy ZERO trust or respect in the population at large. And rightly so.

#39 West Coast on 07.31.15 at 7:52 pm

Many thanks, Garth, for all your hard work…….and thank god in heaven that you weren’t an RCMP spokesperson – what a deal M. LeMaitre got when he tried to tell the truth….http://www.cbc.ca/news/canada/british-columbia/widow-of-pierre-lemaitre-rcmp-s-robert-dziekanski-spokesperson-sues-mounties-1.3174902
……thank you for telling us faithful blog dogs the truth ….pretty soon we are going to see that we are not smarter than the Americans, more honest than the Greeks or more entitled than our off-shore buyers…..
Just remember: everyone wants one (whatever it is) until suddenly no one wants one……..and then watch out!

#40 MSM-Free Zone on 07.31.15 at 7:55 pm

#13 Van real on 07.31.15 at 6:33 pm
“….was just approached by a developer with an offer to purchase my house for 1.4 million for a new condo development…….Problem is that if I sell I will have to either move elsewhere or downsize. I’m not happy with either option……”
_________________________

No worries…

I’m hearing rumours of another imminent Action Plan funding announcement for a future Tony Clement gazebo factory in Muskoka filled with Temporary Foreign Workers.

Housing crisis solved…Gazebos for everyone!

Trouble is, no one informed the frenzy of bidders that gazebos come without walls. Then again, if you can sucker an entire nation of voters with Universal Child Care Benefits without telling them they’ll be taxed in the spring, anything is possible….

#41 Andrew Woburn on 07.31.15 at 7:57 pm

Journalists make lousy politicians. They think they always have to tell the truth.
========================

At least until they become senators.

Years ago, when I was a cub auditor for a major regional accounting firm, they told me to put on my pinstriped cape and check on a large poultry raising operation.

I discovered that some of the employees there spent their entire working day chopping the heads off ducks and geese with large knives.

I asked the manager how he managed to find people willing to do that. He said people didn’t like at first, but after a couple of months , they had to be taken off the line because they started to like it way too much.

Maybe this is what happens to politicians who taste real power.

#42 Sheane Wallace on 07.31.15 at 7:58 pm

The damage from Harper’s rule is dual:
1. He is obviously incompetent manager. As for the ego and size of his m..hood I won’t comment.
2. When he fails (and Garth is right here) you will get the equivalent or worse leftists.

The conservatives and the rich supporting Harper are setting this country to fail.

#43 Sheane Wallace on 07.31.15 at 8:00 pm

Loonie is going in the 0.4.. range. Just wait.

#44 crowdedelevatorfartz on 07.31.15 at 8:01 pm

@#26 North Burnaby
“I think a combination of rental condos and diversified dividend stocks will serve young investor like myself well over the long-run. Don’t you agree?”
+++++++++++++++++++++++++++++++++++
You’re teasing us OR your hitting the schnapps a tad early.
You really have all your holdings in rental condos dont you N.B.
Now a wise mega property landlord such as yourself need not worry about such pedestrian questions.
Just keep borrowing money at low interest rates and buy, BUY, BUY.
What could possibly go wrong?
Psst……. I hear the Brentwood mega towers are behind schedule. The hole isnt half dug and sales are slowing………
Dude! An excellent opportunity for a mega landlord.

#45 Mister Obvious on 07.31.15 at 8:01 pm

“a new report from TD is warning of “cautionary yellow” flashing over the housing markets in YVR and 416.”
————————–

Cautionary yellow? Huh?

Don’t they mean “screaming crimson”?

#46 boopsie on 07.31.15 at 8:08 pm

Check out Sean Fine G&M or Glen McGregor Ottawa Citizen re: latest Supreme Court appointment…
Whooee!

#47 Mira on 07.31.15 at 8:13 pm

And Smoking Mans boat is called “The Liver Dance” or maybe “Sotally Tober” lol.

#48 IHCTD9 on 07.31.15 at 8:33 pm

I don’t think Harper is the kind of guy I’d enjoy sitting down to have a beer with, but I’m honest enough to admit he’s probably the smartest politician of my generation. The rag-dolling he gave Dion and Iggy was ledgendary. He knows how the game is played, and I sure as hell would not count him out of the running.

#49 crowdedelevatorfartz on 07.31.15 at 8:37 pm

@#30 Interstellar old Yeller
“Garth, I am just trying to picture you in a bath house or brothel. ”
+++++++++++++++++++++++++++++++++++

Ah nooooo.
That would be a former NDP leader…….

#50 totalinvestor.com on 07.31.15 at 8:42 pm

How do we get Harper to take the red pill?

http://tinypic.com/r/25r334m/8

#51 Darrel on 07.31.15 at 8:43 pm

The Cons have called an election because they have more money than the other parties. Harper is the kind of guy that brings a gun to a knife fight. Hopefully they will get turfed out. As for real estate being in the ninth inning, you have been saying that since you started this blog.

#52 Retired Boomer - WI on 07.31.15 at 8:48 pm

I have to believe a lot more Canadians have been better served via Garth the scribbler, than Garth the MP.

More than a few who languish below the 49th parallel here in the states benefit through your keen insights as well.

I always respect the man who does whatever he does to the Best of his ability. That personifies the Garth here.

#53 Holy Crap Wheres The Tylenol on 07.31.15 at 8:50 pm

Smoking Man the boat is called Silent Running! She’s moored at Port Dover right now! Came up to Erie three weeks ago and haven’t brought her back to Oakville. Water up here is cleaner, warmer and lots of sandy beaches to drop anchor!

#54 Baz on 07.31.15 at 8:50 pm

Garth – I wish someone like you become our leader one day – honestly !

#55 will on 07.31.15 at 8:52 pm

harper. The Canadian Cyclops. Man of single vision. Which is no vision at all.

#56 IHCTD9 on 07.31.15 at 8:53 pm

Just reading about Mulcair refusing to attend the debate unless Harper shows up. Justin says he’ll show. Mulcair is taking flack from his supporters saying this is a golden opportunity lost. Having only Trudeau and May show up could only improve Justin’s fortunes while hurting Mulcair’s. Harper now sits back to watch the left split just a little more to his advantage.

I don’t think Mulcair realizes what he is up against…

#57 Mark on 07.31.15 at 8:54 pm

“Loonie is going in the 0.4.. range. Just wait.”

Add a 1 to that 0.4, and you might be somewhere within the realm of accuracy. Especially as Canadian deflation sets in, while the US embarks on a more inflationary path.

#58 Shawn on 07.31.15 at 9:00 pm

July 30: Census numbers reveal Calgary’s population grew by 36,000 over the past year.

How many were babies? — Garth

… all of them “were” babies

In any case

Young people who have babies buy houses.

How many are babies? This is a meaningless number without detail. Like your reply. — Garth

#59 Steve French on 07.31.15 at 9:00 pm

Ya, i enjoy a scotch on weekend evening.

Or two.

Is it a crime, I ask?

To enjoy a single malt by the fireplace, wearin’ me tam-o-shanter ?

I’ve accomplished more than most men.
And without the use of my legs.

… What makes a man, Mr. Garth?

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

#60 MSM-Free Zone on 07.31.15 at 9:07 pm

#51 Darrel on 07.31.15 at 8:43 pm
“….As for real estate being in the ninth inning, you have been saying that since you started this blog…….”
_________________________

In a real world, where the Canadian housing market might have been subject to true free markets and supply/demand forces, everything Garth has stated has been absolutely correct.

As we all know, however, the Canadian housing market has never been allowed to be subjected to true free markets and supply/demand forces, much to the financial detriment of the majority of Canadians.

Only a privileged minority of well-connected people get to run the show, and are allowed to continue pumping hydrogen into the Hindenburg, while our one-trick government turns a blind eye.

#61 Andrew Woburn on 07.31.15 at 9:09 pm

Nothing to see here, folks. Just go back to sleep. We’ll get all those nice manufacturing back real soon.

“The Changying Precision Technology Company factory in Dongguan has automated production lines that use robotic arms to produce parts for cell phones. The factory also has automated machining equipment, autonomous transport trucks, and other automated equipment in the warehouse.

There are still people working at the factory, though. Three workers check and monitor each production line and there are other employees who monitor a computer control system. Previously, there were 650 employees at the factory. With the new robots, there’s now only 60. Luo Weiqiang, general manager of the company, told the People’s Daily that the number of employees could drop to 20 in the future.”

http://www.techrepublic.com/article/chinese-factory-replaces-90-of-humans-with-robots-production-soars/

#62 Zorba on 07.31.15 at 9:18 pm

“Loonie is going in the 0.4.. range. Just wait.”

Add a 1 to that 0.4, and you might be somewhere within the realm of accuracy. Especially as Canadian deflation sets in, while the US embarks on a more inflationary path.
Mark, you fight deflation with quantitive easing,so he was ,in a way, right

#63 eddy on 07.31.15 at 9:20 pm

Trudeau and Mulclair refuse to call out H for his psyopery and fake terror shenanigans. There is only one conclusion- not only do we not have a government, we have no hope whatsoever of ever having one, (one that represents the interests of taxpayers)

#64 polecat on 07.31.15 at 9:20 pm

Canadians, take back the country.Why doesn;t Garth and a lot of other smart people form a party? I’ll walk around with flyers, even for smoking man. Smokey, where are ya man?

#65 Gregor Samsa on 07.31.15 at 9:27 pm

If Canadians knew what Stephen Harper was really about, they’d have turfed him long ago, but they don’t. More importantly, they DON’T CARE. They will base their opinions on this election on TV ads and little else.

Stephen Harper is Canada’s first “Marketing Prime Minister.” That means that he has abandoned the traditional goals that politicians used to have: things such as nation building, having a vision, planning for the future, a focus on good governance and good management. This has all been put to the wayside to instead focus on tight message control, pre-scripting everything, photo-ops, framing the debate, and framing the other leaders. All of this is falls under the banner of Marketing.

In some ways, I hope Harper does win this election. Canadians certainly deserve Harper, and Harper certainly deserves to preside over the consequences of his last decade in power. And make no mistake, those consequences will come home to roost very soon.

#66 Greg on 07.31.15 at 9:31 pm

Here’s what I get out of this post:

– Harper recognized you as a potential threat and neuterilized the threat.

– Harper does not tell the truth unless it suits his purpose.

– The sh_t’s really going to hit the fan in the fall (Cdn $). Winter trip to Mexico is out.

– Despite getting the boot Garth still offers free advice to the cons (Harper may have been right).

I always feel like slitting my wrists after reading your blog, except for the puppy stories. Yet I keep coming back.

#67 gut check on 07.31.15 at 9:33 pm

@ #13 Van real on 07.31.15 at 6:33 pm

Then ask for more money.

#68 MSM-Free Zone on 07.31.15 at 9:35 pm

#60 Andrew Woburn on 07.31.15 at 9:09 pm
_________________________

Had the privilege of riding jump-seat on a wide-body jet a couple of months ago.

Four hours of sheer boredom watching the waypoints go by, while the FMS flew the majority of the flight, the only interaction at cruise altitude coming the captain who tweaked the heading bug occasionally as a human response to prevent the ‘pilot wake-up alarm’ from going off.

Automation has turned pilots into video-gamers. No wonder some of them can’t manually land a commercial wide-body airliner in broad daylight anymore.

http://www.theguardian.com/world/2013/dec/11/asiana-airlines-pilot-concerned-san-francisco-crash

#69 Mr. NDP on 07.31.15 at 9:42 pm

I am 100% NDP but I would vote for Garth and not because he is a leftie like me because he is a true conservative as in a conservative who conserves the taxpayers money. Harper is a conservative of corporations money and very loose with the taxpayers money . I am in reality a conservative but I understand that conservative don’t care about the 99% of taxpayers and will waste money to support the 1%. This election I can’t even vote for the NDP since Mulcair is a CONsevative wolf in NDP clothing. This election I will vote for the one party who isn’t conservative .

#70 Freedom First on 07.31.15 at 9:45 pm

And some people wonder why the voter turn out is so low. Perhaps there should be another box to check on the ballot, saying: “None of the above.” Might have a dramatic increase in the number of people who show up to vote.

I am going to vote. I’m just sayin…..

#71 CJ on 07.31.15 at 9:48 pm

#36

Garth, 10,000 babies, which is right along the average for the last few years. 25,000 newcomers. One of the largest growth years in city history.

And 12,000 fewer jobs. — Garth

#72 Scumop on 07.31.15 at 9:49 pm

I’m one of those people who looks at the field and votes for the person likely to do the least damage.

If you take Mancur Olson’s view, they are all thieves anyway. Best you can do is get the least bad deal.

– Not jaded at all.

#73 Smudgekin on 07.31.15 at 9:49 pm

Garth we need some constitutional change:

1/. PMO restricted to two terms like a US president.

2/. Monarchy – mainly it’s representation – why do we need a dozen lieutenant-governors and a govener-general? Broom the lot and keep the crown as a symbol only.

3/. No more police chiefs running for political office. This is a step towards a police state. Political office is the domain of the public not former police chiefs.

#74 CJ on 07.31.15 at 9:50 pm

#36

Also, don’t take my word for it …

http://www.calgary.ca/CA/city-clerks/Pages/Election-and-information-services/Civic-Census/Civic-Census.aspx

#75 Washed Up Lawyer on 07.31.15 at 9:52 pm

#36 CJ on 07.31.15 at 7:43 pm

July 30: Census numbers reveal Calgary’s population grew by 36,000 over the past year.

Garth’s head explodes, as do the noggins of so many anti-Calgary readers of this blog.

How many were babies? — Garth

%%%%%%%%%%%%%%%%

Man, you are quick Garth.

Lacking the ability to access official statistics, I resort to articles in the Edmonton Sun and HuffPo about baby names in Alberta. Seems that 55,000 babies were born in Athabaska in 2014.

With WTI in the tank, I suspect that there has been some shriveling and a lack of conviviality and the number of blessed events will drop.

So, an exodus.

So as to not leave the dogs hanging, Olivia and Liam lead the pack. There was one Melon. Hope her surname is not Head.

My next son will be named WTI.

#76 Bob Santarossa on 07.31.15 at 9:57 pm

2 GDP and 1 Jobs report in September. Will be bad if next week Jobs negative (Jobs will be negative as todays GDP is negative). You will get your revenge with Harper Garth.

#77 the Jaguar on 07.31.15 at 10:06 pm

#29 FormerSaskie

Harper may have a house in Calgary, but he was born and raised in Ontario. He suffers from the fatal flaw that takes a lot of people down. They act because they think they know better. Doesn’t matter whether it is government or private industry. If you think you know better and you go “rogue” you will suffer the consequences. He has forgotten why he was elected. It’s a classic ‘The Emperors New Clothes’ scenario. By the time he figures out what went wrong it will be too late. Real integrity and leadership is a commodity is such short supply.

#78 Washed Up Lawyer on 07.31.15 at 10:13 pm

Good thing I am not a statistician.

That is 55K in the whole province. So with 1/2 of the population of AB in Edmonton and Cowtown (27.5K babies) maybe it is about 13K in Calgary.

But, with Stampede behavior, we can safely double that number. Back up to 26,000 babies. Easy.

I am off from YMM to YYC tomorrow for three weeks vacay. I will survey the carnage and count babies.

#79 Doug in London on 07.31.15 at 10:17 pm

Garth;
While you’ve said that voting in the NDP wouldn’t be the best outcome, from what you’ve posted getting rid of the Conservatives is something that’s LONG overdue. If polls should suggest the NDP is ahead of the Liberals, I too will vote NDP. It’s easy to see why Canadians do not vote for a new politician, they just punish the old one.

#80 Nora Lenderby on 07.31.15 at 10:20 pm

Apparently Mr. H. did say that we wouldn’t recognize Canada after he was done with it.

#81 Nora Lenderby on 07.31.15 at 10:21 pm

#47 Mira on 07.31.15 at 8:13 pm
“And Smoking Mans boat is called ‘The Liver Dance’ or maybe ‘Sotally Tober’ lol.”

Nah, it’s called “Burnin’ Hunk o’ Lurve”. And yes, it’s a cigarette boat.

#82 enjc on 07.31.15 at 10:22 pm

BoC rate cut.
Fed rate increase.
Early election, minority government.
CAD /USD under 70.
Oil under 40.

#83 Nora Lenderby on 07.31.15 at 10:23 pm

#29 FormerSaskie on 07.31.15 at 7:27 pm
“maybe Harper will just prorogue parliament…again, skip the election and govern from his house in Calgary :)”

Maybe, but isn’t it for sale? It will be highly inconvenient to have to clean the body fluids off the living room carpet every week just to show the place.

#84 No Canada, No on 07.31.15 at 10:25 pm

Boy politics in Canada are boring.

#85 We sit on guard for thee --NOT on 07.31.15 at 10:30 pm

“He said a few things that pissed me off, so I got up to leave. He ordered me to sit. Like a poodle. ” Garth

Garth,

You should have awakened your inner Eminem and asked him to step outside or at least dramatically kicked the chair over whilst snarling “who you calling a journalist, boy?”

#86 CJ on 07.31.15 at 10:32 pm

#78

I posted the link to the Calgary Civic Census. You can continue making up your own numbers or look at the official statistics.

For those of you who really really wanted to see the demise of Calgary, sorry. It isn’t happening.

#87 Nagraj on 07.31.15 at 10:33 pm

#32 BIGTOWN

Most satisfying day of my life. 25 years ago. Another package from another US university. The kid came home from school (Gr. 12) and goes straight to the computer as usual. From the kitchen I ask: Who was the package from? Harvard. What it’d say? I’ve been accepted.
I stopped making the sandwiches, made myself a coffee, lit a cigarette, and shed a few tears. Everything I wanted for the kid, here it was.
Is it time to eat yet?
No. I’m a little slow today. You sure it’s an acceptance?
Of course I’m sure! What IS takin’ you so long with the sandwiches, Dad?

As it turned out, at one time he had Ignatieff as a lecturer: “academic douche bag”. Worked for Sen Edwards two summers, and at the Dem convention in Denver, shook hands with every major Dem politico of the day.

Preparation: I almost always had C-SPAN on around supper time, even in the earlier grades. His history teacher’s recommendation letter read: This student can name all 100 US senators on sight, their party affiliation and positions on various issues.

One of his classmates made it to MIT. We’re on the outskirts of a village in rural Ontario here.

#88 Waterloo Resident on 07.31.15 at 10:36 pm

Canadians are as stubborn as Sharks hanging onto the leg of an Aussie surfer in their mouth: They won’t let go of this housing lust until the economic bullet of higher interest rates hits them right between the eyes.

And just like the shark at that moment, they will be as dead as a doorknob. That’s when both the housing market, the economy, and our GDP goes limp.

This summer is probably the PEAK; the highest prices and the most BOOMING Real Estate conditions we will know for the next 20 to 30 years, maybe even longer.

All those people who were making $500,000 per year selling houses to each other; they will be making $20,000 per year selling hot dogs to people on the sidewalks from their hotdog stands.

#89 Nagraj on 07.31.15 at 10:38 pm

date correction to previous post: 25yrs ago should read 10yrs ago

#90 MSM-Free Zone on 07.31.15 at 10:39 pm

#36 CJ on 07.31.15 at 7:43 pm
“….July 30: Census numbers reveal Calgary’s population grew by 36,000 over the past year. Garth’s head explodes, as do the noggins of so many anti-Calgary readers of this blog…….”
_________________________

Having survived multiple Alberta boom/bust cycles long before you were a tadpole swimming for the moon, I can assure you that there is a latent disconnect between a population explosion and a plunging provincial economy.

And no, I doubt anyone here is really anti-Calgary. They’re probably just relieved they’re no longer being exposed to the whole ‘Alberta Advantage’ b.s. anymore, now that that ‘advantage’ has been exposed to being lucky enough to be sitting on a pile of liquid dinosaur feces.

To paraphrase a famous American business magnate, “Only when the oil goes out, do you discover a government who’s been swimming naked”.

#91 JO on 07.31.15 at 10:47 pm

Mark: we are in a deflationary pulse right now
As u can see the CAD has dropped both relative to the USD and domestically the environment is threatening to become stagflationary
The CAD would only gain relative to the U.S. If our inflation rate went up compared to the U.S.

If Canada suffers a contraction in credit and money the value of the CAD would rise in terms of Canadian assets it buys but drop compared to the value of usd and global assets

I do think the CAD will suffer greatly in the next 3-5 years but then do better than the U.S. after that. Problem is it will steadily lose value versus hard assets even if it rises against other paper currencies one day years down the road

One must compare currencies against other paper currency and then more importantly against the buying power of hard assets

One way or another, in the long run, those who have most of their money in cash or GICS will be wiped out

#92 Smoking Man on 07.31.15 at 10:48 pm

#64 polecat on 07.31.15 at 9:20 pm
Canadians, take back the country.Why doesn;t Garth and a lot of other smart people form a party? I’ll walk around with flyers, even for smoking man. Smokey, where are ya man?
…..

I’m on servalace video of every major rub and tug in Toronto.. I have a unique bald head with a very distinguished birth mark that I will never be able to bull shit my way out of inspite of the fact that I’m a damn good bullshiter and perfect for politics.

It’s not going to happen.

I could be like a hidden back door Man, advisor of sorts. I would do that.

#93 Chris on 07.31.15 at 10:52 pm

Harper doesn’t have anybody fresh. Jason Kenney seems to be the heir apparent. But his disdain for non-European immigrants is so obvious I think he will be punished by immigrant voters. If it was up to him, he’d move all of Ireland here and bar Chinese and a lot of other ethnic groups.

#94 HHS on 07.31.15 at 10:53 pm

No rate hike in September.

– Big Chinese delegation in US at this time. Rate rise more dollars leave china
– wage growth. Zero
– GDP y/y slow down

Aint happening.

#95 will on 07.31.15 at 10:54 pm

Hey IHCTD9, what are you talking about: “Mulcair refusing to attend the debate unless Harper shows up.”

Read the article again, it says Mulcair will only go to a debate where harper is going. that’s completely different from what you are saying.

by the way, what is the meaning of your moniker “IHCTD9”? what is that? you afraid to use your own name? we are all friends here. what’s the matter with you?

#96 Bast on 07.31.15 at 10:54 pm

#36 CJ

From the 2015 Calgary Civic Census:

Increase of 35,721 residents from 2014.

NATURAL INCREASE: for the 2014-2015 period was 10,812, similar to the level of naturally increase seen in 2014.
(Natural increase is a result of the excess of births over deaths. The natural increase was 10,812 persons, up 321 from the previous period of 2013-2014.)

NET MIGRATION: experienced similar levels as seen in 2006 resulting in 24,909 additional residents moving to Calgary.

#97 drydock on 07.31.15 at 10:56 pm

DELETED (vulgarity)

#98 S.Bby on 07.31.15 at 10:58 pm

#26 North Burnaby:
Ya gotta come to South Burnaby, that’s where all the action is!

#99 Christopher Lackey on 07.31.15 at 11:01 pm

TSX! ! ! – Check out these tickers baby!

Your “alternative lenders”…

HCG.TO FN.TO EQB.TO MKP.TO

Your “private mortgage insurer” MIC.TO

And your “barometers of Western Canadian economic health” ACQ.TO and CWB.TO

The difference between these companies the oil guys, the base metals guys, and the precious metals guys who have all gotten absolutely killed because they are, well, losing money on their sales due to low commodity prices is that the firms above all trade dirt cheap relative to earnings, book value, etc. It’s not hard to figure out that the market doesn’t give a crap about that and is pricing in LOTS of risk, if you look at where any of these companies are at now relative to their 52 week highs. Home Capital particularly has been a big shorting target for years some US-based parties who believe Garth and others’ Canadian real estate thesis for years. My take? It’s either the opportunity of a lifetime or a falling knife with these guys and if it is the latter the whole country better look the f— out cause way more canadians owe these guys money than own their stocks.

#100 Sydneysider on 07.31.15 at 11:08 pm

Minor point. There is no Nobel Prize in economics. The prize is awarded by the Bank of Sweden, and is known as the Bank of Sweden prize. The perennial confusion arises because the prize is awarded in honour of Alfred Nobel.

#101 Smoking Man on 07.31.15 at 11:16 pm

#94 HHS on 07.31.15 at 10:53 pm
No rate hike in September.

– Big Chinese delegation in US at this time. Rate rise more dollars leave china
– wage growth. Zero
– GDP y/y slow down

Aint happening.
……..

Your not factoring ego, I said I’m doing this damn it. My credibility is on the line..
Damn the stats and the high dollar.

Herdonomics 101

Dr Smoking Man
PhD in Herdonomics

#102 MSM-Free Zone on 07.31.15 at 11:26 pm

#95 will on 07.31.15 at 10:54 pm
“…by the way, what is the meaning of your moniker “IHCTD9″? what is that? you afraid to use your own name? we are all friends here. what’s the matter with you…..”
_________________________

Nothing sinister,

IHC TD9:

International Harvester Corporation TD9 (1960’s era Bulldozer)

https://www.youtube.com/watch?v=QKKYvKbpHF8

#103 lala on 07.31.15 at 11:26 pm

Living in Canada, meh….losers unite, no offense to blog dogs but it looks to me like a big factory, no social life ….. Everything so damn flat except for people, they all rounded and trashy. Finally I had a chance to flirt with a real women today (not a lululemon type of thing) from Sllovakia without being worried of getting sued for sexual harassment.

#104 Ryan on 07.31.15 at 11:30 pm

Don’t you find it odd that the Blue Jays were a great team back in the late 80s/early 90s during our housing/economic/dollar downturn. And now look once again the Jays are getting really good again as we enter economic disaster.

#105 Cici on 07.31.15 at 11:38 pm

When it comes to political choices, I believe in honouring the dead:

“Ontario woman’s obituary asks readers to ‘drive Stephen Harper from office’”

https://ca.news.yahoo.com/blogs/daily-buzz/ontario-womans-obituary-asks-readers-to-drive-163640576.html

#106 liquidincalgary on 07.31.15 at 11:44 pm

Smoking Man’s second best line:

I could be like a hidden back door Man

#107 Paul on 07.31.15 at 11:51 pm

#65 Gregor Samsa

I agree with your assessment. I haven’t seen this reflection posted or in the media, but the Conservatives have been way ahead of the curve in “marketing” their brand – and they have a war chest. By any objective measure, this government has been an abject failure. If you look at the Conservative front bench this year, how many quality MP’s do you see? They had depth in 2008 and I was willing to give them a chance.

I would like to think that Canadians see through all of this, but most of us are not thinking of the good of the country moving forward (70% home ownership rate will do that). There are no good options in Election 2015.

That said, and while I would like to see the Conservatives wear their record in office, I’ll be voting for whatever candidate has the best chance to beat Wai Young (Conservative – SE-South) who is an embarrassment to my riding.

#108 Shawn on 08.01.15 at 12:08 am

Boy Politics?

#84 No Canada, No on 07.31.15 at 10:25 pm said:

Boy politics in Canada are boring.

***************************************
Girl politics in Canada, less so.

Belinda Stronach was never boring. She could destroy the careers of those around her like nobody’s business.

#109 Leo Trollstoy on 08.01.15 at 12:12 am

#82

You’ve got balls.

#110 Shawn on 08.01.15 at 12:13 am

Like your reply. — Garth

I knew you would.

#111 Smoking Man on 08.01.15 at 12:29 am

Blog dogs.

Am I to old for burning Man in Nevada this year .?

Lenord Cohen.. My hero

UCC sends me out a bad vibe.

I sent one back…. Don’t even think about it.. I will rip off your head and shit down your neck.

Me and my hero have never had a coffee together.

He’s a God to me….

#112 young & foolish on 08.01.15 at 12:34 am

Too late to sell for top dollar now ….

#113 Hhhh on 08.01.15 at 1:40 am

#90 MSM-Free Zone on 07.31.15 at 10:39 pm
#36 CJ on 07.31.15 at 7:43 p

Alberta advantage was always about small government and less taxes … Even before oil took of.

#114 bdy sktrn on 08.01.15 at 1:45 am

#95 will on 07.31.15 at 10:54 pm
Hey IHCTD9, what are you talking about: “Mulcair refusing to attend the debate unless Harper shows up.”

Read the article again, it says Mulcair will only go to a debate where harper is going. that’s completely different from what you are saying.
————————–
maybe check this again – looks same to me.

‘if’ no harpo ‘then’ no beard
…………

by the way, what is the meaning of your moniker “IHCTD9″? what is that? you afraid to use your own name? we are all friends here. what’s the matter with you?
——————
wassamaddayouuu? – click,drag,right click, GOOGLE!
4 tiny steps vs 100 typed letters.

he can push over a big tree. :)

#115 Another Vancity Renter on 08.01.15 at 2:08 am

Garth,
You are too good of a writer to be using “lol.”

#116 bdy sktrn on 08.01.15 at 2:16 am

#98 S.Bby on 07.31.15 at 10:58 pm
#26 North Burnaby:
Ya gotta come to South Burnaby, that’s where all the action is!
——————–
maybe but it’s always been a pita to make it much past metrotown, slow roads and slow drivers. ugh. perhaps i need a better route.

news to me brentwood is slowing, but not a big suprize with the massive solo towers coming online across the street there is a limit to the annual uptake. more will come. manymany more. 9.somthing billion soon in 2050. damn youthink its crowded now..

———-
and comm drive seller – what block is it? on vic? n of broadway? maybe take the money and run. the neighbours who just sold for 1,2 have big smiles every time i see them, they got a big house in gibsons and 700k left over
the herd could still push another double on vansilly RE.

tell them you want 1.5.

#117 bdy sktrn on 08.01.15 at 2:36 am

#13 Van real on 07.31.15 at 6:33 pm
was just approached by a developer with an offer to purchase my house for 1.4 million
——————
1.4 is well above market for std 33’ers lot value
WAY above if you are on a busy route (zoning?), well it was before i guess. – you can buy back in to a better block with the premium if you are.

#118 Mike T. on 08.01.15 at 3:18 am

Yikes!
fake notice of assessments, liar loans…etc

sounds like housing is in extra innings….bottom of the 18th and the other team just hit 5 grand slams in their half

I hate to say it because I don’t like the comments, but Leroy Washington is/was right.

Go Jays?

#119 Axis on 08.01.15 at 3:49 am

#95 Will “Mulcair refusing to attend the debate unless Harper shows up.”

“it says Mulcair will only go to a debate where harper is going. that’s completely different from what you are saying.”

Weird how something completely different has the same conclusion eh?

#120 landlessinvan on 08.01.15 at 3:57 am

To #13: Then don’t sell. Hold on to your home. 1.4 million is peanuts in the scheme of things. If you don’t sell, they can’t build.

#121 devore on 08.01.15 at 4:54 am

#58 Shawn

How many were babies? — Garth

… all of them “were” babies

Cute and clever, but utterly meaningless, like all truisms.

In any case

Young people who have babies buy houses.

Demographics matter. People who have babies don’t buy houses, people who are pregnant do. No one pops out a toddler, and then goes oh crap we need a house, like it’s some kind of surprise.

Population growth due to natural growth is looking in the rearview mirror. Increased household size is not the same thing as increased number of households.

So yeah, it makes a difference.

#122 Steve French on 08.01.15 at 6:52 am

Smokey what’s the “UCC” ?

I’m plugged into the UCC but don’t know what i have plugged into…

Steve-O

#123 Grantmi on 08.01.15 at 7:20 am

The PM sent his caucus chairman out to tell the media it was because I had blogged about matters the public had no right to know. (By the way, that guy was later arrested by the OPP with drugs in his vehicle.)

You were further stepped on after SH by Rahim Jaffer?

Ouch. That’s got to hurt…..

Whatever happened to him… Wonder if he went back to being a barista.

#124 Llewelyn on 08.01.15 at 8:01 am

I find it curious that with all the talk of an impending interest rate increase in the United States there has been very little discussion about the impact of this increase on government debt.

The Federal government in the United States is still running a very sizable operating deficit and seems politically unwilling to raise taxes to reduce this deficit. What this means to a non-economist like myself is that the Federal government must add debt each time an interest payment comes due. Non-economists tend to view this practice as compounding interest in reverse and a sure fire recipe for trouble down the road. Apparently econ-optimists view this practice as the source of economic health and future prosperity.

Imagine what would happen if a household with an gross income of $100,000 borrowed $100,000 at an interest rate of 1.0% and after covering all their living expenses found themselves $2,000 short.

Their solution is to borrow an additional $2,000, of which $1,000 would go to cover the interest due on the existing loan and $1,000 to cover living costs. Now the debt is $102,000 and interest owed will increase to $1,020 per year. No biggy in year one but extrapolated over 20 years it becomes frightening.

Now imagine if the interest rate was doubled to 2.0% per year and the household was required to pay $2,040 in interest and borrow an additional $1,000 to meet living expenses. Total debt is now $105,040 and debt service is now $2,100. You get the picture.

Cheerleaders will tell you that government debt is different from any other kind of debt because all governments have to due is increase tax revenue or borrow, or print, more money to cover their debt servicing obligations. I like the “future economic growth will cover all sins” theory but I wouldn’t mind just a tiny hint of when debt reduction might start in an economy held up as the poster boy of capitalism.

I get that at some point in time interest rates will have to increase to meet the needs of lenders around the world. What I don’t get is why an economy that can’t generate enough revenue to cover their current operating requirements, excluding of debt service, would be so eager to increase government debt obligations. There may be a connect between a higher interest rate and future debt reduction that the Federal Reserve wants to keep secret.

It might be easier for non-economists like myself to make sense of the pending increase in interest rates if Janet Yellen held up a chart showing how a rate increase today would eventually lead to a situation where $18 trillion of debt might actually be reduced at some point in the future.

Without that explanation I will continue to view quantitative easing as a very clever Ponzi scheme designed to reward the current capitalist environment by transferring debt and a lower standard of living to future generations.

If only your grandchildren could read.

#125 Earl on 08.01.15 at 8:42 am

Stevie has made sure there are no “charismatic new star” that might succeed (or stab) him. Sociopath, IMO. But I’m not a doctor.

#126 Here there on 08.01.15 at 9:33 am

Thanks Garth for all your financial teachings. As far as being punted by this bunch of crudes in Ottawa. Not a surprise, you were a treat to them, by your quality of an honest, upfront personality. As being a journalist, as somebody being around them for forty years. In a very modest opinion, you are the cream which rises to the top. Many others, could be selling shoes, it wouldn’t make a difference. You belong to a rare, select group of master wordsmiths. Always relevant and never boring or obnoxious.

#127 TB33 on 08.01.15 at 10:00 am

#115 Another Vancity Renter on 08.01.15 at 2:08 am
Garth,
You are too good of a writer to be using “lol.”

———-

I lol’d at Garth’s lol. It was a well-placed lol.

#128 LL on 08.01.15 at 10:07 am

…”If you believe Janet Yellen, the US central bank boss, instead of all the Nobel-winning macroeconomists who read this blog”…

Looks like Nobel-winning macroeconomists from this blog are right!

(“Nobel-winning macroeconomist” is just a tittle to impress other… I am not impress by big tittle)!

#129 LL on 08.01.15 at 10:16 am

Any winning party in the next election will solve economic problem anyway.
They will debate on abortion, gays right and things like that.
If they want the show must go on, it will.

#130 LL on 08.01.15 at 10:21 am

Shane on 07.31.15 at 6:23 pm

…”Garth, so what’s the point in voting if the government holds back the truth on how they run our country..maybe the people should boycott the elections”…

I will not vote…it’s a wasting time and democracy is just an illusion!

#131 Dominoes Lining Up on 08.01.15 at 10:26 am

Listen to this interview with Marc Cohodes, short-seller of Canadian RE, on CBC this morning.

It’s clear to him that CMHC is really no better than the subprime mess that collapsed the USA in 2008.

Devastating and scary to hear.

After listening to this, I wonder how many still think Canada might only be due for a “30% correction”

(I am looking at more like 30% nationally, 50-70% in hotspots.)

http://www.cbc.ca/radio/day6

#132 Dominoes Lining Up on 08.01.15 at 10:27 am

Here’s a better link to that interview with Marc Cohodes

http://www.cbc.ca/radio/day6/episode-244-shorting-canada-saving-lion-cubs-the-end-of-blacks-photography-and-more-1.3175257/betting-against-the-canadian-real-estate-market-is-a-bubble-about-to-burst-1.3175268

#133 waiting on the westcoast on 08.01.15 at 10:32 am

#121 devore on 08.01.15 at 4:54 am
#58 Shawn

How many were babies? — Garth

… all of them “were” babies

Cute and clever, but utterly meaningless, like all truisms.

~~~~~~~~~~~~~~~~~~

Wouldn’t it being a truism mean that it is the ultimate of meanings…? It is by definition the meaning… ;-)

#134 waiting on the westcoast on 08.01.15 at 10:33 am

Mark and the winds of deflation…

It appears that you are the only one feeling the deflationary pinch…

Ipsos finds that the two biggest concerns of Canadians are rising costs of living and rising costs of food…

Infographic below:

https://shawglobalnews.files.wordpress.com/2015/07/ipsos-canadian-issues.jpg?quality=70&strip=all&strip=all

#135 IHCTD9 on 08.01.15 at 10:56 am

____________________________________________
#95 will on 07.31.15 at 10:54 pm
Hey IHCTD9, what are you talking about: “Mulcair refusing to attend the debate unless Harper shows up.”

Read the article again, it says Mulcair will only go to a debate where harper is going. that’s completely different from what you are saying.
____________________________________________

I read it again, – it still says the same thing.
How he says it is not important – the fact that he is putty in Harper’s hands is…

____________________________________________
by the way, what is the meaning of your moniker “IHCTD9″? what is that?
____________________________________________

It means International Harvester Corporation TD9, it’s an old bulldozer.

____________________________________________
you afraid to use your own name? we are all friends here. what’s the matter with you?
____________________________________________

LOL! Nothing wrong with me bro – how about you?

#136 IHCTD9 on 08.01.15 at 11:01 am

#102 MSM-Free Zone on 07.31.15 at 11:26 pm
#95 will on 07.31.15 at 10:54 pm
“…by the way, what is the meaning of your moniker “IHCTD9″? what is that? you afraid to use your own name? we are all friends here. what’s the matter with you…..”
_________________________

Nothing sinister,

IHC TD9:

International Harvester Corporation TD9 (1960’s era Bulldozer)

https://www.youtube.com/watch?v=QKKYvKbpHF8
____________________________________________

I should have read a little further, and you are correct except they do go back to the 50’s as mine is a ’56. I’m restoring one.

I think the fact that Will was worried about my screen name is because of the letters “H” and “C” being present? :)

#137 Catalyst on 08.01.15 at 11:03 am

I really enjoyed today’s blog. Stories like this from your past experiences are really interesting reads. I never liked Harper, but I did vote for him last election. Not this time!

#138 Daisy Mae on 08.01.15 at 11:09 am

#21: “Harper’s attack adds make me want to vomit.”

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

Well, he’s ruined Canada and, therefore, can’t ‘toot his own horn’ so what else has he got? LOL

#139 crowdedelevatorfartz on 08.01.15 at 11:09 am

and if you think the banks are your friend……
This news from south of the 49th…..

http://www.nytimes.com/2015/08/02/business/pulling-down-underwater-borrowers.html

#140 Daisy Mae on 08.01.15 at 11:28 am

#65: “…and Harper certainly deserves to preside over the consequences of his last decade in power.”

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

Poetic justice.

#141 Daisy Mae on 08.01.15 at 11:31 am

#70: And some people wonder why the voter turn out is so low…..”

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

Yes. It isn’t apathy, as many suggest. It’s pure disgust.

#142 TPP Advocate on 08.01.15 at 11:52 am

Looks like Harpo’s man, Ed (not so) Fast blew the TPP negotiations , refusing to give in on 300% Canadian dairy subsidies. This leaves the rest of Canadians “holding the bag” for the sake of 12,000 dairy farmers. Miss this 15 country trade deal and it will bury Harper and his crew, but would the other clowns know what to do ? Not likely. How about a column on the TPP ?

#143 Broke Dick on 08.01.15 at 11:58 am

I became a pathetic blogger, sleeping in ditches and underpasses, stealing food scraps from feral dogs, selling financial advice in bath houses and brothels, -G

You stole from dogs?
pathetic

Feral. Like this comment section. — Garth

#144 mr NDP on 08.01.15 at 12:02 pm

Mulcair is a conservative wolf in NDP clothing. This is a fact and the reason why you have so called conservatives claiming they will vote for the NDP. NDP has no chance and the NDP under Mulcair is a conservative wolf(Mulcair reminds me of Bob rae). Many NDP supporters see through Mulcair and will vote Liberal. A lot of conservative propaganda with their fake polls. Remember Hudak was supposed to have majority in the fake polls on all the media outlets and in the end the poll turned out to be fake just like now.

#145 mr NDP on 08.01.15 at 12:07 pm

TPP Advocate on 08.01.15 at 11:52 am
Looks like Harpo’s man, Ed (not so) Fast blew the TPP negotiations , refusing to give in on 300% Canadian dairy subsidies. This leaves the rest of Canadians “holding the bag” for the sake of 12,000 dairy farmers. Miss this 15 country trade deal and it will bury Harper and his crew, but would the other clowns know what to do ? Not likely. How about a column on the TPP ?
____________________________________

You CONservatives just hate Canada and Canadians and all you care about is you big corporate interests. TPP benefits NO ONE except the 1% where companies can sue Canadian tax payers if our laws that protect our health or whatever hinder them from making money. No Canadian benefits. Anyone who supports TTP is IMO an evil monster.

#146 Chris in Nanaimo on 08.01.15 at 12:23 pm

Lets talk about those dairy farmers…..I can’t buy grass fed butter in Canada because a) No Canadian farmers makes it, b) The dairy board stops the import of any ‘competing’ products.

Sheesh….what happened to NAFTA?

And while im at it, being a immigrant of residence for 10 years now, I never appreciated how anal the interprovince protectionism is. I can buy wine from the US, but not from Ontario, due to anti competion laws. In fact you can actually be arrested for buying booze in one province and ‘importing’ it to your home province, as happened to one guy i read about last week.

#147 Rainclouds on 08.01.15 at 12:54 pm

Minority Govt.

Tubby bails or is thrown out by caucus. Goes on fitness program, becomes lithe and studley. Steals Amazons from unsuspecting bloggers……

yea I know. creepy:-)

#148 Obvious Truth on 08.01.15 at 12:59 pm

The rest of the world knows what is going on in Canada. The Cpeso tells you that. Reading international news makes it pretty clear too.

The kind of restructuring and policy response that can solve it will take years. If anyone has the knowledge or will.

Even an announcement of investment by Toyota won’t help. The Corolla is leaving. It won’t come back. Buying foreign robots to replace workers building the suv won’t help either.

Talk about Calgary demograhics won’t help. It’s better to be able to predict or explain why 25% less homes are being sold.

Only canadian bank economists quote this stuff. Meaningless really.

Stats can reports for almost a year have been telling the story. You have to read for yourself if you want to get ahead.

I’ve noticed on bnn that they are laughing less at opinions (mostly out of country) that don’t agree with rah rah Canada mentality. But they still throw lob balls at homer economists.

But that’s canada. Protect the status quo. It’s what got us here. I think millenials may change that. The kids who called out the cop give us hope. Not only should we challenge authority (in an appropriate way), we should understand that we are the collective authority.

I still don’t have apple pay. And Internet speed is subpar. And now we have to protect cows that make milk and chickens that lay eggs. Won’t they do it regardless of the language in a trade deal. Seriously.

#149 Smoking Man on 08.01.15 at 1:05 pm

#122 Steve French on 08.01.15 at 6:52 am
Smokey what’s the “UCC” ?

I’m plugged into the UCC but don’t know what i have plugged into…

Steve-O
……

The crazy voice in your head, especially after a few drinks.

Universal Consciousness Consolidator.

It’s what Nectonites use to control the mother ship, and the escape pods.. Orange glowing personal plasma fliers.

#150 Obvious Truth on 08.01.15 at 1:09 pm

Forgot

It’s why you must vote.

#151 S.Bby on 08.01.15 at 1:25 pm

#13 Van real:
Please post back here and let us know what happens.
Personally I would take the money and run. No R/E commish to pay either.

#152 Shawn on 08.01.15 at 1:29 pm

Canada loves price-fixing cartels

Incumbents in all industries love to be protected from competition trough price-fixing cartels.

In Canada we have the government-sanctioned institutionalized price fixing of some agricultural products. (Dairy and eggs )

We have CANPOTEX to price-fix Potash

Canada (or at least Alberta and the energy sector) benefited for 45 years from the price-fixing OPEC cartel which has recently fallen apart. (OPEC is intact but its members no longer are willing to adhere to supply restrictions possibly because they became too small a potion of the world’s supply to effectively control prices on their own.)

Doctors and Dentists supply manage their numbers and never compete on price.

There are probably dozens of others.

The world as a whole is certainly always better off without price fixing but yes it benefits industry incumbents and their employees and sometimes benefits an entire region or country – always at the expense of others.

Efficiency and fairness to all of the world’s people demands an end to all price-fixing cartels.

#153 Stephen Shaw on 08.01.15 at 2:00 pm

For a Fed/Yellen rate hike to be significant it must be destructive and markets have priced in +10bps. Other than as a percentage, it essentially amounts to nothing. Since macro items like inflation and M2 velocity are sideway to down, the real reason is to save face, to prove she can. At this point that’s reason enough. Canada on the other hand, needs open heart surgery. The price of oil will remain toast – the UN climate thing in France this December is a done deal – though this will drive new (destructive) efficiencies. Deep water, Artic, super-high cost locations, all DOA. Conservatives are temperamentally best suited for these changes ahread but they req

#154 Aaron on 08.01.15 at 2:03 pm

so, when is shit going to hit the fan already? September? I want to buy a house for dirt cheap, while the person selling it to me cries. Feels like we’re on the edge, but it’s felt like that for my entire adult life

#155 Van real on 08.01.15 at 2:20 pm

update on the developer offer. No we aren’t on a busy street. We are west of commercial which is zoned multifamily but we have a sfh. We have a 33 by 122 ft lot. The problem is that there is absolutely nothing on the market right now in the commercial drive area. The only sfhs on the market are all selling above 1.4. They may be listed for less but they sell for more.

#156 Danger Dan on 08.01.15 at 2:30 pm

Something is bound to break soon. The tension in Toronto is tangible. I’ve never witnessed as many incidents of road rage and cars hitting pedestrians and cyclists as this year. People who are not deeply indebted just don’t act this desperate.

#157 BS on 08.01.15 at 2:45 pm

Garth, 10,000 babies, which is right along the average for the last few years. 25,000 newcomers. One of the largest growth years in city history.

And 12,000 fewer jobs. — Garth

Realtors in Calgary must be getting desperate. They will try to spin anything then can. Population growth in Alberta is the lowest it has been in 5 years. That is not positive news for RE. It will only get worse from here:

http://calgaryherald.com/news/local-news/albertas-population-growth-slows-but-continues-to-lead-nation

the 2014 totals were only about half the level from the fourth quarter of the previous year, making the 2014 gains the lowest since the fourth quarter of 2010.

Adam Legge, president of the Calgary Chamber of Commerce, says the population growth slow down is “an exact reflection” of the economic slow down in the energy industry.

“People from all around the country are seeing employment opportunities here aren’t that good, and with all the problems with oil storage in the U.S. and spring break up upon us, things aren’t looking that positive in terms of the future either.”

Legge explains this economic slow down could be worse for Albertans than even the recession of 2008, which impacted the entire world.

#158 Smoking Man's Old Man on 08.01.15 at 3:03 pm

If Canada’s debt-to-income ratio is roughly 163%, which already seems ridiculously perilous to me, at what point is it considered broken/unmanageable?

#159 Obvious Truth on 08.01.15 at 3:04 pm

#152 Shawn

Amen

#160 Joe2.0 on 08.01.15 at 3:15 pm

FED dovish on the raising of interest rates, again.
What changed in the markets was that the Dow went down as apposed to the usual going up on the no FED rate hike news.

This is a strong indicator that the DOW has peaked and an indicator that the parties over.
China’s market is being manipulated via a government that’s aware it’s primed for a crash.

Regardless of the implemented trading restrictions and monetary injections China is a bull in a tea shop with ramifications that will rock US markets/global.

It’s just a short matter of time judging by bond activities and volatility levels.
Canada’s in recession, China’s on the verge of collapse, the US can’t raise rates.
South and Central America, Japan all a mess, it’s global and the great reset is going to be painfull.

The writing is on the wall.

Stocks decline when rate hikes are imminent. You’re blowing smoke. — Garth

#161 Smoking Man on 08.01.15 at 3:26 pm

Steve French.

Me and the boys having some fun. Ashmans dad was flying the mother ship.. When you see that streak going from left to right… That was me.

https://www.youtube.com/watch?v=z87YtLdKOzs

#162 MF on 08.01.15 at 3:28 pm

#154 Aaron on 08.01.15 at 2:03 pm

Sorry to let you know, but if you are a Gen X and 35-40+, you missed the boat and should have bought when everyone else your age did.

Houses will never be dirt cheap. Like Garth says, we are going to have a slow burn similar to what happened in the 90’s. At least, that is what would be healthiest but who knows.

If you are a millennial like me, just be patient, invest, and in about 5-10 years (my prediction), houses should be more affordable yes but not cheap.

MF

#163 MSM-Free Zone on 08.01.15 at 4:52 pm

161 Smoking Man on 08.01.15 at 3:26 pm
“….Me and the boys having some fun. Ashmans dad was flying the mother ship.. When you see that streak going from left to right… That was me……..”
_________________________

Careful, up there buddy.

It’s that time of the year again, the Perseid Meteor Shower, which peaks this year again on August 13th. That’s some serious galactic Pan Am traffic over the next two weeks.

Took a honey-bee in the neck on the Harley on the 400 the other day. Can’t imagine dodging space rocks in a vacuum at the speed of light.

btw, do they have HOV lanes up there? Inquiring minds need to know….

#164 Retired Boomer - WI on 08.01.15 at 5:07 pm

Well THIS Bull market is showing the usual signs of fatigue. Does THAT mean it is over?

No. Yet, one might consider its age the fact the lower higher being reached after a dip, AND the impending interest rate hike. Would “I” put new money in at this time? Only in a sector, like healthcare with a built in government funded clientele that is retiring & aging onward. -BEWARE- most good diversifies healthcare etfs/funds are up over 100% in past 5 years… but we aren’t running out of geezers (yet).

MY opinion, and remember opinions are like rear ends, everybody’s got one!

In the meantime…

#165 Joe2.0 on 08.01.15 at 5:23 pm

Re Garth to 160

“Your blowing Smoke”
The only reason the market has gone up is correlation to QE injections, which is still happening under different aliases according to numerous economists Dr Paul Craig Roberts for one who has quite the resume.
Plunge protection is one name used.
The US market is broken and the GDP numbers weak.

But we are all entitled to our opinions.
It will be interesting to see what happens and unfolds in the next 13 months.

#166 Renter's Revenge! on 08.01.15 at 5:28 pm

#162 MF:

“Houses will never be dirt cheap.”

So what you’re sayin’ is, because of the irrational obsession over land by the majority of the population, housing will never be a good investment based on rent saved, and so it should it only be thought of as an item of consumption, and not bought until one has more money than they know what to do with?

#167 DON on 08.01.15 at 6:08 pm

#142 TPP Advocate on 08.01.15 at 11:52 am

Looks like Harpo’s man, Ed (not so) Fast blew the TPP negotiations , refusing to give in on 300% Canadian dairy subsidies. This leaves the rest of Canadians “holding the bag” for the sake of 12,000 dairy farmers. Miss this 15 country trade deal and it will bury Harper and his crew, but would the other clowns know what to do ? Not likely. How about a column on the TPP ?

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

Sorry – balance needs to be applied to this so called globalism.

I do not care to buy milk from other countries, I support my local economy. I don’t need so called organic milk flown in from another country. We have some of the best farms, water etc in my local vicinity. It’s the same as flying in croissants from France. Globalism is just the next new shinny thing for business, as business really is limited. I see localization already taken hold, especially as our dollar is getting low and more staycations on the horizon.

I’d also prefer to have my clothes made in Winnipeg like they used to be. Good quality, no loose threads.

#168 Bill Gable on 08.01.15 at 6:14 pm

Harpo will pull any stunt he can to hold on to power.

The great unwashed are screaming for a change and we have an election that is going to be long and you can bet, NASTY.

Minority – Mulcair.

Mr. Turner – you have looked Harper in the eye…..what did you see? He comes off as cold and power hungry and really wants to be counted among the big time leaders.

As if.

Thanks for this post – very interesting.

#169 TRT on 08.01.15 at 6:17 pm

At Central City Mall in Surrey at a bakery store called Maxims. By the T&T.

They won’t accept debit or credit. Just cash. Why?

Do only suckers pay taxes?

The New Canada.

#170 cd on 08.01.15 at 6:18 pm

So your line… “Journalists make lousy politicians”… made me think of Mike Duffy.

#171 DON on 08.01.15 at 6:23 pm

#162 MF on 08.01.15 at 3:28 pm

#154 Aaron on 08.01.15 at 2:03 pm

Sorry to let you know, but if you are a Gen X and 35-40+, you missed the boat and should have bought when everyone else your age did.

Houses will never be dirt cheap. Like Garth says, we are going to have a slow burn similar to what happened in the 90’s. At least, that is what would be healthiest but who knows.

If you are a millennial like me, just be patient, invest, and in about 5-10 years (my prediction), houses should be more affordable yes but not cheap.

MF
##############################

I suggest Millennials need to digest more history.

When this thing burts, more of the herd will catch the knife on the way down…trying to predict the bottom or they aren’t patients enough. Boomers, Gen Xers, Gen Yers and yes even Millennials who are over leveraged, high indebted will face the mirror. Rules will tighten, easy credit will dry up…no more going into the bank as a young person and being offered the sky…unless you have a great paying job. But for the younger workers, who are the first to (in most cases) to get the pink slips.

Books are good to read, but nothing replaces experience. Lots more to learn in life, university reminds me of an adult version of grade 1. I was in my 20s once not too long ago, but long enough and I am still learning how the real world works. The older I get I start to get that youth is wasted on the young and wisdon is wasted on the old.

#172 kommykim on 08.01.15 at 6:46 pm

RE: #152 Shawn on 08.01.15 at 1:29 pm
Efficiency and fairness to all of the world’s people demands an end to all price-fixing cartels.

Which would mean that the world’s richest nations (us) need to lower their standard of living to meet the poorest nations somewhere near the bottom.
This is the end game for free traders.

#173 espressobob on 08.01.15 at 6:46 pm

Giving your best shot at any endeavor in life is never a mistake nor should it be regrettable. It’s the intention that counts!

How would any individual know their potential otherwise?

#174 eddy on 08.01.15 at 6:55 pm

@ 154 arron

The situation you describe is from a previous bygone era.
Where I live, 416, it’s been a seller’s market for years.
Anyone waiting for a correction here has lost out.
A gut reno at 48 rhodes at coxwell gerrard just sold for
$1,125,000. The seller paid 650,000 about a year and a half ago.
He paid 50k over list then, i think it has a 23 ft frontage
Not construction, reno. This is what Mark calls an aberration.

#175 polecat on 08.01.15 at 7:04 pm

Hey Smokey, post#92, like the Doors reference. We should get together, have some of my shine and hatch a plan, I could learn a lot from you, oh, and bald is beautiful, chicks dig it.

#176 Julie K. on 08.01.15 at 7:33 pm

Riveting.

#177 earthboundmisfit on 08.01.15 at 7:34 pm

Should have applied one of your size nine and a halfs directly to his nuggies, right then and there. Then crossed over to the bright side of the road.

#178 house market on the edge on 08.01.15 at 7:39 pm

The housing market in Canada is on the edge especially in toronto and Vancouver where the housing bubble has been inflated by cheap credit and fraud. Yes not only cheap credit is the problem as we have outright fraud. The tip of the iceberg has been exposed where 45 brokers from just one single mortgage company was forced to halt trading and reveal almost one billion in mortgages don’t even make the smell test. We all know many who borrowed stupid sums of money by crooked mortgage brokers who somehow manage to get them the money. How many do you know have bragged of a crooked mortgage broker? If CMHC was to open up its mortgage loans the fraud would be mind blowing. The house of cards of illusion will crumble.

#179 house market on the edge on 08.01.15 at 7:45 pm

Mind you 45 broker from one mortgage company in just one year gave out one billion dollars in below sub prime mortgages. We know most of CMHC is at best is sub prime mortgages

#180 Shawn on 08.01.15 at 7:47 pm

Meet You in the Middle?

#172 kommykim on 08.01.15 at 6:46 pm responded to me:

RE: #152 Shawn on 08.01.15 at 1:29 pm
Efficiency and fairness to all of the world’s people demands an end to all price-fixing cartels.

Which would mean that the world’s richest nations (us) need to lower their standard of living to meet the poorest nations somewhere near the bottom.
This is the end game for free traders.

*****************************************
Certainly the standard of living of the protected dairy farmers and eggs farmers would fall under free trade.

Not so sure the standard of living of the median family in North America would fall. Free trade brings efficiencies and can certainly pull up poorer countries but may or may not pull down the rich.

The economy is NOT a zero sum game.

Anyhow, bring on free trade and fairness and let the chips fall where they may. The best people regardless of where they live will always do okay under a fair system.

#181 Daisy Mae on 08.01.15 at 7:47 pm

#156: “Something is bound to break soon. The tension in Toronto is tangible. I’ve never witnessed as many incidents of road rage and cars hitting pedestrians and cyclists as this year. People who are not deeply indebted just don’t act this desperate.”

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

Many have reached the boiling point –anger, frustration, fear is evident. Many are withdrawing, just plain scared. Everyone is affected. I’m hiding in the closet…don’t spend, just biding time.

Garth has been warning us for literally years.

#182 Shawn on 08.01.15 at 7:48 pm

Nationalism…

Is so old fashioned. It really ought to be restricted to which sports team we root for. Globalism is the future.

#183 devore on 08.01.15 at 7:51 pm

#133 waiting on the westcoast

Wouldn’t it being a truism mean that it is the ultimate of meanings…? It is by definition the meaning… ;-)

It says nothing meaningful and does not advance the conversation or debate. It doesn’t even provide any relevant facts. The only response possible, if any, is ‘ok, and?’ If you have something to say, dig up some information to share with everyone, or state a personal opinion.

#184 Smoking Man on 08.01.15 at 8:10 pm

#163 MSM-Free Zone on 08.01.15 at 4:52 pm
161 Smoking Man on 08.01.15 at 3:26 pm
“….Me and the boys having some fun. Ashmans dad was flying the mother ship.. When you see that streak going from left to right… That was me……..”
_________________________

Careful, up there buddy.

It’s that time of the year again, the Perseid Meteor Shower, which peaks this year again on August 13th. That’s some serious galactic Pan Am traffic over the next two weeks.

Took a honey-bee in the neck on the Harley on the 400 the other day. Can’t imagine dodging space rocks in a vacuum at the speed of light.

btw, do they have HOV lanes up there? Inquiring minds need to know….
……..

Piece of cake, the orange plasma is anti matter. Any mattet that comes in contact with it is instantly turned to energy which helps fuel the craft..

All controlled with brain waves…

#185 BS on 08.01.15 at 8:12 pm

At Central City Mall in Surrey at a bakery store called Maxims. By the T&T.

They won’t accept debit or credit. Just cash. Why?

Do only suckers pay taxes?

The New Canada.

No, nothing to do with taxes. Ask yourself why are you shopping there? Low prices is my guess. They do not accept credit cards because credit cards charge 3% on the transaction. That would be passed on to you. They are catering to penny pinchers like you who will settle for nothing but the lowest price. The fact you shop there proves the point.

#186 Shawn on 08.01.15 at 8:25 pm

Nationalism

Will it ever have the same connotation as Racism? How different is it, anyhow?

At one time favoring “your” own (as if you owned it) race was considered to be common sense. No more.

#187 BS on 08.01.15 at 8:28 pm

Which would mean that the world’s richest nations (us) need to lower their standard of living to meet the poorest nations somewhere near the bottom.
This is the end game for free traders.

You state Canada is one of the worlds richest nations now. We entered into free trade (NAFTA) almost 25 years ago. The US also entered into the same agreement almost 25 years ago and is the worlds richest nation with the strongest economy. Can you connect the dots?

Try moving to North Korea or Cuba. There you will find virtually no trade. Leftist panacea I am sure.

#188 Andrew Woburn on 08.01.15 at 8:30 pm

166 Renter’s Revenge! on 08.01.15 at 5:28 pm
#162 MF:

“Houses will never be dirt cheap.”

So what you’re sayin’ is, because of the irrational obsession over land by the majority of the population, housing will never be a good investment based on rent saved, and so it should it only be thought of as an item of consumption, and not bought until one has more money than they know what to do with?
===========================

The trouble is if everybody wants 1970 lot sizes at 1990 prices five miles from the centre of one of ten major cities, it doesn’t work.

#189 Andrew Woburn on 08.01.15 at 8:33 pm

#128 LL on 08.01.15 at 10:07 am
… I am not impress by big tittle
========================

Not even Kim Largeassian?

#190 Broke Dick on 08.01.15 at 8:42 pm

#171 DON on 08.01.15 at 6:23 pm
#162 MF on 08.01.15 at 3:28 pm

#154 Aaron on 08.01.15 at 2:03 pm

##############################

I suggest Millennials need to digest more history.

When this thing burts,

+++++++++++++++++++++++++++++++++
I, for one, see no benefit in things burting

#191 Estrella on 08.01.15 at 9:11 pm

Helena (and company) was my rep. I still don’t know how that conviction got discharged. Wouldn’t have been had he been anyone else in my humble opinion. I was embarrassed to be in my riding during that whole episode. I have a gut feeling not all was revealed.

Furthermore, my 18 year son (barely 18), who is very excited to be voting for the first time, tells me he’s voting for Justin. ,,,,, Must take after his father I guess.,,,

My 21 year old is at UWO, and probably doesn’t know where to vote, and just doesn’t care.

Hudak didn’t lose the election per say, he just helped Wynne “win” it. He showed his Ace’s way too soon. I would not want to be his partner in a card game.

#192 Nosty, etc. on 08.01.15 at 9:46 pm

#104 Ryan on 07.31.15 at 11:30 pm — “And now look once again the Jays are getting really good again as we enter economic disaster.”

Are Cito Gaston and Tom Henke still around? You could be on to something here. Maybe it’s Venezuela’s collapsing socialistic medical system (ask SMan about Ontareeeowe), Russia preparing or Sony having a whoopsie moment.

But it could be something else — Variation on a theme or a kaleidoscope of nukes.

BTW, why does ISIS / ISIL / al CIAda never attack Israel? Oops, my bad. I forgot they’re all a CIA / Mossad invention.

#184 Smoking Man on 08.01.15 at 8:10 pm — “All controlled with brain waves…”
Which rules me out!

#193 SWL1976 on 08.01.15 at 9:56 pm

#167 DON

#142 TPP Advocate

Looks like Harpo’s man, Ed (not so) Fast blew the TPP negotiations

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

Sorry – balance needs to be applied to this so called globalism.

I do not care to buy milk from other countries, I support my local economy. I don’t need so called organic milk flown in from another country.

Don clearly understands that the TPP is globalist poison that we need not be a part of.

If trade deals signed in secret and remain classified for 4 years after being signed does not bother you… Well then you should pay more attention to the direction things are going.

I’m sure though the plan now will be to panic and scare the Canadian public into needing this deal so bad that we jump in with both feet before we fully understand the quagmire that is the TPP and the TiPP

#194 Obvious Truth on 08.01.15 at 10:08 pm

#180 Shawn on 08.01.15 at 7:47 pm
*****************************************
Certainly the standard of living of the protected dairy farmers and eggs farmers would fall under free trade.

Not so sure the standard of living of the median family in North America would fall. Free trade brings efficiencies and can certainly pull up poorer countries but may or may not pull down the rich.

The economy is NOT a zero sum game.

Anyhow, bring on free trade and fairness and let the chips fall where they may. The best people regardless of where they live will always do okay under a fair system.

——————————————-

The chicken and dairy farmers only suffer because they created a ridiculous protectionist system to begin with.

Get rid of these fake protections and Don who wants great local products will get way more. Bureaucrats and politicians don’t protect you. This you should know by reading this blog.

Let’s bury crony capitalism. State rules shouldn’t create protected rich at others expense.

From Wikipedia

In Canada in 2011, there were 985,300 dairy cows on 12,746 farms across the country, an average of 77 cows per farm.[2] From 1971 to 2011, the number of dairy farms in Canada has dropped by 91 percent. Quebec and Ontario are the major dairy producing provinces with 49% and 32% of the farms, respectively.[2]

Dairy farming is subject to the system of supply management. Competition, both domestic and international is severely limited, restricting supply and greatly increasing profits for dairy farmers while greatly increasing the price of dairy products for consumers. Indeed, incomes of dairy farmers are consistently higher than incomes of farmers in other agricultural sectors.[3] Due to supply management, the Canadian dairy industry is isolated from the global market, and the almost all the dairy produced in Canada is consumed in Canada, and almost all of Canadian dairy consumption is from Canadian farmers.

#195 SWL1976 on 08.01.15 at 10:09 pm

#142 TPP Advocate

How about a column on the TPP ?

Here’s an article that touches on the TPP

http://www.realitynext.ca/soft-despotism/

and is you could rebuttal with some positive notes…

I’m interested to hear them

#196 Smoking Man on 08.01.15 at 10:15 pm

#192 Nosty, etc. on 08.01.15 at 9:46 pm

Nosty, how you doing? … You up for Burning Man 2015. AUG 20TH

Lets go..

#197 DON on 08.01.15 at 10:38 pm

#190 Broke Dick on 08.01.15 at 8:42 pm

#171 DON on 08.01.15 at 6:23 pm
#162 MF on 08.01.15 at 3:28 pm

#154 Aaron on 08.01.15 at 2:03 pm

##############################

I suggest Millennials need to digest more history.

When this thing burts,

+++++++++++++++++++++++++++++++++
I, for one, see no benefit in things burting
***************************************

Clearly a spelling mistake…pile on though. English Degree I suspect.

Forget about the substance spelling is everything.

#198 DON on 08.01.15 at 10:44 pm

#193 SWL1976 on 08.01.15 at 9:56 pm

Don clearly understands that the TPP is globalist poison that we need not be a part of.

If trade deals signed in secret and remain classified for 4 years after being signed does not bother you… Well then you should pay more attention to the direction things are going.

I’m sure though the plan now will be to panic and scare the Canadian public into needing this deal so bad that we jump in with both feet before we fully understand the quagmire that is the TPP and the TiPP
***********************************

The done is secret is the key… why in secret? especially as it will benefit the public????.

The BRICS has been busy and the West needed to being doing the same (IMO).

#199 DON on 08.01.15 at 10:45 pm

OOPS! grammar mistake in my last post – fixing as some might not be able to understand.

“The BRICS has been busy and the West needed to be seeing doing the same (IMO)”

#200 Bottoms_Up on 08.01.15 at 10:56 pm

#131 Dominoes Lining Up on 08.01.15 at 10:26 am
———————————–
USS subprime and CMHC are two completely different beasts.

Read ‘the origins of the financial crisis’ by The Economist. It is clear what happened in the USA is no where close what is going on in Canada. Sure if we were bundling subprime mortgages into ‘CDOs’ and selling them as AAA rating to european banks, sure then maybe something similar could happen here…but we don’t have subprime (by the big banks at least), and a drip in house prices in canada is not going to freeze worldwide financial markets….

#201 Bottoms_Up on 08.01.15 at 11:04 pm

#132 Londoner on 07.31.15 at 12:17 pm
—————————————–
I bought in 2009 (after carefully considering Garth’s advice). I had to show the bank my letter of employment and recent paystub.

#202 nonplused on 08.01.15 at 11:06 pm

I personally am not returning to “autumnal sobriety”, or any other type of sobriety, any time soon.

Sobriety is a lot like virginity. You can stay in the club as long as you want, but you’ll be the only member.

#203 MF on 08.01.15 at 11:20 pm

#166 Renter’s Revenge! on 08.01.15 at 5:28 pm

No. I didn’t say that at all. I said you shouldn’t be waiting for 1991 prices to arrive again like Aaron sounded like he wanted in his post. Isn’t going to happen because like you said “irrational obsession” exists in the majority of our population. I then cited Garth’s post about the last collapse from a few days ago. Then I said to wait for affordability to increase and invest in the meantime. Then buy when you can afford it. You basically reiterated my point so thanks.

#171 DON on 08.01.15 at 6:23 pm

Hey I’m 32. i’m not 21 (I wish). What you say is similar to what my older boomer parents said about the last collapse, and it was more or less confirmed by Garth a few days ago. I still don’t think 1990’s prices will ever be here again, and many people in their late 30s and 40’s who did not get in on this run up missed the boat unfortunately.

By the way, my boomer parents were the ones that talked me out of purchasing a condo in 2012 because they thought it all looked similar to 1989. Bottom line: not all us millennials are so naive.

MF

#204 MF on 08.01.15 at 11:22 pm

#192 Nosty, etc. on 08.01.15 at 9:46 pm

I can’t take it anymore. I hope this is not deleted so I will say it in typical polite Canadian fashion with a “sorry” first.

->I am sorry, but please spare us your conspiracy theory garbage. You cheapen this pathetic blog. Sometimes things just happen out of coincidence. Get over it and please stop poisoning people’s minds.

MF

#205 chapter 9 on 08.01.15 at 11:27 pm

Well, perhaps Stephen should look at the Hebrew calendar. Elul 29 fell on Sept.17/2001, 6 days after 9/11 and the stock market had it’s biggest drop since the great depression,exactly seven years to the day on Sept29/2008 Elul 29 the stock market dropped 777 points and we all know what happened there. The next seven years cycle(Shemitah year)Elul 29 ends Sunday Sept.13/15. Could be interesting!!

#206 triplenet on 08.01.15 at 11:44 pm

#13 Van real

The value of the whole must exceed the sum of the parts. Plottage.

#207 Nosty, etc. on 08.02.15 at 12:01 am

#196 Smoking Man on 08.01.15 at 10:15 pm — “Nosty, how you doing? … You up for Burning Man 2015. AUG 20TH. Lets go..”

Hey SMan. Doing well. I checked out some Burning Man sites. Gotta say, it sounds / looks like a blast, but have to decline. BTW, check this out. Read it and laugh / weep, take your pick.

#208 Russ L on 08.02.15 at 12:19 am

Hi Don,

You might want to comment on your statement:
“The done is secret is the key… why in secret? especially as it will benefit the public????.”

The first “is” seems awkward.

#209 kommykim on 08.02.15 at 12:50 am

RE: #180 Shawn on 08.01.15 at 7:47 pm
The economy is NOT a zero sum game.

Correct, but the Earth certainly is. There are only so many resources to go around. The entire world can not live like a North American. It is even doubtful that we can sustain North America’s life style alone at the current rate of consumption.

The best people regardless of where they live will always do okay under a fair system.

The mistake most people here in North America make is that they think that they are somehow better and smarter than people in other countries. Witness Japan in the 1970’s. Westerners laughed at Honda and Toyota vehicles until the oil crisis hit. Today Toyota outsells every car company in the world except VW.

Free trade will work for us in the transition phase. But slowly, jobs will be lost to those overseas where wages are cheaper, taxes are lower, regulations are laxer. Supply and demand will dictate lower wages for North Americans so that we can compete. It has already started.

#210 Nagraj on 08.02.15 at 12:53 am

Deer DON,
Yor remarck abowt spelling is knot kwite rite. The prawblem is rilly that spelling and prohnonetziayshen in Inglish is too diffrent things. Whaught a mess. For igsampel, off is spelled off but koff is spelled cough.
Yores trooly, Nagraj

PS: Why kant yoo peepl right the way yoo tawk? Lurning Inglish is a reel pane in boath the but and the brane.

#211 kommykim on 08.02.15 at 1:08 am

RE: #187 BS on 08.01.15 at 8:28 pm
You state Canada is one of the worlds richest nations now. We entered into free trade (NAFTA) almost 25 years ago. The US also entered into the same agreement almost 25 years ago and is the worlds richest nation with the strongest economy. Can you connect the dots?

Yea I can. We rank 20th in gross domestic product (at purchasing power parity) per capita and the USA 10th. We lost with NAFTA:
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28PPP%29_per_capita

#212 Teletran on 08.02.15 at 8:13 am

#58

There were 56k births in Alberta in 2013/2014:
http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/demo04a-eng.htm

Population of Calgary is 1.09 million. Population of Alberta is 4.14 million.

You could approximate and say that the number of births in Calgary was: 1.09/4.14*56k = 14.9k

Not anywhere close to 36k.

#213 lurker on 08.02.15 at 8:56 am

I just paid off the mortgage, am debt free (36 years old in Toronto), and i’m considering pulling 200k off the house through my HELOC and investing it Canadian dividend stocks in my non registered account (favourable tax treatment). My RRSP & TFSA are maxed. I can borrow at about 2.5%, write off the interest as an investment loan, and get about 4% + any dividend growth moving forward. Obviously there’s risk, but even if things go sideways, I can manage to repay the 200k (which is less than 30% of the equity in my house). Thoughts?

#214 jeff on 08.02.15 at 9:53 am

Garth, you’re pretty sharp re. personal finances, but how could you have not seen through Harper’s B.S. long before he pulled you into his office? even before he made PM, I could tell he was a control freak, kinda like Deb Grey, Preston, etc….you didn’t see this? I’ve always been curious

#215 NoName on 08.02.15 at 9:56 am

@DON
“The BRICS has been busy and the West needed to be seeing doing the same (IMO)”

BRICS was bussy importing our inflation and pollution.
Out of all BRICS countries, Brazil is only what I would call “normal one”, and I have many reservations about other 4. No matter how hard they tried to make that their bank of bricks wont work, they are lot smaller economies that people usually think, and very volatile on top of that.
For all bricks combined total GDP I smaller that USA.
so last night I made this simple table to compare
(per-capita GDP). BRICS vs G8 (Russia excluded) so its more like G7.
conclusion
3x more people 1/2 less of an GDP vs G8-rus, 2 out of 5 countries are severally overpopulated that bring whole new sets of problems for them, other 2 are in a state of disrepair, and on a funny note, in brazil employees have to “shake off” snake from production equipment before shift starts.

http://oi59.tinypic.com/33f704g.jpg

@KommiKim
I am not fan of nafta, we did lost lots of manufacturing due to it (nafta), but did we ever export lots of pollution that would otherwise stayed here. in my opinion standard of living didn’t decreased that much since, for now anyways, that is yet to come.
I prefer where to be born index over the
gdp-percapita.

https://en.wikipedia.org/wiki/Where-to-be-born_Index

#216 maxx on 08.02.15 at 10:02 am

Never in my life have I seen, heard and read more frustrated, angry and disillusioned Canadians.

We deserve so much better.

#217 Smoking Man on 08.02.15 at 10:20 am

#207 Nosty, etc. on 08.02.15 at 12:01 am
#196 Smoking Man on 08.01.15 at 10:15 pm — “Nosty, how you doing? … You up for Burning Man 2015. AUG 20TH. Lets go..”

Hey SMan. Doing well. I checked out some Burning Man sites. Gotta say, it sounds / looks like a blast, but have to decline. BTW, check this out. Read it and laugh / weep, take your pick.
…….
Abviously re 911

But then when the wild beast is cornered :

Samson option will end us all.

Hopefully level headed Isrealies over there tose the old phycos running the show into the Mediterranean sea.

It’s up to their millennials to save humanity.

#218 Dan on 08.02.15 at 10:22 am

Transports are setting up to breakout huge. The destruction in commodities is going to fuel the next leg up in US equities.

Mining companies are getting destroyed, by CB design IMO. We are seeing capital flight into the US based on nothing more than relative tightness in monetary policy. As long as foreign central banks are willing to coordinate with the Fed, there is zero chance of a stock market correction in the US.

One thesis I had that looks like it about to go down in flames is that the S&P could not advance to new highs unless the Fed further expanded its balance sheet. Looks like I am about to be proven wrong. The CBs really are in total and complete control, and as long as they are all conspiring and coordinating together, there is nothing that can stop them.

Short of some radical political upheavel at a superpower, there is nothing that will break this cycle other than the CBs deciding they want to flip the capital flow switch, which could be 20 years from now.

#219 Daisy Mae on 08.02.15 at 10:47 am

CBC: “The election campaign, which will last 11 weeks, or 78 days, will be one of the longest in the country’s history.”

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

Sure. Why not? He has more money to spend on his campaign than the other two parties. What a devious, contemptuous, horrible man….and we’ll be so tired of it all by October.

#220 DON on 08.02.15 at 11:16 am

#208 Russ L on 08.02.15 at 12:19 am

Hi Don,

You might want to comment on your statement:
“The done is secret is the key… why in secret? especially as it will benefit the public????.”

The first “is” seems awkward.
********************************

Yesterday, I made one grammar mistake and the rest were on purpose. People need to start reading between the lines. “The done in secret” does that help. That fact that secret was in the sentence was the main point. I could have just written “secret”.

In this election I hope people look for substance and shut off the idiot box when the attack ads come on. This is your future you are voting for. Research and think about things or suffer the consequences of another 4 years of crap.

#221 Godth on 08.02.15 at 11:16 am

#204 MF on 08.01.15 at 11:22 pm

Ah, we have a coincidence theorist – every coin has two sides. You guys should get together and appeal legal systems to take conspiracy out of the criminal code. Maybe we could start calling all the whacko conspiracy theorists Machiavellian theorists? History is fun.

https://en.wikiquote.org/wiki/Conspiracy

Julian Assange: the Untold Story of an Epic Struggle for Justice
http://www.counterpunch.org/2015/07/31/julian-assange-the-untold-story-of-an-epic-struggle-for-justice/

#222 the Jaguar on 08.02.15 at 11:16 am

Nosty 192 – ignore the comments of MF.
I love your conspiracy theories. They’re fun.
A little comic relief from some of the other comments.
Politics does have an impact on global financials, after all.

#223 DON on 08.02.15 at 11:31 am

#215 NoName

Regarding the BRICS.

The west in general is treading water. The BRICs (not covered in MSM) are busy making trade and security deals in their own currencies. Russia is moving towards self sufficiency in many areas. Globalization can be used for good and bad. The whole jist is…Why would I support the global economy when my local one is suffering. Charity begins at home. I will pay more for local quality products, no need to mass produce. I buy for quality…I don’t need to shop to make myself feel better. But I do need to see my local economy doing better.

#224 DON on 08.02.15 at 11:33 am

#210 Nagraj on 08.02.15 at 12:53 am

Deer DON,
Yor remarck abowt spelling is knot kwite rite. The prawblem is rilly that spelling and prohnonetziayshen in Inglish is too diffrent things. Whaught a mess. For igsampel, off is spelled off but koff is spelled cough.
Yores trooly, Nagraj

PS: Why kant yoo peepl right the way yoo tawk? Lurning Inglish is a reel pane in boath the but and the brane

*******************
Thanks LOL

#225 Shawn on 08.02.15 at 11:43 am

Can everyone on earth live well?

KommyKim at 209 claims:

The entire world can not live like a North American.

***********************************
Is that really true? I understand that in China the number of people living a good living standard (similar to North America) is greater than the population of the USA. Hundreds of millions around the world (perhaps a billion or more) have gone from an agricultural to an industrial and post-industrial economy in the space of a few decades. Meanwhile North American living standards continued to improve.

#226 Godth on 08.02.15 at 11:48 am

#204 MF on 08.01.15 at 11:22 pm

Machiavellianism
https://en.wikipedia.org/wiki/Machiavellianism

Here’s a fun example:
https://en.wikipedia.org/wiki/Operation_Gladio

…but then all this monkey business is nothing new.
https://www.youtube.com/watch?v=A4UMyTnlaMY

#227 Shawn on 08.02.15 at 11:54 am

KommyKim at 211 said:

We rank 20th in gross domestic product (at purchasing power parity) per capita and the USA 10th. We lost with NAFTA:

*****************************************
I think that is false logic on three points:

1: The fact that the relative ranking of Canada and the USA may have fallen under NAFTAsays nothing about what would have happened without NAFTA.

2: The fact that the relative ranking may have fallen says nothing about the absolute standard of living in Canada and the USA which have clearly risen. (Most Canadians and Americans live in bigger and nicer houses per capita, most drive far more reliable cars and have one per driver now, All have access to vastly improved communication and entertainment systems, the retail space per capita has increased as most have more wealth to buy more things that they happen to want — most are well beyond needs)

3. Really what is this “we”. Canada and the USA are not collectives. People should concentrate on whether their own living standard is better and improving. How does it benefit a poorer Canadian if the average Canadian is living better than the average person in China? There is really no “we”, as in all Canadians. That has little or no relevance. The economy is mostly not a game played by nations but by individuals and corporations. Winners win, wherever they live.

#228 Blacksheep on 08.02.15 at 12:00 pm

MF # 204,

“I am sorry, but please spare us your conspiracy theory garbage. You cheapen this pathetic blog. Sometimes things just happen out of coincidence. Get over it and please stop poisoning people’s minds.”
————————————————–
You don’t like it, skip it, but don’t dare suggest Garth censor the message cause you personally dislike the content.

I don’t always agree with your links Nosty, but keep on posting them.

I’ll decide what to believe.

#229 Godth on 08.02.15 at 12:09 pm

#225 Shawn on 08.02.15 at 11:43 am

Your positivist ideology is beyond the pale, in fact you’re not even positivist as the known ‘facts’ don’t even support your lunacy.

If you think that 5% of the world’s population consuming 25% of the resources is something that can exported (or should be) to the rest of the world then the USA can get rid of it’s military machine and we can all sing kumbaya.
https://www.youtube.com/watch?v=qHr8OzaloLM

#230 S.Bby on 08.02.15 at 12:28 pm

#13 Van real:

http://www.vancouversun.com/business/Density+drives+Vancouver+land+assembly+gold+rush/10995841/story.html

Individually, the older, 50- to 60-year-old homes might only fetch between $2 million and $2.5 million. But sellers hope if their land is sold as a single parcel, it can be rezoned for a condo or townhouse complex and be worth double that amount to a developer.

#231 DON on 08.02.15 at 12:30 pm

#203 MF on 08.01.15 at 11:20 pm

@#171 DON on 08.01.15 at 6:23 pm

Hey I’m 32. i’m not 21 (I wish). What you say is similar to what my older boomer parents said about the last collapse, and it was more or less confirmed by Garth a few days ago. I still don’t think 1990’s prices will ever be here again, and many people in their late 30s and 40’s who did not get in on this run up missed the boat unfortunately.

By the way, my boomer parents were the ones that talked me out of purchasing a condo in 2012 because they thought it all looked similar to 1989. Bottom line: not all us millennials are so naive.

MF
*************************************

Hi MF,

I get what you are saying…prices will not revert back to 90’s that is a given nor do I expect them to. But is the 90’s prices were high relative to 90’s wages. Minimum wage was around $6-7 if I remember correctly. Credit was tight, no lending unless you had a full time stable job…problem for the the recent grads at the time were no jobs, boomers were far from retirement and jobs were on the decline. Credit for young people was hard to get. Banks wouldn’t even give you a credit card and new cars (for kids) were only for more affluent families. And you didn’t buy a new care every 4 years. Then internet was not with us until 96 (public use) and was very basic. Banks would not lend money to buy a house unless you had the down payment and good jobs. Houses on average were still under 200K maybe even less. Now house prices have detached from incomes. Credit is easy to get. The boomers are watching their children buy at unprecedented levels, (houses with all the bells and whistles) new cars (sometimes 2), big vacations, atvs, phones, etc etc.

When people talk about house prices reverting to the mean, it is not the 90’s mean it is the early to mid 2000s when this whole bubble really started to take off. Yes the smart ones who bought early and sold – received a windfall if they invested the money. Most played the move up game and bought more expensive houses. People in general do not like to move, it is way to hard for them. People are sitting on paper wealth and yes you can borrow against it but when the principal finally comes down – shit storm occurs, divorce rates go up etc etc. (Marriage is a forever thing until the day after the divorce). Divorce rates go up as financial pressures increase. (80’s crash). By the way the big crash in BC was in the 80’s. Forestry jobs, fishing etc were being lost.

Not all boomers mislead their children, but per capita…YIKES. Most are going into retirement on the premise that something will happen to take care of them, besides they have for the most part lived through an era of constant growth. (Of course not all boomers have benefited) For instance look at all the job our boomers parents got right out of high school, that now require degrees, certificates etc.

There used to be a time when one had to wait for strawberry season to access fresh juicy berries. But now you can get the big (no taste) ones in January. Most everyone had a garden. People saved and then bought. Cars were made out of thick steel. Chip bags were full…not half full or the constant downsizing of packaging but still paying the same price or lack of quality ingredients.

In the end a house is only worth what a buyer can afford. Once the easy credit is shut off…ouch. Paper gains will disappear but the principal owing will not. Now will finally have proof about liar loans in Canada.

Schools need to teach courses in logic, ethics and commonsense financials. I have been watching the boomers for years, right behind them and when they started to take over the reigns of power/politics I thought YIKEs. There was a time when politicians would resign when caught over spending on lunch but now even if they are caught in scandals…a mere “oops was that wrong?…okay…Sorry”.

My theory is that in today’s world via housing most feel a sense that they are rich and no longer concern themselves with politics/economy. But when the house of cards collapses and most feel poorer, anger will be coming ten fold. Alberta is a perfect recent example still boiling.

Things go up in degrees and then come down in degrees. By the way when I hit my early 30’s I realized I was just starting to learn how things really worked. How many of your friends are paying attention, I have younger siblings I constantly have to inform. Not to say they aren’t smart, capable, just haven’t lived long enough to understand how all the pieces of the puzzle interact and fit together. But then again some people will never choose to understand – head in sand on purpose.

This is not meant to belittle you in any way. The fact you are on this blog says something.

Food for thought…conspiracy theorists exists because the truth is still has yet to be presented. People who have something to hide discredit others by call them crazy etc etc. the one thing the boomers and took from highschool and are in general still holding on to. Look how Garth was treated by his former political boss. A good boss/person would have said “Holy Shit Garth…how do you see us getting out of this”. He should have been promoted.

The bosses I work for are constantly vying for their bosses attention and heaven forbid you show them up by just simply doing your job right.

Sorry for the long posts dogs.

#232 S.Bby on 08.02.15 at 12:31 pm

#169 TRT:
At Central City Mall in Surrey at a bakery store called Maxims. By the T&T. They won’t accept debit or credit. Just cash. Why?
———————
Tax evasion?

#233 Joe2.0 on 08.02.15 at 1:13 pm

FEDs 0 interest pushing 2400 days.
That’s 61/2 years.
And nothing’s fixed.

#234 Leo Trollstoy on 08.02.15 at 1:15 pm

Reading these posts is giving me aids.

#235 NoName on 08.02.15 at 2:22 pm

#223 DON on 08.02.15 at 11:31 am

“I will pay more for local quality products…”

Good now I know that you are not shopper at famous Canadian company dollarama.

I drive “import” just because car is made in Canada, and my friend that is driving “domestic” which is made in mexico, have “out of the job yet” sticker on a rear bumper, go figure that one.

So can you name me at least 5 quality locally produced consumer product around you that you are using daily and that they are made in Canada with in a hand reach. I’ll drop what I am doing and go in the store look for them and buy them my self.

I just checked 35-40 items with in my hand reach, that have made in sticker on it. There is nothing made in Canada other than a house (no sticker).

things that are made in Canada that I know
1 House is definitely made in Canada
1 Car is probably 80% made in Canada, and car is referred as “imports” by secret auto works union.
4 misc item that I use daily (2 japan 1 usa 1 china)

Let me tell you story about me buying local produce. Since we moved here every year when farmers from Hudat’s riding would open their “local fruit/vegetable” roadside stands I would make weekly trip to buy “fresh local produce” I felt so good every time I did that, until one time I was putting apples in a basket and one of the apples had a sticker on it stating a name of the farm, state where was grown. sku number/barcode sticker and usa in bottom part.

How did I felt that moment? ofcourse, wonderFool.

#236 Blacksheep on 08.02.15 at 2:31 pm

Conspiracy?

Most of Dogs that frequent this blog, believe the Realtor’s, banks and government have all colluded to inflate and maintain high RE prices.

But if you ask 70 % of the population about RE, you will be told it is only going up in value and you better buy now, before your priced out altogether.

How can this divergence occur, are all the RE bears at Greater Fool, nut jobs?

Of course not.

They are fundamentally correct, but fundamentals don’t account for the Cattles mentality.

Reality is, Smoking mans herd truly controls the market. Until it doesn’t and either a job loss or a simple inability to service debt comes into play. Then and only then, will the herd’s mentality swing to: It’s a bad time to own RE.

This when you’ll get your correction.

So is Greater Fool a conspiracy blog?

The average man on the street in canada would probably say, yes.

But we know better.

#237 Washed Up Lawyer on 08.02.15 at 3:01 pm

WARNING: LONG COMMENT ABOUT SEWAGE BACKUP

I comment on this perfect August day in Calgary only to extend my thanks to the three or four commenters that offered advice and information on my sewage backup of a couple of weeks ago. Wow, what perfect and helpful advice.

At the time I was faced with the prospect of random jackhammering of the laundry room floor to find the outlet of the pipe. Oh, plus old floor tiles suspected of containing asbestos which would have required the protocol for asbestos removal. ($$$$).

Fortunately, our astute and energetic insurance adjuster said, “Whoa. Stop. Let me get my guy over here.” That plumber moved the washing machine, (Doh) tapped twice on the floor with a hammer, removed one tile and there was the drain.

One commenter said a plumber could find the drain by tapping on the floor.

Another commenter said that if the house was in the NW and circa 1959, the sewage line could be made of tarpaper. Well, we are in a 1959 SW home and yes the sewage line is tarred cardboard. What did they teach civil engineers in the early ’50’s? Another commenter that was bang on.

Another commenter told me to brace myself for a bill for replacement of the sewage line in the range of $8K to $15K. We have two quotes (two different methods) at $8K and $13K.

I hope those commenters come back to this blog to receive my thanks.

This blog attracts some pretty astute folks. Thanks kennel mates.

#238 Smartalox on 08.02.15 at 3:10 pm

Stephen Harper’s taking out the trash, with one last appointment to the national energy board (the board that approves oil pipelines), a former Kinder Morgan lobbyist, no less:
http://www.nationalobserver.com/2015/08/01/news/harper-gov’t-appoints-kinder-morgan-consultant-neb

#239 BS on 08.02.15 at 3:22 pm

Yea I can. We rank 20th in gross domestic product (at purchasing power parity) per capita and the USA 10th. We lost with NAFTA

Yes Canada is 20th out of 187 nations and ahead of the UK, France, Japan, Denmark, Belgium, Finland, South Korea, Spain and Italy to name a few. We are just a hair behind Sweden and Germany. The top 5 in your referenced list are Qatar, Luxembourg, Singapore, Brunei and Kuwait. Mostly small population bases with lots of oil. Canada is doing just fine by that measure.

Your theory that suppressing third world nations will somehow help us in Canada is flawed. Canada is such a small part of the world economy we really have no impact on it with our decisions. The choice is do we participate in the global economy or not? The rest of the world is not concerned about Canada being in or not. Third world nations will progress with or without us. Free trade gives Canada access to much larger markets. NAFTA has been a success for those in Canada who chose to work hard and compete. Sure those that are waiting for government hand outs and protections didn’t do so well. Sometimes people need to look in the mirror and quit blaming others for their failures.

Furthermore protecting industries like dairy is nothing more than taxing the poor. Virtually all Canadian dairy farmers are in the top 1% of both income and net worth. They are millionaires. The consumers who spend the highest portion of their income on dairy and other protected industries like poultry are the poor who are supporting these millionaires. Think about a family of 4 who has an income of $40K per year how much extra they must spend as a percentage of income on milk, cheese, chicken, yogurt, etc to feed their families. Compared to US prices products like cheese are 80% cheaper. For someone like myself dairy and poultry amount to a rounding error in my monthly expenses. I couldn’t care less. For poor families these are staples to survive. In order to keep the inefficient industry stakeholders rich Canada is essentially taxing the poor by not allowing free trade and forcing these farmers to compete. People still have the choice to buy Canadian products with free trade. If the Canadian dairy products are so good we should be able to sell them to the US with 10 times the market. There is a huge market in the US for premium dairy. Just look at the success of Whole Foods. Free trade will make us more efficient and build wealth not create artificially high prices that are a burden for it citizens mainly the poor.

#240 Scary Sherry Walkerton on 08.02.15 at 3:28 pm

LOL….PM Harper cut the knees out from underneath the Harper Haters and public unions who had readied a war chest of members dues for a pro-opposition assault on the PM. He caught Trudy mid-vacation and forced an unwelcome ‘launch’ in Vancouver where his support is near zero. Lots of hangovers on the faces of the wallpaper people behind him. Were the Liberals the only ones who didn’t get the memo about an election call over the weekend?

Good Move Mr Prime Minister…..see Garth…you could have learned something if you’d just done your job and been a loyal member of the best club in town.

“Sometimes you write the song…sometimes the song writes you”.

I predict another landslide for our fantastic PM with Liberal and NDP defector riding’s coming into the light along with at least 8 independents. Great news for Canada. The market will like the look of a PM in charge as the bumbling start of NDP, Green and Liberal makes it look like Harper all the way.

#241 DON on 08.02.15 at 3:45 pm

#235 NoName on 08.02.15 at 2:22 pm

So can you name me at least 5 quality locally produced consumer product around you that you are using daily and that they are made in Canada with in a hand reach. I’ll drop what I am doing and go in the store look for them and buy them my self.

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I should have clarified, I buy as much as possible supporting my neighbors. I buy wood from a small mill, soap and shampoo from a small maker. Costs a little more, quality is better, use less due to better quality. I do upick berries when available. We used to live in a local economy all I am advocating for is slowly turning the tide back and having the local butcher, baker and candlestick maker. Take care of family, friends, neighbors who are in business for themselves. Less of a foot print as less transportation required. Greater diversification and logical balance.

We live locally. Globalization can be used for good and bad. I just prefer to support my community first. Gone are the days of impulse buying (buying on the spot) tired of replacing garbage products I really don’t need.

IMO

#242 DON on 08.02.15 at 3:53 pm

#236 Blacksheep

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Yup! The HERD.

You can make money off the herd, if you study the ways of the herd.