Careful wath you wish for

TAT modified

Notice the display of spleen on this pathetic blog over the last few days? Sheesh. There are a ton of people who believe in simple solutions to a wealth gap that yawns ever wider. They’ll be voting Mulcair. At least once.

Of course, I’ll say what the hipsters and wannanbes would expect from me: higher taxes on the 1% or corporations won’t do anything for the 99% or the economy. We should actually want more rich people and profitable companies. Hopefully a lot of that wealth will accrue in the hands of middle-class people and entrepreneurs, plus translate into stable, hopeful jobs.

However, the way we’re going, this won’t happen. The millennials are right in their observation. Correct in their condemnation. Understandably pissed. But they’re wrong in the approach. Raising taxes on people like me to 62% (like in Finland) with a 25% GST (as in Norway) may pad government coffers and bloat the public service with oodles of child care workers but it won’t open new factories or attract investment bucks to Canada. If it were that easy, we’d have it.

This blog isn’t about changing the world, fixing capitalism or making life just. I sat in Parliament for nine years and gave that stuff my best shot. You’re welcome to take up the torch. Knock yourself out.

Instead, this is about making the most of what we’ve all got. A key part of that, many forget, is eschewing mistakes.

The single biggest screw-up the moist ones are making now? That’s easy. Buying real estate.

Millennials, like the poor, indebted Gen Xers before them, just want to turn into their parents. They make life’s goal a house and a mortgage, putting that ahead of career or net worth. The trouble is properties have never cost more than at this moment (or represented greater risk), while our economy is turning south. Buying a house isn’t an achievement. It’s a trap.

Here’s why.

First, when virgins buy real estate they almost always have to employ extreme leverage. A 5% down payment means 19-times. Even with a hefty 10% down (thanks, Mom) the leverage is nine times. Now, buying something with a small down payment is great when prices ramp higher, but the reverse is also true. This is what young buyers in the US found – the housing correction annihilated decades of wealth-building in a few months. And never use the argument, ‘but I’ll live there always so I don’t care if prices fall’, because it’s a crock. Nobody’s first home is a forever house.

Second, logic dictates the big real estate gains are behind us, not in front of us. Yeah, it sucks. You lost the birth lottery. Deal with it. The best action now is not to buy an asset at its highest-ever price, just because everyone says it will go higher. Do you seriously believe with a 75-cent dollar, half-price oil, a slagging economy and crappy demographics that real estate has not peaked? Wait.

Third, mortgage rates have but one direction in which to travel. A five-year fixed-rate home loan at 2.4% is probably the best you’ll ever get. US rates will begin to rise this autumn and the Fed has clearly telegraphed a 1%-per-year escalation until 2017. Over 95% of the time Canadian bond rates (which determine fixed mortgages) and our central bank rate follow. Yes, you can gamble that this time will be different. But you’ll lose.

Fourth, there are better ways to build wealth, giving you options and freedom (which are the only good reasons to have money). Over the last decades stock markets have consistently outperformed residential real estate (by about 3%, after inflation). Now that a couple can shelter over $100,000 in their TFSAs (as of January), and build that by $20,000 a year, they have a money machine at their disposal which is destined to perform better than housing. What? You don’t have twenty grand a year between you to invest? Then why are you buying a semi on a dodgy street for $800,000?

Fifth, learn about diversification. More than anything else, that’s how investors avoid losses and heartache. If you leverage up a house, then become responsible for monthly overhead and an epic mortgage, odds are you have a one-asset strategy. No savings. No investments. Nothing that can go up when you real estate goes down. Bad idea.

Sixth, there are more important things your young family needs than owning a home. Like savings for the kids’ education – which costs an astonishing amount of money. So instead of forking over mortgage interest, open an RESP and fully fund it every year. Plus a spousal RRSP so you can finance maternity leaves. And tax-free or retirement accounts for later on, since we’re now in a world of declining pensions. You can always lease a roof. You can’t rent financial security.

Finally, people with houses must, of course, be rich. Rich is unfair. We hate rich. We should all be he same. In the name of equality, morality and social justice, the NDP will fix that. Oops.

329 comments ↓

#1 Fluorine on 08.09.15 at 2:34 pm

I can’t wait until the election is over, and we can go back to talking about Finance.

#2 crowdedelevatorfartz on 08.09.15 at 2:37 pm

#
Eighth:
Never sit back and let your financial advisor do everything. Review your statements. Ask questions. educate yourself on the markets and where the herd is flowing. Repeat.
Advisors are human( present company excluded Garth), they make mistakes….. They may over invest in RRSP’s, underinvest in TFSA’s, etc,etc,etc….
Trust no one

#3 jean on 08.09.15 at 2:46 pm

So I’m guessing from now until election day we are going to get shrill scare stories about anyone but Harper. But I think you fail to recognise how toxic Harper is for some of us. I will vote for “anybody but Harper”. The economy is only a tiny part of his failures. So for those of us who will not consider Harper no matter what, what then? Stay home, don’t vote? Nope, I will be voting for whoever I think can send this man packing. End of story, and economics be damned.

Vote for something, not against. Pick the best man/woman in your constituency. — Garth

#4 Martin on 08.09.15 at 2:51 pm

LEts run a poll on Who Wins election

#5 Squatter on 08.09.15 at 2:51 pm

Title should be:
Careful waht you wish for

#6 Marco on 08.09.15 at 2:52 pm

Thanks Garth,

“Entrepreneurs” are what we need in the clean tech sector. We need to get our collective heads out of the oil sands and look around at what’s happening in the new clean tech industry worldwide. Not saying the two can’t work side by side but to have most eggs in the oil basket is a big part of why Canada is in a recession.
Canada could be a leader in the clean tech industry instead of in tenth place.

Vote for the party that you think will help pave the way for entrepreneurialship in the clean tech industry.

This is where many future jobs can and will be created in Canada.

Just my two cents worth.

Cheers.

#7 Maxwell C. on 08.09.15 at 2:53 pm

Second!

” You can always lease a roof. You can’t rent financial security.”

One of my new favourite quotes. Thank you.

#8 "talking about Finance" on 08.09.15 at 2:57 pm

Election is political fight over the finance of the country.
Lower case “f”.

#9 Yonder Louie on 08.09.15 at 2:59 pm

Garth, you say rates will increase..Europe has gone to negative rates..could it happen here?

Nope. – Garth

#10 LowRent of Arabia on 08.09.15 at 3:02 pm

Still no sign of a significant move towards a large increase in committed sellers. Job losses, mortgage monthly increases due to interest increases, divorces, boomers downsizing etc does not seem to be materializing. Ergo no huge buildup of inventory with a buyers market and prices set on the margin.

Black Swans are always a possibility but it seems there may be a slow levelling and then decline with the governments tinkering all the way lower to prevent a massive bubble pop.

People may see years of paying down mortgages with their equity virtually staying the same.

Talk about working for “the man”.

Sometimes Doom and Gloom comes in the way of a 1000 cuts.

Still some room for this gasbag to inflate more but my acorns are too small to have the courage to be a flipper in this late stage.

#11 BS on 08.09.15 at 3:02 pm

Raising taxes on people like me to 62% (like in Finland) with a 25% GST (as in Norway) may pad government coffers and bloat the public service with oodles of child care workers but it won’t open new factories or attract investment bucks to Canada.

Imagine living in the Scandinavian counties with those tax rates. In order to have $30 is disposable income to buy goods you need to make close to $100. You earn $100 and the government gets $70 of it. No thanks.

#12 clean tech sector on 08.09.15 at 3:03 pm

#4 Marco

“Entrepreneurs” are what we need in the clean tech sector. We need to get our collective heads out of the oil sands and look around at what’s happening in the new clean tech industry worldwide.

The issue of energy is ideologically loaded in Canada.

Elon Musk left Canada as quick as he could in order to be able to become the entrepreneur he is now.

#13 hohoho on 08.09.15 at 3:06 pm

I submit that in times of plenty people tend to want things to be their own, in times of scarcity people tend to want things to be shared, that is just human nature.

thus economic booms give raise to capitalist governments, and economic busts give raise to socialist governments, c’est la vie.

https://en.wikipedia.org/wiki/Yin_and_yang
“… apparently opposite or contrary forces are actually complementary, interconnected, and interdependent in the natural world, and how they give rise to each other as they interrelate to one another.”

normally the conservative/liberal power rotation is sufficient, little did Stevie realize that, by going to such conservative extremes, it will take NDP to “restore the balance in the universe” …

#14 Guy Willoughby on 08.09.15 at 3:06 pm

Good article. A vote for the socialists is the peoples way of expressing dissatisfaction with the way things are. What you sagest is in line with what Casey Research and others recommend.

Through out history, people have always liked to blame the 1% for hard times. The truth is that the 1% have no plans of taking us back to feudalism and enslave the masses. The truth can be much more mundane than that.

As Bill Bonner points out, a lot of company executives nearing retirement sold off portions of companies to off shore companies to bump up company profits and ride off into retirement with a large bonus cheque.

Eventually this will all turn around. Of course, politicians will take the credit for the natural business and demographic cycles.

#15 blood ran cold on 08.09.15 at 3:10 pm

I read this and my blood ran ice cold. As one of the despised government workers with a defined benefit plan, one would think I’d be voting for the bearded dude in the upcoming election. Not after reading this:

http://www.cbc.ca/news/politics/linda-mcquaig-says-oilsands-may-have-to-be-left-in-the-ground-1.3183999

Is there anyone to vote for in the middle ground?

We’ve got Damian (from “The Omen”) Harper on the right, a pack of imbeciles on the left, and a guy in the middle who has his father’s name and his mother’s brains. We’ve got far bigger problems than a housing bubble.

#16 Hopefully on 08.09.15 at 3:12 pm

“We should actually want more rich people and profitable companies. Hopefully a lot of that wealth will accrue in the hands of middle-class people and entrepreneurs, plus translate into stable, hopeful jobs.”

—-

Garth, we should – but your hope has not translated into reality.

That’s the core of the NDP vote.

No decent income – no audience for how to invest the non-existing extra money.

At that point the options “what you wish for” are not quite the same.

#17 Shawn on 08.09.15 at 3:15 pm

Will REITs become taxable?

REITs are exempt from income tax as long as they pay out all the profits. The unit holders then pay tax at the full rate (no dividend tax credit)… unless they hold the REIT in a TFSA.

I never understood the logic of exempting Income Trusts or REITs from income tax. For REITs was it because the government wanted to encourage more shopping power centers, more bank branches, more strip malls. If so, mission accomplished. The usual mumbo jumbo answer was that it was a passive investment (so what?).

With the advent of large TFSAs the logic that the unit holder will pay tax falls away.

Removing the tax exemption for REITs should be an easy decision for a new government. And I think it’s the right decision too.

In an RRSP or in a pension plan the government eventually collects some tax. In a TFSA, nada, so the REIT tax exemption no longer makes any sense (actually it never did, in my view).

#18 Rebecca on 08.09.15 at 3:20 pm

I’m with the “anyone but Harper” crowd. Unfortunately our outdated first-past-the-post voting system requires us to vote strategically if we want any aspect of our voices heard. Otherwise we’ll wind up with another majority Conservative government voted in by fewer than 40% of voting Canadians.

Whichever party wins, it’s a shame that they’ll have to expend a lot of energy just to fix the economic mess the Conservative government’s policies have contributed to.

#19 Shawn on 08.09.15 at 3:20 pm

Negative Interest Rates in Europe?

#9 Yonder Louie on 08.09.15 at 2:59 pm

Garth, you say rates will increase..Europe has gone to negative rates..could it happen here?

Nope. – Garth

**************************************
Anyhow, in Europe, the only entities that get to (or got to as not sure it still happening) borrow at negative rates are those with AAA credit ratings like strong governments and in a few odd cases the strongest of corporations.

No mere mortal homeowner is being paid to borrow money.

#20 joe campbell on 08.09.15 at 3:23 pm

taxes come in many shapes and forms, as do tax deductions. the rich are paying too little in tax and the poor are paying too much.

middle class families get schools in their neighbor hood, poor families get to pay to put their kids on a bus for 1 hour a day.

middle class families duct their bus passes from income taxes, poor families get bus tickets that cost 50% more.

rich families get life insurance policies that are tax free, middle class families pay estate taxes.

business owners deduct cars, trips, meals, clothes as expenses. workers pay tax on all these things.

the tax system is seriously broken, i think the only fair system is a flat sales tax. income tax should not exist, for people or businesses. businesses would have to pay tax on all purchases and services, same as everyone else.

#21 LowRent of Arabia on 08.09.15 at 3:25 pm

One trick oil ponies. Is Canada like Saudi Arabia when it comes to oil dependence…petro dollar.

Check out this story about the Saudi predicament.

http://www.forbes.com/sites/timworstall/2015/08/06/the-looming-bankruptcy-of-saudi-arabia/

#22 vehicle on 08.09.15 at 3:27 pm

Used Car’s sales in July here in BC have tanked ie only the rich or ones getting 84-96 month little to no interest contracts are buying new. If you’re in the market for a car wait as they are about to get cheaper. Same same for real estate boats Hogs n Hoes

#23 Buying a house in this market on 08.09.15 at 3:28 pm

Some houses in our market have been on the market for a very long time..how far under the listed price would it still be a reasonable offer to the seller for a not too motivated buyer like myself?

#24 Retired Boomer - WI on 08.09.15 at 3:29 pm

I see a deflation period ahead for the U.S. Not huge, but to the indebted it will seem epic. Look at demand destruction of late. Who really wants a house he says? Lots of Boomers selling, or contemplating a sale. They should have done that a decade ago when top dollars were available!

I smell a stall-out ahead. Reduced some equity of late went to short commercial bonds. No action in sand locally.
Things getting stale.

What does it matter on the ‘price’ of money when there is little investment happening? You just don’t create demand, the peons must have excess coin available to make demand. They are wrung dry, no coin – no demand.

What’s next? Stall… and we are raising rates??? Hee,Hee

#25 Will on 08.09.15 at 3:29 pm

“I think you fail to recognise how toxic Harper is for some of us”

…she said to *Garth Turner*, one of the world’s foremost experts in How Toxic Harper Is For Some Of Us. Everyone is entitled to their opinion, but not to the notion that their opinion is somehow more informed than the opinions of those who actually have relevant lived experience. Garth’s opinion is not based on him “failing to recognise” anything; it’s based on lived experience which I can almost guarantee includes more firsthand exposure to the prime minister than you have, unless (or maybe even if) your last name is Chretien. He’s earned the right to believe what he believes without being patronized by people about how YOU JUST DON’T GET IT, HARPER IS THE BOOGEYMAN, I SAW HIM ON TV ONCE AND HE WAS A LITTLE BIT BORING, IT’S THE END OF CIVILIZATION AS WE KNOW IT!!!

#26 Randy Randerson on 08.09.15 at 3:30 pm

I’m surprise that the Communist Party of Canada isn’t in the lead right now, with all the income inequality that people cry about. Oh wait, we all knew how that went in Communist USSR, unless you like to queue up for your daily ration of bread, beets and vodka.

I despise the Cons, but voting in NDP isn’t going to solve our economic woos. Looks like Liberal will be getting my vote, although I hate that JT is thinking of rolling TFSA contribution room back to $5,500 next year.

#27 Vote for something on 08.09.15 at 3:33 pm

Vote for something, not against. Pick the best man/woman in your constituency. — Garth

I would like to vote for:

– pragmatic, ideology-free politicians
– pragmatic, ideology-free economical policies
– politicians who turn the Canadian economy well-diversified, less relying on resource-based economy
– politicians who can make it happen, that wealth flows – and reaches at least fifty percent of the population

Where is my party?

#28 rosie "moving forward" in the knowledge that, "this won't end well" on 08.09.15 at 3:35 pm

Read the platforms and choose the party best aligned with your own ideology, if you have one.

http://ottawacitizen.com/news/politics/federal-election-what-they-did-what-they-promise

#29 Jane Floogenhiemer-Ali-Skystar on 08.09.15 at 3:42 pm

You’re so wrong. Taxing the rich will make this country a better place. Thomas Mulcair is right..we need to leave the oil in the ground and get rid of the private sector. I don’t mind paying 100% taxes if all my needs are cared for. Capitalism has failed. The next step is to free up time for responsible intellectuals and the socially minded to create new idea’s for the people.

Next, let’s make sure our civil service doubles in number every year and unions here are paid better than anywhere in the world. This will attract the right type of people to come to Canada. All corporations will be forced to hand over all profits in support of Palestine, because wouldn’t the Canadian flag look better if it were a chequered Kaffiyah instead of the insipid maple leaf. Our country could stand for something, like international revolution and a better world.

#30 typo on 08.09.15 at 3:50 pm

Garth, there is a typo in the headline.

Waht? Impossible. — Garth

#31 Lawboy on 08.09.15 at 3:52 pm

“They’ll be voting Mulcair. At least once.”

LOL, Garth, I think you are mixing up NDP supporters with the real criminals, election jiggers in the Conservative party.

https://en.wikipedia.org/wiki/2011_Canadian_federal_election_voter_suppression_scandal

Your advice here is solid and practical, and we all thank you.

But once again your ideology seems much weaker and out of step. You said:

“We should actually want more rich people and profitable companies. Hopefully a lot of that wealth will accrue in the hands of middle-class people and entrepreneurs, plus translate into stable, hopeful jobs.”

Perhaps unknowingly, your own word choice is quite revealing.

“Hopefully”…..”hopeful” – a hope, a dream, this is all that’s really left of the neoliberal ideology that says keep rewarding the rich and everything will trickle down.

Most of us know it isn’t working. The facts are in and undeniable, with major groups like even the right of right wing IMF saying it’s a crock.

http://www.triplepundit.com/2015/06/international-monetary-fund-blasts-trickle-economics-new-report/

Sorry Garth, but that part of your argument…Piketty crushes that to smithereens.

Will we collectively live out the definition of insanity – continuing the same neoliberal ideological economics, “hoping” for a different result?

#32 Mister Obvious on 08.09.15 at 4:17 pm

The great obstacle to overcome nationally is the belief that if you own a residence then ‘nobody can tell you what to do’. This is patently false.

The civic restrictions and obligations placed upon on home owners, especially those who live in urban areas, are as great as those placed on the ‘lowly’ renter.

It’s this obsession with ‘owning things’ that must be cured. Ideally, we should own only a few personal things. In most cases, I want to ‘use’ and ‘consume’ things rather than own them. To do that I need money to pay for the privilege.

To have the necessary money available I prefer to invest in companies & corporations in the business of providing equipment, accommodation, goods and services to others who consume them.

It’s their job to invest capital, manage it properly, take business risks and ultimately, make a profit. It then becomes my job to consume those products and services while investing in (i.e. ‘supporting the success of’) organizations that are conducting good, competitive, and useful business.

In an ideal world young people would find work in such organizations. They’d realize it behooves them to start investing early. As part of a standard public education they would already be fully aware of the value of diversification and balance. They would have developed a respect for capital and clearly understand the folly of wasting it.

As their lives progress they would, if they wish, gradually transition from full time workers to full time investors. They would embrace a philosophy of gathering wealth slowly over three or four decades. They would instantly recognize ponzi schemes and avoid them like the plague.

They would be numerate and unencumbered such that they could travel to wherever their skills could be best put to use and be commensurately paid. They would certainly not expect their governments to fully fund their ‘twilight years’.

That’s not the world I grew up in but it’s the one I see taking shape around me. I know some very smart young people who ‘own’ little but work hard, are amassing wealth and have bright futures. They aren’t encumbered by very much ‘stuff’ and have no strong attachments to it.

They’ve seen beyond that illusion.

#33 Smudgekin on 08.09.15 at 4:17 pm

What about the debt Harper’s put Canada into? Its time for change he’s had his time. And its time to get Canada out of any middle-east & east european conflict.

#34 Canadian on 08.09.15 at 4:18 pm

My only with Kevin O’Leary (and to a lesser extent your own) belief in the rich at the moment is that I fear a lot of the money being made these days is from share buyback.

I have no problem with the rich who invest back into their market/company, share buyback seems to be a very limiting, foolish strategy. I have no problem with punitive taxation on that business strategy.

#35 NextYear on 08.09.15 at 4:20 pm

Tsx june 2008 : 15073

Tsx august 2015 : 14302

If the market was going up 7% per year we should be at 25000….

Now who said one single market advances 7% every year? Surely you are not that thick. — Garth

#36 IHCTD9 on 08.09.15 at 4:26 pm

#3 jean on 08.09.15 at 2:46 pm
Nope, I will be voting for whoever I think can send this man packing. End of story, and economics be damned.
——————————————————————-

There’s been more than a couple dogs here eluding to the fact that Canadians may get what we deserve come election time. Basement dwellers like Jean want revenge for loosing their birthright, and anyone not driving a rusted out Hyundai Pony is the enemy.

Jean doesn’t care if Canada flushes it’s economic potential down the toilet, so long as Harper is not running the show. Even better if rich boomers and corporations are made to pay more. The ultimate scenario would be the entire country being forced to live in a basement, and drive that rusty pony just like them.

Jean, you are really, and I mean REALLY going to hate how things turn out after the election, no matter who’s hand is on the rudder.

Much you have to learn….

#37 westcanguy on 08.09.15 at 4:33 pm

The comments tonight should be a fun read. In just a few comments so far, the hatchets are out looking for Harper’s head chanting the mantra that this toxic government must go. One even says economy be damned!

They would rather choose between a younger man who has little life experience other than teaching for 3 years and has yet to get a proper fit for a filter before talking…and a so called master debater(what?) that wants everyone to have 15 dollar a day daycare – a socialist who loves to spend other peoples money(Is there really any other kind?)
Neither one has really said how they plan to make things better but that doesn’t matter, does it… because Harper just has to go, no matter what the consequences are. Brilliant!

I’m almost ready to resign to the fact that a socialist government will be elected and maybe they have to be so that those who have never had to live under an NDP government, will finally learn what it is like to pay even higher taxes to go towards your fellow man that can’t make it … or don’t even try to. To experience a government that has no problem with debt. Perhaps then, when this country swirls the toilet bowl, people will realize things weren’t so bad. That life lesson started here in Alberta this past Spring.

Like an alcoholic, we’ll have to hit bottom first before things get better.

The sooner, the better.

#38 Nick on 08.09.15 at 4:44 pm

“Of course, I’ll say what the hipsters and wannanbes would expect from me: higher taxes on the 1% or corporations won’t do anything for the 99% or the economy. We should actually want more rich people and profitable companies. Hopefully a lot of that wealth will accrue in the hands of middle-class people and entrepreneurs, plus translate into stable, hopeful jobs.”

Ha! Keep preaching it! NDP swept Alberta (once thought impossible) Ottawa is next up. The revolution cannot be denied, or stopped. Trickle-down theory has almost universally been discredited (took long enough!). Anyway, as an expat, I’ll be on the lookout for RE deals over the next year, already bought a heavily discounted property in Calgary – Hey, I’m an optimist…besides, the age of the renter is upon us.

#39 Mark on 08.09.15 at 4:45 pm

““Entrepreneurs” are what we need in the clean tech sector. We need to get our collective heads out of the oil sands and look around at what’s happening in the new clean tech industry worldwide.”

As I pointed out in previous comments, the big issue for Canadian entrepreneurship is access to capital. In a nutshell, there is very little speculative capital available in the Canadian economy for stuff that actually involves significant R&D.

I never understood the logic of exempting Income Trusts or REITs from income tax. For REITs was it because the government wanted to encourage more shopping power centers, more bank branches, more strip malls. If so, mission accomplished. The usual mumbo jumbo answer was that it was a passive investment (so what?).

“Income trusts” originated as a perversion of the “Mutual Fund Trust” as defined in the Income Tax Act. The purpose of a “mutual fund trust” and its flow-through nature was clear for its investment purposes. Smart operators noticed that mutual fund trusts weren’t precluded from running active businesses, so they packaged assets into them and used the flow-through nature to pay the entirety of cashflows out to the primarily non-taxable owners of the units (RRSPs, pension funds, etc.).

Of course, as history goes, this meant that companies which did the conversion enjoyed a huge cost of capital advantage over their corporate structured counterparts. Leading to obviously gross misallocations of capital.

REITs have retained the special flow-through treatment presumably on account of maintaining parity with an individual landlords owning property who also have direct access to the underlying asset’s cashflows pre-tax.

I don’t agree with it (of course), but since REITs are so dramatically overvalued alongside residential RE, putting taxes on them at this point would be the least of the owners’ worries. Capital losses when they revert to historic norms of valuation are the big issue for REIT and RE owners. Not a few bucks of income taxes on their paltry earnings.

#40 John on 08.09.15 at 4:51 pm

#17 joe campbell

I agree with you that we should just have a flat sales tax. It is the most efficient and most fair way to tax.

I disagree with just about everything you said above that. Contrary to public belief, the majority of tax revenues actually come from the top 1% earners.

#41 Voter Joe on 08.09.15 at 4:54 pm

How long until Robocalls takes effect and the Liberals and NDP perfectly split their votes, (Greens and Bloc grab a few more) and Conservative come up the middle and no left coalition means another elected Conservative Government.

#42 Freedom First on 08.09.15 at 4:55 pm

I think that a highly leveraged one asset portfolio strategy could possibly be a sign of someone with a low IQ operating at an extremely high RPM.

I said last fall I unloaded energy at the high and went overweight cash, and, I asked the Blog dawgs about buying CPD/ETF when it was a lot higher than now, and the resounding answer I got was no. Couple weeks ago I said I bought ZEO/ETF, and, last week I bought ZPR/ETF, and today, I bought CPD/ETF . Thanks Garth! This is just a part of my re-balancing. I liked the 10 and 20 year, 2021 & 2031 Real Return Strip Bonds which I got when they came out, and, for International Investments I only buy the ETF Indexes weighted between the U.S. and the rest of the world.

I had to sell my 20 year Real Return Strip Bonds quite a while back. Couldn’t help it. They went up nearly 25% in 33 months. I hold the 10 year bond which is up 12%. Right now, I only believe in the VSB/ETF. Chose VSB over XSB as the XSB will go DOWN if rates rise, from what I understand.

I like 0 debt, cash, cash flow, income streams, liquidity, balance/re-balancing, and a truly diversified different asset class which is global. Most of all, I like putting my Freedom First, because it is my responsibility. 2nd, I like helping others, and I mean helping, not enabling. When a person lives a Freedom First lifestyle for decades, no matter how much you keep your finances private, people around you notice you are living a good life. Some will outright ask for money, but some ask for guidance. And usually not just in the financial area of their lives, but other areas as well. I hate giving advice, but I freely share what I know and how I look at things. Some are grateful, while others get angry, just like here.
Garth offers a valuable free service. Be grateful.

#43 CP on 08.09.15 at 4:57 pm

Question 1:

Does a weaker dollar affect the percentage decline you expect for the coming coming housing correction? That is would you expect house prices to decline more or less if the dollar gets weaker?

Question 2: If the communists take over Canada in the fall and start raising taxes to waste on idiotic handouts like pensions, education, and health care, which tax would be least harmful to raise, sales tax, property tax, corporate tax, income tax, or a wealth tax?

#44 DisgustMadeMePost on 08.09.15 at 5:02 pm

For some reason, this old cartoon came to mind –

http://mobile.lolbrary.com/Funny/Gotta-love-Reaganomics/2171?mPrv&lp=1

#45 lala on 08.09.15 at 5:02 pm

None aplies to lala. Lala is no longer part of this nonsense, life eater cold place called Canada. If host allows me I’ll add number 5.

5. Forget the housing, it’s just a shelter, spent your money to yourself, enjoy your life, you can’t take the bricks in your 1×2 hole we all get in the end.

#46 Love my Kia on 08.09.15 at 5:06 pm

Why is socialism such a dirty word?

All it really means is that the rich and powerful don’t have full control over an economy, where checks and balances are in place to keep abuse from happening.

We use it constantly and often take it for granted:

– two days off a week
– no child labour
– minimum wage
– schools
– hospitals
– roads and infrastructure
– unemployment insurance (or else Alberta would be even further up the creek than it already is)
– business grants and tax credits (yes corporations LOVE socialism!)
– oil spill clean ups
– law and order
– encouraged by Walmart for its employees for food stamps in the US

Yes, we ALL use socialism to our benefit each and every day. THIS is what I vote for!

https://www.youtube.com/watch?t=246&v=0zq-2cKENOc

#47 Ponzius Pilatus on 08.09.15 at 5:06 pm

RE: Picture.
Did not know that SM is also a tattoo artist.

#48 nobody on 08.09.15 at 5:10 pm

Hope is not a plan. Your hope, I dare say, is that the populace will continue to believe in the trickle down BS.
And, for the record, if your much tauted diversified, balanced approach to investing is truly as low risk as you proclaim, shouldn’t such investment income be seen as low risk for taxation purposes, too?

The way you have been describing such investing here sure sounds like pretty easy money. Pay your one percent to the advisor, sit back and enjoy your long term profits. You want tax breaks on top of that, too?

Right, I get it. If the tax breaks stop, all these investors wll simply stop investing. Just not worth it. Laughable.

#49 Steve French on 08.09.15 at 5:13 pm

sweet Sir Garth is finally listening to me..

It’s a trap!!!!

http://youtu.be/l2gB01x0sAM

#50 Leo Trollstoy on 08.09.15 at 5:13 pm

The Canadian economy will go down the tubes.

The next government will be painted with the brush of failure.

It won’t be the Conservatives.

They side step disaster again.

#51 Marco on 08.09.15 at 5:15 pm

@clean tech sector

Elon Musk, excellent example. I saw the Tessla plug in station in Squamish the other weekend.
Seeing a Tessla car silently back up and plug in, clean.

We are going to be entering a convergence of clean tech and fossil fuels somewhere down the line, it’s inevitable.

“Canada’s cleantech industry is currently average, though many innovating factors are in their early stages, meaning the country could see a big payoff in several years. While there are plenty willing to innovate in the country, they could be held back by lack of funding and governmental support. With those things in place, Canada could become a powerhouse in cleantech innovation.”

http://www.energydigital.com/top10/3458/Top-10-Countries-with-Clean-Tech-Innovation-Potential

Cheers.

#52 Ponzius Pilatus on 08.09.15 at 5:15 pm

All I can say that as a young lad in Austria I voted for the Social Democrats led by Chancellor Bruno Kreisky.
Many historians believe that during his time in office, Austria build the foundation for its current prosperity.

#53 Greg on 08.09.15 at 5:15 pm

Vote for something, not against. Pick the best man/woman in your constituency. — Garth
—————————————————

A little idealistic given your experience with Harper wouldn’t you say?

#54 Andrew Woburn on 08.09.15 at 5:17 pm

#15 Shawn on 08.09.15 at 3:15 pm
Will REITs become taxable?

REITs are exempt from income tax as long as they pay out all the profits.
========================

Usually inter-vivos trusts are taxed at the highest possible personal rate on any income they don’t pay out. They are not tax exempt. However if they pay out all their profits, what would they be taxed on anyway? Why does it matter if the beneficiaries pay the tax on these profits? If they avoid tax by receiving payouts in a TFSA, that is no different from the yield on any other investment held in a TFSA.

#55 BlorgDorg on 08.09.15 at 5:26 pm

“You lost the birth lottery. Deal with it.”

As a late Gen-Xer, OUCH. Sad but true. Amazing to see how many people think they “got rich” on something other than the dumb luck of when they were born.

Thanks for another reminder of why it’s good to be a contrarian. I’ll do what’s right for me, not what worked for your generation.

#56 Nagraj on 08.09.15 at 5:33 pm

Sarajevo, June 28th 1914. There’s six or seven guys ready to knock off Crown Prince Franz Ferdinand. So FF comes boppin’ along (with his morganatic wife) and one of the guys, Nedjelko, throws a bomb at the car.
The stupid bomb bounces off the convertible’s folded top, rolls on the ground a bit, and then explodes, hurtin’ the wrong people. Nuthin happens to FF and the morganatic Sophie. Ned runs away, and swallows the cyanide pill he had. Pill don’t work – jes makes him vomit. So he figgers he can do himself in by drowning, jumps in the river – only to discover that it’s seasonally too shallow. So he gets fished out and …
Ned wasn’t having a very good day, eh?

[FF and the morganatic Sophie was done in minutes later though. One of the other guys, Gavrilo actually, easily shot FF in the neck, and Sophie in the stomach. Sophie got shot in the stomach BY MISTAKE! Gavrilo never meant to knock off Sophie.]

[By the way, June 28th was FF and Sophie’s wedding anniversary.]

How is this relevant? Well, you see, I was thinkin what if it all goes wrong for Garth too?
Like Yellen&Co chicken out on the rate hike. Like the US Recovery springs a leak. Like Mulcair gits a majority. Like we get a prolongued bear mkt (in stocks). Like MAHC (Mothers Against Houseless Children) drag Gartho out of his bed, strip him naked, rub him all over with bacon fat, and leave him hogtied in the woods for the coyotes. Then what will we all do?

Jes sayin.

God save our gracious host, long live our gracious host, God save our host. Long may he moderate …

Anybody else feel like nuthin’s certain and things is set to kinda come apart?

#57 Ponzius Pilatus on 08.09.15 at 5:34 pm

I think no one hates rich people per se.
Only if the richness results from little effort and rich rewards.
Like today’s CEOs.
In the 60s and 70s, the richer people either worked harder or had a better education.
Today, a Doctor can make more money on the stock market or in Real Estate than looking after the sick.
And does anyone here really believe that Gates or Buffett
wealth is in line with their efforts.

#58 MSM-Free Zone on 08.09.15 at 5:38 pm

#31 IHCTD9 on 08.09.15 at 4:26 pm
“…..Jean doesn’t care if Canada flushes it’s economic potential down the toilet, so long as Harper is not running the show…….”
_________________________

Where have you been, IHCTD9? As Garth has repeatedly pointed out over the last few months, Canada already HAS been flushing its economic potential down the toilet while Harper been running the show.

Since the writ was dropped, even the right-wing National Post has been uncharacteristically publishing anti-Harper articles online, many of which quite eloquently sum up the delicate conundrum faced by most Canadian voters:

“….I cannot vote for them. I just can’t. They should be my natural choice but their coarse, vindictive, proudly unprincipled cynicism must not be rewarded with electoral success, regardless of the consequences…..

….Let’s start with Prime Minister Stephen Harper’s first major campaign pledge: to make the home renovation tax credit permanent if he is reelected. If it were economics, it would clearly be bad economics, aiming to “stimulate” one of the few sectors of the economy doing so well it already has the government worried about a bubble….”

“…These people are not honourable. Indeed, they laugh at honour. They cherish the low blow, the devious tactic, the unprincipled bribe, in a relentless, sneering, partisan tone. People I know and like retweet Pierre Poilievre with vicious glee. I weep for them and my country…..”

Near the end of the Post article, John Robson writes:

“….So am I contemplating voting Liberal or NDP? Ugh…..Neither of the main opposition parties has recently shown themselves to be dishonourable….I believe either would be an instructive disaster in power. But I cannot vote for disaster for my country, regardless of its educational merits. So I don’t know what to do. But I know what not to do……”

Perhaps the solution is hidden in Garth’s first paragraph today:

“…They’ll be voting Mulcair. At least once……..”

Or, more effectively, JUST once.

After all, Canadians were quite effective in ridding themselves of the Man with the Brown Cash Envelopes.

http://news.nationalpost.com/full-comment/john-robson-i-cant-vote-for-the-harper-conservatives-i-just-cant

#59 David McDonald on 08.09.15 at 5:41 pm

I am a conservative who will vote Liberal because we need a change. While #13’s comment is clever and cutting it is unfair. I think Justin has grit and I am willing to give him a chance. I do fear however that the Liberals and NDP will cancel each other and we will get Harper again.

Garth is right. We can’t solve the problem of politicians like Harper who are so clever that they can in fact subvert democracy. We can just make the most of what we have got. I will try to do just that with the help of the honourable Garth Turner.

#60 Evan on 08.09.15 at 5:43 pm

Housing is definitely a trap and it’s sad that more people don’t recognize it as such. I’m in Vancouver, which is a wonderland of housing prices, itself. At today’s prices, it’s nearly impossible for anyone of my generation, millennial generation, to ever afford a house here.

When it comes to closing the wealth gap, it really comes down to taking responsibility for your own situation and learning the financial/budgeting skills needed to grow your net worth. Books like Rich Dad Poor Dad definitely help, but people should also be learning how to invest their own money by taking advantage of simple investment strategies as those pursued by Ben Graham, David Dreman, or Walter Schloss.

Evan

#61 Frank on 08.09.15 at 5:50 pm

I think the issue is that Garth looks so much like Mulcair that people are surprised when they hold different viewpoints.

Perhaps one of you could lose the beard.

#62 -=jwk=- on 08.09.15 at 5:54 pm

blh blah blah WE BOUGHT A HOUSE! After stints in shanghai, nyc (battery park) and Los Angeles we couldn’t handle the *cough* ‘world classness’ city of Toronto.

So we bought a trophy house in a city of ~ 1.2M and we’ll live their while the kids grow up.

#63 Estrella on 08.09.15 at 5:54 pm

Hahaha, had a belly laugh. All the NDP groupies think that this is about trying to scare them. Go ahead. I’ll have a shovel for you after you make the biggest mistake of the century. You just have to figure out how to dig yourselves out…..

Oh and of course the shovel will cost you some $, will discuss the particulars, lets say by March. Should take about 6 months for you to need it.

#64 Setting the Record Straight on 08.09.15 at 5:57 pm

@24
“Vote for something, not against. Pick the best man/woman in your constituency. — Garth

I would like to vote for:

– pragmatic, ideology-free politicians
– pragmatic, ideology-free economical policies
– politicians who turn the Canadian economy well-diversified, less relying on resource-based economy
– politicians who can make it happen, that wealth flows – and reaches at least fifty percent of the population

Where is my party?”

There are no politicians that can turn the economy into something else or make the wealth flow. The only people who might possibly do that are entrepreneurs, savers, workers and capitalists.

“Pragmatic” policies are just someone’s ideology rebranded.

There are only correct and incorrect policies.

#65 Linda on 08.09.15 at 5:59 pm

Watched the leader’s debate earlier this week. Of the 4 leaders debating, Elizabeth May was clearly the best prepared & also the most relaxed. Trudeau was a bit slow to get going, but once he got into the groove he actually was reasonably articulate. Mulclair looked very nervous & wooden to begin; his performance improved as he got past the opening salvos. Harper was of course good in debate – he has the experience, he has given who only knows how many speeches. Have to say though his smile probably sends children screaming down the drive at Halloween. Adults, too.

Boogeyman status aside, Harper & the C’s have got to go. There have been way too many ways the law has been bent, twisted & broken under their watch; Harper apparently has an absolute genius for picking senators with sticky fingers. The omnibus bills, the outright muzzling of opposing views, the sheer length & expense of the election to come – our options may not be stellar, but I doubt they will be worse than keeping what we’ve already got.

#66 IHCTD9 on 08.09.15 at 6:01 pm

#27 Lawboy on 08.09.15 at 3:52 pm

Sorry Garth, but that part of your argument…Piketty crushes that to smithereens.

Will we collectively live out the definition of insanity – continuing the same neoliberal ideological economics, “hoping” for a different result?
——————————————————————

Did you even read that report? It’s an opinion piece as stated on the very first page…

The papers used to gather information for the opinion piece are mostly based on theoretical settings, and assertions, not any factual observation.

The majority of this bunk paper consists of a running commentary on inequality itself. Where it is, how big it is, what effects it has etc…

IMHO the trickle down in the first world is indeed becoming limited. It’s not because of government, but due to the rise of cheap unskilled offshore labour, and automation. A big chunk of middle class jobs are being slowly moved away, never to return. The financial benefits then trickle down to folks in 3rd world countries where the work is being completed, instead of here where they used to be.

#67 Randy Randerson on 08.09.15 at 6:02 pm

#56 Ponzius Pilatus on 08.09.15 at 5:34 pm

Serious? You’re using a personal computer to browse the internet and post online, and you question why Bill Gates deserves his wealth? Can you imagine yourself living life in the 50’s again without computer? I don’t think you.

#68 Mark on 08.09.15 at 6:02 pm

At today’s prices, it’s nearly impossible for anyone of my generation, millennial generation, to ever afford a house here.

Of course, which has left other asset classes dirt cheap for millennials, and financing is likely to be abnormally inexpensive until the boomers are mostly gone. The leverage available in certain sectors of the stock market is enormous at the moment. Wealth creation opportunities have almost never existed on this scale for the young as ever before.

Some people who don’t own housing look at high house prices as being negative. I personally look at it as an opportunity.

#69 Randy Randerson on 08.09.15 at 6:03 pm

EDIT: I don’t think so.

#70 Randy Randerson on 08.09.15 at 6:04 pm

Waht? Impossible. — Garth

You mean “un-possible”, Garth. This is a reference to Ralph Wiggum.

#71 Renter's Revenge! on 08.09.15 at 6:07 pm

Garth,

After this weekend’s mind-numbing discussion about percentages, I’m totally confused. When you say, “Over the last decades stock markets have consistently outperformed residential real estate (by about 3%, after inflation),” do you mean that the return on real estate was 5% p.a. while on stocks it was 5.15%, or 8%? :)

#72 OttawaMike on 08.09.15 at 6:08 pm

After 7 years of reading this blog my lessons learned are to vote for socialism and buy real estate.

You failed to mention the Germans. They vote in leftist coalition parties routinely. Seems to work for them. They do however eschew home ownership so maybe that’s their secret.

If the Harperites win a mojority, I’m toying with the idea of travelling to one of his banned countries to test his new law. I’m an adventure traveller, always have been. Why should I have to justify where I go?

#73 Bytor the Snow Dog on 08.09.15 at 6:11 pm

Garth, Garth, Garth…

This post proves that no matter how intelligent someone purports to be they are either guided by:

A) Ideology, or

B) Naked self interest.

The evidence is in.

Trickle down doesn’t work. Yet you still support it.

The best system is a capitalist one in which everyone has the opportunity to advance as they are able, while collectively we maintain a basic level of social support, yet with taxes low enough to avoid discouragement. If we were all created equal, we’d have equality of income and wealth. We don’t. And never will. — Garth

#74 Maa Salama on 08.09.15 at 6:17 pm

My Barber from Bagdad in Richmond is going back to Iraq. He came to Canada 23 years ago.
3 kids, all borne here.
First, I thought he was cash.
But then he cited:
Insane RE prices,
Incompetent, corrupt government,
Failing economy,
No future for his kids,
Unhappy people,
Intolerance.
And then it suddenly made all sense.
I wish him good luck.
E

#75 AK on 08.09.15 at 6:18 pm

“In the name of equality, morality and social justice, the NDP will fix that. Oops.”
====================================

I will go on record and say, that there is no way the NDP will ever win a Federal Election…

#76 Nora Lenderby on 08.09.15 at 6:19 pm

#243 saskatoon on 08.09.15 at 10:24 am
#230 Nora Lenderby

you are an argument against democracy.

And you, good sir, are a troll (but I won’t hold it against you, I know you can’t help it).

Kumbayah my lord, Kumbayah…

#77 Nosty, etc. on 08.09.15 at 6:22 pm

“In the name of equality, morality and social justice, the NDP will fix that. Oops.”

Not too sure about that. After all, the Libs., Dippers and CPC are all part of the same pie, each spewing forth their own BS about how their policies are better than the others. For example . .

Gag orders, CPC corruption and Don’t let Duebold in!

Which is a good enough reason to vote Greenl as they will never get elected and consequently never have to be worried about any scandals.

As far as New jobs? Fuggedddaboudid Retirement is nice! Socialist countries? As far as Nestle is concerned, if Venezuela can force them to leave within sixty days, why can’t BC? They’re taking water for next to nothing.

#78 Ponzius Pilatus on 08.09.15 at 6:30 pm

#66 Randy Randerson on 08.09.15 at 6:02 pm
#56 Ponzius Pilatus on 08.09.15 at 5:34 pm

Serious? You’re using a personal computer to browse the internet and post online, and you question why Bill Gates deserves his wealth? Can you imagine yourself living life in the 50’s again without computer? I don’t think you.
—————————-
Compared to what Guttenberg made, he’s way overpaid.
And he did not even invent anything.
He just copied and got lucky that IBM bought his crappy DOS.
By the way, the Internet was first introduced by a Swiss University .
American ingenuity is way over sold.

#79 Frank on 08.09.15 at 6:31 pm

For daily blog posts they are almost always devoid of spelling and grammatical errors. Do you have an external editor or just a good attention to detail?

No, merely perfect. — Garth

#80 BlackDog on 08.09.15 at 6:34 pm

Count me in with the ABC (anyone but CONS) voting crowd. Harper and his puppets threw me and my family, along with one million other Canadians (and their families) under the FATCA bus, and he is going to pay for that (amongst other things).

Would the LIbs or Dippers reverse it? — Garth

#81 BS on 08.09.15 at 6:37 pm

Elon Musk, excellent example. I saw the Tessla plug in station in Squamish the other weekend.
Seeing a Tessla car silently back up and plug in, clean.

It appears clean, but coal accounts for 40% of electricity generation in the USA. Coal is being burned to power the Teslas. We need more upstream clean power before we can call an electric car clean.

#82 Frank on 08.09.15 at 6:39 pm

“Entrepreneurs” are what we need in the clean tech sector. We need to get our collective heads out of the oil sands and look around at what’s happening in the new clean tech industry worldwide.

Why? Aside from the apocalypse the climate change is going to bring in 10 to 1000 years why?

but to have most eggs in the oil basket is a big part of why Canada is in a recession.

We have always had a high reliance on the energy and resource sectors. It’s lower now than it has been since the 50’s. My new rule of thumb from this recession is that if someone uses the ‘all our eggs in one basket’ idiom that they’re saying ‘I’m a moron with little understanding of the economy and with a political agenda to push’.

Canada could be a leader in the clean tech industry instead of in tenth place.

So what? You know when fossil fuels are cheap that renewables suffer? Does your morally superior economic plan employ 10s of thousands of unemployed O&G and mining workers? Does it pay their rent or feed their kids? If not expect no one except your barista-working activist friends on Facebook to listen.

entrepreneurialship

That’s not a word.

#83 Bytor the Snow Dog on 08.09.15 at 6:39 pm

#27- Vote for something

#31- Lawboy

#24- Canadian

#47 nobody

#56- Ponzius Pilatus

Exactly.

The system needs to change.

“The best system is a capitalist one in which everyone has the opportunity to advance as they are able, while collectively we maintain a basic level of social support, yet with taxes low enough to avoid discouragement. If we were all created equal, we’d have equality of income and wealth. We don’t. And never will.” — Garth

Agreed. When we have a capitalist system let me know. We don’t have one right now. We have cronyism.

That said, any capitalist system need to be balanced with regulation to ensure that the other side of the equation, labour, is fairly compensated. or it all falls apart. Like it is doing right now.

#84 Frank on 08.09.15 at 6:40 pm

Imagine living in the Scandinavian counties with those tax rates. In order to have $30 is disposable income to buy goods you need to make close to $100. You earn $100 and the government gets $70 of it. No thanks.

And yet somehow they lead the planet on every measurable metric of human existence. Health, education, livability, happiness etc. They do something right.

#85 BS on 08.09.15 at 6:45 pm

Today, a Doctor can make more money on the stock market or in Real Estate than looking after the sick.

If it is so easy then why aren’t you doing it?

And does anyone here really believe that Gates or Buffett wealth is in line with their efforts.

Yes. Both of them earned every penny they have. Both also helped 10,000s of thousands become wealthy.

Bill Gates currently works tirelessly for free to support charities he finances and raises money for. Both Buffet and Gates have pledged most of their fortunes to charities. What percent of your time and income go towards charity?

#86 kommykim on 08.09.15 at 6:48 pm

RE:Millennials, like the poor, indebted Gen Xers before them, just want to turn into their parents.

I think it’s more like the 5 stages of grief:
Denial: I’m not going to makes the same mistakes as my parents.
Anger: It’s my parents fault that my life sucks.
Bargaining: If only I was older I could have bought a house when they were cheaper.
Depression: It’s hopeless, I’m doomed and may as well whine about it on the GreaterFool blog.
Acceptance: Gee, I turned out just like my 1990’s dad and I just bought my first house in 2015. What could go wrong?

#87 family beagle on 08.09.15 at 6:51 pm

#46 Love my Kia on 08.09.15 at 5:06 pm
Why is socialism such a dirty word?
…..

The problem with socialism, and we are all social beasts, is that socialism exploits the virtuous of liberals until it attains power. Then the liberals are promptly shot.

Small c conservatives will always have a role in socialism, as they acquiesce and conform to become the labour force needed in the socialist’s automaton world.

The most efficient political structure would comprise a small c conservative at the helm, socialists comprising the bureacracy, and liberals in therapy. Alas, we are all of each, and flow through different political bents at different epochs in our lives, as I’m likely in the rebel stage at this juncture.

#88 Shawn on 08.09.15 at 6:54 pm

Fair Tax on REITs?

Andrew Woburn at 54 responded to me as follows:

However if they (REITs) pay out all their profits, what would they be taxed on anyway? Why does it matter if the beneficiaries pay the tax on these profits? If they avoid tax by receiving payouts in a TFSA, that is no different from the yield on any other investment held in a TFSA.

*********************************
REITs could be taxed on their profits just like dividends paying corporations. Same as happened to Income Trusts. (Some of which still exist as Trusts nd now pay tax or the equivalent)

The reason it matters is that if TFSA holders don’t pay tax then all-else equal someone else has to pay more taxes. The revenue requirements of the government did not go down due to TFSA.

But you are right TFSAs ruin the integration of corporate and personal taxes upon which the tax rules were built. Not just for REITS but for interest income certainly, for all investment income.

TFSAs result in a less tax paid by TFSA holders and more by non-TFSA investors.

Use them or lose money…

Any how, time to Tax the REITS and I suspect the new government will think about it.

#89 family beagle on 08.09.15 at 6:54 pm

Seven essentials with superlatives. Healthful. Speaking of spleens, long on geriatric care, food processing, utilities, ebay, amazon beer delivery, rental reits.

Someone mentioned Herdonomics in a prior post comment… A long time ago British bankers came to Canada and took the rail tour. They stopped at a place called ‘Smashed-In Head Buffalo Jump” on the southern prairie, and wondered. Yes, they wondered. It was 1913. Here was the birthplace of modern economic strategy. Slow and steady, then faster, then yankee them.

Btw, Only thing worse than drunken tattoists are the drunken sailor women who patronize them, always sporting their cutsey quips and affirmations. Long on tattoo removal laser tech.

#90 War is the mother of invention on 08.09.15 at 6:57 pm

#67
further to you reference to the 50s.
The 50s, 60s and the 70s were the most productive years in modern American history.
Inventions made during WW2 were used for civilian purposes and Europe was helped rebuilding.
Since then massive investments have been poured into technology, without the expected surge in productivity.
Search: Technology paradox.
Therefore my point that Gates has been waaay overpaid.

#91 kommykim on 08.09.15 at 6:58 pm

RE: #73 Bytor the Snow Dog on 08.09.15 at 6:11 pm
The best system is a capitalist one in which everyone has the opportunity to advance as they are able, while collectively we maintain a basic level of social support, yet with taxes low enough to avoid discouragement. If we were all created equal, we’d have equality of income and wealth. We don’t. And never will. — Garth

But that’s the problem Garth. There have been too many tax cuts under the CONs that benefit mostly the upper middle class and the rich. Program cuts and tax cuts go hand in hand and once the serfs get poor enough they rebel and off come the heads of the rich. There are many billionaires, such as Buffet, who realize this and are willing to forgo any further tax cuts because it ultimately leads to destabilization of the capitalist system. An extra dollar in the hands of the poor increases the velocity of money way more than a dollar in the hand of the rich.

The only Con tax cuts of note for individuals were the GST reductions (which I opposed). What others do you refer to? — Garth

#92 Musty Basement Dweller on 08.09.15 at 6:59 pm

With regards to the (formerly?) angry bearded lumbersexual guy, I am mystified.
Why does everyone think he will do a good job of running our economy?
What does everyone base that on?
Because he did something in laval Quebec on a committee one time?
I don’t get it, he really has no track record other than some angry outbursts in the house.
Does he even have anyone yet who could be finance minister?

Is it salient that Mr. Mulcair has remortgaged his house outside Montreal 11 times? — Garth

#93 Nora Lenderby on 08.09.15 at 7:06 pm

#55 Nagraj on 08.09.15 at 5:33 pm
Sarajevo, June 28th 1914. There’s six or seven guys…

Anybody else feel like nuthin’s certain and things is set to kinda come apart?

Interesting bit o’ history, nicely interpreted – thanks.

I was also thinking of the Dissolution of the Monasteries in England in 1539. Of course, it is hard for me to remember that far back, but the government of the day confiscated wealth on an enormous scale and immensely to the benefit of the King and his cronies. Many members of religious orders were fired from their secure jobs-for-life.

As for the feeling that things are coming apart, are you sure it’s not just you? The odds are it’s just normal paranoia. Stiff upper lip, old man.

#94 MSM-Free Zone on 08.09.15 at 7:10 pm

“….The best system is a capitalist one in which everyone has the opportunity to advance as they are able, while collectively we maintain a basic level of social support, yet with taxes low enough to avoid discouragement. If we were all created equal, we’d have equality of income and wealth. We don’t. And never will.” – Garth
_________________________

Can’t argue with that.

Though, you might want to add to that, “…which includes a regulatory oversight (regulatory need not equal red tape) that forces an artificial sense of integrity and conscience onto those in political and financial power who were born completely void of any.”

Otherwise, it’s 2008 all over again.

#95 kommykim on 08.09.15 at 7:12 pm

RE: #46 Love my Kia on 08.09.15 at 5:06 pm
Why is socialism such a dirty word?

The Republicans in the ol’ US of A have hammered on that word for decades now. Harper hired the same PR firm last election to pound home the same message that anything run by the government is evil and that social anarchy is the only way to go.

#96 Daisy Mae on 08.09.15 at 7:16 pm

“They’ll be voting Mulcair. At least once.”

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

Yes, the NDP always governs for only one term. Provincially, this has repeatedly been the case. The NDP always manages to drive business out of the province due to their policies, often south.

Years ago, it was a standing joke in BC — the NDP was soooo very generous, families could claim their pets as dependents and receive welfare for them.

Careful what you wish for! Don’t over-react. Use your head.

#97 Go Where You Want To Go on 08.09.15 at 7:22 pm

He’s smarter, He’s sharper, He is Stephen Harper
As “quite clearly” all us citizens can see
He promised us that he’d be accountable
And to govern us with transparency

But he hid the F-35 financial disaster,
And he has two-tiered our citizenship
Our freedom of speech he has now muted
And are our privacy rights, they’ve been stripped

He appointed the Duff, Brazman and Ms. Wallin
And Art Porter and Bruce Carson too
Then there’s Tony and his lovely gazebos
And Dean Del Mastro and Peter Penashue

Yes, he’s smarter, yes he’s sharper, yes he is Stephen Harper
“You won’t recognize Canada” oft times, it is he said
And if Harper has kept to us just one promise
Tis that our wonderful nation is near dead

#98 NDP man on 08.09.15 at 7:22 pm

Don’t worry Garth no one is voting NDP Despite the very weak propaganda from the conservatives who are looking for NDP to split the vote. No one I know who is NDP that is going to vote for the NDP. It is clear after the first debate that Liberals are the only choice. Mulcair and Harper got slapped around and both looked like fools and dishonest.

#99 jess on 08.09.15 at 7:25 pm

The Republican Candidates Agree that the System is Rigged for the Rich!

http://neweconomicperspectives.org/2015/08/the-republican-candidates-agree-that-the-system-is-rigged-for-the-rich.html#more-9621

#100 Daisy Mae on 08.09.15 at 7:26 pm

“The millennials are right in their observation. Correct in their condemnation. Understandably pissed. But they’re wrong in the approach.”

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

We have never, to my knowledge, had a federal NDP government. There must be a reason. Think about it.

#101 james on 08.09.15 at 7:30 pm

“logic dictates the big real estate gains are behind us, not in front of us.”

Actually, no. That’s an inductive inference, not a deductive one. From the fact that the last ten years have seen major gains in real estate, it does not follow that next year will not see major gains as well. It’s not a deductive argument, and hence has nothing to do with ‘logic’. It seems rather to be an inference based on past patterns in other markets, which is either analogical or statistical reasoning.

Having said that, you are right to critique people who make the argument that they are going to hold for 10 years, so they shouldn’t care about the current price. Not only for reasons that people move every 7 years, but also for the simple reason that in a crash you can get the same item for less by being patient.

#102 Randy Randerson on 08.09.15 at 7:31 pm

#81 BS on 08.09.15 at 6:37 pm

Coal-burning power plans are actually more efficient and cleaner than your average combustion engines, FYI.

#103 Daisy Mae on 08.09.15 at 7:32 pm

“Raising taxes on people like me to 62% (like in Finland) with a 25% GST (as in Norway) may pad government coffers and bloat the public service with oodles of child care workers but it won’t open new factories or attract investment bucks to Canada. If it were that easy, we’d have it.”

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

All this does is discourage investment and advancement. Business pulls back. And they head elsewhere.

#104 kothar on 08.09.15 at 7:33 pm

Why is it that socialist governments never have enough money for things? Notice how here in Canada we are way more social setup than in the US. Our health care system is in ruination. The Ontario Gov has to cut to pharmacy, cut to medicine, cut to optometry all cuts, yet they keep raising taxes and can’t keep services going. Now they are ditching 50 spaces for MD’s to do residency. Meanwhile if you go to the emerg dept for something more than likely you will wait for hours and hours on end before being seen. At least if you have insurance you will be taken care of in the US or even the UK which has NHS. If the NDP get in, taxes will ramp way way up, yet I believe debts will keep raising and services will be no better!

#105 the Jaguar on 08.09.15 at 7:34 pm

Garth; I didn’t realize it was nine years. A real investment of time, personal commitment, and sacrifice that must be acknowledged and applauded by all, regardless of the party they might support or the one you served. You “stepped up”. Thank you for your service.

I wonder however, if what is coming our way ” election wise” has as much to do with tax cuts, tax increases, jobs numbers, economic magic accounting, etc., or whether it will really be about a profound expression of political disengagement and disgust. Especially by the millennials who are regular targets on this blog and in other places. (sometimes with profound justification).
Whether one votes Liberal, NDP, Conservative it’s all predicated on their ability to react to ‘real world order events. We continue to be a minor player on the world stage despite our large land mass.
USA is the dog that wags our tail. The European community an economic soap opera , & China and the other BRICS – a scary unknown. Worldwide demand for oil in the toilet. All of it beyond our ability to ‘cast a vote on those issues. I cannot help but think that in the end this election might be all about intangibles: Sincerity. Trust. Hope. Faith. Leadership. Change. New beginnings. Investment in new ideas.

The economic model of the past appears to be broken, so the old mantras about ” bringing back the manufacturing jobs, lowering taxes to create investment, etc. just might seem a little hollow.
What manufacturing jobs? We shipped them all overseas 20 years ago. If commodities are on their ass what is our lifeline? Real estate and construction?
And why isn’t any politician telling us the truth about any of this? Where is the honesty and leadership?
The federal election may well mirror the shell shocker that took place in Alberta earlier this year.
Don’t complacently count your chickens.

#106 Geoff on 08.09.15 at 7:35 pm

You equate NDP with financial mismanagement. Look at Harper’s record: 6 deficits, pissed away the huge surplus left by the Liberals, higher unemployment, lower GDP, decline in R&D spending, Canada’s competitiveness among G7 has dropped on his watch. How could it be worse?

#107 NDP man on 08.09.15 at 7:35 pm

AK on 08.09.15 at 6:18 pm
“In the name of equality, morality and social justice, the NDP will fix that. Oops.”
====================================

I will go on record and say, that there is no way the NDP will ever win a Federal Election…

____________________________________

The CONs and NDP know they can’t beat Liberals. They both try to attack Trudeau like two sliver spooned spoiled brats by avoiding the topics and make it personal. To bad Trudeau is more mature to fall for such child like games. Wow did Trudeau make Harper and Muclair look like fools at the debate. No wonder Harper what’s to AVOID the big debate and MUCLAIR is talking about avoiding it as well. They both have something to hide.

#108 waiting on the westcoast on 08.09.15 at 7:43 pm

#18 LowRent of Arabia on 08.09.15 at 3:25 pm
“One trick oil ponies. Is Canada like Saudi Arabia when it comes to oil dependence…petro dollar.”

Great article!

Given that oil only represents 15% of our economy, I would say no. The really interesting point is rather than lower our dollar to support that industry, we should let it slowly shut-down and people will find other sectors to invest in that have better returns and create employment elsewhere. The government needs to step back and let the market take care of itself.

#109 kommykim on 08.09.15 at 7:52 pm

RE: #91 kommykim on 08.09.15 at 6:58 pm
The only Con tax cuts of note for individuals were the GST reductions (which I opposed). What others do you refer to? — Garth

As you know most of the income for the wealthy comes not from personal earned income but from stock options, investments, and via dividends/sale from businesses that they own. The federal corporate tax rate has plummeted over 22% in the last ten years. The new income splitting for those with kids only really benefits those earning 100K+. They increased the lifetime capital gains exemption on small business shares to $800K, etc.

As I thought. You are grasping. — Garth

#110 waiting on the westcoast on 08.09.15 at 7:58 pm

#51 Marco on 08.09.15 at 5:15 pm
@clean tech sector

Before any more Elongated Musk left Canada to start a clean tech revolution stories…. He left to go to Stanford.

Interesting article about our current position. I am an investor and advisor to a clean tech startup in the bay. I don’t think Canada needs to be an innovator in this space but we could opt to be a great executor. Let the US, China and Germany create more technologies and then we leverage that into the market.

The problem with clean tech in Canada is that our power costs are too good. We should put our primary research efforts in technologies that help our country… Like reducing the carbon footprint of the oil sands.

#111 waiting on the westcoast on 08.09.15 at 8:03 pm

#57 Ponzius Pilatus on 08.09.15 at 5:34 pm
“I think no one hates rich people per se.
Only if the richness results from little effort and rich rewards.
…snip… And does anyone here really believe that Gates or Buffett wealth is in line with their efforts.”

I’m not sure where it says wealth is tied to effort?

Sometimes being smart and luck are part of the equation. In both Gates and Buffett’s case, I would give them the benefit of the doubt that it was mostly brains!

#112 IHCTD9 on 08.09.15 at 8:04 pm

#58 MSM-Free Zone on 08.09.15 at 5:38 pm

Where have you been, IHCTD9?…
——————————————————————-

A few years back, the wife and I had to find another individual to do our taxes, as our long time professional was retiring. We went to one that came to us highly recommended by a co-worker.

She scared the hell out of me right off the bat. I wanted to bolt halfway thru our appointment. I managed to hang on until she finished up, noting she had advised a few changes relating to how we were claiming certain things, and the amounts claimed. She ended up getting us more than we had ever got before. We went back the next year and got audited by the CRA, and after everything was submitted, no problems.

I am a loyal customer to this day.

She still scares the hell out of me. I am glad tax tme is only once per year.

I get that folks have a hate on for Harper, he’s a big meanie, he is arrogant, blah, blah, blah, etc.. No problem, I’m not voting for a new buddy. The problems he has now will be same for the next in line. Canada has done better than most of the planet since tshtf in 08, and I’d wager much better than if the NDP was in power instead.

Harper has a pair, look at those other two for crying out loud. I don’t care about the minimum wage unless it will be enough to make a real diff, or “cheap” daycare, I paid more than double that 13 years ago and lived to tell about it no problem.

Right now, an asshole in charge is just what the doctor ordered.

#113 Voter on 08.09.15 at 8:07 pm

J.T. has a good shot at winning, he seems to be in touch with what avg Canadians are facing. We don’t need more renovation tax credits, we need jobs, affordable homes and daycare, and a more democratic government, voted in by the ppl, for the ppl (not voter fraud, robots calls, and gazebos.)

#114 rainclouds on 08.09.15 at 8:22 pm

Someone mentioned JT’s CV is a tad weak.

The current PM didn’t exactly set the world on fire with his record of employment unless stockboy and head of the NCC are considered fast track . 10 yrs to obtain his masters? In fact, harper has proven to be a very poor manager with unimaginative and stale policies that dont pass independent or legal scrutiny.

NDP Megan Leslie and Tom Mulcair holding the purse strings is horrifying.

Minority govt with cons as govt could be entertaining. Till Tubby pulls another sleazy trick…

#115 Capitalism and other useful things on 08.09.15 at 8:24 pm

#67 Randy Randerson on 08.09.15 at 6:02 pm

#56 Ponzius Pilatus on 08.09.15 at 5:34 pm

Serious? You’re using a personal computer to browse the internet and post online, and you question why Bill Gates deserves his wealth? Can you imagine yourself living life in the 50’s again without computer? I don’t think you.

Do you really think that Bill Gates brought to you the personal computer?

Other people built the PC, before Bill Gates mother asked an other member of the board of a charity organization to help his son’s software company.

That man happened to be an IBM executive, later the largest manufacturers of personal computers.

Bill Gate’s colossal luck was that IBM, the leading mainframe computer company made an unprecedented stupid deal.

Through this personal connection, IBM agreed to get the operating system from Bill Gates company, not as a buyout, but as a licensing.

This was unusual, stupid deal from IBM, reflecting the view that the company did not believe in the future of personal computers.

It was also a genius move from Bill Gates. The fact that his father was a prominent intellectual property lawyer, might have been a major influencing factor.

Once the IBM and Microsoft bet was placed on the table, Microsoft went shopping and bough the software from an other company (located in less than 100 miles away), that became the foundation of the DOS operating system, licensed to use with each IBM PC.

Bill Gates bet was right.

IBM’s moron licensing deal created Microsoft, which later returned the favor, by stabbing the computer manufacturer in the back with the OS2 operating system, in which IBM was trying to recover some of the damage, losing billions of dollar revenue from a single bad deal.

Would we use computer without Bill Gates today?
Absolutely.

The operating system might not be called Windows, Office might be called as the original companies who developed spreadsheet, wordprocessing initially named it.

As for the Internet, Microsoft had nothing to do with it.

As late as 1989, Bill Gates was telling business audiences around the world that the internet was not for business, but for college students.

Microsoft tried and failed to privatize the Internet as a propitiatory MSN network and continued to be not a tech, but business “innovator”, resulting in anti-trust, monopoly charges against the company.

Microsoft never really recovered from not recognizing the Internet, the company was missing out and late follower of all post-Internet IT innovation (mobile, virtualization, cloud).

If it was to Bill Gates – you probably would not browse the closed proprietary business network and we would not post here.

Ironically, we do this due to free Open Source software, Linux, that Microsoft called “Communist”, “anti-american”, “threat of the economy and society”. Microsoft was spending a fortune trying to make it illegal, as it was their biggest competitor. Luckily MSFT ailed.

Even the particular software, running this blog is open source, free, called WordPress.

It is one of the most widely used software for web sites on the Internet. It is free – it was built by software developers as a not-for profit project.

It also created a new, for profit micro-economy, hundreds of individual, small companies, who do custom work for low fees.

It is thousands of hours of programmer’s free work that enables Garth to run this site for a very low cost, which enables him to keep it free and ad free.

#116 Marco on 08.09.15 at 8:29 pm

@Frank

Entrepreneurship is that better?

I’m merely pointing out that there could be jobs created in the clean tech sector. Canada should be a leader in this technology.

“So what? You know when fossil fuels are cheap that renewables suffer?”

They’re not cheap. Been to the pump lately.

“So what? You know when fossil fuels are cheap that renewables suffer? Does your morally superior economic plan employ 10s of thousands of unemployed O&G and mining workers? Does it pay their rent or feed their kids? If not expect no one except your barista-working activist friends on Facebook to listen.”

I’m not an activist more of a realist. Do you believe the jobs lost in the oil patch are all going to magically come back soon? With the same pay scale?
With China’s economy slowing.

“My new rule of thumb from this recession is that if someone uses the ‘all our eggs in one basket’ idiom that they’re saying ‘I’m a moron with little understanding of the economy and with a political agenda to push.”

You got me there I’m no economist.
Yet it’s clear to me that we need more job creation in Canada.

Cheers.

#117 Lorne on 08.09.15 at 8:34 pm

#11 BS
Imagine living in the Scandinavian counties with those tax rates. In order to have $30 is disposable income to buy goods you need to make close to $100. You earn $100 and the government gets $70 of it. No thanks.
………….

Yes, I am sure you would find it just terrible to live in Norway…and they probably would not want you. BUT, strangely enough, it is one of the happiest countries in the world…even happier than Canada!

“The Better Life Index report measures the happiness quotient of a country on the basis of five key factors – INCOME, education, health, work-life balance and life satisfaction.”

The list for 2014:

Switzerland
Norway
Canada
Denmark
Austria
Iceland
Australia
Finland
Mexico
Netherlands

http://www.ibtimes.co.uk/switzerland-named-happiest-country-2014-uk-fails-make-top-ten-list-1447561

#118 Vote for something on 08.09.15 at 8:35 pm

#64 Setting the Record Straight on 08.09.15 at 5:57 pm

@24
“Vote for something, not against. Pick the best man/woman in your constituency. — Garth

I would like to vote for:

– pragmatic, ideology-free politicians
– pragmatic, ideology-free economical policies
– politicians who turn the Canadian economy well-diversified, less relying on resource-based economy
– politicians who can make it happen, that wealth flows – and reaches at least fifty percent of the population

Where is my party?”
==

There are no politicians that can turn the economy into something else or make the wealth flow. The only people who might possibly do that are entrepreneurs, savers, workers and capitalists.

===

We do have entrepreneurs, savers, workers and capitalists.

Still it does not work even as much that the NDP would not be a real threat.

Politicians make or fail to make the entire framework for all of this work together properly.

What else would we need them for?

#119 triplenet on 08.09.15 at 8:35 pm

#115

A lawyer or a medical doctor?
Brush up on your US capitalism.
A lot of times it demonstrates how socialism should work.

#120 John on 08.09.15 at 8:41 pm

It’s over. Cheap debt will crush those deeply indebted buying granitized kitchens etc, and for those gourging on margin debt for buying stocks etc and any other debt structure sloshing about. Brent crude crossed south under $50 bucks following WTC down the pipe and the US is now considering allowing oil to be exported. Next, we vote Harper out of work. Whoopie. Millions of Canadians are going to get wiped out. It’s over. Full stop.

#121 MSM-Free Zone on 08.09.15 at 8:41 pm

112 IHCTD9 on 08.09.15 at 8:04 pm
“…..Right now, an asshole in charge is just what the doctor ordered…….”
_________________________

How did that work out for the U.S. in 2008?

#122 Rick Hope on 08.09.15 at 8:42 pm

The bottom kine is that Scandinavian countries have small populations and are easier to manage than Canada, U.S., European countries, Australia etc.

If you think that their 25% sales tax is going to stay that rate, good luck.

There will come a time with a 30% sales tax and higher income taxes rates. This will be the downfall which will choke their economies.

Also, their reserve funds will deplete as some idiotic government will go to far and make corrupt, bad decisions too.

#123 Carl on 08.09.15 at 8:43 pm

“Do you seriously believe with a 75-cent dollar, half-price oil, a slagging economy and crappy demographics that real estate has not peaked? Wait.”

Wake up, the same applies to the USA stock market.

We have more comedians tonight than the Senate. — Garth

#124 Rick Hope on 08.09.15 at 8:43 pm

The bottom line is…………………………….refer to above comments.

#125 John on 08.09.15 at 8:44 pm

You can’t maintain your debt load, regardless the interest rate, if you are out of work. It’s over. Garth, resume your death watch on Calgary real estate. Tic Toc.

#126 Meek and mild on 08.09.15 at 8:47 pm

#41 How long until robocalls take effect…. Got one the other day from NDP.

#127 John on 08.09.15 at 8:47 pm

http://www.greaterfool.ca/2015/02/12/nobody-escapes-2/ RE- READ GARTH’S POST OF FEB. 12 2015 — NOBODY ESCAPES. It’s over.

#128 facebook on 08.09.15 at 8:47 pm

Is it salient that Mr. Mulcair has remortgaged his house outside Montreal 11 times? — Garth

====

Wow… Is this information from Facebook?

Maybe financial disclosure requirement for running for office?

If not – isn’t this personal finance information protected by privacy laws?

Real estate financings are public record. They also can reveal financial acumen. — Garth

#129 Boombust on 08.09.15 at 8:48 pm

I rember the Federal eelction campaign back in 197.

The Liberal slogan throughout the campaign was. “The Land is Strong”.

Well, if it was THEN, it sure as hell isn’t now.

Thanks, Steve.

#130 Boombust on 08.09.15 at 8:49 pm

…”remember”!…

#131 bubu on 08.09.15 at 9:02 pm

#117 Lorne , having Mexico in that list is telling a lot… Not that I don’t agree with your comments about Norway but stop reading stupid things….

#132 Paul on 08.09.15 at 9:03 pm

#3 jean on 08.09.15 at 2:46 pm

So I’m guessing from now until election day we are going to get shrill scare stories about anyone but Harper. But I think you fail to recognise how toxic Harper is for some of us. I will vote for “anybody but Harper”. The economy is only a tiny part of his failures. So for those of us who will not consider Harper no matter what, what then? Stay home, don’t vote? Nope, I will be voting for whoever I think can send this man packing. End of story, and economics be damned.

Vote for something, not against. Pick the best man/woman in your constituency. — Garth
———————————————————-
You must be to rich or a fool!
Economics be damned wait till it is damned then listen to yourself squeal!

#133 John Prine on 08.09.15 at 9:05 pm

Always have to include the NDP? If they manage to get elected….Good chance they will, life for Canadians won’t change much…

#134 Unhinged Loon on 08.09.15 at 9:06 pm

You keep evading the question Garth…

If we’re not to vote for Dynasty, or the frothing lunatics of the NDP, what then do you propose?

To grant another majority mandate to the same government, under whose tenure we saw the escalation of the greatest private debt accumulation in our history? A process actively encouraged by said government.

Say it Garth, in plain words…

#135 Herb on 08.09.15 at 9:09 pm

Garth, as you have suggested, my lefty blinkers are interfering with my vision, so please clean your rose-coloured/Red-Tory glasses and tell me where trickle-down economics has worked (except for its proponents, of course.)

You may be a leftie, but my label is not Tory. — Garth

#136 Mark on 08.09.15 at 9:15 pm

“If not – isn’t this personal finance information protected by privacy laws?”

The actual loan contract and amounts are private contracts between the mortgagor and the mortgagee. However, the registration of the mortgage ‘charge’ and its amount is public.

Its entirely possible that on 11 occasions, Mr. Mulcair shopped his mortgage business around to the lowest bidder, and the lowest bidder, with his consent, registered progressively larger charges against the property. Without the loan value itself rising.

However, is that very plausible? No. In fact, it defies common sense to suggest that a prudent and financially responsible middle aged person with Mulcair’s credentials and income would still even have a mortgage after all these years.

Therefore, we’re left to the obvious conclusion unless there’s evidence to the contrary. Which there isn’t.

He refinanced 11 times with RBC, for larger sums. No explanation has been given. — Garth

#137 Nora Lenderby on 08.09.15 at 9:15 pm

#129 Boombust on 08.09.15 at 8:48 pm
I remember the Federal eelction campaign back in 197.

Ah yes, that was Septimus Severus and the Battle of Lugdunum. I remember it well.

Severed heads all round.

#138 Boombust on 08.09.15 at 9:22 pm

Nora,

Ppphhhhffffttt!

What’s the matter, you don’t like “history”?

#139 typo on 08.09.15 at 9:26 pm

#30 typo on 08.09.15 at 3:50 pm

Garth, there is a typo in the headline.

Waht? Impossible. — Garth

—-

Ah… I see…

I took only a quick glance at the tattoo.

It reminded me to the first tattoo I ever seen as a young child, one of the earliest and very few memories that I can recall, as if it was yesterday.

It was on the arm of an old woman, I loved dearly, just some numbers with the ugliest calligraphy I have ever seen.

The old woman was trying to cover it as if it was a shameful mistake that did not belong to her.

She had the saddest eye I ever seen.

Without asking anything, I decided in that morning that I would never allow to put a tattoo on me.

When my kids were aching to get some of these cool tattoos that everyone else has these days, I just told them the story.

They didn’t ask any question. None of them have any of these cool tattoos that anyone else has these days.

It must have been that sadness in my eyes, that I must picked up in that morning, long ago, when I first saw a tattoo, on the arm of an old woman, I loved dearly, just some numbers with the ugliest calligraphy I have ever seen.

#140 Mister Obvious on 08.09.15 at 9:28 pm

#98 NDP man

“Mulcair and Harper got slapped around and both looked like fools and dishonest.”
——————————

I guess I must have watched a different debate.

What I saw was pretty much a 4-way draw with the ‘best elocution’ prize going to Elizabeth May.

#141 Steerage on 08.09.15 at 9:33 pm

#135 Herb on 08.09.15 at 9:09 pm

Garth, as you have suggested, my lefty blinkers are interfering with my vision, so please clean your rose-coloured/Red-Tory glasses and tell me where trickle-down economics has worked (except for its proponents, of course.)

You may be a leftie, but my label is not Tory. — Garth
———————————–
Recall, he crossed to the liberals…………..

Incorrect. I was sitting as an independent MP. — Garth

#142 Sheane Wallace on 08.09.15 at 9:33 pm

TFSA are taxed on dividend income from non-canadian sources.

If you are to put your money in CA equities to avoid the dividend tax on US equity for example think twice.

I am not investing my money in Canadian equities. Period. For the following reason.

————————-
#50 Leo Trollstoy on 08.09.15 at 5:13 pm
The Canadian economy will go down the tubes.
—————————-
With TFSA you are limited to Ca equities, buing them will make the rich (their friends, not you) richer. It is a trap.

#143 facebook on 08.09.15 at 9:34 pm

#128 facebook on 08.09.15 at 8:47 pm

Is it salient that Mr. Mulcair has remortgaged his house outside Montreal 11 times? — Garth

====

Wow… Is this information from Facebook?

Maybe financial disclosure requirement for running for office?

If not – isn’t this personal finance information protected by privacy laws?

Real estate financings are public record. They also can reveal financial acumen. — Garth

Ouch… it sure does…

No good day goes by without learning something new.

#144 NDP man on 08.09.15 at 9:36 pm

Mister Obvious on 08.09.15 at 9:28 pm
#98 NDP man

“Mulcair and Harper got slapped around and both looked like fools and dishonest.”
——————————

I guess I must have watched a different debate.

What I saw was pretty much a 4-way draw with the ‘best elocution’ prize going to Elizabeth May.
__________________________________

To bad CON that everyone on twitter would disagree. CONservative propaganda is weak and outright stupid.

#145 Herb on 08.09.15 at 9:37 pm

“… but my label is not Tory. — Garth” (#135)

All right, then, adjust your (undetermined) glasses and tell me where trickle-down economics has worked except for its proponents.

#146 JSS on 08.09.15 at 9:38 pm

Ok, there’s been lots of talk about the upcoming Federal election. It’s getting boring.

So is it just me, or are there some awesome sales for stocks on the TSX?

CN Rail, Brookfield Asset Management, Power Financial, RBC, TD, Scotia, BMO, CIBC, National Bank, Canadian Western Bank, Enbridge, Suncor, just to name a few dividend growth payers. All these companies have been paying increasing dividends over the last several years. And some of these companies (e.g. banks) are building their businesses in the US.

If you’re a millennial, Gen-X, or a boomer with a long term horizon (> 5 yrs LOL), then why not dip a toe in now and buy a nibble?

#147 Topsy Turvy on 08.09.15 at 9:39 pm

#20 joe campbell wrote> businesses would have to pay tax on all purchases and services, same as everyone else.
This is the dumbest idea in the people’s head. Businesses won’t pay for anything ever: they will pass the cost on consumer or close their doora if the business become unprofitable.

#148 Sheane Wallace on 08.09.15 at 9:39 pm

It is interesting that TFSA increase happens at or after a stock market peak (in real values, foreign stable currencies for example, not in CAD confetti).

Now they want people to invest. Invest what? Everyone is indebted up to their eyeballs. Invest in what? Real estate and financials? Or commodities?

#149 NDP man on 08.09.15 at 9:40 pm

British Columbians say Justin Trudeau won the debate, but they’re still voting NDP

Once again CONservative media know they can’t say Trudeau didn’t win since it was obvious he crushed his opponents but CON media wants voters to split the vote

#150 kommykim on 08.09.15 at 9:47 pm

RE: #109 kommykim on 08.09.15 at 7:52 pm
As I thought. You are grasping. — Garth

Maybe I am a bit, but all those tax cuts are the reason the Federal debt has ballooned under the CONs. If they’d kept the GST at 7% we would be in surplus and the debt would be going down and not up. It’s going to be impossible to balance the books in the future without program cuts or raising taxes and we know which way the CONs will go.

#151 NDP man on 08.09.15 at 9:48 pm

Michael Den Tandt: Justin Trudeau ekes out win in leaders’ debate with no knockout punches, little high drama

This is from Nation post headline. One of the biggest CON media outlets that lie like a CON. They don’t deny Trudeau won but they down play the win to “ekes” out when the reality is he crushed Harper and Muclair beyond a doubt. You CONservatives are going down. Harper and Muclair are so scared of the big debate that harper REFUSES to show up and Muclair is talking about not showing up. They both have something to hide. The list of headlines are clear Trudeau won hands down.

#152 IHCTD9 on 08.09.15 at 9:48 pm

#92 Musty Basement Dweller on 08.09.15 at 6:59 pm
With regards to the (formerly?) angry bearded lumbersexual guy, I am mystified.
Why does everyone think he will do a good job of running our economy?
What does everyone base that on?
Because he did something in laval Quebec on a committee one time?
I don’t get it, he really has no track record other than some angry outbursts in the house.
Does he even have anyone yet who could be finance minister?
——————————————————————-

Because he is not Harper.

That is all it takes in Canada.

At least, if the comments here represent the greater population..

#153 Sheane Wallace on 08.09.15 at 9:51 pm

#149 NDP man

The rich must understand that the cons are causa perduta. Looting is sweet but now supporting the con’s lunatic policies becomes dangerous for the whole country as our economy frankly is smoke and mirrors.

They know that Trudeau will go after the looters to some extend so they promote NDP with the idea to blame the fallout from the con’s idiotic policies to NDP so they can come as saviours.

Whatever happens I really hope it is not Harper staying in power at the con’s camp.

To some extend I am really split – enjoy my last years here under Harper (from business taxation perspective- great, from future perspective – horrific) or try to fight to whatever slim chance remains for some pension from Canada down the road as with Harper there would be nothing left – no economy, no pension.

I might choose Harper purely short term.

#154 NDP man on 08.09.15 at 9:51 pm

British Columbians say Justin Trudeau won the debate, but they’re still voting NDP

Look at this headline and try to use your brain people. What voter would say wow that Trudeau guy makes more sense then the other two CON wolf’s but I won’t vote for him? Weak weak CON propaganda. CONs are going down and NDP has no chance.

#155 kommykim on 08.09.15 at 9:56 pm

RE: #142 Sheane Wallace on 08.09.15 at 9:33 pm
With TFSA you are limited to Ca equities, buing them will make the rich (their friends, not you) richer. It is a trap.

Huh? I have foreign equity ETFs in my TFSA. Losing the ability to recover the withholding taxes on the dividends on an ETF mirroring the S&P500 for example is minuscule and outweighed by the TFSAs tax free status on cap gains, etc.

#156 Sheane Wallace on 08.09.15 at 9:58 pm

I will vote to whoever introduces windfall taxes on house appreciation, including primary residence.

Or vote for Harper purely short term, hope he manages to sustain things a year or 2 (40 % probability).

After that…. Astalavista baby.

#157 Setting the Record Straight on 08.09.15 at 10:00 pm

@118
What else would we need them for?

‘$$$$$$
A better question– what do we need them for?

Defending our borders? Meeting the Queen?

#158 Herb on 08.09.15 at 10:04 pm

#151 NDP Man,

nice false flag operation you’re running there. Some of us watched the debate, so change your label.

#159 Sheane Wallace on 08.09.15 at 10:06 pm

#155 kommykim

Of course you can have US equities/ETFs in your TFSA. But you will pay dividend tax on all dividends paid on these equities.

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

It is currently 15 % but it could become 35 %, so if you are making 4-5 % in dividends forget about 1/6 to 1/3 of these dividends.

On RRSP you don;t pay the dividend tax. TFSA and RESP are not dividend tax free for US equities ot equities traded on US exchanges that pay dividends.

#160 Sheane Wallace on 08.09.15 at 10:09 pm

don’t_underestimate_the_dividends_and_their_taxation_in_deflationary(for the world, not us)_ environment.

#161 IHCTD9 on 08.09.15 at 10:10 pm

112 IHCTD9 on 08.09.15 at 8:04 pm
“…..Right now, an asshole in charge is just what the doctor ordered…….”
_________________________

How did that work out for the U.S. in 2008?
——————————————————————-

GWB is a jellyfish compared to SH. GWB is also dumb as a stump – where as SH is a political genius. No comparison.

#162 Marshall McLuhan on 08.09.15 at 10:10 pm

ALL NEWS IS FAKE !

https://www.youtube.com/watch?v=4M1F-0JW1T8

#163 Shawn on 08.09.15 at 10:14 pm

Why Mulcair refinanced

He refinanced 11 times with RBC, for larger sums. No explanation has been given. — Garth

*****************************************
He read this blog and decided to take out the equity to invest in a balanced portfolio? Kept rebalancing out of house equity as the house price rose?

TNL at his bank was very hot and (therefore) persuasive?

#164 Sheane Wallace on 08.09.15 at 10:14 pm

And the capital gains taxation to some extent with this inflation is bull..crap. They must deduct real inflation before taxing any capital ‘gains’ on your stock. Measuring values in depreciating confetti is useless. It increases government revenue but is a theft.

#165 Steerage on 08.09.15 at 10:17 pm

#136 Mark on 08.09.15 at 9:15 pm

“If not – isn’t this personal finance information protected by privacy laws?”

The actual loan contract and amounts are private contracts between the mortgagor and the mortgagee. However, the registration of the mortgage ‘charge’ and its amount is public.

Its entirely possible that on 11 occasions, Mr. Mulcair shopped his mortgage business around to the lowest bidder, and the lowest bidder, with his consent, registered progressively larger charges against the property. Without the loan value itself rising.

However, is that very plausible? No. In fact, it defies common sense to suggest that a prudent and financially responsible middle aged person with Mulcair’s credentials and income would still even have a mortgage after all these years.

Therefore, we’re left to the obvious conclusion unless there’s evidence to the contrary. Which there isn’t.

He refinanced 11 times with RBC, for larger sums. No explanation has been given. — Garth
——————————-

Hopefully he is a big time investor! but likely not. Scary wacky.

#166 saskatoon on 08.09.15 at 10:20 pm

#122 Rick Hope

let me add to this:

tax rate is always 100%.

government will always take the maximum it can.

does a thief take 5% during a bank robbery?

nope.

the dude will always carry away 100% of what he can.

#167 Ponzius Pilatus on 08.09.15 at 10:23 pm

Bill Gates, who’s net worth is about 60 Billion ( More than about 1/2 countries of the world) famously quipped:
Why would anyone need more than 600k ( the limitations of his crappy DOS system).
Now, a cheap cell phone has about 1 mill more Ks of memory.
Bill Gates, the visionary?
More like a lucky opportunist.

#168 Bottoms_Up on 08.09.15 at 10:25 pm

Garth is it right that corporations are “allowed” to earn billions (per quarter ie, insurance and cell phone companies) yet only pay 10% tax? Is it right that executives make more in one week than their employees make in a lifetime (do they employ magic in their daily effort or spin gold?). Did you know the USA just passed a law that corporations must now report the salary gap between CEOs and employees?

Ps. Vote Liberal, they have a stronger team.

#169 China and the FED on 08.09.15 at 10:26 pm

In a note to clients on Friday, Goldman Sachs’ David Kostin wrote that, “Our recent client visits revealed that some investors believe the dramatic weakening in China economic growth is one reason that the Fed may not tighten in the near term, and perhaps delay the first hike until 2016.”

And in a note over the weekend, Deutsche Bank rates strategist Oleg Melentyev argued that the recent collapse in commodities makes clear that the “global macro growth environment is deteriorating.”

And as this chart from Deutsche Bank makes clear, manufacturing activity in emerging economies, many of which are concentrated in Asia and closely tied to China’s economic performance, has been deteriorating over the last several months.

Read more: http://www.businessinsider.com/only-china-will-stop-the-fed-2015-8#ixzz3iNJB6rKx

#170 IHCTD9 on 08.09.15 at 10:27 pm

#156 Sheane Wallace on 08.09.15 at 9:58 pm

…Or vote for Harper purely short term, hope he manages to sustain things a year or 2 (40 % probability)…

——————————————————————-
I haven’t bothered looking it up. But a buddy told me that if Harper gets in again, he plans on stepping down after 2 years. Might be bunk, but would not be surprised to hear that it’s true.

#171 Bottoms_Up on 08.09.15 at 10:32 pm

#15 blood ran cold on 08.09.15 at 3:10 pm
—————————————-
That’s old news and not an NDP invention. It’s fairly common knowledge that oil sands is carbon intensive and may not be developed in order for Canada to meet greenhouse gas targets.

#172 IHCTD9 on 08.09.15 at 10:38 pm

#154 NDP man on 08.09.15 at 9:51 pm
British Columbians say Justin Trudeau won the debate, but they’re still voting NDP

Look at this headline and try to use your brain people. What voter would say wow that Trudeau guy makes more sense then the other two CON wolf’s but I won’t vote for him? Weak weak CON propaganda. CONs are going down and NDP has no chance.
——————————————————————-

Actually you are wrong. Harper will rag-doll Trudeau worse than he did Dion and Iggy – just for nostalgia’s sake mind you, nothing personal.

Then Harper will do something none of us would ever have guessed to undermine Mulcair, and it will be game over.

The Libs will be back to dead beat broke ass non official opposition status again, Trudeau will be kicking pebbles back to drama school Then his hair will start turning grey and falling out, thus permanently ending his political career.

Sorry about your luck mang!

#173 Nagraj on 08.09.15 at 10:41 pm

Dear NORA LENDERBY,

(not for the rest of you, just NORA, my friend)

Did you know that the secret service guys WALKED the corpse of Mary Vetsera out of Mayerling to the train station – with a BROOMSTICK shoved up between her dress and her spine? They did. Then they seated her cadaver on the train (which means the broomstick had to be removed – I assume they didn’t pitch it out the train window cuz they would’ve needed it again to walk the dead body off the train on arrival in Vienna). (The hat they put on her had a veil.)

And Hey, PONZIUS PILATUS, would you happen to know the ultimate fate of that broomstick?
[Herr KREDITANSTALT (alias Herr Hypo-Adria?), what really happened to Joerg Haider?]

Canadian history is just so devoid of good cloak&dagger stuff. What if Mrs. Harper’s two little caged pet vampire bats get loose and . . . there’s potential . . .

#174 waiting on the westcoast on 08.09.15 at 10:41 pm

#166 Ponzius Pilatus on 08.09.15 at 10:23 pm
“Bill Gates, who’s net worth is about 60 Billion ( More than about 1/2 countries of the world) famously quipped:
Why would anyone need more than 600k ( the limitations of his crappy DOS system).
Now, a cheap cell phone has about 1 mill more Ks of memory.
Bill Gates, the visionary?
More like a lucky opportunist.”

Hey – I am no apologist for Bill Gates but take that in the context of the late 70’s… I think MS did alright for their shareholders from then till the late 90’s. And there were lots of battles during that window ;-)… Lotus, Wordperfect, Apple, etc.

Hasn’t been great as an innovator since but cash cows often relax….

Life is a cycle. Find the next wave and hop on…

#175 CP on 08.09.15 at 10:45 pm

He refinanced 11 times with RBC, for larger sums. No explanation has been given. — Garth

Wasn’t that a good investment strategy you told us about. Refinance your house at record low interest rates and invest in a balanced portfolio so not all your eggs are in one basket? Seems like a wise man. We should make him PM, plus he looks just like Garth.

He refinanced his house in 1984, 1987, 1988, 1990, 1996, 1997, 2001, 2003, 2006 and 2009. You want this gentleman running the economy? — Garth

#176 Curious George on 08.09.15 at 10:47 pm

Re;#159 Sheane Wallace

Are you sure that dividends on foreign equities are taxed in a tfsa?

I was under the impression that foreign withholdings apply but are not refundable in tfsa, refundable in a non-sheltered and don’t apply within an rrsp.
Are you confusing the two or are they two completely separate taxations?

#177 voting for something on 08.09.15 at 10:50 pm

#170 IHCTD9 on 08.09.15 at 10:27 pm

I haven’t bothered looking it up. But a buddy told me that if Harper gets in again, he plans on stepping down after 2 years. Might be bunk, but would not be surprised to hear that it’s true.

——-

I am voting for the principle that no PM should stay more than 2 terms in power.

#178 Mf on 08.09.15 at 10:50 pm

#26 Jane Floogenhiemer-Ali-Skystar

That comment was not jusr sarcastic but Sardonic as well.

Loved it. One of the best I’ve seen.

Mf

#179 Big Dipper on 08.09.15 at 10:55 pm

If higher taxes are such an economic disaster it should have resulted in the collapse of Scandinavia, and Western Europe, a long time age. Instead we find thriving economies and happy citizens. Clearly the tax angle is an ideologically driven fear mongering tactic with no basis in fact whatsoever. Somebody once stated that if lower taxes lead to riches, Alabama would be the richest State in the US…

Here in Alberta, I see the corporate tax reductions as a theft, facilitated by the previous Con govt, of the people of Alberta. This tax gift to Alberta Corporations was paid for by the Alberta citizens by reduced social services, health care and education spending. When the Cons decided to make the citizens, and not the Corporation, cough up the shortfall by taxing its citizens – the citizens revolted.

The Con argument that wonderful things will happen with lower Corporate taxes is a fallacy. The additional funds will be used to pad executive salaries and bonuses. Anything left is destined for share buy-backs. This is the Corporate equivalent of Hookers and Blow.

If my revulsion at this process makes me a Socialist – so be it.

#180 saskatoon on 08.09.15 at 10:57 pm

#46 Love my Kia

dude…wtf?

“Why is socialism such a dirty word?”

it’s not a dirty word; it represents an ideology of oppression, violence, and anti-freedom. some people like this (the weak)…some people don’t (the strong).

“All it really means is that the rich and powerful don’t have full control over an economy, where checks and balances are in place to keep abuse from happening.”

actually, socialism centralizes control of societal resources (through “legitimized” force) into the hands of a VERY powerful few…communism, fascism even more so.

monopolies cannot exist without massive, centralized governmental force.

“two days off a week”

are you serious? SOCIALISM is responsible for TGIF?

“no child labour”

yes! good idea! let’s have kids starve to death because the government prevents them from helping their families. no one forces people to work or not work–except the government.

“minimum wage”

another socialist victory in booming Puerto Rico!

“hospital”

dude. i know this will come as a shock: but there HAVE EXISTED hospitals (probably better ones) WITHOUT government intervention. say wha????

“roads and infrastructure”

we’ve covered this before. another shocker: ROADS CAN EXIST WITHOUT GOVERNMENT! WTF??!?!? NO WAY!!!!

“oil spill clean ups”

is this why government called up James Cameron’s submarine army to help clean up the Gulf?

law and order

ahhh yes! big government has a LONGGGG history of keeping us all TOTALLY safe.

“encouraged by Walmart for its employees for food stamps in the US”

dude…if WALMART wasn’t employing THOUSANDS of people…guess how many MORE would “NEED” government assistance?

“Yes, we ALL use socialism to our benefit each and every day. THIS is what I vote for!”

dude. this is the worst argument.

it’s like asking the average blonde guy in Nazi Germany if he was reaping “benefit” from government policies.

of course he is! duh!

the better questions are: does he WANT these benefits? did he ASK for them? is the COST of the benefit too high? is the “benefit” morally just?

but i suppose that the above considerations don’t matter; after all, it’s “what you vote for”…

…right?

#181 SunShowers on 08.09.15 at 11:03 pm

“We should actually want more rich people and profitable companies. Hopefully a lot of that wealth will accrue in the hands of middle-class people and entrepreneurs, plus translate into stable, hopeful jobs.”

As long as it’s more profitable for corporations to pay dividends than pay employees, your idealized trickle down economics will remain a cruel, taunting myth.

Companies like that don’t stay in business. And since when does distributing dividends make profits? God help us. — Garth

#182 pwn3d on 08.09.15 at 11:05 pm

#15 blood ran cold on 08.09.15 at 3:10 pm
I read this and my blood ran ice cold. As one of the despised government workers with a defined benefit plan, one would think I’d be voting for the bearded dude in the upcoming election. Not after reading this:

http://www.cbc.ca/news/politics/linda-mcquaig-says-oilsands-may-have-to-be-left-in-the-ground-1.3183999

Is there anyone to vote for in the middle ground?

We’ve got Damian (from “The Omen”) Harper on the right, a pack of imbeciles on the left, and a guy in the middle who has his father’s name and his mother’s brains. We’ve got far bigger problems than a housing bubble.
——————-
People voting NDP should read up on McQuaig and realize this is the type of nutjob you are voting for.

Giving power to activists is never a good idea.

#183 Smoking Man on 08.09.15 at 11:13 pm

Two reasons I despise Harpo.

1 He broomed Gartho cause Heather and her pals were frightened.
2 The scent of Nutandyahoo permanently on his chin makes me sick as a old Canadian hockey goon.

Canada should come first.

But in a global economy, there’s no going back. Traded barriers and unionists will find no customers, less of course all countries elected commies.

With the dumbing down of the herd via educational industrial complex, that’s just a pipe dream.

Logic will make me vote for Harpo, only game in town…

Where is Canada’s Donald Trump.

Do I have to run..

#184 Hamish McRed-Star on 08.09.15 at 11:16 pm

The NDP will erase all mortgage debt and instead charge each Canadian one low monthly payment after confiscating all income and savings……for life. We will have free day care….death panels and everyone will have a union civil service job….meat free community kitchens…a northern nirvana of no oil…and a ruling class of bureaucrats appointed by the NDP politburo…..paradise….er….Cuba-anada.

#185 pwn3d on 08.09.15 at 11:19 pm

#167 Ponzius Pilatus on 08.09.15 at 10:23 pm
Bill Gates, who’s net worth is about 60 Billion ( More than about 1/2 countries of the world) famously quipped:
Why would anyone need more than 600k ( the limitations of his crappy DOS system).
Now, a cheap cell phone has about 1 mill more Ks of memory.
Bill Gates, the visionary?
More like a lucky opportunist.
———————–
I know people like to wallow in their own ignorance but please get a clue. First, the limit was 640k not 600k. Second, that was a microprocessor limitation, not DOS. Anyone who used DOS would know 640k was the ‘conventional’ memory space, but then there was upper and XMS which could give access to many MB of memory. Third, Bill Gates never actually said that.

And last, he worked his ass off to create something special that changed the world. That is not luck.

#186 Bast on 08.09.15 at 11:20 pm

The editor in me must point out the error in the headline…wath, not what.
That is all.

Look at the picture. — Garth

#187 Steve French on 08.09.15 at 11:28 pm

NDP! NDP! NDP!

I can’t wait for the NDP to kick some Conservative butt!

Truth and righteousness are on their side.

And oh the humanity– the ignominy Harper losing his job to Mr. Mulcahey.

I think Harpolini’s head might explode after this election.

Steve-O

#188 Bast on 08.09.15 at 11:32 pm

Aha! I should have known better, and looked at the tat. I never look at tats though. Always seems to me to be a call for attention. And I act in a contrarian way and disregard them. Rather like not buying a house.
Do you see what I did there?

#189 Kurt on 08.09.15 at 11:33 pm

“Vote for something, not against. Pick the best man/woman in your constituency. — Garth”

Well, there’s your problem, Garth! Mr. Harper exerts such total control over the CPC that when you vote for a CPC member, you are not voting for your representative, you are voting for Mr. Harper. But you knew that…up close and personal.

Voting for Mr. Harper is voting for reduced freedoms, economic mismanagement and bullying politics, all of which you yourself have documented right here in this very blog! To not vote for Mr. Harper is to either not vote, or to vote for an NDP, Liberal or Green candidate. Perhaps such people may correct our loss of freedom, manage the economy better, or conduct a politics of discourse instead of intimidation – or perhaps not. But to vote for Mr. Harper is to vote for more of the same. How could any responsible Canadian not vote against Mr. Harper?

#190 Oil n Gas industry Geek on 08.10.15 at 12:04 am

Alberta Economic Dashboard

http://economicdashboard.albertacanada.com/

Looks like the signs for the storm are getting stronger.

#191 45north on 08.10.15 at 12:10 am

I sat in Parliament for nine years and gave that stuff my best shot.

Jaguar: A real investment of time, personal commitment, and sacrifice that must be acknowledged and applauded by all

I might add that it’s as much energy and sacrifice that any one can be expected to give.

Capitalism and other useful things: Bill Gate’s colossal luck was that IBM, the leading mainframe computer company made an unprecedented stupid deal.

I thought the same thing. I mean I remember applying to IBM in 1969 and signing all kinds of forms saying that anything I developed or even thought of, all belonged to IBM. I didn’t actually go to work for IBM but it totally dominated the market. Why would it license DOS and not outright buy it?

#192 NOTHING SURPRISES on 08.10.15 at 12:19 am

“because it’s a crock. Nobody’s first home is a forever house.”

If by ” first Home” you mean the first house someone purchased – and I’m sure you do. I am going to have to disagree with your reference to it being a crock.

We purchased our house in 1973, 42 years ago, and it is our forever house as we have no plans to move having just entered our 70th. decade.

Shows one should not believe everything they read !

Groundhog Day for 42 years in the same house? Too bad. — Garth

#193 Cyclist on 08.10.15 at 12:33 am

Sorry, havent read all the comments yet. In case this hasnt been posted, give it a try.

https://canada.isidewith.com/

There are more choices than just yes/no, and additional questions to open at the bottom of each topic box.

#194 Hawk on 08.10.15 at 12:37 am

lol so many people here advocating the NDP and Big Government. Let’s take a brief review of all the countries where that has worked out so well.

Belarus
Venezuela
Armenia
Cuba
Norway
Greece
Argentina
North Korea

as compared to those with less government intervention such as……..

Singapore
Switzerland
Qatar
UAE
Liechetenstein
USA
Germany
HongKong
Israel

#195 kommykim on 08.10.15 at 12:37 am

RE: #159 Sheane Wallace on 08.09.15 at 10:06 pm
#155 kommykim
On RRSP you don;t pay the dividend tax. TFSA and RESP are not dividend tax free for US equities ot equities traded on US exchanges that pay dividends.

All my foreign ETFs, for example VUN, are listed on the TSE so it doesn’t matter if it’s TFSA or RRSP. What I lose in American dividend taxes I make back in reduced FOREX costs. If I held it in my taxable account, I could get the US divie taxes back but then the divies would be classed as foreign income and taxed at my full marginal rate in Canada. Lose 35% instead of 15%? I don’t think so!
Instead I could hold VTI in my RRSP, but then FOREX costs would apply. I get what your saying about future tax increases, but I’ll wait till the US raises it’s divie taxes before I make any changes.

#196 Rexx Rock on 08.10.15 at 12:39 am

Majority rules thats why you choose the party you want not the best person to vote for in the riding.Harper is finished,god help us if Justin Truedeau wins.He’s riding his fathers coat tails and his father was the worst of the worst.
What we need in this country is democracy ,not dictated by the U.N.Have a referundum on very important issues,let the people vote.20 billion dollars spent on a useless war ,lower immigration because 1,500,000 Canadians out of work,death penalty 100 million spent on a serial killer Pickton.Our Goverment is only good at wasting money and taking away our liberties.

#197 Smartalox on 08.10.15 at 12:41 am

Dear Garth,

I seem to recall that once you mentioned a preference for taxing wealth, as opposed to income. If I unserstand this correctly, can you summarize why this would be favourable? Perhaps not here, but in a future column?

As for your preference for profitable corporations, I concur – a profitable corporation invests in innovation and efficiency, and corporate tax policy should encourage this, and discourage ‘dead money’ strategies.

But when it comes to the wealth of individuals, trickle down economics just seems so inefficient. The wealthy in society may not choose to be venture capitalists, or charitable benefactors. How many fortunes are wasted on vanity projects that could instead be paying for projects that benefit the common good?

I also recall that you once said that you donated your federal pension income to charity. If you believe that wealthy individuals are a benefit to society, would you agree that government benefits like the UCCB, should be means-tested? Or have various deductions be ineligible on the basis of income, the way medical expenses are, currently?

Your revelation about Tom Mulcair was interesting. By the same token, Trudeau may be a wealthy “pretty boy”, but at least he understands inter-generational wealth, and the importance of assets to create and maintain that wealth.

#198 cynically on 08.10.15 at 12:51 am

TO #78 Ponzius Pilatus — If as you said American ingenuity is overblown then Canada’s is nonexistent and always was! That is one of the big problems up here, maybe the biggest. Perhaps it has been the abundance of natural resources that that has steered us in that direction or it could be the laid-back nature of the Canadian character but the difference between the two countries is like night and day.
However when you start with your nonsense about Bill Gates then I know that you are just a very dissatisfied loser and by the way have you ever heard of Silicon Valley – if not, look it up as it will give you a better idea of the breeding ground for American ingenuity. Many of these entrepreneurs, now multi-millionaires, are foreign-born but went to the country where ingenuity is overblown (your words) and not to Canada so suck it up!

#199 kommykim on 08.10.15 at 12:52 am

RE: #185 pwn3d on 08.09.15 at 11:19 pm
Third, Bill Gates never actually said that.
And last, he worked his ass off to create something special that changed the world. That is not luck.

Actually Bill Gates didn’t create the first version of DOS. He bought it from Seattle Computer Products and licensed it to IBM. A smart savvy business move for sure, but original and creative? No.

https://en.wikipedia.org/wiki/86-DOS

#200 Gregor Samsa on 08.10.15 at 1:01 am

Harper only looks good to people who haven’t been paying any attention. The same sort of people usually think that house prices only go up and that oil is the fuel of the future.

If you pay attention, you’ll notice that his fiscal record isn’t just bad, it’s downright irresponsible. Things like growing the public service just to record highs just to cut it back again, wasted money on government ads, hundreds of people working in the PMO (biggest ever, reducing the MPs to empty sockpuppets), and balancing the budget off one time asset sales:

http://news.nationalpost.com/full-comment/john-ivison-conservatives-bring-decade-of-diplomatic-darkness-as-more-government-buildings-up-for-sale

Harper’s playbook is that if you elect him again, he’ll stuff a few bucks back into your pockets… but at what cost? He’s literally bankrupting the nation through bad government – bankrupting both financially AND morally.

#201 John on 08.10.15 at 1:10 am

#168 bottoms up

Yes they pay 10% federal corporate tax on profits. But they also employ people who then pay income tax. The corporation also matches the CPP and EI payroll deductions of its employees and remits that to the government. When the coporation gets big enough it also pays a provincial corporate tax. Finally, all those after tax profits are split between the directors and shareholders in the form of dividends which are then taxed on their personal taxes. There is no easy money being made. I don’t know why people argue about corporations ONLY paying 10% tax. Even if the tax rate was zero, the government would be getting a huge percentage of money from the revenue generated by a corporation

#202 Ponzius Pilatus on 08.10.15 at 1:12 am

#185
from Wiki:

IBM again approached Bill Gates. Gates in turn approached Seattle Computer Products. There, programmer Tim Paterson had developed a variant of CP/M-80, intended as an internal product for testing SCP’s new 16-bit Intel 8086 CPU card for the S-100 bus. The system was initially named QDOS (Quick and Dirty Operating System), before being made commercially available as 86-DOS. Microsoft purchased 86-DOS, allegedly for $50,000. This became Microsoft Disk Operating System, MS-DOS, introduced in 1981.[4]

#203 Love my Kia on 08.10.15 at 1:15 am

#180 – Saskatoon
#46 Love my Kia

dude…wtf?
—————————————————
Another thing you got wrong….I’m not a dude

#204 Silent the people on 08.10.15 at 1:23 am

Garth,
Good post but the NDP will do no different than
any other governing party! Their hands will be financially tied! I suspect for a long time….

#205 Love my Kia on 08.10.15 at 1:27 am

The best system is a capitalist one in which everyone has the opportunity to advance as they are able, while collectively we maintain a basic level of social support, yet with taxes low enough to avoid discouragement. If we were all created equal, we’d have equality of income and wealth. We don’t. And never will. — Garth
————————————————–
I wholeheartedly agree with this statement. I just don’t read enough from you on this blog discussing the role of social support in the economy and wish you would talk more about this.

#206 debtified on 08.10.15 at 1:30 am

The best system is a capitalist one in which everyone has the opportunity to advance as they are able, while collectively we maintain a basic level of social support, yet with taxes low enough to avoid discouragement. If we were all created equal, we’d have equality of income and wealth. We don’t. And never will. — Garth

Amen!

I agree completely and it’s coming from a guy who came to this country with nothing (I had to borrow the money for the one way-ticket to YYZ).

The problem with socialism is that, while it sounds good on paper, it is actually really bad in practice.

There really isn’t a text-book socialist society that exists in the world today (not even in Norway). One could argue that we have a resemblance of a socialist system here in Canada already.

The socialist system assumes that humans will strive to be at their best in the absence of incentives. The reality is that, given a choice, most humans would rather be a beneficiary than a contributor. The other problem is that to administer this system it requires super humans in control of the government. What we have instead are politicians whose priority is to get elected. Lastly, and most importantly, the world we live in today has gotten so small and interconnected, making it so easy for people (or companies) to move to another country where their efforts can be most rewarding for them. These people (or companies) are normally the net contributors to the system, leaving us here with mostly beneficiaries once they are gone.

Like Madam Thatcher once said: “The problem with socialism is that eventually you run out of other people’s money.”

I have a personal experience that illustrates this in no uncertain terms. While I have accumulated a net worth closing in to $1M and counting, w/ $0 debt, through hard work and saving (please people don’t let these numbers be an issue and distract you from the actual point I am trying to make here), a brother of mine who came here at the same time and is just as able (even better trained) have been struggling to make ends meet (with over $20K in high interest debt, not counting what he has borrowed from me and other family members). While I worked my ass off to make things better for my self and avoided social assistance like a plague, he, on the other hand, thinks that EI and social assistance are his rights (his money and must be claimed according to him). He spends most of his smarts trying to take advantage of the system. He’s been on EI every opportunity he gets (several times including multiple training for new skills – because, according to his research, being on training keeps you on EI longer). He would intentionally not make more money to qualify for social housing because, according to him, why pay more when you don’t have to. While he fully intends to depend on the government hand outs when he retires, I, on the other hand, fully intends to donate to charity every penny I get from the government. I had made a promise when I first arrived in this country that I will always take care of myself and to be a net contributor to the society as my way of saying Thank You to Canada. Last year my assessed personal income tax alone was over $100K.

I just wish that we have better choices in the upcoming elections. Garth, I hope you are not surprised that you have attracted many NDP lovers and/or Harper haters in the comment section. You should know why. However, comments like theirs make me wonder why you keep up this blog. I hope you are not trying to influence their thinking (hint: it’s hopeless).

Well, for whatever it is worth, I am benefiting from your free public service. And for that, Thank You!

#207 Nodebt on 08.10.15 at 1:30 am

#42 Freedom First
What is your net worth and age? I want to have your freedom!!!! Thanks nodebt

#208 Blobby on 08.10.15 at 1:59 am

Isnt what Harper is promising with hand outs for children, handouts for home improvements, etc – basically socialism?

Harper is a socialist… He’s just not a big fan of telling the truth about it

#209 BS on 08.10.15 at 2:02 am

He refinanced his house in 1984, 1987, 1988, 1990, 1996, 1997, 2001, 2003, 2006 and 2009. You want this gentleman running the economy? — Garth

He bought the house over 30 years ago and still has a mortgage? Wow. Further proof how indebted people are across Canada, including those who appear to be and should be financially set.

The fact people would consider voting for a upper middle class lawyer who has to refinance his house every few years to make ends meet is beyond belief. He can’t balance the books of a household. If he had the slightest financial sense he would be financially independent with no debt at this point in his life. Certainly not ready to run a country. No wonder he is a career politician. No business would hire him.

#210 BC Guy on 08.10.15 at 2:06 am

You just don’t get it Garth. We don’t want everyone to be equal, we want to work hard, but the Boomers have all the middle and upper income jobs, have all the best real estate, they also have the large portfolios, and they’ll soon get their govt. pension plans.

What do we get? Minimum wage jobs. I’ve been looking for a job for two months and haven’t found anything. The only jobs available are:

server – restaurant
homecare attendant
mechanic
home support worker
janitor
café server
delivery person
cashier
supermarket display person
childcare worker
cashier
gas bar cashier
dining room server
housekeeper motel
server – motel
office cleaner
meat cutter
cook
house cleaner
youth office assistant
nanny
taxi driver
assistant manager of fitness facility
cosmetics associate
registered care worker
delivery driver/dishwasher
server/bartender
housekeeper
night audit/front desk clerk
cashier
bookkeeper
barrista
A&W “team member” WTF?
cook
room attendant
cashier
hair stylist
telesales
in-home caregiver

Do I need to go on? Where are all the middle class jobs? Where are all the high tech jobs? Where are all the upper income jobs? The Boomers have them or they’ve been outsourced to 3rd world countries.

And the Boomers own all the best real estate. This week I spoke with half a dozen Boomers who have acreages with houses, some with rentals as well, and they brag how they got them real cheap in the 70s and 80s. They paid $125,000 for what would be now worth $450,000.

I check the real estate site every day, tear-down piece of crap asking $250,000. Mobile home on less than half acre asking $249,000. How does someone working minimum wage service jobs begin to save or afford a piece of crap like that?

I am college educated with lots of high level experience, but there are NO FRIGGIN middle or upper income jobs anymore! Unless you live in Van or Toronto, then you can’t afford a house. I voted for Reform and Canadian Alliance and in the 90’s but I’m goddamned pissed off at the wealth inequality in this country and I’m voting Mulcair!

#211 TB on 08.10.15 at 2:43 am

Question for all

Is it widely accepted and historically proven that if you have a more risky portfolio, you will at times have losses (10-20%?) but if you are invested for a long time (20 years) your long term gains will far exceed your losses and your gains will be much larger than if you were in a portfolio with very low risk.?

#212 Harry Booger on 08.10.15 at 3:18 am

#5 Squatter on 08.09.15 at 2:51 pm
Title should be:
Careful waht you wish for”

I have a lisp and am dyslexic so I saw ‘Careful thath whath you wisheth forth”
…..justh saying

#213 Vanecdotal on 08.10.15 at 4:24 am

#184 Hamish McRed-Star

“…meat free community kitchens…”

SOYLENT GREEN.

#214 Sheane Wallace on 08.10.15 at 6:39 am

#176 Curious George

I meant foreign withholdings/at the country of trade/or origin (e.g. RDS.A, RDS.B). It is a tax.

of course TFSA is non taxable in Canada so you don’t get double taxed.

#215 Millmech on 08.10.15 at 7:59 am

Garth,judging by the comments lately I see why the 1%are the 1% and everybody else will be in the same position for the next four years.The 1% are mobile so as soon as they need to move they will,everyone else is highly indebted they will not be able to.Seems like a lot of cut off your nose to spite your face comments.

#216 SunShowers on 08.10.15 at 8:13 am

“Companies like that don’t stay in business. And since when does distributing dividends make profits? God help us. — Garth”

—————————————————————–

That’s exactly the problem, companies who actually pass profits to their employees in the form of increased wages or benefits (what a novel concept!) “don’t stay in business”. Companies value investment dollars (and fat CEO bonuses) more than they do the people actually working for them.

It seems the government does too, since investment income is taxed far lower than employment income. Imagine an economy with no investment, and another economy with no employees. They’d both suck, but which do you think would be better off?

The only reason you or anyone else can get their dividends and 50% lower marginal tax rate is because of the working stiffs for the companies you invest in who are paid far less and at a higher tax rate.

And then you tell them that somehow this wealth will “trickle down”. It never does. It stays in the cycle of investment, benefiting the company brass and the shareholders, remaining out of reach of most working stiffs with their lower wages and higher tax rate.

The entire point of paying dividends is to try to get more investors, and hence, more profits. If paying dividends wasn’t profitable in the long run, companies obviously wouldn’t do it.

This is beyond hopeless. Going for a ride. — Garth

#217 Nora Lenderby on 08.10.15 at 8:24 am

#204 debtified on 08.10.15 at 1:30 am

Touching story about you, the thrifty man, and your prodigal brother – I could say the same about myself and my sister…money sticks to me, even though I don’t particularly care for it, while it just runs through her hands…it was ever thus…positively biblical. And the lord loves them both equally, darn him :-)

I just wish that we have better choices in the upcoming elections. Garth, I hope you are not surprised that you have attracted many NDP lovers and/or Harper haters in the comment section. You should know why. However, comments like theirs make me wonder why you keep up this blog. I hope you are not trying to influence their thinking (hint: it’s hopeless).

Well, for whatever it is worth, I am benefiting from your free public service. And for that, Thank You!

Well said.

#218 jess on 08.10.15 at 8:31 am

Canadian Banks’ Money-Laundering Controls Failed
Canada’s banking regulator found 72 failures of anti-money-laundering controls between 2009 and 2014
http://www.wsj.com/articles/canadian-banks-money-laundering-controls-failed-1438904411

#219 Chris on 08.10.15 at 8:32 am

I confess to having been tempted by Mulcair (he still does seem like the most “adult” alternative to Harper), but after this weekend’s comments by McQuaig, and some of the articles about the people running under the NDP banner, I’m reconsidering.

I get the impression that no one on the left really has any plans for how to replace all the jobs lost by shutting down or slowly strangling the oil and gas industry. Not everyone working on the rigs can be retrained to be a computer programmer or a civil servant. It’s just not realistic. Ontario tried, and they did manage to create a small number of “cleantech” jobs, but that number is dwarfed by the number of jobs they’ve driven out through higher energy prices. (And by throttling energy exports, we’re pushing the dollar down even further, which makes it pretty darn hard to keep existing computer programmers and tech people from moving south.) No one seems to have a credible plan.

I had a long conversation with my wife this weekend about whether it is realistic for us to be able to move to the US. Neither one of us is in a career where that’s an easy move, but at least in theory we’re both eligible for TN-1 visas and it’s looking increasingly likely that with even just one of us employed down there we might be able to have the same standard of living.

#220 Holy Crap Wheres The Tylenol on 08.10.15 at 8:41 am

#195 Rexx Rock on 08.10.15 at 12:39 am

Majority rules thats why you choose the party you want not the best person to vote for in the riding.Harper is finished,god help us if Justin Trudeau wins.He’s riding his fathers coat tails and his father was the worst of the worst.
What we need in this country is democracy ,not dictated by the U.N.Have a referendum on very important issues,let the people vote.20 billion dollars spent on a useless war ,lower immigration because 1,500,000 Canadians out of work,death penalty 100 million spent on a serial killer Pickton.Our Government is only good at wasting money and taking away our liberties.
____________________________________________
Well in Ontario we don’t have to look too far to see how an as backwards piece of crap government could wipe out 1 billion dollars in one ass wipe on the gas plant scandal. Yup government spending starts at home here in Toronto. Hey Wynne still waiting for my rebate check! Nice job slagging Harper when you constantly deflect your own governments involvement in a massive pile o-shit! Your demise in this government can not come too soon!

#221 Llewelyn on 08.10.15 at 8:45 am

Determining the ‘true’ value of an individual dwelling unit at any point in time requires an examination of dozens of market fundamentals.

Unfortunately the market value of many dwelling units is not based on fundamentals but on a belief that demand will always exceed supply and value will always increase.

This belief is based on historical trends and clear evidence that homeownership has created billions of dollars of wealth over the past 25 years. The rear view mirror approach to navigation.

Promoting dwelling units as investment opportunities has become a primary source of income for thousands of professionals. In contrast to other investment options professionals involved in the promotion of real estate have a vested interest in withholding information related to market fundamentals from potential purchasers.

Ignorance of market fundamentals is the very fuel that increases market value. The dot-com bubble is a good example of what can happen if market fundamentals are ignored.

While I am not quite as confident as Garth about the future of other forms of investment there is no doubt that housing has become disconnected from market fundamentals and should not be viewed as an investment opportunity in 2015.

The Federal government has placed quite a few of their eggs in the housing basket and as a result is reluctant circulate statistics that might discourage home ownership. CMHC is still tracking a wide range on market fundamentals (take a peak at the annual Canadian Housing Observer 2014) but there is very little interest in warning Canadians that the current market has become disconnected from basic fundamentals.

Caveat Emptor has become government policy and I fear that many Canadians are trusting biased sources
for their assessment of the current real estate market.

Garth has done his best to warn of potential dangers the rest is up to you.

#222 Headhunter on 08.10.15 at 8:48 am

#208 BS on 08.10.15 at 2:02 am

He refinanced his house in 1984, 1987, 1988, 1990, 1996, 1997, 2001, 2003, 2006 and 2009. You want this gentleman running the economy? — Garth

He bought the house over 30 years ago and still has a mortgage? Wow. Further proof how indebted people are across Canada, including those who appear to be and should be financially set.

The fact people would consider voting for a upper middle class lawyer who has to refinance his house every few years to make ends meet is beyond belief. He can’t balance the books of a household. If he had the slightest financial sense he would be financially independent with no debt at this point in his life. Certainly not ready to run a country. No wonder he is a career politician. No business would hire him.

**********

He’s overqualified

#223 Bottoms_Up on 08.10.15 at 8:53 am

#208 BS on 08.10.15 at 2:02 am
————————–
To be fair it is wise to refinance when rates go down.

#224 liquidincalgary on 08.10.15 at 8:53 am

Elon Musk left Canada as quick as he could in order to be able to become the entrepreneur he is now.

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

you sure he’s from canada?

or did he just do a short stint at Queen’s?

#225 NOTHING SURPRISES on 08.10.15 at 8:55 am

Groundhog Day for 42 years in the same house? Too bad. — Garth

Your response is lacking substance, but expected when one touches a journalistic error of fact.
It’s a come back I would expect from Mr. Harper

Lots of folks are living groundhog day in Canada and it really is not ” too bad”..

No journalistic error. You are anomalies. The average family moves every seven years. As I said, too bad you have chosen to relive the same day 42 years over. Is that what life is about? — Garth

#226 polietician on 08.10.15 at 8:55 am

No rate hike in September! And we were so sure…

U.S. stock futures jump as Fed’s Fischer hints at later rate hike

http://www.marketwatch.com/story/us-stock-futures-climb-dow-on-track-to-break-7-session-losing-run-2015-08-10

#227 Blair on 08.10.15 at 9:00 am

How do people treat ’emergency funds’ for either getting laidoff/fired or for an unexpected emergency like a new roof?

I have 4k just sitting in my savings account as emergency fund, and access to a 20k line of credit. I’m thinking of ditching the emergency fund, putting it in my TFSA and using the line of credit (to be paid back) in case of an emergency.

Thoughts?

#228 Bottoms_Up on 08.10.15 at 9:01 am

#200 John on 08.10.15 at 1:10 am
————————————–
Yes i am aware of all that. But keep in mind the corporation makes those profits off the backs of socialism, that is, having a highly educated and healthy workforce. It is their responsibility to pay their fair share back into the system. Why do they spend billions lobbying government to change tax laws and regulations? Why are employees let go in downturns ratger than executives taking paycuts or missing their bonuses? Corporations really are psychopathic….they are entities that do not care for the social structure in which they exist.

Lobbying needs to stop. And we need to get a better idea of what their fair share is.

#229 Holy Crap Wheres The Tylenol on 08.10.15 at 9:08 am

#207 Blobby on 08.10.15 at 1:59 am
Isnt what Harper is promising with hand outs for children, handouts for home improvements, etc – basically socialism?
Harper is a socialist… He’s just not a big fan of telling the truth about it
____________________________________________
So we want to compare Socialist Harper to the previous Socialist Prime Ministers! OK lets start.
Pierre Trudeau chose not to serve in World War II, although of age and in good health. He traveled to Josef Stalin’s Soviet Union to participate in regime-sponsored propaganda activities. He wrote in praise of Chairman Mao’s murderous regime in China. Trudeau over-excessively admired Fidel Castro, Julius Nyere, and many other Third World dictators. The Soviet dissident Andrei Amalrik (who was a true champion of free speech) scathingly recalled Trudeau’s 1971 prime ministerial visit: Trudeau visited the Siberian city of Norilsk and lamented that Canada had never succeeded in building so large a city so far north, ignorant, or indifferent, that Norilsk had been constructed by slave labor.

#230 Holy Crap Wheres The Tylenol on 08.10.15 at 9:16 am

#182 pwn3d on 08.09.15 at 11:05 pm

#15 blood ran cold on 08.09.15 at 3:10 pm
I read this and my blood ran ice cold. As one of the despised government workers with a defined benefit plan, one would think I’d be voting for the bearded dude in the upcoming election. Not after reading this:

http://www.cbc.ca/news/politics/linda-mcquaig-says-oilsands-may-have-to-be-left-in-the-ground-1.3183999

Is there anyone to vote for in the middle ground?

We’ve got Damian (from “The Omen”) Harper on the right, a pack of imbeciles on the left, and a guy in the middle who has his father’s name and his mother’s brains. We’ve got far bigger problems than a housing bubble.
——————-
People voting NDP should read up on McQuaig and realize this is the type of nutjob you are voting for.

Giving power to activists is never a good idea.
__________________________________________
I would vote for Smoking Man and the Tin Foil Party before voting for these blithering idiots. Author and journalist Linda McQuaig well that says it all..is she an energy expert? Get a real job Linda, and by the way try walking to work in Winnipeg in the middle of January without a carbon consuming transportation device! We need oil plain and simple! Until we can complete fusion in a cost effective method we need oil!

#231 gut check on 08.10.15 at 9:19 am

He refinanced his house in .. You want this gentleman running the economy? — Garth
*****************************************

are you saying that he would not have advisors? Are you saying that he would be telling the BoC what to do?

In my role as business owner I am an expert in some things – however when I’m not I look to those who are to help me make decisions.

Oh, so the guy in charge can be a financial tool and it’s okay? Then why not cut the current guy some slack? Suck & blow. — Garth

#232 gut check on 08.10.15 at 9:32 am

#208 BS on 08.10.15 at 2:02 am

The fact people would consider voting for a upper middle class lawyer who has to refinance his house every few years to make ends meet is beyond belief
****************************************

Lol.. the fact that haven’t voted for someone who actually knows what it’s like to struggle has blown my mind my entire life!

#233 gut check on 08.10.15 at 9:34 am

“Oh, so the guy in charge can be a financial tool and it’s okay? Then why not cut the current guy some slack? Suck & blow. — Garth”
**************************************

Why not hold the current guy’s feet to the fire? You know how badly he’s done – I think the evidence goes back five or more years right here in the “older posts” …

I go by proven history not crystal ball conjecture mixed with classist rhetoric.

#234 tkid on 08.10.15 at 9:38 am

#209 – quitcherwhining. I came out of a college degree and 2 years of university into an entry-level job that paid only-just above minimum wage. It got me onto the bottom rung of the ladder, a ladder I am still climbing.

Seek, and eventually you will find. But blaming the older generation will get you nowhere.

#235 NOTHING SURPRISES on 08.10.15 at 9:44 am

No journalistic error. You are anomalies. The average family moves every seven years. As I said, too bad you have chosen to relive the same day 42 years over. Is that what life is about? — Garth

“You are anomalies”….. but you stated nobody lives in their first house forever.
Anomalies or not…..and we have several friends who also must fit your term…..your statement about nobody is not true!

Yes, this is what life is about. Children and grand kids 5 minutes away. Fellow groundhogs close by. The same partner for for 42 years as well. Life is good.

50% of these moves every seven year in Canada are done due to breakups – that is your average family.
Is that what life is about?

By the way, groundhogs probably change homes quite often. What are your statistics on this?

#236 El Gartho Magnifico on 08.10.15 at 9:50 am

Garth, pardon my abruptness, but let’s cut through the crap, okay? Who do you suggest if not Mulcair?

And don’t give us that “best local candidate” horseshit because you and I both know that’s not how things work right now. For a vote to make a difference it has to work with first past the post (no voting for long shots) and everyone knows that even thought “technically” we don’t elect prime ministers, we actually do. The Conservatives could put a plank of wood or a decorative plant to run for office in Calgary Southwest and then that plank of wood would be an MP. It’s just how it works, and a bunch of idealist “vote with your heart” nerds won’t make a damn bit of difference. Every Conservative elected will be a clapping seal, you of all people should know how that works.

So get to the point Garth, if Mulcair is a deplorable choice, then who do you suggest? Harper, or Trudeau? Just own up already and state your opinion explicitly. You should, after all, be able to defend it.

#237 landless in van on 08.10.15 at 9:56 am

Garth, You are so wrong about taxes. In Norway, people see the results of paying taxes and it comes back to them in the form of health care, education, solid infrastructure — basically a system that takes care of its citizenry.Your delusions about the false state of the US, with its endless warring on other nations and continued warring on the middle class, have me scratching my head whenever I read you sing its praises. Personally, I get sick of you telling me to invest in the very corporations that are profiteering through rape of the environment or otherwise. I WANT the weathy to pay 62% taxes. And I want a new, non-Harper govt. Little Bush has got to go.

#238 Daisy Mae on 08.10.15 at 9:59 am

“Vote for something, not against. Pick the best man/woman in your constituency. — Garth”

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

Don’t they ALL tow the party line?

They will so long as the sheeple vote for leaders they’ll never meet and clearly do not comprehend. — Garth

#239 eddy on 08.10.15 at 9:59 am

Math is easy. A long pattern of
paying a mortgage with new loans is sci-fi.

Not re-fi.

#240 rosie "moving forward" in the knowledge that, "this won't end well" on 08.10.15 at 10:09 am

http://www.marketwatch.com/story/feds-fischer-suggests-september-rate-hike-not-a-done-deal-2015-08-10

#241 NOTHING SURPRISES on 08.10.15 at 10:15 am

No journalistic error. You are anomalies. The average family moves every seven years. As I said, too bad you have chosen to relive the same day 42 years over. Is that what life is about? — Garth

“No journalistic error. You are anomalies.”
You stated “nobody”. A journalistic error.

So in your mind, “life” is not worth living unless you move every seven years on average?

Tedious. Go play with your grandkids. — Garth

#242 gut check on 08.10.15 at 10:15 am

#193 Hawk on 08.10.15 at 12:37 am
as compared to those with less government intervention such as……..

Singapore – they like canings there but hate spitting.
Switzerland – sure, Switzerland and the Caymans. If you can make it there you’ve made it everywhere.
Qatar – you wanna move to Qatar?
UAE – you wanna move to UAE?
Liechetenstein – ?? seriously? perhaps you know something about Liechtenstein that the rest of the world doesn’t.
USA – yeah, that place is a peaceful, clean paradise of freedom.
Germany – I hear you can’t wash you car on your own driveway there. I guess authoritarians like it fine though – once a year you get to have fun with beer and sausages.
HongKong – if you can afford it
Israel – ummmm.. yeah. It’s as stable as they come, and full of love, too! GDP in Israel = Guilt, Deception, Propaganda

you forgot a big one:

Mexico – how’s that working out?

#243 Capt. Obvious on 08.10.15 at 10:16 am

Harper is anti-science, and anti-democracy so I just can’t vote for anyone in his party.
The NDP I don’t trust.
That leaves the Liberals. So it goes.
My riding will go NDP most likely. The incumbent did a good job in Ottawa, and NDP politics play well here.

I’m hoping for no Conservative nor NDP majority. All other outcomes I can deal with.

#244 Lawboy on 08.10.15 at 10:20 am

In the name of equality, morality and social justice, the NDP will fix that – GT

It seems your cynicism is ideologically one-sided Garth, as you grasp at straws here to make your point in favour of the status quo, without appreciating how toxic that has become to our democracy.

Here is a very thoughtful, staunchly conservative, former Reformer and Fraser Institute staffer speaking on why he simply cannot vote for Harper:

On Harper’s tax breaks:

“If taken seriously as political philosophy, it’s die-hard socialism. And as I’ve said before, if you’re going to get socialism, at least get it from honest socialists. ”

On Harper’s moral character of leadership:

“These people are not honourable. Indeed, they laugh at honour. They cherish the low blow, the devious tactic, the unprincipled bribe, in a relentless, sneering, partisan tone. ”

On making the tough choice this election:

“I cannot vote for them. I just can’t. They should be my natural choice but their coarse, vindictive, proudly unprincipled cynicism must not be rewarded with electoral success, regardless of the consequences.”

http://news.nationalpost.com/full-comment/john-robson-i-cant-vote-for-the-harper-conservatives-i-just-cant

We truly are, for 70% of the country, at a point where anything will be better than Harper.

Character is destiny, and we all know that.

We should not condescend the vox populi that has reached this determination. Often the “sheeple” so loudly discredited on this blog really do find the backbone to do the right thing, even if it means a journey into uncertainty.

We should not ridicule their bravery.

Do you really want to go hide your eyes in the closet, Garth, like Harper did on October 22?

Canadians are braver than that now, even many of the former steadfast allies of conservatism. Many will vote against Harper, or not vote at all, and that will make all difference.

Vive le Canada. We can all get through this necessary purging.

Don’t lecture me on political bravery. — Garth

#245 mid20millenial on 08.10.15 at 10:29 am

#235 landless in van on 08.10.15 at 9:56 am
Garth, You are so wrong about taxes. In Norway, people see the results of paying taxes and it comes back to them in the form of health care, education, solid infrastructure — basically a system that takes care of its citizenry.Your delusions about the false state of the US, with its endless warring on other nations and continued warring on the middle class, have me scratching my head whenever I read you sing its praises. Personally, I get sick of you telling me to invest in the very corporations that are profiteering through rape of the environment or otherwise. I WANT the weathy to pay 62% taxes. And I want a new, non-Harper govt. Little Bush has got to go.

——–

Did you know that most of Norway’s economy revolve around gas and oil extraction? You want to hate on US companies, go ahead, but don’t make Norway to be your shining example of what a country should be. Their economy revolves around natural resource exploitation.

#246 Simon Cowell on 08.10.15 at 10:39 am

CPP ‘investment’ in action:
https://ca.finance.yahoo.com/news/cpp-fund-manager-buys-u-k-student-residences-110334846.html

312 k Ca for a bed (not a room) in UK student dormitory, from your pension savings.
C$264 billions in CPP investments for roughly 25 million recipients = 11 k per saver.
so a bed in a student residence in UK is ‘worth’ the pension savings of 30 Canadians.

Keep up the good work CPP. Of course no money on investing in Canadian corporations/start ups to increase competitiveness of Canadian businesses.

It speaks volumes.

As for the investment:
25 year mortgage payment on this at 2.5% = $ 1,397/ Month with utilities, taxes, insurance extra.
there is cap on student tuitions in UK of 9 k pounds per year – typical for high end universities (Oxford, Cambridge) average tuitions are 3-4 k
pounds and that includes accommodations. CPP won’t make in profit more than 1 k CAD per year net from a bed for which they pay 312 k CAD.

#247 Retired Boomer - WI on 08.10.15 at 10:51 am

Candada has Harper we have his alter egos. George “what, me worry” Bush was one.

Our country has only 2 choices: Democrat, or Republican.

Of late there has been very little effective operational difference between them. Talk a good game, but operate basically in alliance.

You guys, by contrast have a virtual smorgasbord!

Conservative, Liberal, NDP, seems there are a few non-consequential bit players as well.

Well, what you currently have, is THAT working? Why, or why not? Do you want to alter the style? If yes vote alternately, if no vote for his party.

I am reluctant to keep failure in power, you do wath you deem best.

#248 NOTHING SURPRISES on 08.10.15 at 11:02 am

Tedious. Go play with your grandkids. — Garth

Can’t do!
They all have part-time jobs and aren’t available.

You did make a journalistic error of fact. Tedious or not.

As a groundhog, it’s been entertaining …..now back to the same old 42 year routine. Such is life!

Till next time.

#249 Daisy Mae on 08.10.15 at 11:07 am

#104: “…Meanwhile if you go to the emerg dept for something more than likely you will wait for hours and hours on end before being seen.”

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

If you go to Emerg suffering a stroke or heart attack you will be seen promptly. If you go to Emerg with a cut finger or a sprained ankle, you will wait all day.

#250 Lorne on 08.10.15 at 11:14 am

#1512 NDP Man
Harper and Muclair are so scared of the big debate that harper REFUSES to show up and Muclair is talking about not showing up. They both have something to hide.
……..
Harper has chosen not to participate as he does not feel the CBC is “fair” to him (you can see how much he respects the CBC from all the funding decisions he has made for them), and Mulcair has chosen not to attend as Harper is not attending…..simply because this would have the 2.5 contending parties slagging each other….exactly what Harper wants….a nice split. It makes no sense for Mulcair to participate if Harper is not there…nothing to hide at all!

#251 CleverTitle on 08.10.15 at 11:16 am

I come here for the financial information but I suppose political discussion is inevitable.
Not a fan of the left for practical and moral reasons. The article describes the inevitable end result of socialist policies in one country’s school system. Well worth the read.

http://www.macleans.ca/news/canada/what-the-failure-of-swedens-schools-can-teach-canadians/

#252 cramar on 08.10.15 at 11:19 am

#92 Musty Basement Dweller on 08.09.15 at 6:59 pm

Is it salient that Mr. Mulcair has remortgaged his house outside Montreal 11 times? — Garth

—————
#136 Mark on 08.09.15 at 9:15 pm

He refinanced 11 times with RBC, for larger sums. No explanation has been given. — Garth

—————

#175 CP on 08.09.15 at 10:45 pm

He refinanced his house in 1984, 1987, 1988, 1990, 1996, 1997, 2001, 2003, 2006 and 2009. You want this gentleman running the economy? — Garth

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

Begs the question WHY? Why does one need to refinance 11X? Insanity?

Makes you wonder what his cumulative transaction costs were?

Now if he refinanced once to obtain a lower rate on a lower mortgage and had the entirety paid off by 2004, that would be impressive. That would show that he knows how to live within his means, is financially responsible, and could maybe be trusted to run country with the same financial prudence.

He who is faithful in what is least is faithful also in much.
– Luke 16:10

#253 LL on 08.10.15 at 11:20 am

11 – Imagine living in the Scandinavian counties with those tax rates. In order to have $30 is disposable income to buy goods you need to make close to $100. You earn $100 and the government gets $70 of it. No thanks.

Is it not already like that in Canada?
I had read somewhere that after all tax we have to pay just 1/3 of your revenue is left in your pocket.

#254 Daisy Mae on 08.10.15 at 11:21 am

#134: “To grant another majority mandate to the same government, under whose tenure we saw the escalation of the greatest private debt accumulation in our history?”

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

It’s not the party so much that is at fault, but rather the arrogant, dictatorial leader.

#255 Godth on 08.10.15 at 11:22 am

#240 gut check on 08.10.15 at 10:15 am
USA – yeah, that place is a peaceful, clean paradise of freedom.

I hope you jest.
From 9/11 to Mass Surveillance, The Man Who Knew Too Much – Thomas Drake on RAI
https://www.youtube.com/watch?v=sngqrHapYGA

Interesting interview.

#256 Bottoms_Up on 08.10.15 at 11:22 am

#233 NOTHING SURPRISES on 08.10.15 at 9:44 am
——————————————————–
Why are you so sensitive about not having moved in 42 years? Who cares what Garth thinks or says about this?

Good for you for being able to provide a stable environment for your children and grandchildren.

#257 Ponzius Pilatus on 08.10.15 at 11:34 am

#240 Gutcheck
Germany – I hear you can’t wash you car on your own driveway there.
————-
Same here in BC.
So what’s your point.

#258 Leo Trollstoy on 08.10.15 at 11:39 am

#215 SunShowers on 08.10.15 at 8:13 am

Mulcair is that you?

Clueless.

#259 Leo Trollstoy on 08.10.15 at 11:42 am

The fact people would consider voting for a upper middle class lawyer who has to refinance his house every few years to make ends meet is beyond belief. He can’t balance the books of a household.

Welcome to Canada.

If Mulcair wins he will preside over the implosion of the Canadian economy, Canadian real estate and his own residence.

The reputation of the NDP will be tarnished for a generation.

I hope the PC are voted out. No need for them to be in charge in the coming storm. Let another party take the hit.

Now isn’t that poetry?

#260 Leo Trollstoy on 08.10.15 at 11:49 am

Scary that people like SunShowers is allowed to vote. No wonder our economy is going in the gutter. The clueless will be voting in the clueless.

#261 pwn3d on 08.10.15 at 11:55 am

For those saying Gates didn’t write DOS so he’s not creative or a visionary are sadly missing the point and probably explains why you think he’s just lucky and doesn’t deserve his vast wealth.

He created a company called Microsoft with Paul Allen (also ultra wealthy). He didn’t write every line of code in Windows or DOS (he did code BASIC) but he knew that software was going to allow for the proliferation of hardware into people’s homes and make them useful. Which is as true today as it ever was. Lucky my ass.

#262 pwn3d on 08.10.15 at 11:58 am

#241 Capt. Obvious on 08.10.15 at 10:16 am
Harper is anti-science, and anti-democracy so I just can’t vote for anyone in his party.
The NDP I don’t trust.
That leaves the Liberals. So it goes.
————-
This is how we got Wynne and how I picture every Liberal apologist trying to justify allowing rampant corruption in their own minds.

#263 Ponzius Pilatus on 08.10.15 at 11:58 am

Talking about Groundhog Day.
Entwistle is back at Telus.

#264 Centurion on 08.10.15 at 12:07 pm

Moist Millennials at it again:

“Real estate dreams dashed: priced out and resigned to renting”

http://www.cbc.ca/news/business/real-estate-dreams-dashed-priced-out-and-resigned-to-renting-1.3180437

#265 Drill Baby Drill on 08.10.15 at 12:20 pm

If the Commie Pinkos are elected in then big business will not invest in Canada. Since we are drawers of water and hewers of wood then we will not be competitive for investment nor with our taxation levels.
The problem with socialists is that eventually (in our case very soon after) you run out of other peoples money. Margaret Thatcher

#266 rosie "moving forward" in the knowledge that, "this won't end well" on 08.10.15 at 12:29 pm

Best to wait for Fed Yellen.

http://www.marketwatch.com/story/feds-lockhart-economy-can-handle-gradually-higher-interest-rates-2015-08-10?link=MW_home_latest_news

#267 Sheane Wallace on 08.10.15 at 12:39 pm

#255 Centurion

Most millennials don’t have future in this country anyway so start packing could be good idea.

Unless your idea is to live in basements (the only place on earth where people live in and rent basements), study for 6-8 years at university (with sky-rocketing tuition fees) only to land a crappy job (if lucky) while baby boomers (mostly without university education) live in ‘million dollar’ homes and expect you to pay for their health care and drugs and to take care of them whipe their behinds when disabled.

The need to support greedy and lazy union workers, incompetent teachers etc. is the cherry on the cake.

Here is Harper’s policy:
According to the prime minister, “For most Canadians, the family home is their biggest asset and their most significant investment in their future financial security. I’m therefore very pleased to announce that to help make it more affordable for Canadians to adapt their homes to their changing needs and to maintain and increase those houses’ values, we will establish a new home renovation tax credit.”

Voila, Harper wants to increase house values further.

Frankly, what kind of idiot can say that at this point in time, in the middle of the biggest housing bubble in history for which his administration is solely responsible?

Knowing that Harper in power for 1-2 more years perfectly fits my goals, I still can’t help it and with whatever remains of consciousness and integrity in my head I really need to be strongly drunk to vote for him.

With National post posting articles, the like of:
http://news.nationalpost.com/full-comment/john-robson-i-cant-vote-for-the-harper-conservatives-i-just-cant

It seems they think Harper is gone for sure,

#268 gut check on 08.10.15 at 12:41 pm

#252 Godth –

yes, I was being sarcastic.

Thomas Drake is very interesting – I wonder how many have heard him speak or even heard his name?

#269 gut check on 08.10.15 at 12:45 pm

#257 Ponzius Pilatus on 08.10.15 at 11:34 am
#240 Gutcheck
Germany – I hear you can’t wash you car on your own driveway there.
————-
Same here in BC.
So what’s your point.
***************************************

thank you for asking.

My point is that is was either disingenuous or uninformed for Hawk @ #193 to imply that the government in Germany was more “hands off” than others.

And I wouldn’t want to live in BC, either.

I reiterate: some places are god for well trained service animals – they appreciate order and discipline (of their neighbours). I prefer messy freedom.

#270 Mark on 08.10.15 at 12:51 pm

“Moist Millennials at it again:

“Real estate dreams dashed: priced out and resigned to renting”

Talk about a cult. How many millennials realize that the Canadian stock market is in a half-off sale right now, and that one sector is actually trading at over 90% off (and 99% off if it returns someday to its historic highs!)?

#271 Axehead on 08.10.15 at 12:58 pm

Business, jobs, economy – I think – are more impacted by provincial decisions than federal, since the provinces actually own the resources in the ground that fund most of our commodity driven economy.

The federal election choice should be based on what the feds are able to influence (i.e. banking, interest rates, foreign policy, military, etc.). My vote is going for the party that influences federal decisions in that regard.

#272 jess on 08.10.15 at 1:08 pm

drill baby : shelters that smell?

http://www.forbes.com/sites/janetnovack/2015/08/05/appeals-court-gives-billionaire-shot-at-300-million-in-tax-shelter-losses/

DAD + DATS
http://www.forbes.com/sites/robertwood/2011/09/14/dad-tax-shelter-is-a-deadbeat/

#273 Holt Crap Wheres The Tylenol on 08.10.15 at 1:13 pm

#265 Drill Baby Drill on 08.10.15 at 12:20 pm

If the Commie Pinkos are elected in then big business will not invest in Canada. Since we are drawers of water and hewers of wood then we will not be competitive for investment nor with our taxation levels.
The problem with socialists is that eventually (in our case very soon after) you run out of other peoples money. Margaret Thatcher
_____________________________________________
And our money is now worthless in the world markets. So hows that devalued dollar working out for you Canada?

#274 Refusing to show up in a debate on 08.10.15 at 1:17 pm

Refusing to show up in major debate on television by a currently serving politician is like not showing up at work.

You don’t want to show up at work – go home and stay there.

Nobody has to be a prime minister, or the leader of the opposition, etc.

There are plenty of others waiting for the job.

Where did these politicians – refusing to attend the most important election events – worked previously?

It could not have been in the public sector, with this attitude they would be fired in no time.

#275 Leo Trollstoy on 08.10.15 at 1:18 pm

Germany – I hear you can’t wash you car on your own driveway there.

I wash my lambo with the tears of the 99%

#276 Bottoms_Up on 08.10.15 at 1:20 pm

Whatever we say about taxation and socialism, here is a list of the top 15 countries for best quality of life as ranked by the OECD. Note they are all high-tax countries (ok maybe not the USA, although there is a high corporate tax rate there, and high municipal taxes), and Canada got 3rd spot (in 2013):

http://www.businessinsider.com/top-countries-on-oecd-better-life-index-2013-5?op=1

#277 NoName on 08.10.15 at 1:25 pm

#261 pwn3d

Ingenius thing that Gates did with DOS, was not necessarily bauyimg a dos for pinuts from some guys, But getting a nonexclusive deal with IBM, so he was able to sell DOS to other PC and hardware manufacturers.

And let’s not forget that Gates saved an Apple back in 97 with infusion of 150mil.
Some people say that Jobs play patents lawsuits card but truth is that at that point Gates/microsoft could very easily drug Apple thru corts for years and bancropt the company. Apple would probably win lawsuit, but there os a good chance settlement wouldn’t be bit enough to save Apple and pay for legal fee’s.

#278 Centurion on 08.10.15 at 1:25 pm

Loving this quote in the comments from the CBC article I posted earlier (http://www.cbc.ca/news/business/real-estate-dreams-dashed-priced-out-and-resigned-to-renting-1.3180437):

“It’s unfair I can’t find a NYC penthouse overlooking Central Park within my price range. The same in Hawaii overlooking the beach. I will try Paris next.”

Really puts into perspective the entitlement attitude some Millennials have. Maybe they will finally realize that if they want to be homeowners, it won’t be so life-shattering to move to a place like *gasp* PG?

#279 vh on 08.10.15 at 1:28 pm

Give this a listen….

‘There Are Big Changes Happening And The Economy Is About To Get Much Worse’

https://www.youtube.com/watch?v=28qJZy4hfEg

#280 BUY MY VOTE on 08.10.15 at 1:30 pm

#85 BS on 08.09.15 at 6:45 pm

Today, a Doctor can make more money on the stock market or in Real Estate than looking after the sick.

If it is so easy then why aren’t you doing it?

And does anyone here really believe that Gates or Buffett wealth is in line with their efforts.

Yes. Both of them earned every penny they have. Both also helped 10,000s of thousands become wealthy.
_____________________________________________
Bill Gates is now giving away a small percentage of his worldly wealth while alive to perhaps atone for all the companies he stole intellectual property from.

Remember Netscape?
This guy got paid off in court some 10 years later a few hundred million, while Gates made billions stealing his patents.
Rinse and repeat.
Meanwhile I would literally smash some of my useless computers that crash continuously so Gates could put more candy apps in to sell more software to the suckers who don’t know that a computer should stay working when booted up.
He admitted in an interview I saw, whereby he said customers want more add ons, Not stability.

Bill Gates and his band of pathetic programmers has caused my blood pressure to rise worse than my ex wife!

#281 so long as the sheeple on 08.10.15 at 1:33 pm

Don’t they ALL tow the party line?

They will so long as the sheeple vote for leaders they’ll never meet and clearly do not comprehend. — Garth

===

Wow…

The “sheeple”.

A strange word of choice in 2015 to use for voters in a G7 country, in public debate, by a former politician.

This won’t be a proud page in the history books.

#282 Holt Crap Wheres The Tylenol on 08.10.15 at 1:34 pm

Watched the leaders debate last week.
Hes my take on it.
Harper nervous and edgy and rightly so, he is the one everyone is shit piling on. Stop smiling Stephan I don’t like politicians that smile too much. Stay the course though was his mantra. Finding Stats Canada figure to return his serves.

Mulcair has a Cheshire cat smile when he looks into the camera. Almost like the old commercial for its better with butter and the crazy lady tells you with a knife in her hand! I’m for the middle class he keeps saying, so if your rich or poor what you don’t give a shit? So whats he hiding?

May well she tried, at least she tried. She is not a politicians politician. She needs to learn how to lie, cheat and throw everyone under the bus to gain her politician aspirations. In other words grow a pair!

Trudeau well what can I say about the young cocky PET junior. He hides it well but this guy just showed up riding his fathers coattails. Well hes comes from a broken home. What did he do before teacher, actor? Well that will come in handy when hes in front of the cameras. Hes just a young punk green as grass.

#283 Van Koover on 08.10.15 at 1:35 pm

Garth:

Whoever sits in Ottawa should be in the business of nation building. The Tories current emphasis on the resource sector has ignored developing the manufacturing and research sectors which add value to product. Sending raw materials from Canada is sending the profits to someone else. We should be in the business of refining/finishing/polishing/developing/inventing products as well.

Looking at the BC Gov’s push to get LNG going and this sketchy deal with PETRONAS, I am eerily reminded of the coal deal with Japan at Tumbler Ridge. Not the best outcome.

#284 pwn3d on 08.10.15 at 1:38 pm

The Federal Reserve is concerned about low inflation and won’t move before it sees inflation returning to more normal levels, said Stanley Fischer, the vice chairman of the U.S. central bank, in a television interview Monday.
http://www.marketwatch.com/story/no-rate-hike-until-fed-sees-inflation-returning-to-normal-fischer-2015-08-10

Comments?

#285 BUY MY VOTE on 08.10.15 at 1:40 pm

BTW it feels really good to smash an inanimate object sometimes!

#286 David on 08.10.15 at 1:48 pm

The beloved middle class has it tough these days. Problem is that many of those high paying jobs in the energy sector and manufacturing that are being lost will be tough to reclaim.

http://www.paulcraigroberts.org/2015/08/10/us-economy-continues-collapse-paul-craig-roberts/

http://wolfstreet.com/2015/08/05/the-true-jobs-massacre-in-the-us-oil-gas-sector/

#287 Balls First on 08.10.15 at 1:51 pm

DELETED (Moron)

#288 Ponzius Pilatus on 08.10.15 at 1:54 pm

#265
like Reagan, the Iron Lady was highly quotable.
But both screwed their respective countries royaly with their zealous devotion to free markets.

#289 Realitybytes on 08.10.15 at 1:57 pm

I was a teen in the 80’s. An Alex P. Keaton wannabe Reaganite. But I’ve grown up.

I honestly have no clue how intelligent people like Garth can stay stuck in a trickle down economic philosophy that’s done nothing but squash the middle class and create an entrenched elite for the past 30 years.

#290 Who the Hell Gets My Vote? on 08.10.15 at 2:22 pm

While Harper may have done some reprehensible things, he is probably best characterized as being in his element and amongst his peers. In other words, Harper is not alone nor is he singular in nature in Ottawa. Harper understands people and he understands power. In that respect, he is not unlike the American Lyndon Baines Johnson who followed Kennedy.

Like Johnson, Harper is a very tough opponent and the swamps are full of the bodies of those who underestimated him. And also like Johnson, Harper understands how to get, to keep, and to use power. But to suggest that he is some sort of an anomaly is to fundamentally miss what politics at a national level is all about. It can be a rough, unforgiving arena that is in constant need of new, fresh meat. It thrives on misrepresentation, self-interest, and compromise.

Voting for Mulcair could open us up to the most disastrous financial moves this country has ever seen. Trudeau, as the current political attack ad suggests, is probably not ready. He is well meaning but he probably needs more time to develop.

At the end of the day, Harper may indeed be the only choice but there is another alternative and it has already been suggested by Garth: vote for the person who best represents your interests regardless of what party they are affiliated with. I would add that this person should also be let to make decisions based on the best information they have available and be prepared to defend that decision to the electorate, their one, true, and only master.

What all of us can do, in the electorate, is make it known (load and clear) that we support our representative and we do not want them to be forced to vote the party line. And that sort of control, which is Harper’s greatest sin in my eyes, is exactly what we need to wrest control back from any elected government.

For Christ’s sake, we are Canadians. We are the greatest complainers in the world. We raise it to an art form; our moaning and whinging is sublime. It is time that we focussed our whining into pointed and direct communications to the government that we want our elected MPs to have autonomy and be free to represent our interests. Think of it this way: your complaints are a sharp stick. Where would you like to put that stick?

My work here is done.

#291 Randy Randerson on 08.10.15 at 2:29 pm

And never use the argument, ‘but I’ll live there always so I don’t care if prices fall’, because it’s a crock. Nobody’s first home is a forever house.

Wise words, of course people will move out of their forever home…when they drop dead.

#292 NoName on 08.10.15 at 2:35 pm

#280 BUY MY VOTE

“Bill Gates and his band of pathetic programmers has caused my blood pressure to rise worse than my ex wife!”
microsoft, wifes and high-blood pleasure…
https://www.youtube.com/watch?v=0-U4Yr9UNBo

#282 Holt Crap Wheres The Tylenol
“Mulcair has a Cheshire cat smile”
pft, cat smiles
https://i.imgur.com/Dztgzx8.jpg

#autocorrect

#293 tkid on 08.10.15 at 2:38 pm

like Reagan, the Iron Lady was highly quotable.
But both screwed their respective countries royaly with their zealous devotion to free markets.

The most infuriating thing about the Iron Lady was she was right about just about everything, but in particular about her ‘devotion to free markets.’ Britain would have been an utter basket case without her.

#294 gut check on 08.10.15 at 2:41 pm

#289 Realitybytes on 08.10.15 at 1:57 pm
I was a teen in the 80’s. An Alex P. Keaton wannabe Reaganite. But I’ve grown up.

I honestly have no clue how intelligent people like Garth can stay stuck in a trickle down economic philosophy that’s done nothing but squash the middle class and create an entrenched elite for the past 30 years.
*********************************

you answered your own question I think!

the only people on this blog that are defending the status quo are the people for whom it has worked.

they will throw whatever they can at the opposition to keep their fortress secure. They pretend like they aren’t frightened (except when they pretend they are frightened for the rest of us.)

#295 EB on 08.10.15 at 2:42 pm

#265 Drill Baby Drill on 08.10.15 at 12:20 pm

What #276 Bottoms_Up said, but fortunately we’re all living the dream in a free market paradise now after years of enlightened conservative guidance (not to mention the all the prosperity created for the middle class by ensuring they had to compete with workers happy to take fractions of their salaries – it’s been magnificent).

#296 lee on 08.10.15 at 2:43 pm

#264 Centurian,

I would be suspicious about the article. There are a ton of properties in the 750000$ range in good neighborhoods these guys can afford with a little pain. Maybe the author is being fooled.

#297 Blacksheep on 08.10.15 at 2:53 pm

Confidence…or lack of it, is the problem.

Example, my small business: I do not anticipate an increase in demand for my manufactured goods, so I do not feel the need (lack confidence) to take a loan to purchase new additional, canadian made manufacturing equipment.

My inaction affects multiple parties in canadian equipment manufacturing, sales, skilled labour, all the way down to the raw material suppliers for said equipment.

But the biggest impact of my not, TAKING A LOAN to purchase new equipment, is I’m NOT CREATING NEW ADDITIONAL MONEY to help the economy expand.

Now I’m not advocating reckless debt accumulation, but those who think the government should be running a balanced budget with the economy stalling, don’t have a basic understanding of how the system actually works. The expand or die paradigm applies.

Why I, don’t have the confidence that my sales will increase, is a whole other discussion.

Funny thing is I believe, all parties are currently running on a balanced budget platform.

Talk about the blind leading the blind.

#298 Renter's Revenge! on 08.10.15 at 3:14 pm

@278 Centurion:

It’s probably the best comment on there! Hits the nail right on the head.

My aunt was born in Vancouver, but moved all around Canada pursuing opportunities in, but not limited to, Montreal, Toronto and Winnipeg. She and my uncle weren’t able to afford a house in Vancouver until they were almost 50.

Me, I’m from lowly Winnipeg, and I don’t expect to be able to move to Vancouver until I’m that age either, if ever. Why do 20- and 30-something Vancouverites think they’re entitled to own just because they were born there?

#299 chapter 9 on 08.10.15 at 3:24 pm

How does this look from the outside looking in? You have a person that wants to be prime minister that has literally never worked a day in his life,who’s father was a life long apologist for Soviet Communism, and is supported by a premier who’s provincial debt is now heading towards $325 billion.
Chinese Proverb, Rats know the way of Rats

#300 Blobby on 08.10.15 at 3:39 pm

#229 Holy Crap Wheres The Tylenol

You dont seem to understand what socialism means. Hint – Trudeau wasnt one.

#301 Sherlock Holmes' Younger, Smart-Alec Brother on 08.10.15 at 3:54 pm

The Ultimate Totally Safe And Really Wise Investment: A House, Of Course!

“Third, mortgage rates have but one direction in which to travel.”–GT

So true. That direction, of course, is further down. Soon, mortgage interest rates will be negative. Then, the more money you borrow to buy real estate, the more the banks and other mortgage lenders will pay you to borrow it. Obviously, the more money you borrow, the more money you will make. When that happens, you will really be able to get rich quick with real estate. It looks like this will just keep on getting better all the time forever and ever. Just remember to hurry up and rush out and buy some real fantasy estate before you get priced out forever.

To balance the mortgage interest rates as they go down more and more negative, credit card interest rates will go up higher and higher. So, just be sure to get a HELOC so you can use your safe and wise house investment as an ATM whenever the urge to splurge hits you. That way, you can get paid to borrow to buy things. As anyone can clearly see, there is no limit to how low negative mortgage interest rates can go, or how high credit card interest rates can go.

No doubt, all these undeniable facts will frustrate the heck out of the snooty, deluded, unsuccessful, impoverished, renting minority who mistakenly think that they are smarter than, and better than, and superior to the great washed-in-their-own-bathtubs, in-their-own-bathrooms, in-their-own-houses masses who had the great foresight, admirable courage, and good luck to buy real estate and make a quick, easy, risk-free fortune.

Those dirty, filthy renters (Yuck!) who make such bad neighbours to begin with will become even more miserable, unstable, anti-social, violent, and dangerous as these indisputable facts of life and other economic realities continue to hammer them in the noggin and drive them stark raving bonkers. Their own cheap, selfish, greedy, shameful, and utterly unrealistic desire to see other people’s houses decline in price precipitously so they can “vulch” and get their own dirty, filthy, renter’s hands (Yuck!) on other people’s property will be their undoing. So be it. Let the renters sink in the mire of their dirty, filthy, renter’s thoughts (Yuck!) while the better, clean-living, home-owning class of people live the good life in the ivory towers of their castles.

If the stock market crashes this fall (maybe in October), people will be really happy that they loaded up on something as good, tangible, noble, beautiful, and safe as real estate, instead of gambling recklessly on some Ponzi scheme traded on the Toronto Stock Casino. Even buying a seemingly expensive, supposedly poorly-built, particle-board shack makes much more sense than buying pieces of overpriced paper in the stock market. In fact, in the stock market they are now too cheap to give you even a paper stock certificate for all your hard-earned cash. They just give you an electronic blip in exchange for your paper money. When the blip flops to zero, you got nothing. Even a chip off the old yellow or silver pet rock would be better than that.

But best of all is a house, of course, as everyone who is anyone knows so very well. There really is no way to compare anything as great and glorious as a house to anything else, other than rich compared to poor, haves compared to have-nots, lucky compared to unlucky, wise compared to foolish, owners compared to renters (Yuck!), something compared to nothing, and so forth and so on.

Since Graph seems to have someting agin hugely intellismart people with good morals, and seems to be attracted to ruby-dubs swamped in a pathetic Bog instead, I supposed I oughta mess up the spellthing and grammy, and pretend to be dunk and hi on dugs at a casino with a booker so he would not DeLeTe this vital massage. Hope it doesn’t wub anyone the Wong way.

P.S. If you REALLY want real estate prices to go down, you will have to throw in the towel and start to write this way too. Only then can it begin.

#302 waiting on the westcoast on 08.10.15 at 4:03 pm

#284 pwn3d on 08.10.15 at 1:38 pm
“The Federal Reserve is concerned about low inflation and won’t move before it sees inflation returning to more normal levels, said Stanley Fischer, the vice chairman of the U.S. central bank, in a television interview Monday.
http://www.marketwatch.com/story/no-rate-hike-until-fed-sees-inflation-returning-to-normal-fischer-2015-08-10

Comments?”

I watched the segment on bloomberg and he only said that the Fed focuses on both inflation and jobs. With the current growth in jobs (basically now at full employment), inflation will increase.

http://www.bloomberg.com/news/articles/2015-08-10/fischer-says-low-inflation-won-t-persist-as-labor-market-heals

#303 Nosty, etc. on 08.10.15 at 4:17 pm

SMan — remember a few days ago I said Trump would be dealt with, as he is a threat to the establishment? Well, whaddaya know! The Donald 1 and The Donald 2. BTW, the US recognized East Ukraine’s independence 56 years ago, but the US will give Ukraine US$500 million to continue the war on themselves.

#304 Very funny on 08.10.15 at 4:21 pm

#301 Now that was the funniest thing I have read on this web site in quite a while. Thanks for bringing another smile to my day! (As a filthy tenant I don’t get many of these :-)

#305 Holy Crap Wheres The Tylenol on 08.10.15 at 4:21 pm

#300 Blobby on 08.10.15 at 3:39 pm

#229 Holy Crap Wheres The Tylenol

You dont seem to understand what socialism means. Hint – Trudeau wasnt one.
______________________________________
Yep and when pigs fly. Oooops…..

http://www.dailymail.co.uk/news/article-2042049/Pink-Floyd-pig-floats-Battersea-power-station-celebrate-35-years-album.html

#306 Bytor the Snow Dog on 08.10.15 at 4:25 pm

This just about sums up what Garth and his elitist friends just don’t get:

Rush – Bastille Day Lyrics

There’s no bread, let them eat cake
There’s no end to what they’ll take
Flaunt the fruits of noble birth
Wash the salt into the earth

But they’re marching to Bastille Day
La guillotine will claim Her bloody prize
Free the dungeons of the innocent
The king Will kneel, and let his kingdom rise

Bloodstained velvet, dirty lace
Naked fear on every face
See them bow their heads to die
As we would bow as they rode by

And we’re marching to Bastille Day
La guillotine will claim Her bloody prize
Sing, o choirs of cacophony
The king has Kneeled, to let his kingdom rise

Lessons taught but never learned
All around us anger burns
Guide the future by the past
Long ago the mould was cast

For they marched up to Bastille Day
La guillotine — claimed Her bloody prize
Hear the echoes of the centuries
Power isn’t All that money buys

Rush? Seriously? That explains a lot. — Garth

#307 Godth on 08.10.15 at 4:25 pm

#247 Retired Boomer – WI on 08.10.15 at 10:51 am

From my (outside) perspective a Bernie Sanders – Carly Fiorina election would be the best result the USA could have.

They are both anachronisms realistically speaking but pragmatically speaking the conversation/debate/ argument they would have could be worthwhile.

At least you’d have two people that represent their positions with some intelligence, and frankly they have quite a lot of overlap albeit from different perspectives. At least (given their characteristics) it may move on from a circus gong show to something worth paying attention to, and they may even be able to get something worthwhile done together on many fronts. Probably naive optimism though.

#308 westcdn on 08.10.15 at 4:34 pm

I like smart women. However they don’t seem like me.
I guess I am I am going to have live without them. Calgary Real Estate is ready to fall – prices are sticky. I just see more job losses. If you want to make money, OH Real Estate – sell now…

#309 Godth on 08.10.15 at 4:38 pm

#275 Leo Trollstoy on 08.10.15 at 1:18 pm

Just tears, not blood? Careful bub, who’s blood will it be?
http://www.theguardian.com/environment/earth-insight/2014/mar/14/nasa-civilisation-irreversible-collapse-study-scientists

We (as humans) have seen it all before, many times over.

#310 Godth on 08.10.15 at 4:41 pm

woops, whose blood – not who’s blood. who gives a whoot though. Que Sera Sera…

#311 Mister Obvious on 08.10.15 at 4:50 pm

The best position to be in is one where you are immune regardless of which way real estate heads.

For the renter, if RE goes up then the already sizable landlord subsidy will become even sweeter. If it goes down nothing happens except perhaps that quality tenants may become in short supply and thus have better options to choose from.

For the owner, rising RE means you will preside over even more dead capital unless you take profit and get out of the game. Falling RE means you may have to chase the market downward to salvage some of what you thought was surefire wealth.

#312 saskatoon on 08.10.15 at 4:59 pm

#307 Godth

Bernie Sanders?

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

Naive optimism indeed.

#313 Party Of Garth on 08.10.15 at 5:04 pm

“Incorrect. I was sitting as an independent
MP. — Garth”

Have you ever given any thought to starting your own political party? Your political profile seems to be a mix of conservative and liberal, with some unique aspects. You might find a major following!

#314 Godth on 08.10.15 at 5:39 pm

#312 saskatoon on 08.10.15 at 4:59 pm

Your hero gets owned:
https://www.youtube.com/watch?v=45vGBs58TDw

#315 Retired Boomer - WI on 08.10.15 at 5:44 pm

#307 Godth

YES!! A Carly F. vs. Bernie S. debate or even an election between these two good thinkers would be quite inviting.

My Fear: WHO do these two brighter lights surround themselves with as far as cabinet, advisers etc.

Even the rightest lights go dim when they’ve selected the tired workhorses of an established government. (sigh)

I won’t start the popcorn popping… just yet.

#316 Spotty Dribbles and Skid Marks on 08.10.15 at 5:59 pm

When you get older you get to answer some of lifes more interesting questions. Such as ” Is that a fart coming…should I let ‘er go and find out…or do I risk soiling myself right here at the bar…and will anyone care”?

And now there’s this…Why is the Alberta NDP waiting until after the federal election to release the first NDP budget? One can only wonder the chaos that’s about to drop on the heads of Albertans as taxes skyrocket and special interests get pandered to as is typical under a Dipper regime.

#317 Westernman on 08.10.15 at 6:02 pm

Here’s a little story about the NDP… way, way back when Westernman was but a wild lad he lived in a province that thought having communist opps, I mean NDP government was a swell idea… in fact it was so swell that you couldn’t buy a job because the anti-business, high tax, high regulation communist whoops, there I go again… I mean NDP had driven away or out of business every productive enterprise in the land. The only thing that grew where bureaucrats – tons and tons of them all sucking up tax money like a vacuum…
So the moral of the story is if you want to live like a flat broke sharecropper elect a communist damn! I mean NDP government…

#318 Paul on 08.10.15 at 6:12 pm

#313 Party Of Garth on 08.10.15 at 5:04 pm

“Incorrect. I was sitting as an independent
MP. — Garth”

Have you ever given any thought to starting your own political party? Your political profile seems to be a mix of conservative and liberal, with some unique aspects. You might find a major following
———————————————————-
He did once, then Dorthy slap him up the side of the head and woke him up.

#319 Nagraj on 08.10.15 at 6:32 pm

I was drivin down Middlebrook Rd just after dark and I see what looks like a big dog standing stock-still in the middle of the road. I’ve had to stop for every creature known to mankind around here but never a dog because we have responsible dog owners.
It was a FAWN.
I stopped, turned off the motor and the lights, and it scooted into the woods.

The McGillicuddly farmhouse was built in the 1830’s and has been occupied by McGillicuddly’s ever since. It has never been sold.

DECENT SELF-RESPECTING Canadians do not sell their homes, especially to strangers. Read that again and memorize it.
DECENT SELF-RESPECTING Canadians do not get divorced. Got that? [Though sometimes mistresses and affairs help out – but that’s to AVOID divorce. See?]
And DECENT SELF-RESPECTING Canadians have healthy happy grandchildren, and they play a lot with them, and deliberately “spoil” them.

Obviously a lotta the blog commenters here live in trailers which they never park except at work (theyse allus changin jobs) but otherwise constantly drive around in big city traffic and are allus gettin new “partners” because, supposedly, of the Groundhog Day thingy. (They procreate while driving.)

Dr.Freud, big city Canada needs your help!

#320 Frank on 08.10.15 at 6:33 pm

Have you ever given any thought to starting your own political party? Your political profile seems to be a mix of conservative and liberal, with some unique aspects. You might find a major following

He’s a conservative, just not a Harper conservative.

If Harper and co loses, which they’re like to do come October when the good weather is gone, people are miserable and realize our dollar is 70 cents and the oil money is gone. Then the CPC will shuffle and make new leadership. Very possible that Garth is on board with them.

#321 Investorz on 08.10.15 at 6:36 pm

If NDP gets in power I’m shorting the TSX and strictly buying international ETF. Then moving to the US.

Good point about needing to save money for kids education. at 1 year my son has 3k in Bank of Montreal ZUE ETF. 500 biggest US stocks. He got his first dividend at 1 year 3 months.

#322 Smoking Man on 08.10.15 at 6:38 pm

#303 Nosty, etc. on 08.10.15 at 4:17 pm
SMan — remember a few days ago I said Trump would be dealt with, as he is a threat to the establishment? Well, whaddaya know! The Donald 1 and The Donald 2. BTW, the US recognized East Ukraine’s independence 56 years ago, but the US will give Ukraine US$500 million to continue the war on themselves.
…….
He surged after the debate, even with the bleeder Comment. Loved how we dangled his way out of it.

They broom him, Hillary wins, he splits the Conservative vote.

If I was Donald, I would be keeping a close eye on the guys maintaining his plane.

What is going on, and it’s beautiful. The Herd knows MSM is full of shit. The Herd knows about building 7
The Herd knows their jobs went to China, Mexico, and India.

Trump is a capitalist, and capitalizing on that sentiment.

The More they attack him, the more popular he gets.

#323 gut check on 08.10.15 at 6:42 pm

Harper makes me sick.
ISIS, huh? Elect me and we will bomb people to death!!

that is some sad campaigning right there.

#324 Smartalox on 08.10.15 at 6:46 pm

@ Chapter 9 (#299):
You think that Trudeau’s inexperienced? You should have seen Harper’s resume before he became PM.

Work experience:
– Mail boy at Imperial Oil (his father, an accountant at Imperial got him the job)
– Political aide, Speechwriter
– Ran a political lobby group
– Member of Parliament

And yet Harper’s ads sneer that Mulcair is a political lifer, and Trudeau ‘never had to make payroll’. Well I’m pretty sure that Harper never worked a non-political job, never went looking for work (he was politically well-connected), and probably never had to make payroll, either.

That kind of hypocrisy, those half-truths, the hubris that assumes voters will judge his opponents by these criteria, yet ignore the fact that he himself is no better by those same measures, that drive people to want to wipe that empty-eyed smirk off his face.

#325 source on 08.10.15 at 6:46 pm

#312 saskatoon on 08.10.15 at 4:59 pm

#307 Godth

Bernie Sanders?

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

Naive optimism indeed.

Opinion piece from a narcissistic demagogue clown, instead of the source.

How naive is that?

#326 Gulf Breeze on 08.10.15 at 7:17 pm

#234 tKid,

You started on the bottom rung and worked your way up?? Where? Are you an assistant manager at Timmy’s now? Or perhaps you were a young drug courier and now you a full blown ‘gangstuh?’

Making dismissive remarks about another poster’s description of the problems younger generations face trying to get a job that actually HAS RUNGS to climb, is loathsome.

It is this kind of divorced from reality attitude of the few lucky Gen Y and wealthy boomers that is fueling Mulcair’s popularity among the many many disenfranchised.

#327 Herf on 08.10.15 at 7:21 pm

#179 Big Dipper

“Here in Alberta, I see the corporate tax reductions as a theft, facilitated by the previous Con govt, of the people of Alberta. This tax gift to Alberta Corporations was paid for by the Alberta citizens by reduced social services, health care and education spending. When the Cons decided to make the citizens, and not the Corporation, cough up the shortfall by taxing its citizens – the citizens revolted.”

According to the following 2013 Fraser Institute report, Alberta spending in all three categories increased from 2005 through 2013. See the report available for download here:

http://www.fraserinstitute.org/publicationdisplay.aspx?id=19328&terms=alberta+lost+opportunity

or here:

http://www.fraserinstitute.org/publicationdisplay.aspx?id=19421&terms=alberta+lost+opportunity

or here:

http://www.fraserinstitute.org/publicationdisplay.aspx?id=19329&terms=alberta+lost+opportunity

In particular, see pages 11-12 (pdf page 15-16), 14 (pdf page 18), and 18 (pdf page 22 “An analysis of one very expensive choice”).

I seem to recall in the lead-up to the 2008 Alberta provincial election (I was there), the government had settled with the teachers by giving them a huge pay increase, something like 15% over three (or five?) years. Whatever – the above report p. 18 contains the actual details. I also seem to recall the nurses got a hefty pay hike too. Then, shortly thereafter, the election was held in the spring of ’08, with low voter turn-out (<30%?) as the apathetic Alberta electorate carried on living in la-la land, oblivious to or unconcerned about the government's spending and handling (mismanagement?) of their tax dollars. Naturally, the red-tory PC's got re-elected and carried on with their overspending, business as usual.

The Alberta government under the PC's may very well have been thieves, but I don't think it's for the reasons/sentiments that you're expressing. From the way they spent like drunken sailors, I think they should make the Nonsense and Demolition Party blush with embarrassment (or turn green with envy).

#328 Hawk on 08.10.15 at 7:57 pm

#242 gut check on 08.10.15 at 10:15 am

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

The point is that all the countries where the government has less intervention in the economy and the market place have far higher living standards than the other category.

BTW – Germany may be restrictive in not letting people wash cars in their drivways, but the countries with Bog Government aren’t big on non-financial freedoms either.

#329 OIM on 08.11.15 at 7:02 am

Government money would be well spent rolling out tourism ads in the UK. Check out the exchange rate now.

http://m.investing.com/currencies/gbp-cad