Remember this week. One day your kids will stare into your wizened eyes, asking. “Where were you when the Dow crossed 20,000? While the Fed moved at the same time? Were you frightened, Daddy?”
Anything but. Investors should be feeling frisky, unless they’ve been sneaking into one of those doomer blogs telling them when stocks markets hit record highs, the next stop is crash, chaos and collapse. As usual, the pantywaists and milquetoasts are wrong. So are the people who’ve spent 2016 sitting in cash. Or “tactical” advisors whose clients just missed an historic recovery in Canada (the market’s up 18%) and the $1 trillion Trump Bump.
But wait. The Dow at 20,000? Isn’t that nosebleed stuff?
The actual index is kinda irrelevant, certainly when compared to the P/E ratio. That measures the relationship between the market value of stocks (price) and the performance of the underlying corporations (earnings). These days the Dow’s P/E is about 21 times. The historic average is around 17. That means stocks today are not cheap – overvalued by about 20%.
Doesn’t that mean it’s time to bail? Especially if you’ve just made a boatload of money riding the beast higher?
Sure, if this 2016 rally has screwed up the weightings in your portfolio, then by all means rebalance. Take some profits off the table, and use the gains to buy assets that have fallen, or are underweight, or with good potential (like preferreds). It’s an exercise you should be going through at least once a year, anyway. When the calendar runs out, it’s as good a time as any.
But it may be a mistake to bail just because of altitude.
Why? Well, the P/E ratio will likely be coming down as corporate profits go up, injecting more value into the market. In the last quarter US corporate earnings were forecast to be down once again (by 1-2%) but actually rebounded (ahead more than 4%). Now with Trumponomics – cutting corporate tax rates, slashing government regulation and investing in infrastructure – it’s assumed corps will be making more, not less. The prez-elect may be a wacky guy with seriously scary kids and a smokin’ Twitter account, but he’s also a committed capitalist and uber-businessman. Besides, he’s just built a cabinet of CEOs, bankers and billionaires. What’s not to get aroused about?
Second, look at bonds. Squished. Expectations of inflation and more economic growth have dropped debt prices fast, boosting yields and making predictions of widespread negative interest rates look just silly. The river of money exiting the bond market and flowing into equities is wide and deep, and will likely continue. And, hey, in Canada that now includes weed stocks as our country inches towards the noble status of the first western industrial democracy to encourage a generation of potheads.
So what are the risks?
POTUS could blow up. Or start a trade war with China. Or screw up the Middle East. But more realistically, it’s interest rates which threaten stocks. If the Fed decides the time has come to consistently and aggressively raise rates because Trumponomics has created a wildly inflated, deficit-infused economy in which a new wage-price spiral plus protectionism constitute a threat to the money supply, it’ll spank the commander-in-chief.
That seems like a long shot now, and will probably stay that way. But this week brings an arresting, memorable juxtaposition. The first time in a year for a rate hike. Only the second in an entire decade. Swelling inflation, throbbing markets. The moment the Dow initially pierces twenty grand – all mere days before the only completely inexperienced, untested leader in the history of the free world ascends to office.
We’re on the verge of something.
185 comments ↓
#4 Victoria Real Estate Update on 12.12.16 at 6:01 pm
Canada’s massive housing bubble would have done what all housing bubbles do – end badly – even without the guarantee of significantly higher Canadian fixed mortgage rates.
A massive housing bubble + rising rates + the “it’s different here” attitude = a future major financial backfire for many Canadians. A generation or two will learn that taking on a mortgage (extreme leveraged debt) always comes with risk, despite what your in-laws, realtor, broker, friends, etc say.
Just ask those who’ve experienced the inevitable outcome of a housing bubble in Ireland, Japan, Greece, the US, Iceland and many other countries over the last 40 years.
There’s no such thing as a controlled, safe, soft landing when you are dealing with a housing bubble.
GAWD YOU’RE BITTER.
YOU’RE STILL RENTING WAITING FOR THAT CRASH, ARE YA?
Garth or dogs please comment…
do you suppose the president or his friends -domestic and foreign are short these stocks when he tweets about them?
and some think toronto and vancouver are center of universe…
http://www.adventzagreb.com/
top left corner flag click to change language
#145 IHCTD9 on 12.13.16 at 3:58 pm
Flopper-I know you’re just trying to be nice, so I’ll translate your post into normal speak for Mr. Bram to add a little impact:
//////////////////////////////////////////////
The scenario at the start seemed to be hypothetical and so I somewhat jokingly said”what about to other side of things “knowing full well what is going on in my neck of the woods.
You can pump all the numbers you like into a calculator,I was more trying to point out that recent conditions were unsustainable and the pendulum is swinging back the other way.
I’m not going to get too animated over a hypothetical ,I was kind of shocked that people way smarter than me did not point out some of the errors.
When people disagree on a topic ,there always seems to be the insinuation that the other person is not as intelligent as you ,when if this beast of a blog has taught me nothing else ,it is that we all have different ways of looking at issues and problem solving.
The fact that there is way smarter people than me on the blog does not mean I cannot see what is going on with a lot of issues.
I’ve got no choice but to see the light as I have holes in my curtains…
M42BC
“all mere days before the only completely inexperienced, untested leader in the history of the free world ascends to office”. Excuse me, oh great one; but Trump has massive experience; compared to Obama of 8 years ago. N’est pas? I guess that was a slight oversight on your part?
Zero political experience. Obama had a decade as senator in Illinois and then in Washington. — Garth
First one to say, just a few days, down in a big way.
Golden sunrise on mothers day May.
My addition to the fake news.
a. Recession
b. More war over seas
c. Trump assassination
d. End of European union
e. Debt bomb goes off
f. Millenials get a spine
RATM
everything you are saying, and much more, has already factored into bringing the prices to the most current levels. as you should know, prices fluctuate randomly around the interest rate trend line.
if the us economy goes gangbusters we can very well expect more earnings growth and PE expansion to keep this bull market going.
The EAFE is now the laggard for a few years now, I expect things to turn around there that index has been rather flat in USD for 2-3 years now.
Anxiety after anxiety…can only do what is feasible and able to survive in today’s economy/market. Just have to be extra careful who to trust, not an easy task.
#1 BC…I trust VREU, she/he has figures/proof and sounds to me professional background. Read between the lines.
We’re on the verge of something
————————————————————–
World economic chaos, war, and historic American division not seen since the Civil War.
2016 has been a terrible, horrible year.
After January 20, 2017, in the rear view mirror, 2016 will look like an ocean of calm just out of reach.
Absolutely bewildering destruction lies ahead.
GARTH SAID, ““tactical” advisors whose clients just missed an historic recovery in Canada (the market’s up 18%) and the $1 trillion Trump Bump”.
WHAT RECOVERY GARTH?!?! AS SOON AS THERE IS A DIP OF ANY SORT IN THESE MARKETS, THE VULTURES OVERHEAD TAKE ADVANTAGE OF THE SITUATION. HOW DIFFERENT IS THIS STOCK MARKET WHEN COMPARED TO THE REAL ESTATE MARKET, THAT YOU CONDEMN OF BEING OVERVALUED!
BOTH MARKETS ARE OVERVALUED AND YOU CAN’T SUGGEST THAT ONE IS DIFFERENT FROM THE OTHER.
Radical difference. — Garth
Considering that Trump is able to massively move markets with a single tweet the markets are well overbought, anyone in cash and gold will be proclaimed a genius shortly…..
http://www.businessinsider.com/jim-rogers-on-diversification-2016-12
He co-founded the Quantum Fund – one of the world’s most successful hedge funds – which saw returns of 4200 percent in ten years.
And, hey, in Canada that now includes weed stocks as our country inches towards the noble status of the first western industrial democracy to encourage a generation of potheads. -Garth
///////////////////////////////
Somethings have changed since the election ,but those interested in the growth of recreational and medical marijuana should still be interested in this link…
M42BC
https://howmuch.net/article/marijuana-medical-recreational-sales
This year has been a great reminder that trying to predict the future is a fool’s errand. Be diversified. Stay invested. Things will more or less work out. Go enjoy your life and don’t fret too much about the portfolio.
No rational reason for stocks to be so high. Same is true for houses.
do you suppose the president or his friends -domestic and foreign are short these stocks when he tweets about them?
Oh, probably. Trying to apply a lens of reason to The Donald doesn’t work.
Swelling inflation, throbbing markets.
Inflation eh? If we’re getting inflation why does gold suck??
Never mind. Gold always sucks
Zero political experience — Garth
—
That’s actually more appealing, getting to know the “100% political experience” of the Clintons, who’s final achievement was to create a globalized pay for play scam foundation and losing the election, which was 100% their game.
Beside that Carly Fiorina (HP), Eric Schmidt (Google), Sheryl Sandberg and recently Mark Zuckerberg (Facebook) all have political aspirations, with “zero political experience”.
At least Trump was considering this for a long time: Donald Trump Teases a Presidential Bid During a 1988 Oprah Show Appearance. Interestingly, his platform is very familiar.
http://www.oprah.com/oprahshow/what-donald-trump-told-oprah-about-his-presidential-hopes-video
So Garth, tell us this – what does one if they have just acquired $100k, have no debt and have no RE. How does one proceed in a market with overpriced stocks and a Trump future where one can potential to prosper immensely or burn quickly? Does one NOT buy CDN or US equities ETFs, and instead start buying international equities ETFs and bonds at this point? Or does one go all in and buy $100k worth of ETFs within a balanced portfolio and hope for the best?
Trump is not an uber businessman, he has a terrible record in business. If he would have taken his daddy’s money and invested it in an index fund, he would have more money than he has today.
#2 Bill….’Garth or dogs please comment…
do you suppose the president or his friends -domestic and foreign are short these stocks when he tweets about them?’
Trump sold all his stock holdings back in June, and is handing off control of his business.
Look at it this way…he’s retiring to become President….and not even get paid for it…
Sounds like Garth approves of his cabinet….;-)
…and another bigly win for him today with IBM announcing 25000 new US jobs…
#11 Trumpocalypse2017 on 12.13.16 at 6:27 pm
We’re on the verge of something
————————————————————–
World economic chaos, war, and historic American division not seen since the Civil War.
2016 has been a terrible, horrible year.
After January 20, 2017, in the rear view mirror, 2016 will look like an ocean of calm just out of reach.
Absolutely bewildering destruction lies ahead.
////////////////////////////
Dammit Crowdie ,you should have patented this one as well…
M42BC
Indeed we are. Better grab onto something, get a firm grip. Oh, and make mine a double. Or three… :)
” whose clients just missed an historic recovery in Canada (the market’s up 18%) ….”
Methinks the sectors that pushed the TSX up 18% this year were not in Garth’s diversified portfolio. Shiny rocks and weed.
Energy. — Garth
Speaking of Teranet, the November 2016 numbers will be published tomorrow.
http://www.housepriceindex.ca/default.aspx
NoName on 12.13.16 at 5:56 pm
and some think toronto and vancouver are center of universe…
http://www.adventzagreb.com/
top left corner flag click to change language
================================
Okay, try the other left corner.
#14 Contrarians on 12.13.16 at 6:45 pm
I love this Jim Rogers quote:
“Well, I know that people are taught to diversify. But diversification is just that’s something that brokers came up with, so they don’t get sued,”
Heh heh.
Personally I think diversification serves a purpose at retirement age. For young working people? Meh, everything goes up and down, but the trend will be fine.
In 20 yrs time, an all-tech portfolio and an all-resources portfolio will both have fared well, probably.
I still recall hearing years ago “don’t jump in if the P/E ratio is over 13.”
Our country inches towards the noble status of the first western industrial democracy to encourage a generation of potheads. -Garth
—
How much “weed experience” do you have, Garth?
Sounds like zero percent from your repeated view.
“Western industrial democracies” should have no business of “illegalizing” a natural plant, at the first place.
Especially since it was a political tool against the cultural, spiritual traditions of non-white Americans, then a tool to create large number of mostly non-white law enforcement jobs, later private incarceration businesses, financed by tax payers money, while criminalize millions of the population.
All for political reasons and monetary gains, the ideology was later exported, like Russians exported Marxism around the globe.
Not to mention the denial of the medical properties in order to eliminate competition for big pharma/medicine for lower cost healing alternatives, while creating industrial synthetic drugs to get people addicted by subscription opioids that now kill way more people than any natural plant ever did.
Opium is natural too, right? Like tobacco? Regulate none of them, pothead? — Garth
http://i.imgur.com/a6yvJ6j.jpg
Correction to original post:
A tool to create large number of mostly white law enforcement jobs, later private incarceration businesses, financed by tax payers money, while criminalize millions of the mostly non-white population.
“…..Besides, he’s just built a cabinet of CEOs, bankers and billionaires…….”
_________________________
If memory serves, the lasts time CEO’s, bankers and billionaires were allowed free, unregulated financial reign in the U.S., it all ended badly for the entire world.
On what grounds should we encourage a sequel?
Re: Autonomous Haul Trucks in an Oil Sands Mine
Not being too quick on the uptake, it took me a day to think about the economics of heavy haulers up here. Yesterday a commenter questioned the $ wisdom of going driverless although I think he was contemplating a highway transport with a wage for the operator of $100K.
The mine haulers are run 24/7 outside of upset conditions in the plant or shutdown/turnaround (ignored here). Picture a mine in which the shift is 14 days on/14 off. You need 4 drivers per truck and each driver works about 12 hours for 180 days per year at ~ $60/hour. There’s about $500K per annum in wages ignoring benefits.
Assume 2 of the operators are fly in/fly out and housed and fed in a camp. At $120/night (conservative) there’s $87K.
Now flight in and out for the 2 FIFO truckers and 26 round trips per annum and let’s use $500 (el cheapo) to get back and forth from and to TO. $26K.
Then some costs for the 2 that live in Ft. Mac that may or may not always exist for all but which I have seen. The Ft. Mac premium, the down payment for a house as a forgivable loan after 5 years of service and the interest rate protection for the mortgage and home equity protection promises now coming into play.
These operators should be lining up for technician training by Komatsu.
“…wildly inflated, deficit-infused economy”
garth, correct the above with “…dismantled bureaucracy and deregulation of business” and you’re on the path.
Sheesh, do you know how many companies find french and metric labelling an obstacle?
I thought this link expressed an opinion that I essentially agreed. It also echoes what Garth wrote today but using different metrics.
http://www.ftportfolios.com/Commentary/EconomicResearch/2016/12/12/rally-is-real,-not-hope–faith
They are of the opinion equities still having a long way to run. I glad I stood off on bonds. I got exuberate with gains I saw with my reset preferreds. I did not dive into the details and used my cost price against market value. Only three are up 40%, one came in 30%, one lost 10% and the rest are between 22% and 26%. I am happy with results nonetheless year to date. I am getting a boost from rising interest as they will all reset in the next few months. Perpetual preferreds are too much like bonds and they probably aren’t doing well. As Garth advised, I kept the duration of fixed income short.
2017 will bring me new problems. I hope I can still play a good game and keep my mistakes to a minimum.
“committed capitalist and uber-businessman”
“a cabinet of CEOs, bankers and billionaires”
you forgot to mention the military hires….
sounds like crony capitalism and plutocracy to me.
Donald Trump’s brand new website GreatAgain.gov
Click on “Energy Independence,
https://greatagain.gov/energy-independence-69767de8166#.cbdsonwei
“After all, we don’t care about social justice or systemic equality here. We just wanna be wealthy.” – Garth Turner
Speaks volumes to hear an ex public servant in Canada explicitly cheerleading someone like Trump.
That was funny. — Garth
Interest Rate Differentials
Ace Goodheart on yesterday’s episode said:
“However from this day forward, breaking a mortgage should get less expensive, as the IRD will always be negative (so you’ll just pay three months’ interest instead).”
*****************************************
You would THINK so, yes.
But I vaguely understand that the IRD is calculated in some weird way using maybe the posted rate as what you are paying now (even though you are not) minus the best actual offered rate today. I could be wrong but I understand they do something nefarious like that.
And/or they may say well, you had 2 years left so we will take the posted 5 year minus the posted 2 year. I think maybe this is where they get you and they always keep that posted 5 year artificially high just for this purpose maybe.
I am pretty sure that when interest rates are unchanged they still mange to impose way higher than the 3 months.
I did once help a friend cut the IRD in half just by phoning the V.P. of mortgages at Home Capital. I was pleasant and said they had the right to do it but could they please give a single parent a break. Also I may have hinted (respectfully) as to how they had pretty much forced our friend into renewing for a fixed term despite an intention to sell. They did that by imposing a REALLY high open rate.
Well, over to Mark who is no doubt bursting to correct me and tell us how the IRD really works.
Trump Envy?
#22 Timmy on 12.13.16 at 7:10 pm said:
Trump is not an uber businessman, he has a terrible record in business. If he would have taken his daddy’s money and invested it in an index fund, he would have more money than he has today.
*************************************
Trump has lost major money (mostly other people’s ) in business, yes. And, I am no fan.
But that part about doing better in the S&P 500 with the inheritance is horse sh*t and almost certainly would require that he spend NOTHING along the way. It’s petty jealously along with being absurd. Anyone over 50 could have been very rich if we just put our whole paycheck in the S&P 500 every week/month. Inconveniently, that is not possible and certainly not practical.
Trump gained a huge persona and is now President elect. Ya gotta give him credit . Some of his business deals including The Apprentice and licencing his name all over the place are clearly extremely lucrative.
Do you really think Trump wishes he was some unknown miser with a fortune in stocks?
Swelling inflation, throbbing markets.
…………………………………..
Some days your imagery is just……not right.
Whaddy’all think of the electoral college asking for a briefing on Russia tampering with election? That’s all bs right? Not gonna change anything.
Greg Bonnel on BNN says Vancouver SFH detached prices are down 15% from peak. Is this true? Why don’t we read about it weekly?
I mean… we heard about the increases for years…
RE: #5 Rick: “Excuse me, oh great one; but Trump has massive experience; compared to Obama of 8 years ago. N’est pas? I guess that was a slight oversight on your part?”
Trump’s an outsider. That was his major appeal (and why he won the election). If you have a good look at the US political scene throughout the eons, you will see one thing: the same people, appearing over and over again, in different roles. You watch them grow up in politics, going from political job to political job, as they gradually make their way towards president. This is the normal way that a president is made, through years and years of working his/her way up.
Trump just walked right in, basically blustered his way past everyone, withstood some of the most severe and prolonged personal attacks against his character which I have ever seen in an American election, and then managed to win the electoral college (although he didn’t win the popular vote).
What he did is unprecedented and very unique in American politics. Trump’s rise to power will be studied by children in school hundreds of years from now. It is very unique and unusual.
Small correction from dozer dude on the Trudy quote
“We’re, uhhhh, engaged very much in , uhhhh,pre-budget consultations, , uhhhh, with stakeholders across the country, engaging with economists , uhhhh,and within, within our government as well on a, uhhhh, broad range of departments, to, uhhhh, work at where there are, uhhhh, savings, uhhhh, where there are investments to be, uhhhh, made.”
“The EAFE is now the laggard for a few years now, I expect things to turn around there that index has been rather flat in USD for 2-3 years now.”
Along with Canada and the Emerging Markets.
Well, over to Mark who is no doubt bursting to correct me and tell us how the IRD really works
Not really. IRD calculation methodologies are contract-specific, and often spelled out in rather vague language which may have implications both in terms of the meaning of the contract, as well as the capacity of the borrower to actually understand the contract. It comes as no surprise that they were, in the case you cite, willing to be flexible as opposed to dragging the (former) borrower into court in an attempt to collect the liquidated damages in full.
I don’t know if legislation or industry practice has moved towards clearer and more concise/understandable calculations of IRDs more recently. Perhaps someone “in the know” could comment here (I am not that person in this case!).
The times earnings multiple does not reflect reality; on a true GAAP basis it is hovering around 30 times. The fiction that companies post is exactly that.
I spent 1 year learning accounting, and the rest of my CA learning how to cook the books. I know.
Love watching people get on the Trump bandwagon.
Expect to see the US 10 year at around 1.30 in March. This bond bull run is far from over.
If you think Trump is going to get his fiscal plan through Congress (he will require at least some Democrats to support him), you are deluding yourself.
Except the Fed can’t raise rates as fast as inflation will require it to…too big a balance sheet to afford the interest costs
I left out some obvious cost savings that I will leave up to the MBAs in this kennel. Employer payments for CPP and EI. A reduced need for HR, managerial, safety wonks. Lowered fees for piss tests. Reduced demands upon the nurses and doctors in the mine site medical clinic ( I toured one and it beats barking your knuckles in Sangudo, AB.)
Might Suncor running its pilot project of a small fleet of autonomous haul trucks be rubbing its hands together over savings of upwards of $1MM per truck per annum or have I lost it?
#141 Johnny Boy on 12.13.16 at 2:57 pm
……………………………………………………………………
I call em the way I see em doggy dog. By the way a Card Carrying Conservative not a scintilla of liberalism in my blood. So cut out the leftist bullshit get a haircut and get a real job whack amole.
……
Good to know you’re a conservative. Trying to figure out why you hate me so much? These are my conclusions. You must lie in one of these 10 categories or a combination of a few.
1) Perhaps you’re a social studies teacher and don’t like what I say about that useless occupation.
2) A tail wagging emasculated man working at Starbucks serving coffee with that perfect pitch sound of a girly voice saying “Thank You” Not that there is anything wrong with that job.
3) You’re a struggling fiction writer, extremely jealous of my natural and gifted story telling skills.
4) You’re James in drag, what the hell happened to him, how can I help it? if it keeps running away.
5) You’re a man hating lesbionic feminazi triggered knowing I’m the white patriarchy. The privileged.
6) You’re Gerold Butts, and this is revenge from all the pot shots I take at you daily on twitter.
7) You’re hooked on the Smoking Man character I invented here, you’re just trying to bait a reaction. Well, you got one.
8) You’re a fake conservative , doing espionage for the Loony Left
9) You work for the Toronto Star or the CBC.
10) You’re hell bent on me launching a personal attack on you, which is against Nictonite Code. We attack stupid Ideas, not stupid people
What happens if the Fed does not raise this week? Any ideas?
#4 Flop
Flop, Enjoyed your Post. It reminded me of what an old guy told me when I was a younger man.
He said, “Freedom First, I’ve met many people who were too smart to learn anything new, but I’ve never met anyone too stupid to be able to learn something new.”
Then, after a brief pause, he said: “But Freedom First, I think you should be ok.”
This helped me tremendously. He had me pegged.
Flop, stay humble and you’ll be ok.
Keep in mind, I have mastered humility.
#1
Freedom First
Master of Freedomonics.
#44 The slimy ones are hiding it from us until soon they can’t anymore.
#22 Timmy on 12.13.16 at 7:10 pm
Trump is not an uber businessman, he has a terrible record in business. If he would have taken his daddy’s money and invested it in an index fund, he would have more money than he has today.
This is a myth. If he indexed he would have been homeless and starved a long time ago
https://www.bloomberg.com/view/articles/2015-09-03/should-donald-trump-have-indexed-
Just sayin
#49 Joe2.0 on 12.13.16 at 8:53 pm
Love watching people get on the Trump bandwagon.
…..
Amazing, I warned everyone that in the privacy of the voting booth, it would be Trump Huge.
What I like, more and more people are not frightened of liberal consequences and threats of being branded as phobia of some kind for supporting him.
Before he won, very little chatter on facebook supporting him. Now folks are losing their fear and expressing free speech.
The left’s control of this fake manufactured culture is in shambles. And it’s about time.
Wynne, you’re next to be fired, T2 a one term wonder.
Dr. Smoking Man
Phd Herdonomics
Happy Holidays one and all….out of range down south for a few weeks…..
Janet raise em .50% tomorrow just because and that will be it til 2018..
sounds like crony capitalism and plutocracy to me
We found the poor guy….
Wiki leaks now has definitive proof of Russian interference in election hacking.
It turns out Hillary’s calendar was hacked, with all campaign events in WI, Mass and MI having been maliciously deleted.
#22 Timmy
You don’t get if Trump put his Dad’s money in a index fund he may have more money, but it matters not the amount of dollars he has but what’s gone through his hands.
He did not pay taxes on almost a billion and lived the life of a billionaire, never happen with money in any fund.
No planes, travel,hotels, casinos,it’s cash flow that wins!
Today’s blog post title reminds me of a time my back was sore, it was late. Neon sign said we are open.
Screw it, not going there now that I’m a famous fiction writer with 60 e-book sales.
Many people from this blog have contacted me after reading the book. The quality of the audience here at greater fool is incredible, if I didn’t see it for myself I would not believe it. We are talking movers and shakers in the markets, Actors, Directors,Artists, Movie makers. The list goes on.
Top quality, don’t know how you do it Garth but you seem to attract the crème de la crème of Canada, and the USA.
Good work I guess.
In the spirit of Blog Dogma…no US rate hike till mid 2017 :-)
#29 Bram on 12.13.16 at 7:30 pm
“…diversification serves a purpose at retirement age. For young working people? […] In 20 yrs time, an all-tech portfolio and an all-resources portfolio will both have fared well, probably.”
—
An all-equity portfolio will almost always outperform over 20 years… but that is only relevant if you won’t need the money for 30 years. Presumably you are going to move away from all-equity in your last decade before retirement, and you need a little allowance for poor timing of ups and downs.
#64 TurnerNation on 12.13.16 at 9:38 pm
In the spirit of Blog Dogma…no US rate hike till mid 2017 :-)
….
It’s backed into the cake.
Cannabis is neither intoxicating(ie non-toxic) or is there any scientific evidence it impairs judgement any more than coffee or hard candy. As well there is no evidence cannabis is physically addictive like alcohol or opium.
In fact, you’re inhaling now, right? — Garth
Attention Mental case Lefty unarmed Urbanites.
If the Russian card works, and Trump is Trumped.
You face a police force that can’t stand you. A military that can’t stand you, Armed military trained Deplorables what are tired of shooting deer, turkeys, and hogs. They are not going to allow Urinals in washrooms there wives, and daughters use.
Suck it up or things will get real, real fast.
http://www.zerohedge.com/news/2016-12-13/soft-coup-builds-more-electors-demand-russian-interference-briefing-they-vote
#15 For those about to flop…
Check this OTC out… EWLL
From sub penny to .44 cents in a couple weeks
#26 Souvereigninternational on 12.13.16 at 7:21 pm
” whose clients just missed an historic recovery in Canada (the market’s up 18%) ….”
Methinks the sectors that pushed the TSX up 18% this year were not in Garth’s diversified portfolio. Shiny rocks and weed.
Energy. — Garth
Yes, Garth, Energy. I Don’t recall you being bullish on energy either, neither was I. But buy low would have been a great strategy since last fall.
I don’t advise buying sectors. But I did suggest staying in Canadian equities even when the TSX was tanking. That was smart. — Garth
If the Russian card works, my advice for the staff at CNN and all MSM outlets, call-in sick.
I read minds, Nictonite here.
#44 – when the market is not doing so well the sleazies try to hide it as long as they can until they can’t anymore…coming soon.
A perfect song for the Soros puppies.
https://www.youtube.com/watch?v=LsQtnBu3p7Y
Win or lose.
Let this one song resonate with you. Study the lyrics carefully.
Best to take your ball and leave the pitch. Cause if you don’t, no safe spaces left.
I love all humans, trying to save as many as I can, god damn mission Nictonite code.
I care not that your find is fkd. I saw with my own eyes the devastation a dead of a child does to your family.
Many people will die if Trump gets Trumped.
Just let it go…….
Damn, I must be drunk again. How it that posable.
My last post.. it was to be this song.
https://www.youtube.com/watch?v=LsQtnBu3p7Y
Opium is natural too, right? Like tobacco? Regulate none of them, pothead? — Garth
—
Sure, opium is natural. It has been known to use as medicine from 3,400 BC – somehow mankind managed to cope with it.
Interestingly enough, it became out of control when Bayer started to synthesize and industrialize heroin, followed by the latest, more and more addictive varieties of synthetic opioids.
You might find it surprising that virtually all pills in your medicine cabinet originate from plants one way or an other.
What’s not surprising is that industrial pharma has been on a mission to ban the sale of more and more herbs, labeling them “dangerous”.
Thanks for mentioning tobacco – although, of course, no one was sent to jail for smoking tobacco, it is not regulated like marijuana.
Tobacco was the second medicine (followed by sage, out of the four) that the Creator gave to natives, according to the tradition.
You will find educational that because of its sacred nature, tobacco abuse is seriously frowned upon by natives, as it is believed that if one so abuses the plant, it will abuse that person in return, causing sickness.
The proper and traditional native way of offering the smoke involves directing it toward the four directions (north, south, east, and west), rather than holding it deeply within the lungs for prolonged periods.
Pretty different from the commercialized Marlboro man, should we say “western industrial democracy”, isn’t it?
Funny you called me pothead.
I actually lived most of my life with the same indoctrination about the forbidden plants as you do.
I recently started to read, study more extensively about the history of plants, including the forbidden ones.
I had to realize that I was brainwashed with bullshits, serving very specific interests.
Unless you never inhaled, which is virtually impossible at your age, growing up on this continent, you are 100% more of a pothead than I am.
At least I am able to learn and change my views.
A pretty good high and not a bad addiction.
More useful than sipping Scotch, too.
The world has enough distractions, addictions and intoxicants. Sad to see the government sanction one more. Canada – the first country in the world to federally legalize recreational drugs. What an accomplishment. — Garth
“(Trump has) Zero political experience. Obama had a decade as senator in Illinois and then in Washington. — Garth
+++++++++++++++++++++++++++++++++++++
Obama was a complete waste as a senator. His voting record shows that he cast his vote, not “For” or “Against” when anything mildly controversial was being decided, but rather the weak and gutless “Present”. The guy never took a stand in his life. Assad, Putin, the Iranians, ISIS, Chinese etc. only needed to look at Obama’s “experience” to know that he never backed anything up with action. As to management experience, Obama has never even worked at a Dairy Queen, let alone owned one.
The best you can say about Obama’s political experience is that he had 1 day of political experience 3650 times over. He never learned a thing. Every day was Groundhog Day to him.
Obama was unique in that he was willingly inexperienced and unprepared. He never did anything that courted controversy in his strange and unlikely march to the White House. When controversy and hard decisions demanded action, he had no skills or experience and shrank way from the job. Ironically, his rise to power was paved by avoiding pratfalls and brush fires and when he reached the presidency he was confronted by international scale thugs and thieves who didn’t give damn whether he lived, died, or what he said. And that was just the Clintons.
Obama was consumed and humiliated by the bubbling cauldron of unforgiving adversaries. A disappointing denouement to an unworthy man who should never have risen to the presidency.
Trump? Yeah, personality wise he’s a goof and a putz. But he knows how to build a solid team around him. And he’s not afraid to hear from people who disagree with him. Someday MSM and elites will stop underestimating him. But today ain’t the day.
When Obama came to office unemployment was 10.2%. Now it’s 4.6%. Let’s see where it is in four years. — Garth
The prudent would be asking what if this election flips as it has to. What will a sudden President Hillary do to a million tiny panicked right wing market psychopaths? As if US Intel would let Putin’s puppy pretend to be Hitler in the White House beyond early January.
Rick # 5 I agree , Obama had zero experience compared to the vast tested in fire Trump.
Aristotle Onassis confessed to having no experience in many things but when he needed an expert, he hired on so that he could concentrate on the important things, unlike Obama who got mired in mindless confab with black racists about who hated whitey more…and hired the most radical haters imaginable thereby making race hate the agenda that topped everything and brought us a welfare economy.
The Onassis quote : “When I need an education, I put one on the payroll”.
Sorry to do this again. Yeah, Hammered.
But I found my voice.
https://www.youtube.com/watch?v=x7bIbVlIqEc
Find yours.
DELETED
The world has enough distractions, addictions and intoxicants. Sad to see the government sanction one more. Canada – the first country in the world to federally legalize recreational drugs. What an accomplishment. — Garth
….
It’s not law yet. but it feels so good to break it.
I’m lost when its cool.
The rebel in me.
One minute you are here. The next, you are gone. Enjoy everyday people. There is no telling when it’s going to be over.
DELETED
17 I don’t know on 12.13.16 at 6:55 pm
No rational reason for stocks to be so high. Same is true for houses.
—————————-
Stocks are high because that is where much of the ‘Quantitative Easing’ has been going. The rest is going into housing (some to cars, etc.). That’s where your hyperinflation is; you don’t have a $1000 loaf of bread you have a $60,000 house selling for 2.4 Million.
Oxford University Joins The List Of Liberal Institutions Urging “Gender Neutral Pronouns”
“It is a positive thing to not always emphasize gender divisions and barriers. It’s about acknowledging the fact of changing gender identities and respecting people’s right to not define themselves as male or female. Giving people the ‘ze’ option is a thoughtful, considerate move.”
http://www.zerohedge.com/news/2016-12-13/oxford-university-joins-list-liberal-institutions-urging-gender-neutral-pronouns
I find it disturbing that Fox news is making more sense to me these days than any other network – considering that I absolutely hated the Bush/Chaney fake war.
Even the New York Times shocks me by hiring a former Politico “journalist” who secretly sent his opus to Hillary before publishing it. That’s how Pravda used to operate before Gorbachev.
Then yesterday an Ivy League university replaced Shakespeare’s picture with an African-American liberal, feminist female writer, who is supposedly “more inclusive”.
Today comes the news from Oxford.
What surprises me the most is the lack of creativity in research. If I were one of the researchers there, I would check out if there is any language which is naturally gender neutral. If such language exists, it is a perfect ground for research whether gender neutral pronouns actually make this desired effect or not.
I happen to know a fully gender neutral language – it is my mother tongue. That’s the good news for the social engineers.
The not so good news is that a gender neutral language does not make people “gender blind”.
Although our language is free of gender to the point that from the pronouns you are absolutely not able to identify the gender of the person – it has no affect of perceiving gender differences – and everything that comes with it.
With some research Oxford could save the efforts of finding fake solutions to fake assumptions. Unless all they care about is fake gestures.
Oh well. If the scintillating comments here do not refresh and appear approaching 21:00 MST in AB, my ride to work on the shaker from the trolley stop in The Mac is that much more enjoyable. Especially if the heat is on.
My debt to you, Hon. Turner, is just another in a long list that I will never answer.
Thanks Pardner.
This song was in vogue when I was 30ish in Bangkok making deals , Pat pong street.
Shit, the leafs and MSM refs, Clark and Gilmore. What a time.
https://www.youtube.com/watch?v=BzG4lj0FkHQ
“In fact, you’re inhaling now, right?” — CircumspectGarth
#ToInhaleOrNotToInhale,Or… #WhatWouldSlickWillieSay?…
https://youtu.be/Bktd_Pi4YJw
#BonusWillie… #ExPostFactoSlick…
https://youtu.be/KiIP_KDQmXs
The shittest thing you can do in life is outliving a kid.
Take me god. I’ll be nice.
Back Yard Tune on the buds. No UFO’s shit.
https://www.youtube.com/watch?v=xvaEJzoaYZk
Just a hopeful wife, and two dogs in the house.
#67 Henry Morgan on 12.13.16 at 9:53 pm
Cannabis is neither intoxicating(ie non-toxic) or is there any scientific evidence it impairs judgement any more than coffee or hard candy. As well there is no evidence cannabis is physically addictive like alcohol or opium.
—————————————————-
Now that was funny. I’ve been to a pot smoking party in my younger days and remember getting stoned on the second hand smoke and I can tell you that I could not have gotten in my car and driven home nor could anyone else in that small room. They were baked.
DELETED
When Obama came to office unemployment was 10.2%. Now it’s 4.6%. Let’s see where it is in four years. — Garth
——————————————————————
Well, if according to what the Donald says, it will be 40% as soon as he takes office.
http://fortune.com/2015/09/14/donald-trump-unemployment-rate-jobs/
#74 noble status on 12.13.16 at 10:35 pm
Opium is natural too, right? Like tobacco? Regulate none of them, pothead? — Garth
—
Sure, opium is natural. It has been known to use as medicine from 3,400 BC – somehow mankind managed to cope with it.
Interestingly enough, it became out of control when Bayer started to synthesize and industrialize heroin, followed by the latest, more and more addictive varieties of synthetic opioids.
You might find it surprising that virtually all pills in your medicine cabinet originate from plants one way or an other.
What’s not surprising is that industrial pharma has been on a mission to ban the sale of more and more herbs, labeling them “dangerous”.
Thanks for mentioning tobacco – although, of course, no one was sent to jail for smoking tobacco, it is not regulated like marijuana.
Tobacco was the second medicine (followed by sage, out of the four) that the Creator gave to natives, according to the tradition.
You will find educational that because of its sacred nature, tobacco abuse is seriously frowned upon by natives, as it is believed that if one so abuses the plant, it will abuse that person in return, causing sickness.
The proper and traditional native way of offering the smoke involves directing it toward the four directions (north, south, east, and west), rather than holding it deeply within the lungs for prolonged periods.
Pretty different from the commercialized Marlboro man, should we say “western industrial democracy”, isn’t it?
Funny you called me pothead.
I actually lived most of my life with the same indoctrination about the forbidden plants as you do.
I recently started to read, study more extensively about the history of plants, including the forbidden ones.
I had to realize that I was brainwashed with bullshits, serving very specific interests.
Unless you never inhaled, which is virtually impossible at your age, growing up on this continent, you are 100% more of a pothead than I am.
At least I am able to learn and change my views.
A pretty good high and not a bad addiction.
More useful than sipping Scotch, too.
The world has enough distractions, addictions and intoxicants. Sad to see the government sanction one more. Canada – the first country in the world to federally legalize recreational drugs. What an accomplishment. — Garth
—
Garth, stop pretending you don’t know why everything hallucinogenic – natural or synthetic – was ultimately outlawed.
Because young people refused to go to the Vietnam war (which was started like the Iraqi war, triggered by fake evidence) after the experience, which taught them that “we are all one”.
Interestingly enough this was he same experience as the vision of the natives about the Medicine Wheel, describing red, yellow, black and white people, all one, for the will of the Creator.
That’s the reason natives did not stop the white invasion of their land at the very beginning, when they could have.
“Intoxicating distraction”, indeed.
How do you call Aleppo?
Fruitloop. (Worse than pothead.) — Garth
Theoretical question: if inflation is coming, why were Canadian real-return bonds squished in the past month? Shouldn’t the inflation risk bode well for this asset class?
Just thought I would share. A good laugh, sadly true.
https://drive.google.com/file/d/0B8iRQ2qLSR_tRlJLTDlwcVhqcmc/view?pref=2&pli=1
Hate you garth , my deletes better help the homeless.
#70 Souvereigninternational on 12.13.16 at 10:08 pm
”But buy low would have been a great strategy since last fall.”
—————————————————————–
It absolutely was. Huge gains in the precious metals and energy sector. Base metals next, copper right now and uranium to come. Absolute no brainers. Right Mark?
https://www.youtube.com/watch?v=l-ij_iTQt2w&index=4&list=RD9vST6hVRj2A
#52 RIL on 12.13.16 at 9:05 pm
I left out some obvious cost savings that I will leave up to the MBAs in this kennel. Employer payments for CPP and EI. A reduced need for HR, managerial, safety wonks. Lowered fees for piss tests. Reduced demands upon the nurses and doctors in the mine site medical clinic ( I toured one and it beats barking your knuckles in Sangudo, AB.)
Might Suncor running its pilot project of a small fleet of autonomous haul trucks be rubbing its hands together over savings of upwards of $1MM per truck per annum or have I lost it?
—————-
I think they could make more money selling tickets to a giant Monster Truck/Demolitian Derby.
I’ve been to a pot smoking party in my younger days and remember getting stoned on the second hand smoke and I can tell you that I could not have gotten in my car and driven home nor could anyone else in that small room. They were baked.
===
I remember when in my younger day CocaCola was first allowed to sell in our country, people claimed they got stoned after drinking it.
well today I faced my first arguably racially biased towards immigrants style ‘coaching’ by my manager. did she mean it? who noes… well here goes. apparently I’m not as hungry as the person who was not born in north America. you know the entitled folks. the hunger is different. hah! I worked in good faith with a naïve optimism of getting a more commendable raise. naw…
paraphrasing ‘you are not as hungry as people who were not western born/north American raised… sort of like an entitled attitude’
right. so I sell my self short? you dangled a carrot in front of my head during our review and meetings saying oh so we aren’t going to give you an acting officer but compromise by giving you a higher annual pay raise to your base salary.
well called me a tricked pony chasing the bait.
it’s unfortunate, I administer shy of 100b of assets. I get the hypocritical ‘why is this admin coming to me’ from sr managers when… guess what. I am an admin who is dealing with sr managers/directors/traders/portfolio managers on a daily basis.
I have to say I got triggered today. working in good faith? not anymore. the question I now ask myself is ‘how do I take your money and all the while it’s still legal’
I’m mulling selling off my positions, clear out all my debt and start fresh as a tradesman….
there isn’t enough liquor tonight to put me in a happy place. dammit trudope hurry up and legalize it because I’m spending twice the money and getting less results now that I’ve cold turkey’d and decided to use a legally obtained muse.
anyone hiring? hah!
My Book
https://www.youtube.com/watch?v=3khH9ih2XJg&index=10&list=RD9vST6hVRj2A
Attention Mental case Lefty unarmed Urbanites.
If the Russian card works, and Trump is Trumped.
You face a police force that can’t stand you. A military that can’t stand you, Armed military trained Deplorables what are tired of shooting deer, turkeys, and hogs. They are not going to allow Urinals in washrooms there wives, and daughters use.
Suck it up or things will get real, real fast.
Yet another threat of violence from a meaningless ass.
You don’t add to this forum, you infect it.
As a life long Progressive Conservative, listen to this: you and people like you are the reason the conservative movement will not be holding any form of power in Canada in the near future.
You may call it draining the swamp but in reality it is jumping into the cesspool and convincing yourself it is a hot tub.
#12 Boss Hogg on 12.13.16 at 6:32 pm
GARTH SAID, ““tactical” advisors whose clients just missed an historic recovery in Canada (the market’s up 18%) and the $1 trillion Trump Bump”.
WHAT RECOVERY GARTH?!?! AS SOON AS THERE IS A DIP OF ANY SORT IN THESE MARKETS, THE VULTURES OVERHEAD TAKE ADVANTAGE OF THE SITUATION. HOW DIFFERENT IS THIS STOCK MARKET WHEN COMPARED TO THE REAL ESTATE MARKET, THAT YOU CONDEMN OF BEING OVERVALUED!
BOTH MARKETS ARE OVERVALUED AND YOU CAN’T SUGGEST THAT ONE IS DIFFERENT FROM THE OTHER.
Ahhhhhh, to be a vulture .
Sitting on the sidelines, waiting until a giant lump of meat walks up and falls over.
Dinner time.
It’s like fishing, I’ve done nothing to progress the fishes life. But I’m hungry and I know how to fish.
Once you figure out that eating causes something to die,
the markets just look like a bobber going down.
It’s not right or wrong it just is.
Look back thousands of years and its the same.
Just another spin of the wheel.
Re: #83 Gender Neutral Pronouns:
I do remember back in 1999 learning Korean and being kind of awestruck at the time that this particular language does not contain personal pronouns. I remember asking my instructor why it was not possible to refer to another person using a pronoun or to refer to myself in this fashion. I was advised, Korean is a collective culture, there are no individuals, and we do not use personal pronouns to separate a person, or ourselves, from the group.
I later learned most of the world’s languages are like this. There are only a small minority of languages which have evolved personal pronouns. None of these languages can refer to a human being as a sexually neutral object. They all use gender.
on drugs:
http://imgur.com/gallery/Gt4Cwsy
People will self-medicate, always.
How you control that is the question.
Like the US War on Just About Everything or like a country that cares about its population?
When I was in university in the late ’60’s., early 70’s Student Services would slide a small Dixie cup to you with 2-3 little white pills in it if you asked for some help with all night study sessions. The same pills were available over the counter at many truck stops for over the road truckers. The Rolling Stones sang about running for the shelter of your mother’s little helper.
LSD and talk therapy have been proven to eliminate alcoholism within a very short time frame.
MDMA and talk therapy has been shown to be extremely beneficial in helping those with PTSD
Various strains of pot, including one with all active THC removed, have been shown to eliminate or greatly diminish seizures in children with massive epilepsy and other seizure disorders..
I have a hemp shirt that is over 30 years old that shows no signs of wear after pretty rugged use.
how anyone can advocate for status quo with all that is known about the war on drugs, its social costs and the multiple benefits of most of the outlawed drugs is beyond me.
Re: #48 Book Cooker on 12.13.16 at 8:51 pm
Due to the changes in U.S. accounting rules throughout the years I place it exactly at 42 today.
Garth, I get the rebalancing thing in theory , but what if your winners keep charging up on price and a guy would lose big gains by selling. Couple this with buckets of dividend cash rolling in that’s more than enough to fill positions which have become ‘unbalanced’ by the rocket ship performance of the super winners. I know right…. wahhhhh. But when a five bagger is looking like it’s going to be a ten bagger and few thousand shares can go from five figures to six in a year why sell? My biggest issue right now is keeping cash sidelined when the market is trending ….pigs get slaughtered, I know that…but even pumping five figures into the market every day I can’t get the money in fast enough without accumulating risk. With dibs rolling in almost daily I can hardly keep up. Have you got a lump sum good feeling in your pants with the CPD etc., or is everything at risk and Ijuat take the next year or so trying to dump cash into the stocks that are going up? It would seem true that at this juncture the trend is our friend.
I agree there is reason for optimism with current economic US fundamentals.
But a lot of overbuying based on expectations that have yet to be delivered.
Last time that happened was the late 90s Tech Bubble.
bsant
It seems that Bayer invented heroin 1890’s because they had figured out aspirin (acetylsalicylic acid [ASA]) 40years before that. You need ASA to make heroin from morphine because its an efficient deliverer somehow.
Funny all that misery from a willow tree & a poppy flower.
Nowadays anybody with a B.Chem knows how to synthesize all these molecules somehow from weird chemicals & make stuff infinitely more potent.
So Van city council added a .05% surcharge on property taxes today when they passed the 2017 budget. Reason is the junkies flopping & dying is so out of control the missionaries trying to keep some semblance of order down there are running out of money. The patients in this zoo have taken a cocktail of drugs for a myriad of diseases over years & decades & are too out of it to complete drug regimens. Bacterial infections, TB, STD’s, nasty stuff that’s tough, & antibiotic resistant. In a war zone I don’t begrudge danger pay.
The Chinese that bought all those expensive west side digs must be saying “what the ………….?. Only 175 years ago the Brits had half the country addicted to opium because they had run out of gold & silver, which was all the chinese would accept, for their tea & silk & porcelain & other goodies. Well. not all, Chinese paid gold for sea otter pelts.
Now they drink $400 bottle wine, eat crab,black cod,oysters, smoked salmon& various caviars. Take a cab home & tell the driver to take a few block detour thru the War Zone. Experience a real Land of the Walking Dead. Get minds blown by a post Fellini dystopian nightmare. The’ve travelled the world but never seen anything like the epicentre of Main & Hastings & it’s 4 block radius.
Remember when dad & mom used to pile us kids in the DeSoto & drive around town arguing who had the best Christmas Lights. Nowadays for a Christmas night drive take the wife & kids down to Main & Hastings in the Element. They’ll spontaneously agree to put the Christmas present budget all into one gigundo upgrade of the home security system.
About addictions.
Drinking alcohol. Smoking. All recreational drugs. Gambling.
A lot of ignorant comments about addiction on this Blog. (Not yours Garth)
Yes. Certain people can do/use any of these things and not have them destroy their lives in one or many various ways.
However, every one of those activities can be highly addictive, and they can and do destroy the lives of people using/doing them, as well as negatively affecting the people/families in their lives. By the hundreds of millions world wide. Even Pot. Proven facts.
Same as playing Russian Roulette.
I have none of them in my life, as I already feel Fantastic. But I have witnessed the horrors of all of them.
Do you know why the skid rows and ghettos of the world are not bigger than they are?
It’s because people are dying like flies.
Also, why are there not more cancer wards and Hospitals than there are?
It’s because people there are dying like flies t
Of course, it’s a lot like recent housing crashes world wide. The problem. Human Ego. It won’t happen to me.
Do you feel lucky. Well, do ya?
#1
Freedom First
Master of Freedomonics
King of having fun and enjoying life
@#91 Larry Laffer
Bond yields are less attractive in high inflation environments – thus the inverse relationship with the stock market. There’s some decent analysis on why, just Google Trump inflation Canadian market.
@ #22 Timmy on 12.13.16 at 7:10 pm
Trump is a bad businessman myth needs to die. He’s not a likeable person, but a bad businessman he is not. When you manage as much capital as he has, you can’t just toss the money at an index fund and hope for the best. He’s diversified for the sake of minimizing loss.
There’s a reason professional money managers don’t just buy FANG for their clients and call the portfolio “2 da moon.”
#75 ex Cowtown Garth
Any mention of the unemployment rate without reference to labour participation rate us not very meaningful.
Not to mention the quality of jobs, real incomes, etc etc.
When it comes to lies, damn lies and statistics the truth only comes out in the real world, and the real world said the US economy sucks and jobs, if they exist, are worse than before.
And so…the Donald was elected.
In 2 years we will see what the reality is again, statistics be damned. Midterms are usually a protest vote of course, but Trump looks to be off to a flying start, before he’s even started, so should be interesting.
And then in 4 years the real test.
I’ll completely ignore all the ‘statistics’ that are twisted and molded to confirm someone’s bias.
The only thing that really matters is reality, which will be reflected in the voting booth.
(Unless of course the Russians method of ‘hacking’ voting machines not connected to the internet is revealed, then, who knows? lol)
BLS numbers are the gold standard. By that measure, Obama was the Jobs President. — Garth
@#24 Flopper
Damn! I missed that one !
********************************************
@#90 Noble Rot
“stop pretending you don’t know why everything hallucinogenic – natural or synthetic – was ultimately outlawed.
Because young people refused to go to the Vietnam war”
*******************************************
Bwahahahahahahahahahaha
Did your grandpa tell ya that story?
Apperently you’re never heard of THIS movie from the 1930’s?
http://www.google.ca/url?url=http://mashable.com/2016/04/18/anti-weed-film-posters/&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwjl27uI5vPQAhVGyGMKHZW9AOUQFgg4MAs&usg=AFQjCNETJlSVPANnIuKdhcErWj1f9aRsrQ
Back to your room without any supper.
Doesn’t it seem odd to you that the DOW is going to crest 20,000 and the excited states of America Debt clock ticks past 20 Trillion and nobody gives a toss? No problems here… Jack the interest rates and that 20 Trillion just got a whole lot more expensive to service but apparently we can just print our way out of this if we need to. Delusional. Kick the can down the road further already will yah.
Legalizing drugs:
Marijuana use by teens in Colorado is declining since legalization.
Portugal has legalized even hard drugs with spectacular results: Dramatic drop in deaths by overdoses just one of the benefits.
People with drug addictions should be getting medical and psychological help, not jail.
Anyone who can’t see that prohibition didn’t work in the ’20’s and is not working now is blinded by something, I don’t know what.
I personally don’t smoke or take anything stronger than aspirin, but I don’t believe I have the right to stop people from smoking, drinking or eating chocolate cake.
It’s a funny coalition of Conservatives and ‘liberals’ who want to tell me what I can do with my own body, just one more method of control.
Well they will have to take my giant slurpee from my cold dead hands.
#31 noble status on 12.13.16 at 7:32 pm
How much “weed experience” do you have, Garth?
Sounds like zero percent from your repeated view.
“Western industrial democracies” should have no business of “illegalizing” a natural plant, at the first place.
Especially since it was a political tool against the cultural, spiritual traditions of non-white Americans, then a tool to create large number of mostly non-white law enforcement jobs, later private incarceration businesses, financed by tax payers money, while criminalize millions of the population.
—–
Uh-OH – it’s all the white mans fault – AGAIN!
Let’s make folks who don’t like pot a bunch of racists. That’ll shut them up.
No matter who you look to for information on the effects of smoking MJ long term, no definitive answer can be found. It could possibly cause every malaise known to man – “but more research needs to be done”.
My wife in the line of work has been dealing with long term pot smokers for over 20 years and sees a definite trend. Long term (decades) of MJ use definitely appears to affect your brain in a negative way, and causes every problem that smoking tobacco does, the standout being COPD. None of these pot smokers were doing well in life at work or at home. Most of the time, they admitted that their MJ use was part of their individual problems. None of them were willing or able to quit. These were all daily users for decades FWIW.
I don’t personally care if a guy wants to smoke pot – but I laugh at all the talk of MJ being harmless and even a healing plant. You start too young, and carry on regularly for years – you’ll pay the same price as a tobacco user with an added bonus of some kind of brain issue on top.
Eventually, honest research will bear these things out. Until then, it’s politics and BS as usual…
Forgive my laziness Garth, but do the BLS numbers measure ‘quality’ of jobs?
My theory is that Trump’s gains in the rust belt was due to his promising ex-auto workers (now working at WalMart) their good assembly line jobs back.
And 49 million people on food stamps say that something is not right.
#107 Freedom First on 12.14.16 at 4:33 am
Do you feel lucky. Well, do ya?
___________________________________________
I think it went like this:
…In other words, “Do I feel lucky?”
Well do ya?
Punk?
More great ones:
“There’s nothing like a good piece of hickory”
“That’ll be no charge.”
“We all got it coming kid.”
“Except the Fed can’t raise rates as fast as inflation will require it to…too big a balance sheet to afford the interest costs”
The reality is that with normalized rates the USdebt is unpayable. That is to say that unless we see some major source of innovation that revolutionizes the way the world works…like the way the industrial revolution spurred economic expansion we will see the debt bubble burst or rapid printing of money….as such stagflation is much more likely than robust economic growth. This is a global issue that is already playing out in Greece, Italy etc.
The Donald with his protectionist policies will prove to be a disaster.
Look at this beauty of a money sucker…4% cap rate lol .and its a rooming house destined for destruction and mould…why even bother
https://www.realtor.ca/Residential/Single-Family/13345501/930-DUNDAS-ST-E-Toronto-Ontario-M4M1R3-South-Riverdale
The world has enough distractions, addictions and intoxicants. Sad to see the government sanction one more. Canada – the first country in the world to federally legalize recreational drugs. What an accomplishment. — Garth
/////////////////////////////////
Think of what it will do for tourism. And food trucks.
#96 Gender Neutral Pronouns on 12.14.16 at 12:04 am
So you can’t get stoned on pot. Check this out.
https://www.youtube.com/watch?v=dw1HavgoK9E
#83 Gender Neutral Pronouns on 12.13.16 at 11:21 pm
…Unless all they care about is fake gestures.
_________
Bingo.
Yes, Obama Was The Jobs President
BLS numbers are the gold standard. By that measure, Obama was the Jobs President. — Garth
********************************************
Absolutely true, in the run up to the election the unemployment rate, measured in exactly the same way it was in 2008, had fallen by just over 50% to a bit under 5%.
An unemployment rate under 5% is excellent and it has rarely been that low in the 40 years or so that I have been paying attention to these numbers.
But it seems the Democrats were afraid to trumpet that 4.9% rate.
Why? Because the lunatic fringe would go ballistic. And, it was viewed as disrespectful to the high-unemployment areas of the U.S.
So the Democrats were afraid to trumpet the 4.9% rate which was true and unequivocally a great number.
Score this one Lunatic Fringe 1: Truth: 0.
The world has enough distractions, addictions and intoxicants….
agree…but if one can grow their own where’s the market?Has “the market” already recognized this ?
When oxy left the streets users seemed to switch to heroin and these newly formed death chemicals.
Drugs are still illegal in Portugal, drug dealers and traffickers are still sent to jail,
===================================
blame games
test the people but not the “sports stars”
” harm reduction”
https://news.vice.com/article/how-russia-became-the-new-global-leader-in-the-war-on-drugs-ungass
“Drug users are stigmatized and often turned away from hospitals. After flirting with decriminalizing small amounts of drugs, Russian law enforcement returned to locking up users, going so far as to raid nightclubs and urine-test everyone inside.
Much of the heroin in Russia today originates in Afghanistan, and Russian drug officials have repeatedly blamed the US and its NATO allies for destabilizing Afghanistan, which led poppy production in the country to soar.
“Over the past 14 years, since the start of Operation Enduring Freedom, Afghan heroin has killed more than 1 million people in Eurasia, including at least half a million Russian citizens,” Russian drug czar Viktor Ivanov said in 2014. The Kremlin has blamed foreigners for both drug trafficking in the country and drug use by Russians.”
…..”In a way the lack of effective drug treatment works as prevention for drug use, I heard this from many Russian drug officials during my time working with UNODC in Moscow,” said Golichenko, who has litigated on behalf of Russian drug users at the European Court of Human Rights. “They say, ‘These people are useless for society so it’s better to sacrifice them and let them die.’ The devastating condition of those that use drugs is a good lesson to society, to see how quickly they are decomposing.”
The “War Zone” (Van’s downtown East side):
https://www.youtube.com/watch?v=Z2s-4Aj5Dlk&spfreload=5
https://www.youtube.com/watch?v=wwJkqTZ5H_s
Kinda makes you want to get a really good home security system…..
It seems likely that the past 7 or 8 days of Mr. Turner’s posts which cheer lead an amazing upside in the markets seemingly for all time to come might be a response to many of his clients wanting to cash out now, take their profits, and wait to see how things shake out in the coming days and months. If all of his clients did such, I imagine that Mr. Turner’s company would experience a loss of revenue, hence the sunny, optimism about markets. That’s my theory, anyways. Odds are, a correction of significant scope is due, and very soon. Cash out while you can, take your profits, and when the correction bottom is in, back into the markets with your cash. Just my .02 worth. Mr. Turner is bang on in his commentary on the Canadian real estate scene imho.
This is what is so sick about politics and more pointedly US Politics.
If you don’t like someones political views then focus on their penis!
It is sick and twisted in so many ways.
Public figures should have privacy just like everyone else.
Laws should be enacted that would protect all public figures including Hollywood, from publication through libel law. Even if something is true we don’t know the whole story behind closed doors.
Maybe Clinton was allowing Bill to mess around. There are many open marriages that won’t admit publicly. Why should they?
If a public figure wants this kind of publicity they they should approve it first in writing.
http://www.zerohedge.com/news/2016-12-13/exposed-anti-trump-elector-chris-suprun-paid-ashley-madison-while-bankrupt-and-marri
Whether or not a politician has family problems has zero affect on Their ability to be a politician and formulate policy.
I wonder how many people think about how Hillary feels when opponents try to attach her husbands failings on her instead of debating her on policy.
She is human and it’s got to hurt.
Those finger pointers out there should think about what they are going to say when they get the Pearly Gates!
Own a pricey home, but can’t save for retirement, a child’s education or even a car? You’re not alone.
This is what Gartho’s been saying all along:
http://www.theglobeandmail.com/globe-investor/personal-finance/genymoney/mortgage-overload-canadian-housing-finance/article33279552/?cmpid=PM1216
I’ll just say this:
Yesterday, the S&P500 P/E = 26. It’s not 14, it’s not even 21.
The $SPX is running above two standard deviations over its 20-day avg. Essentially has for the past five days. Impressive…unsustainable
IS THERE RISK?
Hell ya. Anyone that says otherwise should turn in their CFA.
#103 Tony on 12.14.16 at 2:12 am
Yes, I was being conservative at 30.
What really goes beyond most people’s understanding is the value of your investments depends on someone having CASH to allow your liquidity event. The system lacks cash or its equivalent to pay out any more than the first to flee the market. This is what guts the market every time.
Canada – the first country in the world to federally legalize recreational drugs. What an accomplishment. — Garth
And alcohol is NOT a recreational drug?
Obama will be remembered as the debt president.He indebted the nation into no return.Canada should to the same,its really free money with these low rates.
#120 Ronaldo on 12.14.16 at 10:40 am
#96 Gender Neutral Pronouns on 12.14.16 at 12:04 am
So you can’t get stoned on pot. Check this out.
https://www.youtube.com/watch?v=dw1HavgoK9E
One of the weakest tests I have ever seen.
CNN wants to bash Marijuana and they did it even without any reasonable evidence.
The hard ass cop saying “I would have pulled that one over”. (he’s on tv and has to look bad ass smart!)
Cheap sensational journalism that has kept our nations from the truth too long.
Of course you will back over a cone that is 1 foot tall and out of view. People fail drivers exams every day because of that phony test.
You can be a dangerous driver if you overdose on water.
In this test they just keep on smoking until they are obliterated and then show that smoking pot is bad for driving!
Portugal ‘decriminalization of drugs’ over 15 years:
https://www.washingtonpost.com/news/wonk/wp/2015/06/05/why-hardly-anyone-dies-from-a-drug-overdose-in-portugal/?utm_term=.c37f82a3ebac
Of course drugs are harmful, including marijuana. Alcohol is one of the most harmful drugs.
Obesity and smoking are bad for health too.
Why anyone thinks they have a right to tell others what habits they are allowed to have is beyond me.
As long as someone is an adult and does not physically harm anyone but themselves, it’s no one’s business what they do.
Of course fans of Big Government and dictatorships disagree, which is where we get the strange melding of the Taliban and the extreme conservatives.
When Obama came to office unemployment was 10.2%. Now it’s 4.6%. Let’s see where it is in four years. — Garth
++++++++++++++++++++++++++++++++++++++
Sorry GT, but Fake News. When Obama came into office US labor force participation was around 66%. Now it is 62.7%, meaning that 3.3% of the population has simply given up looking for work. Worst since Jimmy Carter. Add that back to your 4.6% number and unemployment is still around 8%.
And if you add in the poor quality of the jobs and the number of people working two jobs to make ends meet Obama and his socialist policies have been a disaster for the U.S.
But he does do great selfies, just like T2.
#101 Ace Goodheart
There are only a small minority of languages which have evolved personal pronouns. None of these languages can refer to a human being as a sexually neutral object. They all use gender.
——————————-
And then there’s French language with no neutral pronouns. The gender of inanimate objects must be decided arbitrarily. There’s something so wonderfully absurd about that.
What’s the ‘gender’ of a fly swatter?
A quarter-inch stove bolt?
A rubbish bin?
When I was in high school they said: “You may get a job in Quebec one day and you’ll need to know”.
Teranet HPI numbers just got released this morning:
http://www.housepriceindex.ca/default.aspx
Since last month:
Canada: +0.24%
Vancouver: -1.33%
Toronto: +1.06%
So Vancouver’s August drop shows up clearly in the HPI in November.
Making it a 3-month lag (consistent with the description of their methodology:http://www.housepriceindex.ca/documents/MethodologyEN.pdf)
And inconsistent with Mark’s theory of “years of lag.”
@#112 RevShark
the interest rates and that 20 Trillion just got a whole lot more expensive to service but apparently we can just print our way out of this if we need to
The USA don’t pay interest on 20 trillions, just look it up.
We pay more than they do in Canada.
The world has enough distractions, addictions and intoxicants. Sad to see the government sanction one more. Canada – the first country in the world to federally legalize recreational drugs. What an accomplishment. — Garth
Does Portugal not count?
http://www.independent.co.uk/news/world/europe/portugal-decriminalised-drugs-14-years-ago-and-now-hardly-anyone-dies-from-overdosing-10301780.html
I say Canada follows Portugal and decriminalize drugs. If people take them of their own choice, they can deal with the consequences.
Before some lefty yells “think of the children!?”….if my kid takes drugs and dies or does something stupid, it is on me. As parents, teach your kids better instead of relying on the government to impose laws which allows gangs to prosper.
As for the people who chose to take drugs and can’t handle it, our hospitals and fine doctors will take care of you…just expect a bill sent to you on your way out. Our health care system should not be for crackheads.
Marijuana legalization = mostly PR, smoke and mirrors to cover serious economic problems.
I am against prohibition, it just make most of people miserable and very few very rich (and powerful, like some of the well knows families).
However, there is a serious medical question regarding drugs (including alcohol and tobacco): who pays for the treatment?
Should all of us say I do what I want to do and the hell with others, but when it comes to treatment, I want the best?
Even in US where your insurance pays, it is a corrupt system that causes your premiums to go up as providers bill enormous sums to the insurance companies.
Are there clever people who can balance drug usage and medical treatment costs?
The Liberals are legalizing pot because the housing bubble is coming to end and they need a new drug to keep the masses placated.
When Obama came to office unemployment was 10.2%. Now it’s 4.6%. Let’s see where it is in four years. — Garth
I’m good at playing the insertion game too….
When Obama came to office US debt was 10.6T. Now it’s $20T. Let’s see where it is in four years. – n1tro
Just poking a little fun…
Garth, you quoted the unemployment rate falling under Obama’s term but you fail to address the counter points being made of Obama being actually qualified to be president at that time. Using figures after the fact is weak.
”Or “tactical” advisors whose clients just missed an historic recovery in Canada (the market’s up 18%) and the $1 trillion Trump Bump.”
aren’t all advisors ‘tactical’? :)
or else, what the hell you gentlemen blowing $20,000 USD on bloomberg terminal? ….give it to charity…….
… “She is human “…
That is debatable.
Hurt?
I have to be concerned for someone’s feeling who says “We came, we saw, he died” after performing atrocious crimes against humanity?
Trump is “completely inexperienced and untested.” The Future POTUS School is in Chicago or Chappaqua? Obama’s resume includes ‘community activism’. Oh wait, the racist Norwegian Nobel Committee just called – he was briefly in the Senate and was distinguished by his absence. Forgot that. Sorry.
Only experienced government types need apply . . . you’ve been to the Post Office or boarded a plane? Readers will extoll Federal Government excellence but remember that a pre-9-11 FBI knew of foreign flight-school students (on unrelated visas) wishing to learn only how to take off.
Brexit didn’t start this current wave of populism, Duarte in the Philippines did. Who knows where it’ll end . . . PM Kevin O’Leary?
Anybody live in the GTA and knows a lot about real estate?I’m coming out soon to buy a house,the prices keep going up and this gravy money train is never going to stop!!Any up and coming areas with more upside?
@isuckless
use drugs –> accept consequences –> get sick and need treatment —> pay out of your own pocket or just die. Balanced and fair for the rest that don’t use drugs. Same goes for smoking, alcohol, etc…
The Fed raised the rate!
Where’s that garbage-eating TurnerNation ideologue?
Emergency blog dog meeting at South Side Johnny’s tonight?
BREAKING NEWS !!
6 bankers take DOW to new high with HFT after Janet Yellen raises the Fed rate 0.25% for the second time in 10 years.
“Making it a 3-month lag (consistent with the description of their methodology:http://www.housepriceindex.ca/documents/MethodologyEN.pdf)
And inconsistent with Mark’s theory of “years of lag.””
Pretty flimsy argument you’re making there. One month? Really? That month could (and likely is) reflective of what happened years ago. Teranet’s methodology not only lags, but is an averaging/low-pass filter due to how Teranet calculates price changes and smooths price changes.
As I’ve explained before, Teranet tries to match identical housing units and successive transactions in said units. In theory, not a bad methodology. However, the problem that arises is that, say, a unit transacts in 2005, and 2015, and doubles. Teranet assumes that the housing unit in question appreciated 7.2%/annum (rule of 72!). When in fact, such unit had a distribution of yearly appreciations and depreciations that added up to a doubling (for instance). This sort of smoothing essentially makes the calculation they thus derive from such, in their so-called “HPI”, fairly useless in determining real-time change. The actual result in practice is that Teranet’s numbers lag literally years behind reality, and even then, do not fully reflect price changes (whether appreciation or depreciation) because of the smoothing effect of the methodology.
By that measure, Obama was the Jobs President. — Garth
The American economy (the most wondrous thing humans ever made) did all the work!
Obama was just a passenger (with heavy luggage)!!!
#83
With some research Oxford could save the efforts of finding fake solutions to fake assumptions. Unless all they care about is fake gestures.
—————-
To quote Elaine of Seinfeld:
Fake, Fake, Fake.
#140 isuckless on 12.14.16 at 1:12 pm
Marijuana legalization = mostly PR, smoke and mirrors to cover serious economic problems.
____________________________________________
yes it has nothing to do with drug gangs murdering people and the govt spending billions of dollars in useless law enforcement.
Try again please.
One thing is for sure:
Obama has a way with words.
One of the best in the business, past and present.
But, as they say: Talk is cheap.
#141 Renter’s Revenge! on 12.14.16 at 1:15 pm
The Liberals are legalizing pot because the housing bubble is coming to end and they need a new drug to keep the masses placated.
———————-
I nominate this comment for the “Comment of the Day” award.
3 more increases expected in 2017! This is amazing news.
Fingers crossed!
Prediction: Garth is going to have a field day with today’s post.
ANNNDDD we’re off! Good job Yellen.
Yellen’s hawkish message this afternoon points to 3 probable rate hikes in 2017 not 2. The BOC now under more pressure. Get ready for a wild ride!
Garth
Big Fed rate hikes coming…..so much for all the gloating over the last few days
#53 Smoking Man on 12.13.16 at 9:06 pm
#141 Johnny Boy on 12.13.16 at 2:57 pm
……………………………………………………………………
I call em the way I see em doggy dog. By the way a Card Carrying Conservative not a scintilla of liberalism in my blood. So cut out the leftist bullshit get a haircut and get a real job whack amole.
……
Good to know you’re a conservative. Trying to figure out why you hate me so much? These are my conclusions. You must lie in one of these 10 categories or a combination of a few.
1) Perhaps you’re a social studies teacher and don’t like what I say about that useless occupation.
2) A tail wagging emasculated man working at Starbucks serving coffee with that perfect pitch sound of a girly voice saying “Thank You” Not that there is anything wrong with that job.
3) You’re a struggling fiction writer, extremely jealous of my natural and gifted story telling skills.
4) You’re James in drag, what the hell happened to him, how can I help it? if it keeps running away.
5) You’re a man hating lesbionic feminazi triggered knowing I’m the white patriarchy. The privileged.
6) You’re Gerold Butts, and this is revenge from all the pot shots I take at you daily on twitter.
7) You’re hooked on the Smoking Man character I invented here, you’re just trying to bait a reaction. Well, you got one.
8) You’re a fake conservative , doing espionage for the Loony Left
9) You work for the Toronto Star or the CBC.
10) You’re hell bent on me launching a personal attack on you, which is against Nictonite Code. We attack stupid Ideas, not stupid people
……………………………………………………………….
Sorry to disappoint you on all of the above you couldn’t be further off base. Lets just say as a Christmas present Ill give you a snippet of info. I’m first gen Italian, married to first gen Irish girl, children many, have my own company and it’s not construction as most of you cake-heads think of Italians. Oh ya and couldn’t give a rats ass about your shit fiction writing or any writing other than the sports section of the paper or stock reports.
“Ace of Base All that she wants is that the best you can do? What are you a 17 year old girl?
Re #31
Opium is natural too, right? Like tobacco? Regulate none of them, pothead? — Garth
False equivalence. Opium and tobacco are both highly addictive and toxic; cannabis does not have these properties.
I’m looking forward to growing my permitted four plants in the garden next summer. Won’t be paying any taxes on cannabis, just like my homemade wine is free of tax.
And, here comes the sell off, How are those real return bonds doing?
http://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx
The world has enough distractions, addictions and intoxicants. — Garth
—
You really did fall for the party soundbites for the masses, like Moms are worried about their kids left out forever.
Bond, james bond. How are we going to pay the interest on government debt when the interest rates rise? More taxes coming?
Biggest Bigass Bigly Granite Table?
Trump wins!
https://goo.gl/EFhk0I
Some serious talent around it as well….I’m referring to Ivanka of course….
5 year 3.09% for rentals !
http://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx
Mother Yellen, YES!!!! Thank You!!!!
Hahahahahaha!!!!!
The 5yr bond rate has gone up significantly from it’s 52 wk. low of .40. The bond market is going to do what the B.O.C. doesn’t want to do …. raise mortgage rates. The rates have gone from .70 a few months ago to a high (so far) of 1.17 today.
In the world of bonds that is a big move. We will be watching the banks now.
http://www.marketwatch.com/investing/bond/tmbmkca-05y?countryCode=bx
Canada 5 Year Government Bond
TPI: BX:TMBMKCA-05Y
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#57 Leo Trollstoy on 12.13.16 at 9:24 pm
This is a myth. If he indexed he would have been homeless and starved a long time ago
https://www.bloomberg.com/view/articles/2015-09-03/should-donald-trump-have-indexed-
Just sayin
//////
You are correct, i cant remember was it on a dog radio in a car, or youtube “panel of expert” was disgusting same thing until one of the guys who was keeping it on a low at the end sad, you guys are correct, math checks out, trupm would have bigger nw if invested his inheritance, assuming a fact that he would not take a penny out for all this time. now that i think of it it was somewhere on youtube.
#55 Freedom First on 12.13.16 at 9:10 pm
#4 Flop
Flop, Enjoyed your Post. It reminded me of what an old guy told me when I was a younger man.
He said, “Freedom First, I’ve met many people who were too smart to learn anything new, but I’ve never met anyone too stupid to be able to learn something new.”
Then, after a brief pause, he said: “But Freedom First, I think you should be ok.”
This helped me tremendously. He had me pegged.
Flop, stay humble and you’ll be ok.
Keep in mind, I have mastered humility.
#1
Freedom First
Master of Freedomonics.
TELL THAT TO OUR HOST.
I WISH YOU LUCK.
#150 TurnerNation on 12.14.16 at 2:07 pm
Emergency blog dog meeting at South Side Johnny’s tonight?
…
Duke of Westminster
The Unemployment rate
#135 Ex-Cowtown on 12.14.16 at 12:26 pm said:
Sorry GT, but Fake News. When Obama came into office US labor force participation was around 66%. Now it is 62.7%, meaning that 3.3% of the population has simply given up looking for work.
*******************************
They only count as unemployed people who are actually actively looking for work. Same way they counted it in 2008.
Maybe some people retired and don’t need to look for work.
People can always interpret the data anyway they want.
But calling the official U.S. unemployment number fake news is just a bit delusional.
When the water is not drinkable do americans start piping the great lakes
==========
Over more than two years, Public Herald’s team scanned 2,309 complaints from 17 of 40 counties. The complaints are stored online in the #fileroom database. The fracking complaints were stored in filing cabinets and most cases weren’t entered into any formal central tracking system. The 17 counties account for about 80 percent of Pennsylvania’s fracking wells drilled.
http://www.ecowatch.com/pennsylvania-fracking-water-contamination-much-higher-than-reported-1882166816.html
One Year Later: Officials Found Drilling Chemicals in Public Water, But Told No One
Investigation: North Hollow Published: September 2016
“Public Herald has uncovered evidence that, from the very beginning, JKLM Energy and DEP officials knew contaminants were detected in public drinking water, but told no one.”
http://publicherald.org/
“Cooked cases were initially reported by Public Herald in the documentary Triple Divide, where DEP turned a blind eye to baseline testing. During the 2011 Atgas blowout investigation in Bradford County, Chesapeake Energy was allowed to dismiss their own pre-drill water test results to avoid liability for contaminating a water supply. This simple act by DEP ended up changing the background water quality data for the area, creating an artificial history of drinking water quality that could be used to dismiss other complaint cases.
In the recent report published at Public Herald, we uncovered a total of nine ways that officials at the DEP kept drinking water contamination across Pennsylvania, like the Atgas blowout case, “off the books.”
http://www.eriereader.com/article/cooked-an-exclusive-whistleblower-report-by-public-herald
==========
BREAKING: $4.2 Million Jury Verdict Against Cabot Oil & Gas in Dimock, PA Water Contamination Lawsuit
By Sharon Kelly • Thursday, March 10, 2016 – 10:23
A Pennsylvania jury handed down a $4.24 million verdict in a lawsuit centering on water contamination from negligent shale gas drilling in Dimock, PA, a tiny town that made international headlines for its flammable and toxic drinking water….
“This is a huge victory for the people of Dimock, but it’s also a sharp rebuke to the Obama administration for failing to fully investigate threats posed by fracking and dangerous drilling to water supplies in Pennsylvania and across the country,” said Kassie Siegel, director of the Center for Biological Diversity’s Climate Law Institute. “Because of the EPA’s disturbing history of delay and denial, it took a federal jury to set the record straight about the natural gas industry’s toxic threat to our water.”
=======
– hundreds or thousands of wastewater spills,
– failure to track wastewater (which could prevent illegal dumping or other mishandling),
– multiple cases where fracking itself was the only available explanation for underground drinking water contamination, and instances where drillers failed to take the most basic of safety precautions.
EPA noted, even though drillers talk about “best practices,” hundreds of wells per year in North Dakota were fracked without enough steel or cement casings – and skipping those casings makes the risk of water contamination skyrocket 1,000 fold.
In other cases, EPA said, drillers deliberately fracked into drinking water supplies, putting some people at risk in the short term, and more people at risk over the long term, if droughts force communities to drill water wells into those fracked supplies
=====
Jeff Sessions, Trump’s Attorney General Pick, Introduced First Bill to Exempt Fracking from Drinking Water Rules
By Steve Horn • Wednesday, December 7, 2016 – 03:58
https://www.desmogblog.com/user/steve-horn
#157 Ponzius Pilatus on 12.14.16 at 2:31 pm
#141 Renter’s Revenge! on 12.14.16 at 1:15 pm
The Liberals are legalizing pot because the housing bubble is coming to end and they need a new drug to keep the masses placated.
———————-
I nominate this comment for the “Comment of the Day” award.
—
I nominate it to the stupidest, ideology driven comment of the day.
Why?
US states have been legalizing it at a supposedly booming economic time, with supposedly no housing bubble to burst.
BLS numbers are the gold standard. By that measure, Obama was the Jobs President. — Garth
Garth we know what you think of the gold standard.
DELETED
I got a DELETED!
WOOOOOOOOOOOOO!