Merchants of fear

NO PUKING (2)

Pssst. Did ya hear the government’s trying to sneak in a secret law so that when the banks fail they can then take your money, use it to rescue the execs, then turn it into useless stock? This is no joke. It’s true. It’s shocking. It’s called ‘bail-in’. Tell everyone. If they look stunned and incredulous, show them last week’s budget. It’s right there on page 223. Read it.

If you’re outraged that Justin Trudeau would try to do this, join the movement. It sure smells like another left-wing conspiracy to undermine personal savings and investments, targeting Boomers and the wealthy. Confiscation of private wealth is, of course, the ultimate and thinly-veiled goal of the socialists who masquerade among us as reasonable politicians. They are not. This is the think edge of the commie wedge.

Doubt me for a second? Then watch this. Thank Allah for strong conservative voices, like those of brother Ezra Levant…

Yes, it’s the latest piece of tinfoil that conspiracy nutjobs are busy wrapping themselves in. Listen to some of the ‘informed’ commentary about the budget ‘s bank bail-in provisions currently slithering around the Internet:

From Zerohedge: “We have official confirmation that Canada has just become the latest country to treat depositors as the bank creditors they are, and as such, they too will be impaired, or “bailed-in” the next time a Canadian bank needs to be rescued… This new “bail-in” regime is spun as benefiting taxpayers; what isn’t mentioned is that most of those taxpayers who will be “protected” also happen to be the impaired depositors (also known as creditors) in these soon to be bailed-in banks, which begs the question: just who or what is being protected here?”

From TheRebel.media: “That means that if a bank starts to go wobbly in Canada, and you have money in that bank, the bank can take your money to bail itself out. When you have your life savings, or your kids college fund, or even last week’s paycheque in the bank that you need to pay your rent, you are technically a creditor of the bank. As in, they owe you that money. But this Liberal proposal says that if the bank has trouble, they can just take your cash, and give you shares in the worthless bank instead.

“Trudeau says he’s going to change the rules. So that if a Canadian bank, perhaps the most regulated industry in Canada, gets in trouble, ordinary Canadians will be forced by the government to bail out the banks. They’ll just take your money.

“This is outrageous. The people of Cyprus may have put up with it — they were fleeced by their own government, but also by the European Union. No warning. But what’s our excuse? You have your warning now. Page 223 of the budget. If you don’t speak out against this now, don’t say you weren’t warned. If you agree that this has to be stopped, click below and sign the petition!”

Unbelievable. If this spreads across the blogosphere and mainstream media the way the Chinese-own-a-third-of-all-Van-houses story did, we’re all screwed. It means we get the society we deserve, in which public opinion is teased, twisted and tormented by those with an egocentric and destructive agenda.

So, here are the facts.

First, the ‘bail-in’ stuff is not a Liberal idea. It came from the Conservatives, was included in Jim Flaherty’s 2013 budget and roundly debated on this very blog. Here is what the dearly-departed elfin deity F said three years ago.

“The Government proposes to implement a ‘bail-in’ regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. This risk management framework will limit the unfair advantage that could be gained by Canada’s systemically important banks through the mistaken belief by investors and other market participants that these institutions are too big to fail.”

Here’s what the Trudeau budget said last week:

“To protect Canadian taxpayers in the unlikely event of a large bank failure, the Government is proposing to implement a bail-in regime that would reinforce that bank shareholders and creditors are responsible for the bank’s risks—not taxpayers. This would allow authorities to convert eligible long-term debt of a failing systemically important bank into common shares to recapitalize the bank and allow it to remain open and operating. Such a measure is in line with international efforts to address the potential risks to the financial system and broader economy of institutions perceived as “too-big-to-fail”.

Notice any similarities? Of course you do. It’s exactly the same government intention, framed in nearly-identical language. There’s nothing ‘Liberal’ about this. The Trudeau gang just copied it from the Cons – something a lifelong conservative warrior like Ezra Levant, or the much-worshiped but usually-insane Zerohedge dudes would know.

Now here’s the second question: would a bail-in regime take your money? Are depositors, with GICs, savings accounts or bank mutual funds really ‘creditors’ liable to be fleeced if a bank toppled?

Of course not. Below are the actual proposals, detailed in a Department of Finance paper on the initiative (called the ‘Taxpayer Protection and Bank Recapitalization Regime’), which was launched by Joe Oliver (the last Conservative finance minister we had):

  • The creation of new long-term senior bank debt – so-called ‘bail-in bonds’ which investors would snap up (since they pay a premium for slightly enhanced risk)
  • Conversion of those bonds into bank equity under certain strict conditions when bank capital requirements were not met
  • Cancellation of some or all pre-existing bank shares in the event of a bail-in occurrence
  • Deposits would be excluded from the bail-in regime.
  • Systemically-important banks would be subject to higher ‘loss absorbency’ requirements, based on risk assessments.

Naturally, there’ll be no bail-in. The country’s Big Six banks are indefatigable money machines, churning out ever-higher profits and constantly trimming risk. Said the Conservatives the last time this moronic criticism was raised: “The bail-in scenario described in the (Flaherty) budget has nothing to do with depositors’ accounts and they will in no way be used here. If a bank is having severe difficulties, the bail-in regime would force certain debt instruments to be converted into equity to recapitalize the bank.”

Well, it’s sad this pathetic blog needs to devote space to tell you that whackjobs like Levant and the zero guy are still whackjobs. But apparently it’s necessary.

“I know you don’t like Trudeau but you do like telling the truth,” says Ted, in Calgary. “The whacky far right ice tea party bloggers are saying that the new liberal budget allows bail-ins on depositors accounts. The next thing will be that Justin was born in Syria or attends the Satanist Church or something.  I am a mid-road progressive conservative and while I don’t mind contrary opinions I find the extreme looniness of the far right hijacking conservatives here as it has ruined them in the USA. Their out and out horse manure is getting too thick on the streets of late. Can you lucidly deal with this garbage once and for all?”

There ya go, Ted. But rest assured, it’ll return. I hear cockroaches can survive anything.

228 comments ↓

#1 john on 03.25.16 at 5:29 pm

FIRST!!!!

#2 crowdedelevatorfartz on 03.25.16 at 5:34 pm

Garth.
Never let a good internet conspiracy theory get in the way of the truth……
All I have to say is “Building 7” and all the 9-11 nutjobs come a flocking……..

#3 Joe2.0 on 03.25.16 at 5:36 pm

So they can do it but they won’t?

Nobody can seize depositors’ money. Investors who buy bail-in bonds accept that risk, which is minuscule. — Garth

#4 TRUMP on 03.25.16 at 5:41 pm

Yup Garth is right !!

Meet your knew PM – T2….the Anti-Socialist.

If you got money be prepared to hand it to the rich bankers or the lazy who don’t want to work.

Middle Class…..Get ready.

https://www.armstrongeconomics.com/international-news/north_america/canadas-new-bail-in-proposal/

Did you not read the post? Armstrong’s as wrong as every other alarmist nob. — Garth

#5 I live in the Internet on 03.25.16 at 5:44 pm

Building 7 dude, building 7 and henceforth anything is possible

#6 YEG_guy on 03.25.16 at 6:08 pm

Garth aren’t most of the NVCC bank preferred issues since 2014 convertible to common shares, in the event of a bank bail in? I certainly wouldn’t want to be holding them. Maybe watching The Big Short has made me a little paranoid?

#7 Big Dipper on 03.25.16 at 6:17 pm

Attaboy Turner. You nailed that fear mongering Levant…

But wait. What about a certain conservative blogger who pre-budget got the cognitive challenged dogs all confused, angry and foaming about a projected increase in capital gains taxes?

That was different?

#8 dogman01 on 03.25.16 at 6:22 pm

Hi Garth and Steerage section of the blog

I recall your past entry on the “bail-in” topic so it is no surprise, just funny how the far right wants to pin it on T2. Similar phenomena here in Alberta with the dippers….pin the unemployment on them don’t look over here at the low price of Western Canadian “Select” ; sounds like a fine whiskey.

Can you an entry on this: I saw a really fine Merrill Lynch chart indication that 20% + of the Sovereign Bonds issues were now negative rate. I get that it is to move the “big pools” of money out of Bonds into the productive market to goose the economy. I get this keeps interest low and I get that it does not seem to be working too much anymore, I mean how much future demand can you bring forward? People know that yes I can borrow my brains out and money is cheap….but I still gotta pay it all back.

I get the bond marked it big.

So should not equities be going up gang busters?

Are the negative rates a means to lower the currency?

I have not really understood QE and Negative rates seem more of the same, do we not simply have a demand problem? So what I am saying is if I get the $1000.00 to a poor unemployed Oil Field worker, he will spend it and create demand, a trickle up? Should they instead be using the Helicopter to shower money on the poor? Is T2 doing that?

#9 Bitter Much? (former sockeye sam) on 03.25.16 at 6:26 pm

Probably nothing. Nothing to see here. “everyone back to sleep”.

#10 45north on 03.25.16 at 6:28 pm

When Finance Minister Bill Morneau revealed he was adding $383.8 million to the budget of Shared Services Canada over the next two years, you might think the agency would be happy with the development.

The budget was a $1.4 billion now its $1.8 billion. A year. Shared Services was created to save money by reducing the number of email servers. Before Shared Services each department had its own email system. Where I worked ( Agriculture Canada ) the email system was reliable and efficient. Not perfect, once in a while the research station at Brandon Manitoba couldn’t send or receive email. No one cared. Basically Shared Services was trying to solve a problem the Government didn’t have.

This is bureaucratic inertia. There’s too many careers, too much money signed on leases, too much money signed with private firms. Here’s a quote from the article: Shared Services commissioned PricewaterhouseCoopers Price Waterhouse Coopers doesn’t come cheap.

you can’t make this stuff up

http://ottawacitizen.com/news/politics/why-an-extra-384m-may-not-get-shared-services-over-the-hump

#11 Randy on 03.25.16 at 6:30 pm

Why can’t the banks just sell some more bad mortgages to CMHC ? They have another $65 Billion Cap Room.

#12 Dave on 03.25.16 at 6:31 pm

Some days I swear to god that some of these people are reading a completely different post than what I am seeing. Thought that was a pretty good explanation of of what the government could do. Keep up the good work. They might get it sooner or later. P. S.– what the hell is with the “first” people???

#13 Mike Mahatir on 03.25.16 at 6:32 pm

Garth

Have you read Lords of the Rim by Stirling Seagrave…..basically describes how the Chinese diaspora took over all of Southeast Asia through real estate purchases hundreds of years ago…should be mandatory reading in Canadian schools….

#14 Nemesis on 03.25.16 at 6:33 pm

“I hear cockroaches can survive anything.” – HonGT

#Well,AlmostAnything… #LeadingPestControlProfessionals… #PreferTheThompson45…

https://youtu.be/9SnL2auGFwo

#15 BailIn2.0 on 03.25.16 at 6:34 pm

Does this not mean that pre-existing common share holders could lose their investment?

•Cancellation of some or all pre-existing bank shares in the event of a bail-in occurrence

#16 Rexx Rock on 03.25.16 at 6:36 pm

Singapore banks are much safer than banks and no bail ins.Our government knows this bubble will burst one day and people will be wiped out so there making early preperations.Its simple as that.You have been warned.

#17 West Coast on 03.25.16 at 6:37 pm

http://www.vancouversun.com/opinion/op-ed/opinion+immigration+major+cause+vancouver+high+cost/11808945/story.html

oh well……..in other news…………not happy on the west coast………….

#18 Garth is my enabler on 03.25.16 at 6:38 pm

ZH had this yesterday .
way ahead of everybody else…
————–

Also they had article about Helicopter money for Ontarians..

Swiss style:
everybody i Ontario gets $1000 per month
to spin the economy…LMAO…
also ZH was quoting WSJ Bloomberg …

Keep dreaming people…

Mark,
we need your side of story. Please.

thank you…

#19 tundra pete on 03.25.16 at 6:44 pm

CMHC is the one to watch and worry. They certainly have their shorts full of cagey and sketchy clientele I’m sure. Although they are only insuring 1 million or less, it does beg the question of the one missed paycheque types that could trigger an avalanche.

The worst of it all is CMHC is backed up 100% by you got it, the taxslaves. No bank is going to suffer any loss from any market turmoil in any way. The execs will still be rewarded with their ever larger bonuses and in an all out mayhem housing crisis they will still be heroes. Thanks to you. Remember the banks are protected from loss by the CMHC. (taxpayer).

#20 james on 03.25.16 at 6:48 pm

I wonder who these ‘investors’ will be? If you tell me the Bank of Canada, I will die laughing.

True private sector investors might demand rather hefty prices for such bonds, given the uncertainty that arises when systematic issues in the banking system come to the fore. Reading a history of the great financial crisis is a good way of learning about the massive amounts of complexity and uncertainty that are involved in the modern financial system. Figuring out who held what debt was exceedingly difficult during the GFC, and figuring out risk was almost impossible.

“The whacky far right ice tea party bloggers are saying that the new liberal budget allows bail-ins on depositors accounts.”

There can be no such thing as a Canadian tea party member. The Tea Party was formed from a loose affiliation of constitutional literalists in the USA. Canada doesn’t share the same constitution. Ignorant Canadian ‘progressives’ should probably keep their mouths closed when it comes to using terms from a US political system that they know absolutely nothing about.

#21 William of the North on 03.25.16 at 6:59 pm

To be fair; the alarmists did point out what you just said. Pointing out… that it always starts gradually, and then ends suddenly.

But since the average Canadian has a bucket of debt; I’m sure we won’t lose any sleep over this.

But… It may be time to get a million dollar mortgage, max out your credit cards…… you know; just to make sure there is absolutely nothing to bail-in with.

#22 D.D. Corkum on 03.25.16 at 6:59 pm

#8 BailIn2.0 on 03.25.16 at 6:34 pm

“Does this not mean that pre-existing common share holders could lose their investment?
•Cancellation of some or all pre-existing bank shares in the event of a bail-in occurrence”

—-

In the unlikely event that debt is converted into common stock, this will have the effect of diluting existing shareholders. Of course its still better than going bankrupt.

#23 Victor V on 03.25.16 at 7:02 pm

http://www.theglobeandmail.com/report-on-business/international-business/us-business/us-gdp-growth-revised-upwards-on-strong-consumer-spending/article29392160

Gross domestic product increased at a 1.4-per-cent annual rate instead of the previously reported 1.0-per-cent pace, the Commerce Department said on Friday.

Relatively strong consumer spending underscores the economy’s underlying strength and should further allay fears of a recession, which triggered a massive stock market sell-off early this year.

That, together with a tightening labour market and rising inflation likely keeps the Federal Reserve on a path to gradually raise interest rates this year.

“The consumer is back in the driver’s seat. There is no sign of recession in these data so this will put a smile on Fed officials’ faces and argues for their policy of gradual interest rate normalization to continue,” said Chris Rupkey, chief economist at MUFG Union Bank in New York.

#24 rainclouds on 03.25.16 at 7:04 pm

Ezra, Poster child for buffoonery.
Rebel Media, clown show with 20 readers, soon to mimic Sun TV
Sun TV, dead as a doornail

On another note:

Many Mexican soccer fans DT Van for the game tonight. I presume they will commence gobbling property now that they realize they are in the B.P.O.E.

Sarcasm off…

#25 Nomad on 03.25.16 at 7:08 pm

You shouldn’t have many dollars in deposits. Invest in a US ETF and stop worrying.

#26 Steveston on 03.25.16 at 7:09 pm

10 years ago Ezra was amusing, maybe even interesting. Today he is a wack job.

#27 Renter's Revenge! on 03.25.16 at 7:11 pm

Garth,

I remember reading somewhere that the Canadian government had to pass legislation to stop the banks from raising their dividends during the Great Depression in the 1930’s.

Do you think the government will do something similar the next time there is a depression in Canada? I’m asking because I like my dividends juicy and ever-increasing, and not just juicy.

#28 For those about to flop.... on 03.25.16 at 7:11 pm

#18 Garth is my enabler on 03.25.16 at 6:38 pm
ZH had this yesterday .
way ahead of everybody else…
————–

Also they had article about Helicopter money for Ontarians..

Swiss style:
everybody i Ontario gets $1000 per month
to spin the economy…LMAO…
also ZH was quoting WSJ Bloomberg …

Keep dreaming people…

Mark,
we need your side of story. Please.

thank you…

//////////////////////////

You eat too much chocolate today?

The boss just lays it out on a platter for you and you decide Mark Farquar is the go to guy to get an opinion?

Now I know why I used to eat the backside of the bunny first…

M41BC

#29 Warren- the lagging indicator on 03.25.16 at 7:12 pm

The BOC will raise rates 8 to 12 months after the FED does another boost later this year. This is why listening to Garth and a few other financially informed people on this blog and buying a preferred share index ETF at the previous months lows and now holding for a few years will make you feel really smart and happy. See, you can control your own destiny.

Hey Garth, how come no mention of the Ghomeshi take down or Hillary’s haranguing voice in your blog… don’t try to tell me it has not crossed your mind. They can’t really hurt you you know. Just words. Are the e-mail threats you get behind the scenes really that bad? Just type nothing and silently nod for a yes, ok.

#30 Lee on 03.25.16 at 7:15 pm

The budget doesn’t mention deposits and deposits are not long term debt. Nobody’s taking your deposits, except your ex.

#31 West Coast on 03.25.16 at 7:17 pm

off topic ….slightly dated……….but fun to read……
http://www.newyorker.com/magazine/2016/02/22/chinas-rich-kids-head-west

#32 BobC on 03.25.16 at 7:17 pm

Mock it if you want but building 7 is a pretty strange story.

Mock, mock, mock. — Garth

#33 Herb on 03.25.16 at 7:19 pm

Thank you for explaining why I find wingnuts – and their resident trolls and acolytes – so detestable and dangerous to democracy.

#34 wallflower on 03.25.16 at 7:20 pm

Two things.
[1] Canadian Western Bank – might be wobbly vis oil portfolio – just sayin’ – don’t know anything specific
[2] the increasingly lack of critical thinking skills is layman-like explained in Susan Jacoby’s The Age of American Unreason. She focuses on USA but Canada can “take a page” so to speak. Her work explains Drumf, my word for the phenomenon of Donald Trump as the likely nominee-“winning” candidate.

#35 For those about to flop.... on 03.25.16 at 7:26 pm

#24 rainclouds on 03.25.16 at 7:04 pm
Ezra, Poster child for buffoonery.
Rebel Media, clown show with 20 readers, soon to mimic Sun TV
Sun TV, dead as a doornail

On another note:

Many Mexican soccer fans DT Van for the game tonight. I presume they will commence gobbling property now that they realize they are in the B.P.O.E.

///////////////////////////

Hey Rainy, on my flight home from Phoenix on Wednesday there were 10 or so Mexican fans on the plane and they intended to stay for around a week,which is good for the local economy considering a game of soccer takes 90 minutes.

One guy asked me taxi or skytrain and I have him my response in soccer terms Skytrain 1 …Taxi 0,game over…

M41BC

#36 Chris on 03.25.16 at 7:27 pm

What??? Money would sit up and begin to walk out of Canada then, to right across the border in the US. How is that good for Canada? This is for real? I guess that exchange rate drop just got some wind under its wings.

#37 Dean Reuhart on 03.25.16 at 7:29 pm

Garth, Do they need this legislation because the Bank of Canada has sold all its physical gold so it needs another funding source? Also what are they going to do with the empty vault? I guess they could always buy shares in the Central Fund of Canada in case of a currency emergency.

I’m still skeptical about this everyone!! The Banks wanted this in the legislation for a reason I bet!

Gold has nothing to do with anything. — Garth

#38 mark on 03.25.16 at 7:29 pm

It’s funny how people end up at sites like zero hedge because they’re fed up with the MSM.

It’s just replacing one group of propagandists for another. Watching how ZH have covered the oil market is hilarious. When US production was falling last year, never mentioned it, when it plateaued and slightly increased they were all over it – it started falling again and nothing. When OPEC’s production was increasing they were all over it, then booga booga about Iran at every opportunity, but OPEC production has fallen for the past two months, not a word.

Strangely enough it’s almost the same way bloomberg have reported oil.

#39 crowdedelevatorfartz on 03.25.16 at 7:39 pm

@#12 Dave
“what the hell is with the “first” people???”
********************************************

Well, either they have to over compensate due to feelings of inadequacy due to the below average size of their male appendage OR
They’ve always come in “last” at everything they’ve done until posting on this patheic blog……..
Take your pick.
There are no wrong answers.

#40 senta on 03.25.16 at 7:51 pm

So, what does this do to the bank bonds? up or down?

Nothing. — Garth

#41 Ted Cruz on 03.25.16 at 7:57 pm

Garth Turner, you are a rat.

And I have no desire to copulate with you, either!!

#42 Industrial Guy on 03.25.16 at 7:58 pm

Every circus needs clown.. Ezra Levant is ours…

I wonder who will sue him next for slander and win. Stand in line.

Levant is a legend in his own mind. The only thing he rebels against is the truth.

I don’t think anyone foresees our chartered banks falling into hardship being “Ubberized”. Canada’s banks have been to big to fail for centuries.
I’m not saying it couldn’t happen but, I wouldn’t see the Government of Canada permitting it for very long.

Any legislation permitting wholesale seizure of bank accounts would result in a mass migration of liquid assets to shiny metal bars, coins and accounts in non-reporting countries.
Only meager amount would be kept in vulnerable bank accounts.

Someone should tell Ezra … the Easter Bunny isn’t real either….

#43 Westernman on 03.25.16 at 7:59 pm

Pay attention all ye who think government exists to “help” the serfs who support it – never mind all the legal double presented here today … if the Canadian or any other government decides they really, really need your money they will just close the bank, declare it a “bank holiday” or some B.S. like that and TAKE your money and there won’t be a damn thing you will be able to do about it except complain…

And when was the last time that happened in North America? Your comment is useless, as usual. — Garth

#44 liqudincalgary on 03.25.16 at 8:02 pm

…meanwhile, back at the ranch:

http://calgaryherald.com/business/energy/billionaire-murray-edwards-changes-residency-from-calgary-to-united-kingdom

and all you Trudy Jr lovers thought the rich would be gored

#45 CYPRUS ALL OVER AGAIN!! on 03.25.16 at 8:02 pm

Garth,

Did you not read the post? Armstrong’s as wrong as every other alarmist nob. — Garth

THEN WHAT HAPPENED IN CYPRUS ?

Sure the island had some russian mafia ties but what about the innocent people who worked hard for years and had it all taken away?

IT WAS A BAIL-IN PURE AND SIMPLE!!

Those who called out those alarmist nobs got washed away.

News flash: this isn’t Cyprus. Or Greece. Or Zimbabwe. — Garth

#46 Johnny d on 03.25.16 at 8:03 pm

Levant had a point about one thing in that video… Trudeau allowing, if not helping to kill the energy industry here in Canada which will hurt banks as well as hundreds of thousands of Canadians directly and millions indirectly.

But at least the budget has steps to treat the symptoms and allow greater EI benefits for those hardest hit. Treating symptoms and not addressing problems at the source is the way fix things, right?

#47 Malik on 03.25.16 at 8:15 pm

Thank you Sir for enlightening us.
I was going to take the money out and send it to off shore.
Actually it is not a bad idea anyway to send money to somewhere where it can pay 11 percent in interest like brazil, because these banks pay zilch in interest.
Only issue will be if CAD$ goes up which I feel is highly unlikely in near future.
Your thoughts on above idea will be much appreciated.
Regards
M

#48 jeff on 03.25.16 at 8:28 pm

Garth, you’re a smart guy, but when it comes to political-economy you do show an ideological bias. One question, have you ever read Marx’s’ Capital Vol. 1, from start to finish? Honestly?At least then, you could make an educated critique on socialism….and I could take your “commie” remarks seriously

#49 Herb on 03.25.16 at 8:34 pm

#46 Johnny d,

would you be so kind as to tell us how the past, current or future leadership of the CPC would have or proposes to cure the energy industry?

If you answer “pipelines”, would you further advise how those would cure the disease of low prices?

#50 Smoking Man on 03.25.16 at 8:34 pm

#46 Johnny d on 03.25.16 at 8:03 pm
Levant had a point about one thing in that video… Trudeau allowing, if not helping to kill the energy industry here in Canada which will hurt banks as well as hundreds of thousands of Canadians directly and millions indirectly.

But at least the budget has steps to treat the symptoms and allow greater EI benefits for those hardest hit. Treating symptoms and not addressing problems at the source is the way fix things, right?.
………

Butts wants to destroy the oil sands. Tree Hugging loon.

He runs the T2 show.

Saw a quote from T2. If we kill our enimes they win.

Yupe that’s who has the controls. We need to outlaw teachers as politicians.

Alien hunting in Muskoka tonight. Need some help to save humanity.

#51 Sam the Sham on 03.25.16 at 8:44 pm

Kudos to Garth for calling out BS on this nonsense about the bail-ins. This was a policy started by the Conservatives three years ago and is being continued by the Liberals. The average person is in no way effected by this policy. We have enough things to worry in this country without getting tied up with nonsense.

#52 Nobody on 03.25.16 at 8:48 pm

It’s a liberal commie pinko plan to take money from ordinary workers and give it the Wall St CEOs?

That’s up there with the idea that Fox news faked 911 to make Bush look bad.

#53 HellandBack on 03.25.16 at 8:52 pm

If things are so rosy for the banks for ever and ever then why are they wasting time drawing up new bail-in rules ? Something tells me the oil debt bomb is about to explode and they’re worried about the fallout. Moodys said two years ago they would downgrade the banks to negative if they go through with it.

This is not a bank initiative. Where did you get that? — Garth

#54 For those about to flop... on 03.25.16 at 9:01 pm

I just remembered I saw a story the other day in the states about how there are plans underway to raise the minimum wage in California from 10bucks to 15 bucks in the next couple of years.

Things seem to be going good in certain regions of the states but a wage hike like that could be too much too soon…

M41BC

#55 unemployed crisis actor on 03.25.16 at 9:03 pm

the rule of the pick pocket is distract the mark
Ezra Levant the fake rebel distracts you with hypothetical
garbage, meanwhile you get robbed by central bank created inflation, currency debasement , eco fees, triple dipping taxation
blah blah blah

#56 Metaxa on 03.25.16 at 9:06 pm

Man, I wish I had something of import to add or even a good story to tell that illuminates further some salient point but…

all I have is simple advice.
Some of you really need to increase your fiber intake.

#57 acdel on 03.25.16 at 9:09 pm

#49 Herb

If you answer “pipelines”, would you further advise how those would cure the disease of low prices?
———————————————————-

For the fact that oil will not stay low in the future. By the time the pipelines (if) they are built; oil will be above $50 – possibly as high as $80, if not higher. We are years away from eliminating our dependence on oil; the technology is decades away and the costs are astronomical. You can only tax a person so much. Focus on those countries that could care less about changing over; you know, like an import, environmental, carbon, tax on all the oil that is shipped to Canada..

#58 Smoking Man on 03.25.16 at 9:19 pm

From the day your born. Your a market.

Evil beasts want to oun your mind. Everyone lies.
Until you become a good lier yourself , you won’t be able to tell fact from fiction.

Anyone who calls me a nut job regarding building 7 free fall you have no idea how much of a compliment that is

Then my next thought, what can I sell these morons, they belive anything.

#59 Retired Boomer WI on 03.25.16 at 9:23 pm

I read it on the Internet, therefore, it MUST be true.

Our society needs more help than this blog can provide…

#60 Johnny d on 03.25.16 at 9:28 pm

#49 Herb

The answer is in part pipelines indeed. Many Alberta producers can still pump oil at $35-$40 a barrel. The problem is moving it. If it isn’t moved to eastern refineries then more jobs will be lost and the east will still rely on Saudi and Nigerian oil.

If that’s what eastern Canadians are fine with on a moral and environmental basis, then fine. Keep running on Saudi oil and benefitting their economy.

I didn’t even mention natural gas. But hey, it’s not like Canadians need a clean reliable heat source for anything right?

#61 acdel on 03.25.16 at 9:29 pm

#58 Smoking Man
From the day your born. Your a market.

Evil beasts want to oun your mind. Everyone lies.
Until you become a good lier yourself , you won’t be able to tell fact from fiction.

Anyone who calls me a nut job regarding building 7 free fall you have no idea how much of a compliment that is

Then my next thought, what can I sell these morons, they belive anything.

————————————————

What makes you think that we believe?? You are a fiction writer ( and a dam good one); we believe what we want to believe, its all fun! :)

#62 carboy on 03.25.16 at 9:34 pm

well , why take a risk with your wealth if you don’t have to . Make sure you do not have a lot of cash in any CDN bank account= equals less risk

Untrue. — Garth

#63 MSM-Free Zone on 03.25.16 at 9:48 pm

DELETED

#64 jeff on 03.25.16 at 9:51 pm

didn’t think so

#65 Smoking Man on 03.25.16 at 9:54 pm

Donald Trump’s support has only grown in the face of near-constant controversy, jaw-dropping gaffes and unrestrained displays of violence and racism at his rallies.

But now a group of women is trying a new tactic to derail the GOP frontrunner — to swear off sleeping with or dating any man who supports the GOP frontrunner.
………

Ladies I’m a Trump Supporter.

#66 John in Mtl on 03.25.16 at 9:56 pm

Bail-in’s – Go do some reading. Hints: BIS, BASEL III.

A starter:
http://www.cba.ca/en/media-room/50-backgrounders-on-banking-issues/667-global-banking-regulations-and-banks-in-canada

Bail-in’s – Not impossible they could happen. Improbable, yes; impossible, no. Who really knows the machinery of global finance…

No depositor will ever see funds lost to a bail-in. Nor will a bail-in itself ever occur here. — Garth

#67 Mark on 03.25.16 at 9:58 pm

As I wrote yesterday, the whole suggestion of bail-ins coming to Canada in the future is ludicrous. The first thing that the banks would do if there was any risk to the common equity (ie: the bank was anywhere near being declared inadequately capitalized) would be to raise the adjustable rates such as “Prime”. As 40% of the book of loans held by the Canadian banks are linked to “Prime”, it logically follows that a few increases later would do one of two things:

a) Accomplish an orderly de-leveraging as people either pay off their loans or refinance them elsewhere.

b) Increase the resources available to the bank with which to defeat the capital inadequacy.

Additionally, this would likely be profoundly deflationary if it happened, and the Bank of Canada, at such time, would likely have to implement either policy rate cuts and/or QE to keep inflation in the Canadian economy in its target range.

Now, if things got worse, then, in theory, the adjustable rate loans could rise in interest rates right up to those implied by the Criminal Code. Around 60%/annum or so, give or take. Remember, 40% of the banks’ book of business is adjustable rate overnight. So those people would either default or they’d repay. Another ~30% of the book of business at the banks matures within 1 year. So just by raising rates, the bank could have roughly 60-70% of its money back within a year.

And even then, say, hypothetically a bank did, for some accident or calamity, see its common equity destroyed. The preferred shares would go to zero. And then the bank’s bonds would be subject to a debt to equity conversion. If that’s still not enough, then, and only then, would there be a bail-in. But the odds of all of these events happening are so extremely low that we’re basically talking about an even that has a non-existent probability of occurring for a big-5 Canadian bank.

the rule of the pick pocket is distract the mark Ezra Levant

A good rule of thumb is simply to ignore anything that Mr. Levant says altogether. His sort of race and religion-baiting trolling might have been fun as a university student, but as a grown man, its kind of sick.

Actually it is not a bad idea anyway to send money to somewhere where it can pay 11 percent in interest like brazil, because these banks pay zilch in interest.

Its a terrible idea because high interest rates are typically associated with currency depreciation. Brazil has to “pay” 11% interest in its banks. Once you pay the taxes, and once you convert such “11% interest” back to Canadian dollars, I doubt you’re any further ahead than simply investing it here at home.

Mark, we need your side of story. Please.

Agree with Garth 100%, any suggestions of bail-ins being a risk in Canada for big-5 institutions are nonsense. And although I believe that some credit unions are vulnerable to a housing collapse on account of higher exposure to uninsured residential RE lending and small business lending (with high correlation to residential RE-driven spending), I believe the chances are pretty good that government will strong-arm the big-5 to take over such failing institutions as a quid pro quo of the likely to be required CMHC bailouts.

But at any rate, diversification is important. Nobody should have so much of their life savings in a Canadian bank, or any bank for that matter, for which a bail-in would be a problem. And even then, the common equity of a Canadian bank after a bail-in would be valuable, especially since failures tend to come closer to the bottom of the cycle when buying common equity tends to be a good idea. Much of my personal wealth was created in the late 1990s by re-investing dot-com proceeds into buying debt in a company that was subject to a ‘bail-in’ (debt to equity restructuring).

#68 Rick on 03.25.16 at 10:03 pm

1. Gold IS important. Would you rather own gold or the Canadian dollar? The Canadian dollar/Canadian assets are down 30%. Gold is better.

2. When/if bank stocks are “diluted” we will all feel it. All our mutual funds ect. Have major holding of Canadian banks. Diluted is not good; remember going to a bar having a few shots; then realizing it was watered down? Diluted stocks are the same.

3. Well done on the ” first”:)

#69 Winston Smith on 03.25.16 at 10:26 pm

Yeah, only tin foil hat wearing lunatics could imagine a bail out or in of the banks because they are “indefatigable money machines, churning out ever-higher profits and constantly trimming risk.”

Oh, wait …

http://www.cbc.ca/news/business/banks-got-114b-from-governments-during-recession-1.1145997

#70 Oldnews on 03.25.16 at 10:31 pm

Been part of the establishment for long, not anything new by T2.

Search for “bail-in” in Canadian Budget plan of 2013.

#71 Abe Limpin on 03.25.16 at 10:34 pm

Trudeau Liberals are the ones who will break this country, not the banks. The deplorable creep of nasty socialism and greed is very apparent in Ontario this year.

http://news.nationalpost.com/toronto/sunshine-list-2015-ttc-police-lead-the-way-for-toronto-with-thousands-earning-more-than-100k

The Trudeau Liberals are too stupid to make a plan, create a business, or to work for their money, so they plan on stealing it from us. The Trudeau Liberals hate successful hardworking people, they’re all inheritance cases and civil service sycophants who climbed up on the backs of Canadian taxpayers for a free ride through without ever trying to make something of themselves.

When the Trudeau Liberals say ‘share the wealth’, they should really be ashamed of themselves for being unwilling to ‘share the work’. Just showing up after some boss has the charity to hire you doesn’t make you worthy.

#72 Question.... on 03.25.16 at 10:35 pm

Garth, so there is no risk for those of us who have most of our spare money in an investment brokerage account at a bank, such as RBC DirectInvest?

No more than usual. — Garth

#73 Brazil ex-pat on 03.25.16 at 10:43 pm

#237 crowdedelevatorfartz on 03.25.16 at 5:12 pm
@#225 Brazil ex-pat
“Deleted”
******************************************

:)

++++++++++++++++++++++++++++++++++++

Glad that you find it funny to have Garth as your bodyguard . You know nothing about what is “actually’ going on in Brazil. Especially when you have a brain full of fart gas.

#74 Walter Safety on 03.25.16 at 10:44 pm

We need extreme views , how else can you find the middle ground.”? The only threat to democracy comes from those who would deny a voice to those with extreme views.
On “bail in’s” as we used to say about disability insurance contracts “if they would never do that why would they need to put it in writing”?

For the same reason you have fire insurance. — Garth

#75 For those about to flop on 03.25.16 at 10:47 pm

As I watch the sold out game between Canada and Mexico at B.C place it got me thinking about recency bias and Vancouver real estate.

About 4or 5 years ago when the Whitecaps went into the Mls they said they would try to become one of the biggest clubs in the world.

Whilst that lofty goal seems out of reach for now, what they have done in a short amount of time is dumped the Canucks from the number one ticket in town.

Not that long ago the Canucks were Stanley Cup contenders ,300 hundred odd sell outs in a row and the Whitecaps were playing at Swangard stadium in front of 3/4 thousand people where you could pay at the gate and stand at the beer tent and walk around at will.

My point is as I alluded to before is that real estate is out of control right now but things change,and things you never thought possible will happen right before your eyes.

People scoffed only a year or two back when it was suggested that one day the Whitecaps could one day be more popular than the Canucks,but right now that is indeed what has happened…

M41BC

#76 Mr. White on 03.25.16 at 10:51 pm

Thank you for the explanation. I knew I had heard about this idea before and didn’t think it was too nutty.

#77 A man about a dog on 03.25.16 at 10:56 pm

#47 Malik on 03.25.16 at 8:15 pm

I was going to take the money out and send it to off shore.
Actually it is not a bad idea anyway to send money to somewhere where it can pay 11 percent in interest like brazil
+++++++++++++++++++++++++++

Garth tells you that your money is very safe in Canadian banks. And you want to know if you should send it to brazil? Not sure how secure brazilian deposits would be.

You are the same guy that yesterday was talking about how terrible the canadian economy is. No jobs, no manufacturing, no wage increases. So it must be a good time to buy real estate..? I don’t understand your logic.

#78 MSM-Free Zone on 03.25.16 at 10:59 pm

“…..Well, it’s sad this pathetic blog needs to devote space to tell you that whackjobs like Levant and the zero guy are still whackjobs….” – Garth
________________________

63 MSM-Free Zone on 03.25.16 at 9:48 pm
DELETED

You lost me?

Figure it out. — Garth

#79 WalMark of Sadkatoon on 03.25.16 at 11:02 pm

the US is booming girls and boys!

http://www.businessinsider.com/us-gdp-q4-third-estimate-2016-3

#80 unlikely event on 03.25.16 at 11:07 pm

Garth, if even you know that “naturally, there’ll be no bail-in” why does both, ideologically opposed parties include “this unlikely event” in their budget, almost verbatim?

What do you know that neither the governing conservatives and governing liberals don’t know?

Well, if you don’t believe me you must be happy there’s a plan. — Garth

#81 Brazil ex-pat on 03.25.16 at 11:14 pm

#77 A man about a dog on 03.25.16 at 10:56 pm
#47 Malik on 03.25.16 at 8:15 pm

I was going to take the money out and send it to off shore.
Actually it is not a bad idea anyway to send money to somewhere where it can pay 11 percent in interest like brazil
+++++++++++++++++++++++++++

Garth tells you that your money is very safe in Canadian banks. And you want to know if you should send it to brazil? Not sure how secure brazilian deposits would be.

You are the same guy that yesterday was talking about how terrible the canadian economy is. No jobs, no manufacturing, no wage increases. So it must be a good time to buy real estate..? I don’t understand your logic.

++++++++++++++++++++++++++++++++++

Unlike Canada, if the Govt tried to take peoples money away they literally would riot by the tens of millions in the streets. I trust my 13% interest in Brazilian banks far more than I do Canada. Both countries of issues. But Brazil is moving forward while Canada is moving backward. That’s why my family and I left Canada.

#82 Love my Kia on 03.25.16 at 11:36 pm

Thanks Garth for being a centrist voice of reason today, if at the very least a good referee. I’m a lefty but I’d vote for ya.

#83 Brazil ex-pat on 03.25.16 at 11:36 pm

http://www.reuters.com/article/us-canada-budget-banks-idUSKCN0WO2Y5

Apparently Reuters ranks down there with the Zero Guy and Ezra. I guess if we cannot believe Reuters we cannot believe any main stream media? Everyones thoughts please.

Sloppy. Reuters is wrong. The regime is three years old. — Garth

#84 Sun Tsu on 03.25.16 at 11:48 pm

“We are a nation of different peoples. Get used to it. — Garth”

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

Yes, we definitely are. But we don’t integrate. We live in separate ‘pockets’ of Canada.”

Absolutely, multi-culturalism as a failed experiment has been an abysmal failure, which is why they’ve dropped it in Europe, where it all started, and why they say it’s been the reason for so much inter-ethnic and religious violence.

Multiculturalism in Canada is a gulag system of ethnic ghettto’s prodded to vote in blocs, used as a weapon by pandering politicians to undermine democracy. What a joke that Canadians have allowed Trudeau’s Supreme Court gag laws to state the obvious when we see the result of the same idiocy tearing Europe apart.

#85 crossbordershopper on 03.25.16 at 11:49 pm

so happy i have no money in the bank, so i dont have to worry about this. i can go back to enjoying my easter weekend.
only rich people worry about stuff, interest rates, diversification, some terrorist effecting gold prices etc. poor people are protected by the liberals.
my good buddy filled out his paperwork this week, he turns 65. and yes never worked more than 3 years all his life, born and raised in canada. he was a real bumb.
either way, given all the gis oas and are you ready 12 bucks a month in cpp payments, plus gst in saskatchewan with the sip program, he is close to 19000 or 20 grand a year. not a lot, but hey he lives for free with his daughter. he actually saves money that the goverment will give him. this is the reality for millions of canadians in the future, you guys are talking about a top 10%, the real canadians live off the goverment.
so enjoy your day off or so, and get back to work so others can get your hard earned money. Canada is great, and 300000 new people call it home every year, at the expense of the people already here.
redistribution of wealth, its all made up money anyway, but hey its a low stress life to be 65 and free pills and getting money from the goverment.
he is planning to go to cuba for 3 months a year next year, and soon enough i will join him.

#86 millenial1982 on 03.26.16 at 12:24 am

I’m starting to seriously doubt the crowd here is actually the 1% considering every day a handful of random chase for the elusive “first” on the blog. Or maybe, it’s some sort of weird stress reliever?

#87 millenial1982 on 03.26.16 at 12:49 am

Does anyone else here see the universal child tax credit as another tool to inflate the real estate baloon even more?! Clearly we’ve seen the lower interest rate environment as the inverse to real estate prices. The typical family to benefit the most from this program, seems likely as hell to take this as “extra monthly” to qualify for even more mortgage debt. For Pete sakes, we know the crowd won’t use this money to pay down debt or invest! Think for a minute if you were a house horny idiot with a couple hundred extra a month… what could that do foe your “best offer”!?

#88 Scott in Gibsons on 03.26.16 at 12:51 am

If Canadian banks are at little or no risk of needing a bail-in then they should not issue any of the eligible debt. Banks would have to pay higher yield on eligible debt to compensate investors for the higher risk. If we see Canadian banks issuing this debt we’ll need to understand “why?”. Do you know of any reason for Canadian banks to issue this debt Garth? And if we see any Canadian institutions issuing it, is this a sign of concern on their part?

#89 millenial1982 on 03.26.16 at 1:01 am

Smoking Man:

This one is for you. A sample from one of the many Alan Watt lectures on time, the machine, lies and the physical vs mechanical world. Right from your Era, man!

https://m.youtube.com/watch?v=IDqxgU7CbIw

#90 Anton LaVey on 03.26.16 at 1:18 am

Why wouldn’t Justin attend the church of Satan? We have cookies. Justin is very popular amongst the ladies. And anyway when was the last time we blew anyone up or decapitated a captive on video? We don’t do such things. The first thing you have to understand about the church of Satan is that we are atheists. If we actually believed in Satan, we would fear God. It’s a protest movement and nothing more. Satan is our symbol because he represents rebellion in some religious texts, and it’s flashy. It’s a rebellious circus. I started the church and I no more believe in Satan than you believe in Zeus, I just like the cheeky attitude and the flash-bang. Oh wait, I am dead so how can I be writing this if there is no afterlife? Oh crap I am screwed.

#91 WalMark of Sadkatoon on 03.26.16 at 1:32 am

good review of ‘bail ins’

sad that we needed to discuss it

#92 Pastor Cruz on 03.26.16 at 1:38 am

Anton,

You are going straight to hell. Everyone knows that only my lord and savior is the true God and anyone who does not bend knee before him will burn in eternal agony. PS I need you to send in some money. I assure you your God, the evil lord Satan, cannot save you as he has no powers other than to deceive through words. The story of Eve and the apple is a good example although we cannot be sure that was Satan rather than a run of the mill talking garden snake as you probably encounter in your back yard, but the story of Job seals the deal. Satan could do nothing but petition God, God was the one who actually did all the nasty things to Job. Satan did nothing but petition God. So we see that even God can be deceived into committing great atrocities against his most faithful by this interloper with no power. However, not Jesus! He resisted all temptation (probably because he knew Satan could not deliver on any of his promises but who knows). So prepare your soul! Jesus is coming back soon and this time he will be angry! Especially with the likes of you!

#93 Buddhist on 03.26.16 at 1:40 am

Anton & Cruz:

What in the heck are you guys talking about????

#94 Mus Guy on 03.26.16 at 1:43 am

With you Buddhist.

Anyway peace be upon the prophet Jesus on his western holiday.

#95 Tony on 03.26.16 at 1:52 am

Many of the credit unions in British Columbia will be the first to topple. That’s the last place on Earth you want to have money in presently. Once they freeze all the accounts kiss most of “your” money good-bye.

#96 Blacksheep on 03.26.16 at 3:37 am

“Deposits would be excluded from the bail-in regime.”
—————————————————-
If the conservatives and the liberals, had just included this clear language in their actual budget documents, there never would have been an issue to start with.

As I said before, no dog in this fight, so I’m not to concerned. I like ‘alternative investments’ anyhow.

#97 Fed-up on 03.26.16 at 4:31 am

#69 Winston Smith on 03.25.16 at 10:26 pm

Yeah, only tin foil hat wearing lunatics could imagine a bail out or in of the banks because they are “indefatigable money machines, churning out ever-higher profits and constantly trimming risk.”

Oh, wait …

http://www.cbc.ca/news/business/banks-got-114b-from-governments-during-recession-1.1145997
——————————————————————————-

My exact thoughts. Also, the CIDC insures $640 billion dollars in deposits with only $2.5 billion in reserves. Makes you feel all warm and fuzzy doesn’t it?

#98 liquidincalgary on 03.26.16 at 4:45 am

carboy on 03.25.16 at 9:34 pm
well , why take a risk with your wealth if you don’t have to . Make sure you do not have a lot of cash in any CDN bank account= equals less risk

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

the canadian banking system has consistently been ranked as the best in the world (yes, the internet told me)

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

#99 Fed Up on 03.26.16 at 5:47 am

I agree with most of the things you write Garth, but on this I disagree. The trend is going in the direction of Cyprus. We’re not there yet, but we’re accelerating towards that ultimate scenario. You may not be here to witness it, but our kids will. The level of taxation now, is out of control and getting worse. Taxation without accountability = Theft.

#100 Candu Sandhu on 03.26.16 at 5:57 am

“egocentric and destructive”, you say? What do you the CBC nine year “Hate Harper” campaign cynically paid for with taxpayer dollars by a CBC union that had already registered as a lobby to attack the government on behalf of the Trudeau Liberals?

#101 jess on 03.26.16 at 7:27 am

another merchant blogging nonsense Refugee Resettlement Watch

https://www.splcenter.org/hatewatch/2015/07/13/lauded-racist-groups-refugee-resettlement-watch-founder-ann-corcoran-moves-further-right

https://www.splcenter.org/fighting-hate/extremist-files/individual/frank-gaffney-jr

Center for Security Policy
Location
Leesburg, VA.
Ideology
Anti-Muslim

#102 James Taggart on 03.26.16 at 7:42 am

Once again, Garth is spot on about this “bail-in” thingy.

If we should be worring, it might as well be something actually worth worrying about. Like, for instance, increasing household debt, worsening career prospects, looming public pension crisis, to name but a few. We’d better go on with our lives and leave those who actually know what they are talking about do their jobs.

A case in point would be the Canadian ABCP market collapse in mid-August, 2007. In spite of the fact that top banks and great financial institutions seemed to be in deep doo-doo during this whole affair, depositors’ funds not only remained safe and sound but nearly sacrosanct.

Naturally, Mark’s view on this topic would be appreciated.

#103 Smoking Man on 03.26.16 at 8:39 am

#89 millenial1982 on 03.26.16 at 1:01 am
Smoking Man:

This one is for you. A sample from one of the many Alan Watt lectures on time, the machine, lies and the physical vs mechanical world. Right from your Era, man!

https://m.youtube.com/watch?v=IDqxgU7CbIw

……

Nice. Who is that guy.. he nails it.

#104 jess on 03.26.16 at 8:40 am

The spying program Trump praised did indeed exist. A secret program by the NYPD, the “Muslim Mapping” program “dispatched plainclothes detectives into Muslim neighborhoods to eavesdrop on conversations and built detailed files on where people ate, prayed and shopped, the department said.” It was uncovered by investigative reporters with the Associated Press in 2011 and later shut down. This “tremendous” 10-year program resulted in no leads or terrorism cases.

http://bridge.georgetown.edu/new-poll-on-american-muslims-is-grounded-in-bias-riddled-with-flaws/

The “Demographics Unit ” and “rakers”
“Galati, the commanding officer of the NYPD Intelligence Division, offered the first official look at the Demographics Unit, which the NYPD denied ever existed when it was revealed by the AP last year. He described how police gather information on people even when there is no evidence of wrongdoing, simply because of their ethnicity and native language. ”
http://www.ap.org/Content/AP-In-The-News/2012/NYPD-Muslim-spying-led-to-no-leads-terror-cases

#105 hope & ruin on 03.26.16 at 8:51 am

#50 Smoking Man on 03.25.16 at 8:34 pm

Yupe that’s who has the controls. We need to outlaw teachers as politicians.
____________________________________

Mike Harris was a teacher. except a math teacher. Ontario could use some common sense these days.

if Ontario’s debt gets worse I propose we build a large statue of him staring down in judgement at the legislative assembly.

#106 maxx on 03.26.16 at 9:01 am

I personally don’t give a rat’s behind how unlikely a bank “bail-in” is.
The notion that people’s hard-earned money should even be under such a radar is utterly and completely unacceptable.
This should not even be considered, let alone talked about by tptb.
People’s health and well-being are under serious threat with talk of this absolute lunacy.

Ah, did you fail to read the post? There is no threat to depositors’ money. — Garth

#107 Shecky Browngirgle on 03.26.16 at 9:07 am

DELETED

#108 Herb on 03.26.16 at 9:10 am

#57 acdel, and #60 johnny d,

thanks for your answers.

I’m inclined to agree with acdel: pipelines, if practicable, are several years away. While they might guarantee Alberta’s future prosperity, what should a federal government do in the interim?

#109 Herb on 03.26.16 at 9:12 am

#65 SM,

since you rely on short-term rentals, what’s your point?

#110 Smoking Man on 03.26.16 at 9:18 am

#109 Herb on 03.26.16 at 9:12 am
#65 SM,

since you rely on short-term rentals, what’s your point?
…..

That ship has sailed. Doing 100% philosophy now.

#111 maxx on 03.26.16 at 9:20 am

#8 dogman01 on 03.25.16 at 6:22 pm

…”I have not really understood QE and Negative rates seem more of the same, do we not simply have a demand problem? So what I am saying is if I get the $1000.00 to a poor unemployed Oil Field worker, he will spend it and create demand, a trickle up? Should they instead be using the Helicopter to shower money on the poor? Is T2 doing that?”

It is more likely that any monies funneled to such recipients would be applied to existing DEBT. So, that forward demand (borrowing) must always be repaid. Helicoptering money is extremely harmful and at best, useless. It would simply weaken our economy further. It would very likely and overwhelmingly result in convenience store type spending and not the sort that props up major retail and core industry.
Btw, saw a Mercedes parked in front of my favorite charity shop yesterday.
That recurring type of sighting speaks more to the current state of the Canadian economy than the budget itself, imho.

#112 jess on 03.26.16 at 9:26 am

FINRA Data Showing Dark Pool Trading in Stock of https://www.finra.org/newsroom/2014/finra-makes-dark-pool-data-available-free-investing-public

#113 earlybird on 03.26.16 at 9:37 am

Wow…I have seen this news spread via Facebook posts, and its travelling fast. Thank you for the clarity…

#114 Fire insurance on 03.26.16 at 9:42 am

#74 Walter Safety on 03.25.16 at 10:44 pm
We need extreme views , how else can you find the middle ground.”? The only threat to democracy comes from those who would deny a voice to those with extreme views.
On “bail in’s” as we used to say about disability insurance contracts “if they would never do that why would they need to put it in writing”?

For the same reason you have fire insurance. — Garth

You have fire insurance because according to statistics a certain number of buildings WILL burn down every year.

You are saying bail-in WILL NOT happen in Canada.

Based on this, the bail-in related words should not be in the budget, just like no insurance company puts any language about the magic wands of the fairies into their policies.

Stupid argument. — Garth

#115 Hopeless logic on 03.26.16 at 9:48 am

# 105 Hope & ruin

Mike Harris was a teacher. except a math teacher. Ontario could use some common sense these days.

if Ontario’s debt gets worse I propose we build a large statue of him staring down in judgement at the legislative assembly.

You propose spending public money on a Mike Harris statue?

You conservative math doesn’t add up…

#116 cto on 03.26.16 at 10:01 am

Garth, I have a bit of a dilemma. before I explain, just let me tell you about myself.
Age 47 married 1 kid 6 yrs old, Own house in GTA, 3/4 paid off, 250 in RRSPs, other savings as well, 10 yrs working with GTA municipality, maxed TFSA, wife works.
Ok here’s the situation. my father up in Muskoka passed 1 yr ago. and is leave some inheritance, also small house.
my brother and I have small non road access cottage/cabin on big water body up there.
My brother and I would like to sell the two properties and purchase road access cottage on same big water body.
finally the question – are cottage properties going to correct or are they on a different set of fundamentals?
we have been looking for 2 – 3 years now and the inventory extremely low and prices stagnant but very high! What’s going on!???

#117 Teachers on 03.26.16 at 10:01 am

#89

Yeah Alan Watts is an awesome teacher!

#118 Basil Fawlty on 03.26.16 at 10:07 am

A friend was concerned about the possibility of bail-ins, so he went to his big six bank and spoke with the manager. The manager knew nothing and passed him on to a regional director, who confirmed that his deposits could be confiscated, as an unsecured bank creditor.
I am only repeating what my friend said, but feel free to ridicule.

I’d rather pity than ridicule. Hard to believe in an age when information is so accessible that such ignorant opinion finds currency. But, thanks for helping spread it. — Garth

#119 cto on 03.26.16 at 10:07 am

Garth
You do have a financial blog and for some families, cottages are a big part of their investments- usually paid off long ago but with a huge value in money and less intrinsic things….
I’m sure you have one….,(the bunker)?

Why can’t you do a blog on this???

#120 connecting dotz on 03.26.16 at 10:09 am

Soros arranges loans and gives money to refugees.
Governments take loans to give welfare to recugees.
We get taxed so gov can pay back loans.
Recugees take that money and pay back their loans.
Did i miss anything?

Far more existing citizens than refugees collect welfare. You missed that. — Garth

#121 jess on 03.26.16 at 10:11 am

Microsoft pulls plug after chat robot slings slurs, rips Obama and denies Holocaust
By Shawn Langlois
“Unfortunately, within the first 24 hours of coming online, we became aware of a coordinated effort by some users to abuse Tay’s commenting skills to have Tay respond in inappropriate ways. As a result, we have taken Tay offline and are making adjustments.”

Published: Mar 24, 2016 2:31 p.m. ET

#122 A belieber on 03.26.16 at 10:12 am

#108 Herb on 03.26.16 at 9:10 am
#57 acdel, and #60 johnny d,

If you answer “pipelines”, would you further advise how those would cure the disease of low prices?

I’m inclined to agree with acdel: pipelines, if practicable, are several years away. While they might guarantee Alberta’s future prosperity, what should a federal government do in the interim?
————————————————

crude oil from alberta sells at a significant discount to crude oil from texas. WCS vs WTI prices. Because of it’s composition and its lack of access to world markets, it’s landlocked.

So building pipelines would at least give our oil access to more markets and potentially (?) a higher price point.

A federal government could push ahead with approving pipelines. So engineering and technical work could start. These things tend to take a while.

It would also encourage oil companies to put more investment dollars back into Alberta today. Or at least in the next round of investments. This would put trades and much of alberta’s workforce back to work today (or soon) on large capital projects by oil companies. A number of which were recently cancelled.

More pipelines = more investment dollars in other projects too. Oil companies don’t stop building because oil prices hit a snag. They will return one way or another.

Because of the multi-decade timeline of capital oil projects. Pipeline approvals could have an impact today and in the future.

#123 Mark on 03.26.16 at 10:25 am

“Naturally, Mark’s view on this topic would be appreciated. “

Its complex, but my understanding (and I could be wrong) is that the banks themselves didn’t own much, if any of the ABCP. But were merely in the unfortunate (and allegedly slightly negligent) position of having recommended it to their clients. So while the bank(s) certainly faced reputational and legal risks arising from such poor investment advice being rendered to their clients, at worst, it amounted to not a lot more than a charge against common equity.

In terms of dollars and cents, NA/NBC’s most recent disaster was far worse. And they were able to go to the market and sell more common shares to make up for the capital gap thus exposed.

If they weren’t able to sell common equity on such favourable terms, sure, they would have been forced into other measures. But shareholders are extremely confident in the value of Canadian banks and the sale was conducted with ease. In CAD$, most bank stocks are only minorly off of their all-time highs. About the only people freaking out about bail-ins are the paranoid conspiratorial types including our “friend” from Rebel Media. And a few other random know-littles.

IMHO, the big risk for Canadian bank investors is that they just don’t perform very well for the next 20-40 years of rising interest rates, and/or they’re subject to targeted taxes to pay for CMHC bail-outs. No single sector of the economy or the stock market can perpetually outperform! That’s why diversification and balance are so important! Even if it forces one outside of their comfort zone and into sectors for which the contemporary prevailing school of thought views such with disfavour.

#124 The future from 1958 on 03.26.16 at 10:26 am

Billy Eduard Albert Meier

https://youtu.be/ajdqOKIy8ow

#125 GeorgeSoonToBeRetired on 03.26.16 at 10:44 am

#116 cto

Re: Cottages

Garth wrote a bit about RV sales really dropping a few weeks back I think, which touches on recreational property etc…

Cottages have seemed sluggish for several years now and one person in our family has been trying to sell since 2012. We have one too but don’t care about the value since it’s not an issue.

But all this stuff, RVs, cottages and boats too, would seem to be the first to be dumped in hard times, which I think are here or coming quick.

Only people’s emotional attachment to the family cottage keeps the prices high. And most of the newcomers to Canada have very little interest or awareness of that old cottaging lifestyle. Parks attendance has also been dropping for years.

Cottages are on the far fringes of the 416/905 RE frenzy. I would not be surprised to see a major plunge in such prices anytime enough people decide they actually have to sell them. Paying $400K for something like that, even $200 imho, is just a dumb place to park your money for something lived in barely thirty days a year. (And don’t even talk about cottages “valued” at over $500K – just insane!)

I’m pretty sure that in ten years or so, cottages will be back to reasonable prices, about $50K to $150K. What will happen inbetween is the only uncertainty in my mind.

#126 hope & ruin on 03.26.16 at 10:47 am

#115 Hopeless logic on 03.26.16 at 9:48 am

You propose spending public money on a Mike Harris statue?

You conservative math doesn’t add up…
____________________________________

Good point. Mike Harris would never agree to such an irresponsible use of public funds. That’s why I like him.

But I would consider it an investment for sanity. Probably still less than Wynne’s kickbacks to her union buddies.

#127 Herb on 03.26.16 at 11:00 am

#84 Sun Tsu,

in less extreme language, Canada is different.

The first Trudeau Government discovered that there was an ethnic vote, cultivated it, and the political expedient grew into multiculturalism as all succeeding governments embraced it and all political parties stroked it. Never mind the dilution of any putative core Canadian culture or the creation of disparate solitudes, it’s all good (“enrichment”) and politically necessary.

That political imperative has not developed in European countries. They have not had Canada’s stream of immigration, and are much more restrictive in granting citizenship and the right to vote. They also still believe in St. Ambrose’s 4th Century advice: “When in Rome, do as the Romans do.” Being politically correct, strikes us as racism, but to Europeans, it’s common sense.

“Core Canadian culture”? That was funny. You mean the Quebecois kind, the Inuit kind, the Maritime kind or the Yaletown kind? — Garth

#128 merchants of fear on 03.26.16 at 11:03 am

What does this fear sells, who and how profits from it?

#129 S.Bby on 03.26.16 at 11:04 am

Guy I work with just paid $60K over asking for a townhouse in White Rock. He was renting a 3 bedroom house (top floor) for $1500/month all expenses included, and now he realizes he has a mtg, taxes, strata fees, utilities, etc… but he is happy they finally have a place. He said there were 24 showings and four offers on it. He “won”.

#130 Smoking Man on 03.26.16 at 11:08 am

#121 jess on 03.26.16 at 10:11 am
Microsoft pulls plug after chat robot slings slurs, rips Obama and denies Holocaust
By Shawn Langlois
“Unfortunately, within the first 24 hours of coming online, we became aware of a coordinated effort by some users to abuse Tay’s commenting skills to have Tay respond in inappropriate ways. As a result, we have taken Tay offline and are making adjustments.”

Published: Mar 24, 2016 2:31 p.m. ET
….

To funny “Down to the principles office Tay, we’re calling your parents “

#131 crowdedelevatorfartz on 03.26.16 at 11:21 am

@#81 Brazil Ex Patsy
“I trust my 13% interest in Brazilian banks far more than I do Canada. Both countries of issues. But Brazil is moving forward while Canada is moving backward. That’s why my family and I left Canada.
*******************************************
O….M…..G.

Hmmmmmm. Where does one begin……
You’re boasting that you’re earning 13% interest( You do realize that 10 year Brazilian govt bonds pay 14.5%) in a country that is suffering through its worst economic recession since the 1930’s. And the “Real” ( how ironic)currency has devalued 20% in the past year……..unemployment 9.5%, govt debt 1 trillion…..
Both countries have “issues”
While I agree that Trudeau is a photo op hog and would have trouble thinking his way out of a finger painting seesion in a kindegarten class. I’d take the Canadian version of govt any day of the week.

http://www.google.ca/url?url=http://www.wsj.com/articles/brazil-economic-woes-deepen-amid-political-crisis-1458946356&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwiHufDJ0t7LAhUM4WMKHR80AqYQqQIIJjAC&sig2=xsTsUzr7EUWRNBZprMLKVQ&usg=AFQjCNHn33pp2micpu5Zf5UAVxEU0MHPwA
The Brazilian govt is currently running a massive Budget deficit, the former President “Lula” is under corruption investigation, the current president “Dilma” is under corruption investigation, their aquaintences are rotting in prison, the up coming Olympics could be the worst PR disaster the Brazilian economy absolutely does not need ( Will the new subway line be finished? Will the drug banned Russians even show up? Will the rowing venue still be a toxic feces encrusted waste dump? Will Brazilian men abstain from sex for 6 months due to that pesky Zika thingy?) And on and on and on)
Brazil , a former military dictatorship for almost 50 years before its latest experiment with “democracy”

And you dragged your family down there with you..
What could possibly go wrong?

#132 crowdedelevatorfartz on 03.26.16 at 11:27 am

@#100 Candu Sandhu
“What do you the CBC nine year “Hate Harper” campaign ….”
*******************************************

People actually watch the CBC?

#133 sgk on 03.26.16 at 11:30 am

review of federal tax breaks is coming –

http://thechronicleherald.ca/canada/1351817-video-finance-minister-morneau-says-review-of-federal-tax-breaks-is-coming

#134 crowdedelevatorfartz on 03.26.16 at 11:31 am

@#120 connecting dotz

Hey! Thats my “z” ! I saw it first.

#135 Ole Doberman on 03.26.16 at 11:34 am

DELETED (this is not a gold blog)

#136 mexicanasoccer on 03.26.16 at 11:46 am

Garth

Canada needs to revise the immigration policy…..there are enough rich Chinese now….what is needed is a few million Mexicans, then at least the men’s national team will be able to play soccer….that performance against Mexico was one of the worst I have ever seen 3-0 could have easily been 10-0….maybe we can use the infra money to tunnel under the US after trump builds the wall. Not sure how the Mariachis will perform in the snow though!

#137 crowdedelevatorfartz on 03.26.16 at 11:47 am

Yo!
Brazil Ex Pat!
If things get too “hot” in Rio consider moving to Zimbabwe. Similar climate. Similar political situation.
And your “real” will go soooooo much further after the conversion to the “yuan”.
Apparently Zimbabwe had more trillionaires per capita than anywhere else on the planet.
$5 US dollars gets you $175 trillion Zhttps://www.google.ca/url?url=https://www.washingtonpost.com/news/worldviews/wp/2015/12/23/zimbabwes-curious-plan-to-adopt-chinas-currency/&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwj63Z2g2N7LAhUW82MKHQx3Cr4QFghrMAs&sig2=7yOf58n4orHDmPPQmqIlmQ&usg=AFQjCNEFgHnVxBTg8tbj-J_S5LHH7crXggimbabwe “dollars”.

Pack up your Brazilian economic troubles and head east my friend.
Its a whole new world out there.

#138 mexicanasoccer on 03.26.16 at 11:48 am

Sorry forgot to add, in exchange we will send them Mark, so he can bamboozle them with his economic wizardry!

#139 WalMark of Sadkatoon on 03.26.16 at 11:56 am

Its complex, but my understanding (and I could be wrong)…

that was terrible

and wrong

as per usual

#140 WUL on 03.26.16 at 12:00 pm

FLOPPY:

Welcome back.

You mentioned unruly youngsters throwing eggs.

lt is high time the Wild Rose Party in Alberta adopted a plank in its platform based upon the idea of this Arkansas Republican:

“Charlie Fuqua, the Republican candidate for the Arkansas House of Representatives who called for expelling Muslims from the United States in his book, also wrote in support for instituting the death penalty for “rebellious children.”

In “ God’s Law,” Fuqua’s 2012 book, the candidate wrote that while parents love their children, a process could be set up to allow for the institution of the death penalty for “rebellious children,”

#141 hope & ruin on 03.26.16 at 12:02 pm

Interesting debate from The Agenda on corporate bailouts, bombardier, manufacturing, future economies, even environmentalism, etc.

Gets pretty heated at the 21min mark. The discussion swings towards the banks and whether or not they were bailed out in 2008.

http://tvo.org/video/programs/the-agenda-with-steve-paikin/is-ontario-steel-too-big-to-fail

#142 For those about to flop... on 03.26.16 at 12:42 pm

[email protected]

Thanks WULLY,I followed your advice and took a jacket on the trip.
I only used it in transit and the day we went to Santa Fe it was fresh but bearable.
I did not bother going to any museums as the weather was so good ,but I did enjoy the walk along canyon Rd past all the galleries- lots of garden architecture to look at,which I enjoy.

Regarding rebellious children, if my dad could have strangled me and got away with it he would have in a heartbeat…

M41BC

#143 pinstripe on 03.26.16 at 12:47 pm

The coffee shop was buzzing this morning about bail-in. a lot of geezers are MAD. Tax is on the up move and now the policy makers are keeping/adding a bail-in on the books.

some of the geezers here are retirees from financial institutions and their response is that we have not seen it all yet. the career politicians are aligned with the big money and don’t give a hoot about the people. now we learn that being in massive debt is the best protection moving forward. carnage did a good job lining the financial performers to the slaughter house.

the level of MAD is an understatement amongst the geezers.

#144 For those about to flop... on 03.26.16 at 12:55 pm

Hey WULLY, I forgot to mention do you recognize that sign in the photo up the top?
I think you said it was a while back when you visited Albuquerque, but it is a sign my wife and I walked by a few times last week near the train station and thought the boss might like it, which he did.

Look at the photo closely,in the bottom left had corner that is the shadow from my big head!
My wife was going to crop the photo and I said Garth will sort that out,but he went au natural.

Of course I broke one of the rules and had a pee ,but I did not puke, panhandle and to my knowledge there was no perversion…

M41BC

#145 IHCTD9 on 03.26.16 at 12:58 pm

#47 Malik on 03.25.16 at 8:15 pm
Thank you Sir for enlightening us.
I was going to take the money out and send it to off shore.
Actually it is not a bad idea anyway to send money to somewhere where it can pay 11 percent in interest like brazil, because these banks pay zilch in interest.
Only issue will be if CAD$ goes up which I feel is highly unlikely in near future.
Your thoughts on above idea will be much appreciated.
Regards
———-

Uhhh, do you have any idea why Brazil is paying 11%?

Good grief man, do your homework.

#146 For those about to flop... on 03.26.16 at 1:03 pm

#138 mexicanasoccer on 03.26.16 at 11:48 am
Sorry forgot to add, in exchange we will send them Mark, so he can bamboozle them with his economic wizardry!

///////////////////////////////

Why not put Mark in as the goalie…he dosen’t let anything go…
Also when they are getting their bums kicked like last night he could give a rousing half time speech about the sales mix to rally the troops…

M41BC

#147 BS on 03.26.16 at 1:07 pm

I don’t care if T2 or F had the idea of a bail-in. The bottom line is there is way more money borrowed in Canada than will ever be paid back. There is massive debt everywhere in Canada and it must continue to increase to keep things going. We have a T2 regime that cannot borrow and spend fast enough, provinces doing the same, mortgage debt that keeps increasing and must keep increasing to keep RE inflated and lots of other consumer debt going parabolic to keep the economy going. Then there is the oil sands debt that is not looking good.

Everyone is living above their means. Oil has tanked and will go lower, RE will tank and new taxes are coming. At some point debt becomes more expensive to service for both consumers and the governments. All this ends with someone losing a whole lot of money and a lot of debt not being paid back. The people holding the bag will ultimately be the Canadian tax payer. There is no one else who can pay for it.

The wealthy have their investments diversified and not stuck in Canada. Anyone who does not have a significant portion of their net worth in USD assets and outside of Canada is going to feel a whole of of pain. The recent run up in the CAD is a gift for those that do not already have significant USD.

#148 Victor V on 03.26.16 at 1:11 pm

http://www.thestar.com/life/homes/2016/03/26/fee-for-land-transfer-registration-amounts-to-tax-on-a-tax.html

Last week the City of Toronto and Teranet, the administrator of the provincial land registration system, announced a new $84.75 tax on registration of every land transfer in the city.

Effective April 1, 2016 (ironically, April Fools’ Day), the City of Toronto will impose what it calls an administration fee of $75 plus HST, or $84.75, to cover the cost of collecting the municipal land transfer tax on the registration of all title transfers.

The fee amounts to a further tax on top of the municipal land transfer tax. But since the fee itself is subject to HST, Ontario property purchasers are being charged a tax on a tax on a tax.

#149 Renter's Revenge! on 03.26.16 at 1:21 pm

#147 BS on 03.26.16 at 1:07 pm
Everyone is living above their means.

BS. I don’t think this is physically possible. If everyone was consuming more than they produced, where would the excess consumed product come from?

More likely is that for every dollar of debt that is incurred, someone is consuming less than they produce, and they expect to consume without producing in the future (i.e. retirement). Whether they’ll get to or not is another question.

#150 IHCTD9 on 03.26.16 at 1:25 pm

#108 Herb on 03.26.16 at 9:10 am

… what should a federal government do in the interim?

———

When I heard T2 promised not exceed a 10 Billion 2016 deficit, I said – right, probably more like 20 Billion.

Then, when I saw him instantly burn Billions upon Billions more (on shit) the minute he got the job, I revised my estimates upward to 25 Billion.

Now after the budget is released, we learn even a grunting, knuckle dragging, neandercon like myself has failed to fully appreciate just how bad Trudeau really is. If a guy like me can underestimate this guys spending, then he will be the worst we’ve ever had. 30 Billion in one year – and we will gain nothing worthwhile at the end of it.

I had projected a 100 Billion dollar cumulative debt by the end of Trudeau’s first term at the same time I said he’d blow 25 Billion in just this year.

I hearby raise my estimate – for the second time – to 125 Billion after 4 years.

What should T2 do in the interim?

How about not blowing Billions worth of borrowed money for starters?

#151 WalMark of Sadkatoon on 03.26.16 at 1:28 pm

WalMark of Sadkatoon has become a parody lol

#152 TCContrarian on 03.26.16 at 1:45 pm

#2 crowdedelevatorfartz on 03.25.16 at 5:34 pm

“Never let a good internet conspiracy theory get in the way of the truth……
All I have to say is “Building 7” and all the 9-11 nutjobs come a flocking……..”

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

Obviously spending too much time in your ‘elevator’, man!

Are you saying that the Laws of Gravity have to be suspended in order to ‘fit’ a gov’t. sponsored version of reality?

As far as a ‘bail-in’ happening in Canada, probably very unlikely, but NOT impossible, in my opinion.
And Garth, I don’t know how you can be certain about this. Governments (or agencies thereof), have been known to ‘change their minds’ once in a while (ie. ‘lie’).

TGC

#153 Apocalypse2016 on 03.26.16 at 1:56 pm

No merchant of fear, here. I offer only the truth. Free of charge.

North Korea now threatening imminent nuclear attack on America.

ISIS is in on this as well.

Absolute global chaos and catastrophe is only days away now. :(

https://www.youtube.com/watch?v=HEo5oMSe-5U

http://www.nytimes.com/2016/03/27/world/asia/north-korea-propaganda-video-nuclear-strike.html?_r=0

Be good to your children. Make your last memories count.

#154 crowdedelevatorfartz on 03.26.16 at 1:59 pm

@#152 tc contrarian

Building 7…. Fire + Gravity = collapse.

Sometimes the simplest explanation is the best.

But.
Bring on the conspiracy theories (ie unnoticed ,ultra secret govt agency demolition teams that spent weeks planting shape charges……
riiiiiiiiiiiiiiiight.)
Up til now……..Its been a slow Easter.

#155 Herb on 03.26.16 at 2:01 pm

“Core Canadian culture”? That was funny. You mean the Quebecois kind, the Inuit kind, the Maritime kind or the Yaletown kind?

(Garth, at #127)

No, Garth, the human kind that you don’t get to see much in the Centre of the Universe.

You know, acknowledge each other’s existence, respect the rights of others, don’t elbow-in, yield the right of way, mind your manners, make the effort to fit into the society you’re living in, etc., etc. The kind of thing that made us the “peaceable kingdom” and respected in the world.

#156 Office of the Superintendent of Bankruptcy Canada on 03.26.16 at 2:15 pm

Banks would still have to raise new capital, after pulling the rip cord, just like the old days.

The bankrupty courts converted bonds into common shares. Contingent capital bonds are converted into common shares by (I think) a decision by the Superintendent of Banks, skipping the bankruptcy court.

A better solution is increase banks’ capital requirement for unsecured (no collateral) lending, like credit cards and loans based on credit scores. That would protect depositors by reducing credit booms and subsequent busts.

Ted has too many qualifiers in his political self description; ex-Liberal(?). Liberal parties are immoderate these days.

#157 Herb on 03.26.16 at 2:17 pm

#150 IHCTD9,

at the risk of repeating myself once again, it depends on what (as in line-items) he is “blowing” billions on.

As far as I know, T2 is not the man who invented debt financing, and not being a Conservative, I have no reason to assume that he is going to blow anything..

#158 crowdedelevatorfartz on 03.26.16 at 2:18 pm

@#153 Apocalypto 2016
“Absolute global chaos and catastrophe is only days away now…”
*******************************************

Let me guess. You ate too much ham last night and had to be rushed to the hospital and they gave you an enema and then a heaping handful of percoset to alleviate the pain? Washed it down with some booze?

It would explain the delusional fantasies of imminent world collapse brought upon us by an clownish, obese, 3rd generation self imposed, demigod North Korean dictator who actually believes his own ridiculous propaganda.
And now that the Rolling Stones have “played” Cuba and former brutal dictatorship Myanmar has held a second series of elections…..
North Korea is now in an exclusive club of navel gazing, economically crippled has been countries that couldnt exist without multibillion dollar handouts from China and multi ton food shipments(now suspended) from the US.
China, that mocking refers to the latest leader of North Korea as “the 3rd Fatty”… which is ironic considering he and his father and his grandfather have consistantly starved their own North Korean population for over 60 years……
The US, that has to patiently watch as one of its citizens is sentenced in a show trial, to 20 years hard labour for stealing a propaganda poster. (Gee, how much ya wanna bet that kid is sent home in the next 6 months for a multi ton grain shipment??????? Just sayin.).

North Korea.
The last embarrassing pimple on the rump of “communist” China.

#159 Daisy Mae on 03.26.16 at 2:24 pm

“We are a nation of different peoples. Get used to it. — Garth”

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

Yes, we definitely are. But we don’t integrate. We live in separate ‘pockets’ of Canada.”

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

Absolutely, multi-culturalism as a failed experiment has been an abysmal failure….”

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

Exactly.

We have, instead, self-imposed segregation by minorities all across Canada. Quite the opposite to ‘integration’.

It’s not funny…and it’s not my fault.

“Multi-culturalism” does not mean “integration.” After all, you apparently didn’t integrate with anyone. — Garth

#160 TurnerNation on 03.26.16 at 3:14 pm

As shocking as the Ghomeshie verdict was, hopefully it will be a clarion call to otherwise succesful women who get looped into games with loosherish men. Or not.

This one made my jaw drop: highly successful female chef, business owner, and advocate for treating women as equals at work. Her life partner choice?

” She talked about Jean with the kind of breathless swoon you might find in a Brontë novel. “It’s an extraordinarily romantic relationship,” she sighed. “It makes me question my feminism because I get so much strength from having someone who believes in me, who supports me, who’s attracted to me. He gives me armour to take on the douche-bastards on the Internet.” Jean was a little more succinct. When I asked him to tell me his favourite thing about Agg, he said, with a smirk, “She’s a good f*ck.””

http://torontolife.com/food/restaurants/jen-agg-the-black-hoof-cocktail-bar-rhum-corner-agrikol-book/

(You’ve come a long way Baby?)

#161 Dan on 03.26.16 at 3:16 pm

And for your information, Mr Turner, you conservative snob, there is Canadian culture. Hockey, group of seven, songs of leonard cohen and Gordon L. Maple syrup, great movies (from Quebec but still is Canada, no?) and so on and so on. Making Brampton to look like Kabul, what East London looks today.. Now, that is not natural.

“That is not natural.” Racist. — Garth

#162 Casual Observer on 03.26.16 at 3:17 pm

#96 Blacksheep on 03.26.16 at 3:37 am

“Deposits would be excluded from the bail-in regime.”
—————————————————-
If the conservatives and the liberals, had just included this clear language in their actual budget documents, there never would have been an issue to start with.

I agree. Why couldn’t they just put the issue to bed by putting it in the legislation.

However, it would not make any sense to allow banks to “confiscate” insured deposits, only to have the gov’t (CDIC) reimburse depositors. That sounds more like a “bail-out” than a “bail-in”.

Also, this type of action is a last resort. Before things got this bad, the banks would be calling in loans, raising the interest rates they charge customers, and cutting the dividends on their common and preferred shares, etc. In other words, there would be some indication that all was not right.

My take… there are other things to worry about. A reasonable precaution against this unlikely scenario is to keep your deposits under the CDIC limit of $100,000 and don’t lose sleep worrying about this.

#163 kommykim on 03.26.16 at 3:32 pm

More info on Tier-1 capital here:
http://www.theglobeandmail.com/globe-investor/canadas-big-banks-told-to-hold-more-capital-on-books-by-2016/article10340263/
Same rule applies at the G&M as here: Take the comments section with a bucket of salt.

And Basel III :
https://en.wikipedia.org/wiki/Basel_III#Capital_requirements

#164 Antoni on 03.26.16 at 3:39 pm

From Mar. 2013 Budget!

The Government proposes to implement a ―bail-in‖ regime for
systemically important banks. This regime will be designed to ensure that,
in the unlikely event that a systemically important bank depletes its
capital, the bank can be recapitalized and returned to viability through the
very rapid conversion of certain bank liabilities into regulatory capital.
This will reduce risks for taxpayers. The Government will consult
stakeholders on how best to implement a bail-in regime in Canada.
Implementation timelines will allow for a smooth transition for affected
institutions, investors and other market participants.

#165 TurnerNation on 03.26.16 at 3:46 pm

^ ps. my above post is a reason why men must be MGTOW. The illusion of a ‘nice girl’ who wants to settle down is gone. You are an asset. Expected to pay dividends. Or else face a hostile takeover. I hear the stories.

(My last post today on the Mark & M41BC blog.)

#166 hope & ruin on 03.26.16 at 3:56 pm

@crowdedelevatorfartz @TCContrarian @smoking man @BobC

I’m going to hate myself for posting about “building 7” videos. This is what I normally do when I see the blog get hung up on this:

https://www.youtube.com/watch?v=UkJehlr1tEw

But it is a slow easter. I can only spend so much time with family.

I watched some of these videos. Where they compare the collapse to a controlled demolition. One of their main arguments is that in a controlled demolition they blow out CENTRAL columns. That allows the building to fall inwards to its own footprint. And that this is “what happened” in building 7.

But if you watch this CBS video of the collapse. Pause it around 7:23mins and play it in slow motion until about 7:32.

https://www.youtube.com/watch?v=38Vsv0eve_U

First. watch the HVAC equipment on the roof, to the far left, it falls inward first. Before anything else happens. It’s gone.

Second. Pay attention to the windows and structure on the left hand of the screen. You can see windows blowing out and the structure failing on the left side ONLY. Well before the right hand side ever starts to fail. The left side suffers major damage before anything happens on the right. The whole left side is dragging down the rest.

Pause it at the 7:32 mark and compare damage on the left side of the building to damage on the right side.

None of this is consistent with, what I understand, about controlled demolitions. Where they blow out a central column. Not one to the left. Then have explosions take various columns around the building. It is pretty clear that the left side went first.

No evidence in slow motion of explosions around the structure. Unless you can see something I didn’t.

If this was a controlled demolition it was incredibly sloppy.

Also, you see the equipment on the roof collapse inwards first. Which is different from a controlled demolition where the bottom gets blown out first. Plus the explosions around the building. Like this one:

https://www.youtube.com/watch?v=e2E_m7l2Rww

#167 bigtowne on 03.26.16 at 4:56 pm

The former President and CEO and Chairman of the Bank of Nova Scoatia (1972 – 1995) Cedric E. Ritchie passed on March 20, 2016. Mr. Ritchie graduated high school in 1945 in Kent, New Brunswick and took his first job as a teller in Bath, New Brunswick with the Bank of Nova Scotia and kink of never looked back. He grew the bank internationally and was a bigtime innovator for Canada’s banking and wealth management.

Just have to say thanks to Garth for his heads-up on the bail-in. I will encourage my grandkids to be alert and diligent and plan their finances and personal life with one foot or both in a country which does not endorse banksters.

I am overwhelmed with a great sadness at this news but having the grandkids make their financial plans on a secure base and country that respects depositers now is a deemed requirement.

#168 Why Money Rules your Life on 03.26.16 at 5:12 pm

Alan Watts Why Money Rules Your Life

https://www.youtube.com/watch?v=PfXKOISwEi0

Chew on this blog dogs…

#169 Big Dipper on 03.26.16 at 5:21 pm

#165 hope & ruin on 03.26.16 at 3:56 pm

“I can only spend so much time with family.”

———————————————

I can certainly appreciate that; because you are an IDIOT!

Genetics often play a role in that.

#170 james on 03.26.16 at 5:44 pm

#167 Why Money Rules your Life

Alan Watts Why Money Rules Your Life

https://www.youtube.com/watch?v=PfXKOISwEi0

Chew on this blog dogs…
—————————————————————

LOL. Is that why his websites, one run by his son, offer Alan Watts CDs for $475 a set?

Sounds like a bargoon for the schooled neocon conspiracy nutbars and women haters on this blog!

Go ahead. Open your minds. And your wallets.

Breathe deeply. Now exhale. (No, farts don’t count, Smoking Idiot)

;)

#171 WalMark of Sadkatoon on 03.26.16 at 6:14 pm

“Multi-culturalism” does not mean “integration.” After all, you apparently didn’t integrate with anyone. — Garth

it’s good to know that Canadians are just as racist as Americans

go USA!

#172 Sam the Sham on 03.26.16 at 6:26 pm

#135 Ole Doberman on 03.26.16 at 11:34 am

DELETED (this is not a gold blog)
——————————————————–

Can I at least say I’m enjoying my “Golden” years with my “Golden” investments?

#173 Siva on 03.26.16 at 6:51 pm

#160

Funny your definition of “Canadian culture” doesn’t include any of the traditions and practices of native Indians. I wonder what they would say about that.

#174 Smoking Man on 03.26.16 at 7:16 pm

What is going on.

What is going on. Everyone hates these days.

Woman vs Men
416 vs 905
Left vs Right
Old vs Young
Everyone hates the rich.

#175 For those about to flop... on 03.26.16 at 7:17 pm

This is some of the realtor propaganda I have to chuck in the recycling container each night.

Turner Nation, you want me to apologize for having positive interaction with Common,MF ,Boom,WULLY,Panhead,Beebs and a few others the last couple of days?

Sockeye Sam changed his name to Bitter Much? thanks to a joke from Garth, maybe you should think about changing yours to Jealous Much?
You want us all to fight all the time and call each other nutbars?

M41BC

http://imgur.com/1BTcmHg
http://imgur.com/wmiKvIG

#176 Why Money Rules your Life on 03.26.16 at 8:19 pm

#169 james

#167 Why Money Rules your Life

Alan Watts Why Money Rules Your Life

https://www.youtube.com/watch?v=PfXKOISwEi0

Chew on this blog dogs…
—————————————————————

LOL. Is that why his websites, one run by his son, offer Alan Watts CDs for $475 a set?

Sounds like a bargoon for the schooled neocon conspiracy nutbars and women haters on this blog!

Go ahead. Open your minds. And your wallets.

Breathe deeply. Now exhale. (No, farts don’t count, Smoking Idiot)

;)

Thankfully you can chose the free link, cheap bastard.
Any other complaints?

#177 TurnerNation on 03.26.16 at 8:38 pm

M41BC if that’s the case then many must be jealous of Smoking man’s volumes of posts.
Scroll scroll, scroll some more.
(It must be after midnight somewhere….)

#178 Ret on 03.26.16 at 8:47 pm

I can only meet three of the four requests. Can I still use the park?

#179 Ret on 03.26.16 at 8:50 pm

#132 “People actually watch the CBC?’

Someone has to tell them what to say, think, feel and do.

#180 Smoking Man on 03.26.16 at 9:34 pm

My tin foil fadora.

You just got to know a book is coming soon full fruntal nudity of the smoking man.

http://dyslexicsmokingman.blogspot.ca/

Shirley Valintine those chest hairs are grey. The invested exposure makes em look like health black.

#181 Smoking Man on 03.26.16 at 10:05 pm

Can’t beat the Machine Huh, I’m feeling brave.

I’m trying to figure out what the machine is up to.

Why are the Femanazis only going after straight white men.

When you are into gang building, well you need an enemy, a villain to bond against, that’s how groups roll.

You can’t go after black men, gay men, brown man, big red rock eater men, they all have good representation at the I’m oppressed town hall.

Now those patriarchy white scum, those white boys, they’re too mind fkd to see what’s going on, they bought the cool aid at school, work hard for that white picket fence, to busy trying to survive like everyone else.

They are targets from the topless boobsters with magic marker all over there backs and fronts.

These men no different than anyone other human, but they are an easy mark. If five of them get together and say, wtf is going on, why do they hate us, we are just like everyone else.

Then the community town hall gets wind of this gathering, they scream! white supremacist, misogynist, racist.

The reason The Donald is doing so good, Straight white men and their wives are saying, enough is enough, we deserve to be included.

How crazy is that.

Fk you Machine. I’m coming after you… Shoving my book up your ars.

#182 Cici on 03.26.16 at 10:20 pm

Thank you for being an honest and rationale dude Garth, and willing to expose the cockroaches for what they are.
And thanks for sharing your logic for free in your hilarious blog.

Cheers,
Cici

#183 Smoking Man on 03.26.16 at 10:26 pm

Get ready for a wild ride on the markets next week.

#184 45north on 03.26.16 at 10:40 pm

cto: are cottage properties going to correct or are they on a different set of fundamentals?

if you have to ask you cannot afford it. I mean you and your brother have to be able to throw in $400,000 , pay the taxes, hydro, insurance and any projects you have in mind. You know build a shed, fix the dock, whatever. You have to be perfectly content to throw in a lot of money with no prospect of getting it back. I mean maybe you’re two very wealthy guys.

george: Cottages are on the far fringes of the 416/905 RE frenzy.

Paying $400K for something like that, even $200 imho, is just a dumb place to park your money for something lived in barely thirty days a year.

that’s my feeling. I remember the fifties and sixties. Cottages were a reflection of the wealth and prosperity in Toronto.

#185 millenial82 on 03.27.16 at 12:16 am

#167 Why Money Rules your Life

Alan Watts Why Money Rules Your Life

https://www.youtube.com/watch?v=PfXKOISwEi0

Chew on this blog dogs…
—————————————————————

LOL. Is that why his websites, one run by his son, offer Alan Watts CDs for $475 a set?

Sounds like a bargoon for the schooled neocon conspiracy nutbars and women haters on this blog!

Go ahead. Open your minds. And your wallets.

Breathe deeply. Now exhale. (No, farts don’t count, Smoking Idiot)

——————————————————————
And so what? Is there something wrong with selling these lectures on the free market just like any other book or literature? At least someone has a choice to pass or buy. Let me guess, your paycheque comes from the tax payer and you routinely bitch about the private sector service rates?

#186 family beagle on 03.27.16 at 12:30 am

I fear. I am alive.
Nothing like doing a compromising squat in a pine forest and listening for the crack of a branch.

#187 Big Dipper on 03.27.16 at 12:39 am

#140 WUL on 03.26.16 at 12:00 pm

You mentioned unruly youngsters throwing eggs.

lt is high time the Wild Rose Party in Alberta adopted a plank in its platform based upon the idea of this Arkansas Republican:

“Charlie Fuqua, the Republican candidate for the Arkansas House of Representatives who called for expelling Muslims from the United States in his book, also wrote in support for instituting the death penalty for “rebellious children.”

———————————————-

Glad to see ISIS is not the only one following batshit crazy religious directions. This one is from Deuteronomy 21:18-21. Look it up – seeing is believing.

My real question is, how the hell do you pronounce Charlie’s last name?

#188 family beagle on 03.27.16 at 12:48 am

To the guy in the comments who thinks Canada shouldn’t change from a homogeneous paradigm imprinted during his formidable years… Whoosh. That’s what we beagles say about labradoodles, but every dog has his day.

#189 family beagle on 03.27.16 at 1:13 am

#172 Siva on 03.26.16 at 6:51 pm
#160

Funny your definition of “Canadian culture” doesn’t include any of the traditions and practices of native Indians. I wonder what they would say about that.

Commenter mentions ‘maple syrup’ for the win, comprising 20% of the list.

#190 Vampire Studies GMST 454 on 03.27.16 at 2:22 am

Happy Easter garth and dawgs.

#191 TRT on 03.27.16 at 4:26 am

Here in San Francisco…

Vancouver has a nicer downtown. Vancouver now globally on the map because of high housing prices.

People here say unique because bounded by ocean, border, and mountains. Then I told them about HAM.

Soon will have most expensive housing market in the English speaking world.

#192 Canada's Cruise to Impoverishment on 03.27.16 at 5:18 am

US and Australia eat Canada’s lunch by launching LNG shipping a decade before Canada will ever get off it’s knee’s.

https://twitter.com/hashtag/GorgonProject?src=hash

Great for the US and Aussie taxpayer. With Trudeau Liberals skyrocketing taxation regime and Natives and Green Blob for lobbying and funding the likes of Soro’s, Obama, Rockefeller and Tides. We’ll be at 100% taxation in no time to support the civil service desire to be the elite.

#193 maxx on 03.27.16 at 8:28 am

#21 William of the North on 03.25.16 at 6:59 pm

……”But… It may be time to get a million dollar mortgage, max out your credit cards…… you know; just to make sure there is absolutely nothing to bail-in with.”

The fact that this idiotic thought crosses people’s minds is proof positive of the stupidity of this desperate concept.

Serious money, smarts and talent will simply find other berths and the rest will be forced to live in a sliding economy that is now next to impossible to repair.

Canada needs to smarten up – and fast. The global economy will only ever improve along with a return of real value to its currencies, NOT with low rates. Ever.

So far, it looks like the USA is first to attempt this. Bravo, and I sincerely hope that it remains on track with this sometimes painful program. Its economy will shine from the grass roots level, which is what western economies have been lacking for the past 15 years.

#194 family beagle on 03.27.16 at 8:51 am

Jumbo Wild just came out on Netflix and it’s five stars. That’s the documentary about Christie Clark’s plans to pave over a pristine valley for commercial development. Located in BC’s Purcell mountains at the intersection of four glaciers, the local residents have been pleading to stop development and it’s getting attention again. Before viewing, I went to see the trailer on youtube and lo and behold up pops a statement by Dame Christie herself https://youtu.be/zko6Uh3hARs preserved for your perusal by the people of Ktunaxa Nation 3 years ago. Unless she’s had a change of heart, I think it’s clear what her priorites are.

I hadn’t heard the interview, but when I listened, I realized just how myopic this individual is. She’s a blip in the region’s geohistory but her affect will linger.

Happy Easter, Christie, I hope your plans are a big goose egg. I signed the petition gladly, and bought a sticker. The site to shut Her Highness down and stand with the locals and first nations… http://www.keepitwild.ca

If we don’t work to save habitat for wildlife, well then we’re just self gratifying parasites, a scourge, and have no worthwhile reason to be. You can die pleasing yourself or actually do something with your life. Think about it. Happy spring.

#195 Mark on 03.27.16 at 8:52 am

“US and Australia eat Canada’s lunch by launching LNG shipping a decade before Canada will ever get off it’s knee’s.”

I disagree. LNG, especially for Canada, is an economic disaster. Not only is 20-25% of the gas lost in transportation, but the gas is no longer available for domestic uses or available to fuel a domestic petrochemical industry.

What has alarmed me about the BC LNG plans is the fact that almost nobody is talking about actually coming up with productive uses for the gas at home. It could be converted to ammonia and sold. It could be converted to fertilizers. Acetic acid. Methanol. Or any of a plethora of other industrial chemicals which are routinely imported to North America. Yet all that our “best and brightest” minds can think of is to export the gas in its raw form, at huge energy loss, to those overseas countries.

Besides, the fracking revolution that has liberated so much gas in Northern BC, has yet to really get underway in earnest in Asia. So will there really be much LNG demand over there once they get the “North American” gas production techniques working on their soil? Of course not.

#196 Paul on 03.27.16 at 9:02 am

Easter is the only time of the year when it is safe to put all your eggs in one basket!

Happy Easter to all!

#197 Herb on 03.27.16 at 9:25 am

#191 Canada’s Cruise …

I love the screech of the over-torqued Conservative wing nut in the morning.

#198 Herb on 03.27.16 at 9:29 am

#183 45north,

ah, the time when even blue collar workers could afford a cottage as well as a home. Of course, the cottages were not palaces, and the homes not Macmansions.

#199 saskatoon on 03.27.16 at 9:33 am

#180 Smoking Man

dude…

it is cultural marxism: divide and conquer: pitting the stupid and weak (which ironically often includes “schooled” decadent youth–of all cultures) against the dominant culture.

but you know this already :)

#200 Notta Vanc Fan on 03.27.16 at 9:52 am

“Here in San Francisco…

Vancouver has a nicer downtown. ”

You’ve gotta be joking. The walking between neighborhoods is sublime in San Fran, abysmal in Vanc. Count the number of junkies and crack heads in SF, zero.

Are you going to compare Gastown with Height Ashbury? That would be dumb , SF Chinatown, Little Italy, Embarkadero, the Golden Gate bridge and Park? Compared to the rinky dink seawall surrounded by sewage, sea lions, no fecal matter on the beaches, stunning views of the Bay from Ft Point, actual food trucks, street musicians day and night not chosen by Shitty Hall like Van Dumpo. I could on all night. Van-Dumpo doesn’t hold a candle to SF not by a country mile.

#201 jay on 03.27.16 at 10:26 am

Maybe the Government will force the banks to provide generational mortgages soon with the way prices are going up in Vancouver.

#202 unbalanced on 03.27.16 at 10:51 am

Who in their right mind would ever buy a cottage with a lush ?

#203 Smoking Man on 03.27.16 at 11:45 am

#198 saskatoon on 03.27.16 at 9:33 am
#180 Smoking Man

dude…

it is cultural marxism: divide and conquer: pitting the stupid and weak (which ironically often includes “schooled” decadent youth–of all cultures) against the dominant culture.

but you know this already :)
….

The dominant culture don’t know it’s dominant. To busy hustlin.

But dominant culture is waking up. Like I said Trump as evidence of this.

Getting interesting now. Bikers are going to all trump rallies to keep the peace. Don’t think Soros’s moveon.org radicals are up for a challange.

#204 The American on 03.27.16 at 11:57 am

At #199: Notta Vanc Fan, you are absolutely correct. Vancouver doesn’t come close to San Francisco. I can’t imagine why anyone would even consider comparing the two. Vancouver is boring as hell and a total pit (really, it is dirty and trash everywhere).

#205 Damifino on 03.27.16 at 12:09 pm

#199 Notta Vanc Fan

Yeah, Frisco is a lovely town but where else in the world besides Vancouver can you ski in the morning (and get you car broken into) play tennis in the afternoon (waiting three hours for a court) and go to an NHL game at night (fighting off an aggressive pan handler every fifty feet)?

#206 Keith in Calgary on 03.27.16 at 12:24 pm

http://www.scmp.com/comment/blogs/article/1929324/study-reveals-awfulness-canadian-investor-immigration-income-tax?utm_source=&utm_medium=&utm_campaign=SCMPSocialNewsfeed

I didn’t scroll thru all 200+ posts to see if someone had posted this article from the South China Morning Post, detailing how the Canadian government’s and various provincial government’s lack of oversight of the immigrant investor programs have directly contributed to the RE boom in YVR.

For those of you who are interested, why don’t you inquire about how you as a foreigner can buy RE in an mainland Chinese city ? LOL……wake up time.

#207 Irish Stew on 03.27.16 at 12:37 pm

If Garth is opposed to large real estate purchases vs renting – why on Earth would he approve a cottage as a purchase? The taxes, upkeep, travel costs, etc – double dipping into poverty.

#208 kommykim on 03.27.16 at 12:40 pm

RE:

#184 millenial82 on 03.27.16 at 12:16 am
And so what? Is there something wrong with selling these lectures on the free market just like any other book or literature?

Are you really that thick? The guy makes his money selling CDs. He is no financial genius.

#209 Ponzius Pilatus on 03.27.16 at 12:41 pm

“Core Canadian culture”? That was funny. You mean the Quebecois kind, the Inuit kind, the Maritime kind or the Yaletown kind? — Garth
———————–
The German word is Leitkultur (leading culture) which was coined by Merkel, who also declared that MultiKulti was dead.
Like it makes sense to have a leading official language.
Otherwise we could be the next Babel.

#210 Retired Boomer WI on 03.27.16 at 1:15 pm

Happy Easter to you Dawgs.

America was populated by the first Europeans who were trying to escape religious intolerance, or so history would have us believe, while trying to impose that religion on the indigenous populations they found here.

Today, our politicians are not so much different than those guys from the 1600’s are they?

Hey, leaving a lot out of the story here, space limitations.

Comments on muslims, immigrants etc etc. We seem to overlook the fact our lives are solely under our control, no amount of bitching needs to apply.

So, how are we living our lives to best reflect the greater good for those we love?

that’s enough…

#211 crowdedelevatorfartz on 03.27.16 at 1:25 pm

@#200 Jay
Wayyy back in the late 80’s early 1990’s Japan was experiencing a huge real estate bubble ( The land on which the emperors’ Imperial palace sat in Tokyo was, when priced per square foot,theoretically worth more than all the real estate in the State of California…..)

Generational mortgages were introduced due to the exorbitant housing prices.

http://www.google.ca/url?url=http://archive.fortune.com/magazines/fortune/fortune_archive/1990/05/21/73567/index.htm&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwivpOaIseHLAhUS3WMKHdVUAaIQFggfMAI&sig2=goUZaSRQhOQHFRJ718P24g&usg=AFQjCNE-f2NTugUN1ekMfAZkXv0wSqSJGg

Then the bubble collapsed.
Japan has been suffering through deflation for over 20 years.

https://www.google.ca/url?url=https://housingjapan.com/2011/11/10/a-history-of-tokyo-real-estate-prices/&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwjE9N-_r-HLAhUJ0mMKHVVXDFUQFggtMAQ&sig2=BDFfIol9ySccoM5YhFT7Fg&usg=AFQjCNFgb2o8kNj-PeTMlf9sSs8zi-q7xQ

#212 paul on 03.27.16 at 1:56 pm

158 Daisy Mae on 03.26.16 at 2:24 pm

“We are a nation of different peoples. Get used to it. — Garth”

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

Yes, we definitely are. But we don’t integrate. We live in separate ‘pockets’ of Canada.”

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

Absolutely, multi-culturalism as a failed experiment has been an abysmal failure….”

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

Exactly.

We have, instead, self-imposed segregation by minorities all across Canada. Quite the opposite to ‘integration’.

It’s not funny…and it’s not my fault.

“Multi-culturalism” does not mean “integration.” After all, you apparently didn’t integrate with anyone. — Garth
———————————————————-CRICKETS
The sound of silence

#213 bobby13 on 03.27.16 at 2:36 pm

If you’re a shareholder if this happens you will lose, if you are a bond holder now you will lose, if your a bond buyer after you will likely win.
The bail-in backstop is a guide line when it comes the document will be interpreted the way they need it to be and it won’t be good for you.

#214 For those about to flop... on 03.27.16 at 2:40 pm

#211 paul on 03.27.16 at 1:56 pm
158 Daisy Mae on 03.26.16 at 2:24 pm

“We are a nation of different peoples. Get used to it. — Garth”

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

Yes, we definitely are. But we don’t integrate. We live in separate ‘pockets’ of Canada.”

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

Absolutely, multi-culturalism as a failed experiment has been an abysmal failure….”

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

Exactly.

We have, instead, self-imposed segregation by minorities all across Canada. Quite the opposite to ‘integration’.

It’s not funny…and it’s not my fault.

“Multi-culturalism” does not mean “integration.” After all, you apparently didn’t integrate with anyone. — Garth
———————————————————-CRICKETS
The sound of silence

/////////////////////////////
Hey Paul,”Daisy” is not interested in getting on with anyone, her inventors just chose that name to sound disarming.

The robots real code was DIS MAE…

M41BC

#215 waiting on the westcoast on 03.27.16 at 2:41 pm

#208 Ponzius Pilatus on 03.27.16 at 12:41 pm
““Core Canadian culture”? That was funny. You mean the Quebecois kind, the Inuit kind, the Maritime kind or the Yaletown kind? — Garth
———————–
The German word is Leitkultur (leading culture) which was coined by Merkel, who also declared that MultiKulti was dead.
Like it makes sense to have a leading official language.
Otherwise we could be the next Babel.”

The ability to adapt and change is what makes us strong. That is why multiculturalism is a good idea. That is our ‘Leitkultur’.

If anything, we should all be spending time learning about these new cultures, learning a few words, and embracing their new ideas. We will then continue to evolve new ideas and new customs… Not theirs and not our old ones.

Anytime you try to freeze the world, you begin to lose. You need to roll with it and explore the change. Every empire/company/organization eventually fails because it’s bureaucracy cannot adapt. Instead of clamoring for the gold ol’days, find a way to participate in the change….

#216 waiting on the westcoast on 03.27.16 at 2:50 pm

Oh and Happy Easter! This is an example of me (an atheist) participating… ;-)

#217 Retired Boomer WI on 03.27.16 at 2:53 pm

Does Canada have “Culture?”

I know it has history, and the various towns and provinces have a distinct different feel to them. I have never gotten the feeling of any unifying ‘culture’ in my travels. Not to say it is not a place worth exploring, for it definitely is.

We have different cultures here. Chicago is quite apart from say, Pittsburgh, or NYC, or Boston. Down south IS different from the great lakes.

I guess, when you say ‘culture’ I have not a clue as to your reference.

————————————-

#175 Why money ruins your life

your attachment out me to sleep… nothing there for me, thanks….

#218 Rabbit One on 03.27.16 at 3:09 pm

#199 Notta Vanc Fan,
#203 American

Agree.

I hear this (comparing Van to other big cities) very often from local Vancouver people, but never from Immigrants friends.

My guess is most locals only visited some of the big cities for a few days only.
Also, many never been to Europe, or Asia. Just North America, or just West cost.

While in SFO, NYC, or Paris,they must have felt, their home town – Vancouver – is somewhat similar, or even better (we have Stanley Park, Historic Gastown, English Bay, etc).

It is fine, Vancouver is in fact beautiful city.
But I doubt if it is “Best Place on Earth”, plus it will take many many years to become world class city.

What’s missing? Big city vibe.
It cannot be achieved by just building new condos.

Adult couples have almost no choice to go out and have fun in the night in this city, which certifies this city is still beautiful town.
(Toronto is different story in that matter)

#219 Entrepreneur on 03.27.16 at 5:12 pm

What a beautiful day and what a wonderful Easter weekend. Time to ponder and relax.

I can relax a little about the bail-in but it is print so for it to be in print means to me that it is a possibility, an unlikely one.

#205 Keith In Calgary…thank goodness we have MLA David Eby of the NDP speaking out…printed the article out…all I have to say “unbelievable” but true, the facts are there.

Meier is correct in saying money is evil and agree with him. It is a money world and we all have to make money.

#220 Merchants of Currencies, Economies on 03.27.16 at 5:23 pm

From the finest moments of “Free Market Capitalism”…

http://www.businessinsider.com/secret-meeting-at-g20-to-take-down-dollar-2016-3

“The Shanghai Accord happened in stealth, but it will go down in history as a major turning point in the international monetary system.”

Care to comment Garth?

#221 Herb on 03.27.16 at 6:03 pm

#211 Paul,

yes, “The sound of silence.”

The silence that results when you know that any further comment would be denounced as racist.

#222 He is no financial genius. on 03.27.16 at 6:20 pm

207 kommykim on 03.27.16 at 12:40 pm

RE:

#184 millenial82 on 03.27.16 at 12:16 am
And so what? Is there something wrong with selling these lectures on the free market just like any other book or literature?

Are you really that thick? The guy makes his money selling CDs. He is no financial genius.

—-

You have zero clue who Alan Watts is.
He actually died in 1973.

Why bother commenting?

#223 Reno Vancouver, here we come on 03.27.16 at 6:29 pm

“If you look at per-capita incomes, we look like Reno or Nashville,” Andy Yan,

http://www.newyorker.com/magazine/2014/05/26/real-estate-goes-global

#224 espressobob on 03.27.16 at 6:50 pm

Canada is a land of cultures. Always has been. What’s the problem?

Oh, right I forgot whites are so superior. LOL.

#225 Smoking Man on 03.27.16 at 8:19 pm

I genraly don’t like chic flicks.

Just saw one called The Pretty One. Amazing, really like it.
What’s wrong with me.

#226 Retired Civil Engineer on 03.27.16 at 9:07 pm

#154 crowdedelevatorfartz

No modern concrete or steel building has ever collapsed due to fire. However if you fly an airplane into a big one the results are less predictable. And then if 2 – 100 story buildings collapse that’s a lot of high energy material resolving itself in a small area and structural damage to near by buildings is quite possible. WT-7 likely fell because the foundation was severely damaged by material encroachment from 1 & 2. The steel and concrete in those buildings did not just disappear when they fell. The material went first down, and then upon contact with the ground, out. What is probably more surprising is that more nearby buildings were not severely damaged.

If there are any questions to be answered about 911, they are these:

1. Could an impact from a 767 cause a steel structure to collapse? The answer is probably less these things weigh 1000’s of tons so the kinetic energy was incredible even if the aluminum material was weaker than the steel in the buildings. Stuff was going to get bent and then it doesn’t work as designed anymore.

2. Could an amateur pilot fly a large plane into a build first try? This I do not know as I am not a pilot but every pilot who is still flying manages to find the runway pretty reliably.

3. Could terrorists take over a plane with box cutters? Well not any more but at the time nobody thought such threats were worth worrying about.

4. Who were the terrorist and what were their goals? This is the only unresolved question in my mind, although we have a pretty good idea.

911 theorist resort to the most outrageous claims. I’ve even heard people talk about holograms. To my mind the idea that a big plane hit the building and damaged the structural components seems simpler. If I have a question I can’t answer it would be why the buildings didn’t fall down sooner.

#227 fukushima Fish&chips on 03.28.16 at 1:03 am

Begun the holy wars have.

#228 crowdedelevatorfartz on 03.28.16 at 11:16 am

@#226 Fukashima Fish&Chips

Holy wars, neverending they are…..

Quoting Yoda?
Perhaps thy name would be best changed to “Pizza The Hut”……..