Unleashed

In a moment, some voices from below. Overnight, industrious little members of this pathetic blog’s steerage section took up the challenge to send me their thoughts on the nation, and life. During the coming week or so a number of them will be published, then the rest of you can sit back in snarky, self-absorbed judgement, jump on them from the weeds or just nibble on their ankles until completely demoralized. As you do with me.

First, a word on the latest stats. They pose a stark lesson on the morass of socialism, if anyone needs reminding.

So in the GTA sales are up 10% over the disaster of last June, with detached houses dipping in value but overall prices rising slightly thanks to condos. Inner-city apartment sales slumped while house deals have jumped. Given that inflation is 2.5%, the 3% growth in the average price paid by sellers over last year means real estate in the nation’s largest market is flat. Perhaps stable. Maybe this is the new normal. No crash. No boom. But values stay elevated until the next recession rolls in. Of course, given the collapse in mortgage rates and the fact real estate’s best-before date was two years ago, you could argue this is but a pause in a long-term downward trajectory. Credit is cheap, but people are tapped out. FOMO is zero.

In Van, a disaster. As predicted here, Comrade Premier Horgan’s war on real estate is having almost the effect that the socialists wanted to engineer. ‘Wealthy’ homeowners are seeing equity sucked away. Non-local investors have been punted. High-end hoods are being hardest hit. Prices have fallen another 10% in the past year. Listings have swollen by 25%. Condo sales have plopped 24%. Detached houses have lost 11% of their value in a year. The benchmark price is south of $1 million, and back to 2017 levels. In a town where 64% of people own real estate, this is a huge hit to personal net worth. But, as stated, it’s the result the NDP wanted. And there’s more to come.

The problem with socialism, as usual, is that it’s all dogma and no common sense. What’s the point of forcing prices lower with a bevy of new taxes if people stop buying? Sales have crashed to a 20-year low as sentiment grows darker. And this is supposed to be the hottest time of the year! Just imagine the summer doldrums, then the soggy winter months. Market guru Dane Eitel is musing the current average detached price of $1.4 million could tumble through the support level of $1.225 million in 2020.

So, to conclude: the government has removed millions in family net worth (but no debt), driven off investment capital with a stick, kneecapped an industry making up a quarter of BC’s economy and yet moisters still can’t afford a house. Good job, Dippers. Folks might remember this come October 21st.

   

As mentioned above, over the coming days (starting now) Blog Dogs will be unleashed. First up is Jasmine, from magical Surrey:

“I am one of the lurkers on your sight and decided to come out of hiding to share a bit of my two cents.

“I’m a female millennial raised in BC just outside of Vancouver (Surrey) to immigrant South Asian parents during the 90’s. My life goal was to become successful enough to achieve financial independence so I don’t have to get an arranged marriage or even belong to the community I grew up in. I managed to achieve this by age 30 but went through hell in my 20’s as my family and community didn’t make it very easy for me. Now when I look back I am baffled why I am one of the few that felt this way. As hard as it was this country is full of so many opportunities for people to thrive if you are able to work through the hurdles and stay focused. It makes my heart sink to see how the South Asian community is thriving in this country yet failing to truly assimilate now that it has reached so much success. Wasn’t that the end goal?

“We have rich and the poor within us too and suffer from all the same social problems every other ethnic group does. Yet from the outside all people seem to think is we are still minorities in this country and are given special treatment. It’s the same disease affecting the LGBTQ+ (sorry not sure what the correct term is these days) community and the First Nations population.

“I wish the PC nonsense in this world would stop surrounding minorities which is what our policies focus on in government and the corporate world. We need to start focusing on creating a truly equitable country where the only determining factor on who thrives is those that have the determination, stamina and capabilities to make it through the hoops that take you to the top. Call me an idealist but I live to see the day this happens. I think Canada has the backbone to make it happen but we need a leader that will take us there.

“Keep up the great work. I would love to see more posts focused on money issues concerning woman – how women should be investing their money as they live longer, may have children on their own and make less money overall.”

Now, here’s Robert, who sends along a fetching picture of his dog, Shadow. “He just wandered in one day and decided to stay. He was a Street Stray – best behaved Dog I ever had… He has no collar, and complete Freedom of Movement.”

  “In terms of Subject matter, I would like to initiate a discussion on MacroEconomics, as it relates to Secular Stagnation theory. I feel the last 10 years and the foreseeable future, will make this potential change in thought away from Classical Economic Theory, quite relevant today. Recent stats that show world population growth, may be stalled as Women embrace more personal choices, may negatively impact the race for more participants.

“The Perpetual Low Interest rate Policies, Lack of Hard Work Ethics, Productivity Declines, Short term Corporate Profit objectives, are causing a lot of Problems. The Steerage section is angry and confused. Corporations, are seemingly not reinvesting, in Plant and Equipment. The world seems, to lack Leadership. It is a wide topic, but important as Global Growth, is precarious, if Developed Countries, can’t get Fiscal or Monetary policy right. How do we increase Aggregate demand… etc…  Hope you consider this an interesting subject.”

Finally, for today, here’s Mark. Count your blessings. He is.

  “I will keep it short. I am 45 years old, and very close to death. Since being diagnosed with ALS, I realized that we don’t need much to live, but we want things. I find myself just wanting to get rid of stuff, and don’t feel the need for anything. Just things to survive.

“If people lived more simple instead of keeping up with what others have, we would be much happier. I don’t care for much, and I am happy and thankful just to be alive.”

122 comments ↓

#1 n1tro on 07.04.19 at 4:31 pm

Mark gets it. Too bad others won’t see the light until way too late.

#2 Chris Suski on 07.04.19 at 4:31 pm

First!

#3 MP on 07.04.19 at 4:37 pm

Thank you Mark! Short, simple, beautiful words. They touch the heart and foster deep reflection on the things one holds dear. Thanks for sharing. I wish you all the best with the time you have left.

#4 longterm on 07.04.19 at 4:42 pm

40 years ago, a new mercedes would last 20 years.

Not today. What happened since then? Innovation?

We live in a disposable economy.

It’s killing the environment. And all Mr. Socks can do is ban drinking straws..

Who created this mess? Who benefits?

#5 Dave on 07.04.19 at 4:44 pm

Jasmine – The South Asian community has assimilated a great deal from just a decade ago. Just look at the Federal, Provincial and Municiple Government – south asians thru out. South Asian are involved in every facet of our society and bring our unique culture to Canada.
Yes we do have more work to do but things are getting better.
Arranged marriage is great – we invvented it and now the world has copied it via match.com
The middleman has changed from our Auntie to the Web ; )

#6 Bonhomme Carnaval on 07.04.19 at 5:03 pm

Re: Jasmine

Canadian constitutional multiculturalism does not work. It puts cultural communities in boxes, creates ghettos (physical & psychological), and gives too much power to community leaders.

It’s a courageous person choice to acculturate; more power to you!

#7 Brian Ripley on 07.04.19 at 5:06 pm

My Vancouver and Toronto Housing Charts are up with the June data: http://www.chpc.biz/

VANCOUVER
Res-Listings down 19% from JUN 2012 high
Res-Sales down 60% from MAR 2016 high
Current Monthly Absorption Rate = 14%
Current Months of Inventory = 7

Vancouver SF Detached Price
Down 12.0% from SEP 2017 Peak
Up 103% in last 10 years

Vancouver Town House Price
Down 9.9% from JUN 2018 Peak
T-Houses are priced at 54% of SFDs
or 1 SFD = 1.8 Townhouses

Vancouver Condo Price
Down 7.0% from JUN 2018 Peak
Condos are priced at 46% of SFDs
or 1 SFD = 2.2 Condos

TORONTO
Res-Listings down 13% from MAY 2013 high
Res-Sales down 30% from JUN 2016 high
Current Monthly Absorption Rate = 45%
Current Months of Inventory = 2

Toronto SF Detached Price
Down 16.1% from MAR 2017 Peak
Up 109% in last 10 years

Toronto Town-House Price
Down 5.7% from MAR 2017 Peak
T-Houses are priced at 65% of SFDs
or 1 SFD = 1.5 Townhouses

Toronto Condo Price
Down 0.1% from MAY 2017 Peak
Condos are priced at 58% of SFDs
or 1 SFD = 1.7 Condos

#8 adee on 07.04.19 at 5:06 pm

since housing pays no dividend, family net worth on paper is meaningless … prices are relative for those moving up down or sideways.

the only people significantly affected by these BC drops are those starting families and and those getting in for the first time , you know, working people … and those exiting for tbe last time, who have already seen their $80k starter home grow to be worth $2M in the last 40+ years …

the BC government is moving this in tbe right direction …

A silly comment since so many people carry significant mortgage debt. Their equity is pushed lower artificially by the government but the debt remains. – Garth

#9 T on 07.04.19 at 5:09 pm

Mark, God bless you and your family.

#10 Oakville Rocks! on 07.04.19 at 5:16 pm

Great start to the droppings from the Blog Dogs! Special thanks to Mark for the reminder of what I have and what I really don’t need!

#11 AGuyInVancouver on 07.04.19 at 5:21 pm

…In Van, a disaster. As predicted here, Comrade Premier Horgan’s war on real estate is having almost the effect that the socialists wanted to engineer. ‘Wealthy’ homeowners are seeing equity sucked away. Non-local investors have been punted. High-end hoods are being hardest hit. Prices have fallen another 10% in the past year. Listings have swollen by 25%. Condo sales have plopped 24%. Detached houses have lost 11% of their value in a year…
_ _ _
I’m pretty sure all Canadians would consider someone in possession of a $3 million house wealthy. As you’ve said time and time again, sell it and move to the sticks.

The price declines have been biggest in the areas with most foreign buyers. Funny how that woks…;)

#12 Re: longterm on 07.04.19 at 5:31 pm

40 years ago, a new mercedes would last 20 years.

Just get the G-class with a diesel engine. It will last 40 yrs at least. The military all over the world uses it, and they buy stuff that lasts.

The only downside is that at some point, cities with progressive governments will likely ban diesel cars from the city, later to be followed by banning gasoline cars. In that respect, all-electric may be a better choice. Few moving parts, no oil, less breakage.

#13 HT on 07.04.19 at 5:34 pm

People have stopped buying because prices were out of reach for locals – is that a healthy economy? Prices have hardly adjusted back to reasonable. Patience. As you said, Garth, the FOMO is gone. So now, local middle class working people are waiting for a price correction to come full circle. All indications are it’s happening. So sure, nobody is buying, but that isn’t the entire story. Many will indeed buy when prices truly adjust. And adjust they must, for the sake of the economy here. Hard to be a functioning city when everyone earning under 200k leaves, no?

#14 Caledon dave on 07.04.19 at 5:34 pm

Hi Jasmine,

Just a note to you. If you want to succeed it is important to spell correctly.

See your text below verbatim: “I am one of the lurkers on your sight and decided to come out of hiding to share a bit of my two cents.”

In this case the proper spelling is site. I am sure that you really don’t care but if I were a potential employer, I would not hire you. Good luck.

#15 mitzerboyakaQueencitykidd on 07.04.19 at 5:39 pm

This money
Dog
People
Blog thingy is the best thing out there.

#16 crowdedelevatorfartz on 07.04.19 at 5:54 pm

3 very well stated opinions/comments.

I’m shocked at the silent “steerage section”.
Diamonds in the rough.
Well done!

:)

#17 Bluebird on 07.04.19 at 6:01 pm

So true, thank you Mark!

#18 Dolce Vita on 07.04.19 at 6:05 pm

Oh Jasmine, dear to my heart. So very resolute and wise for your tender young years.

Oh Mark, it’s always been the people and not the chattels that matter – the kindred soul that you are.

CANADA. What a country. What a people.

Garth, I near sobbed today. Thank you for having assembled over the years a rank and file of our very best and letting them share in their own words.

Ciao d’Italia.

—————————-

And Robert, you might be right. But here’s the rub:

Next recession the Zombie companies and those that invested poorly are wiped out or taken out of the economy for at least 10 years – and then comes Creative Destruction and the cycle begins anew.

Patience Robert, patience.

#19 Dolce Vita on 07.04.19 at 6:18 pm

PS: Robert.

Good you theorize and annotate.

For when this prolonged business cycle ends, people like you will offer up reasons as to how and why.

From that comes learning, so that current mistakes are not repeated.

Hope springs eternal and history to the wise.

#20 Long-Time Lurker on 07.04.19 at 6:20 pm

Happy Fourth of July, Americans!

You okay, Smokey? A 6.4 earthquake occurred in Southern California this morning.

Secular Stagnation: A big reset is coming. The leaders are clueless.

IMF Working Paper: Enabling Deep Negative Rates to Fight Recessions: A Guide.

Blue George
@GeorgePaterson

I also saw the IMF has been circulating this. A bit prophetic.

https://twitter.com/GeorgePaterson_/status/1146412762949722112

Take care, Mark.

#21 Bytor the Snow Dog on 07.04.19 at 6:26 pm

Geez Jasmine, you went 90% of the way, you just left out one of the most entitled identity groups. Feminists.

Wonder why?

#22 Leo Trollstoy on 07.04.19 at 6:28 pm

My life goal was to become successful enough to achieve financial independence so I don’t have to get an arranged marriage or even belong to the community I grew up in.

Everybody wants what they don’t have

We need to start focusing on creating a truly equitable country where the only determining factor on who thrives is those that have the determination, stamina and capabilities to make it through the hoops that take you to the top.

Equality of opportunity or equality of outcome?

What if a person is struck with ALS?

#23 Leo Trollstoy on 07.04.19 at 6:30 pm

If people lived more simple instead of keeping up with what others have, we would be much happier. I don’t care for much, and I am happy and thankful just to be alive.

That’s the Real Mark

#24 Smoking Man on 07.04.19 at 6:36 pm

Pre Drinking for the 4th Celebration didn’t even notice the Earth Qake.

I’ll be broadcasting live from Laughlin tonight on periscope.

#25 Bod Dog on 07.04.19 at 6:44 pm

If young Canadians vote NDP in the federal election, they will benefit from the same damage control we are seeing in BC. The previous government was beyond criminal. The province may never recover from the damage done for the benefit of a few capitalist extremists.

This blog has taught me one thing. Canadian politicians are dangerous sociopaths. Remember that when you vote.

#26 IHCTD9 on 07.04.19 at 6:45 pm

Kudos Mark, you’ve reached enlightenment. I agree with Nitro’s comment 100%. I too am unloading “stuff”, it does nothing to bring true happiness.

Hats off to Jas as well. Keep your chin up, it takes time for a new group to assimilate; but it is starting to happen. I too am born from an immigrant family, and while the cultural differences are not so laid bare as they would be in your case, my kids have next to nothing connecting them to the country their grandparents were born in.

From what I see among the local immigrant community that my parents belong to, you’re looking at about 50-60 years after immigration largely stops from your parents’ birth country for the kids to be 100% free of the old country culture/nationalism. The only thing that carries on after that is the food (believe it or not!). Your parent’s culture will almost certainly take longer than that, due to the big enclaves, and strong community enforcement of traditional expectations.

BTW, last year, Brampton voted in Patrick Brown for its Mayor. He’s that Conservative dude who was just prior ousted from the OPC party amid what was essentially a #Metoo political takedown. This event made me whisper a silent prayer for more South Asians to move to Canada. Evidently, the folks in Brampton aren’t swayed by divisive political tactics, and don’t give a rip about the SJW agenda. Love it, and from where I’m standing; the South Asians (at least in Brampton) are definitely NOT perpetuating the PC nonsense you speak of. This move was actually diametrically opposed to all the PC crap swirling around in this country.

I hope the message was sent deliberately…

#27 Dolce Vita on 07.04.19 at 6:49 pm

Garth. Liberal me here.

You’re not being entirely fair to the BC NDP.

With the help of the Green vote, they are delivering precisely what they said they would do during the election to make housing more affordable.

YVR’s RE market would have corrected on its own. So it is not fair to lay the blame for lost home equity losses on their Gov, the lost equity was inevitable.

Having said that, did they meddle, punish the “wealthy” and make for an unfriendly investment climate, yes they did.

But, eyes wide open, it’s what the people voted for. As I respect you Garth, I also respect the will of the people.

#28 Vision on 07.04.19 at 6:51 pm

My life goal was to become successful enough to achieve financial independence so I don’t have to get an arranged marriage or even belong to the community I grew up in

We need to start focusing on creating a truly equitable country where the only determining factor on who thrives is those that have the determination, stamina and capabilities to make it through the hoops that take you to the top.
———-
My daughter would have achieved all of this. She had the brains and willpower.
Only thing is that at age 15, she had a bleed in her brain.
So you don’t think society needs to focus on disabled or disadvantaged people.
Just people who crawl to the top , jump over the hoops in spite of everything?

#29 Andrew on 07.04.19 at 7:04 pm

Much love for the perspective Mark.

#30 WelcometoSlurrey on 07.04.19 at 7:05 pm

RE: Jasmine …

if your a south asian millenial …… arranged marriages is not typical for your generation( even with immigrant parents) …… just saying…..

#31 oh bouy on 07.04.19 at 7:09 pm

jasmine and robert, thanks for sharing your opinions.
Mark, thanks for the truth.

#32 Bill Grable on 07.04.19 at 7:09 pm

Mark’s post…..is something that hits close to the heart. What a brave soul and I send him and his loved ones – much affection from the Left Coast.

I am learning, the hard way, that less is more…..and what’s important.

Thank you, Mark and Mr Turner.

#33 Shawn Allen on 07.04.19 at 7:16 pm

Disposable Economy?

#4 longterm on 07.04.19 at 4:42 pm said:

40 years ago, a new mercedes would last 20 years.

Not today. What happened since then? Innovation?

We live in a disposable economy.

It’s killing the environment. And all Mr. Socks can do is ban drinking straws..

Who created this mess? Who benefits?

***********************************
Agreed we have a disposable economy but cars are not a good example.

40 years ago it was 1979 and a lot of North American cars had rusted out within three years at least in Nova Scotia. Fords were the worse. Not sure about Mercedes. There were not a lot (or any) of those in Cape Breton for me to see.

I believe this was generally before fuel injection. Cars were not very reliable. Needed yearly tuneups.

Replacing brakes and mufflers and alternators was at around every two years.

In about 1984 I bought ’81 Datsun hatchback. It had 108,000 km. Complete junk. Honda would give me nothing for it by 1988.

My 1988 Honda Civic lasted me 16 years and was still running like a top although getting a bit rusty and had a mysterious drain on the battery when I gave it away.

My 2003 Honda CRV is still on the road, works great.
No rattles and very little if any rust. I can’t think of any real major repair. For example the air conditioner still works great and has never been serviced.

My 1997 Dodge Grand Caravan was a junker. Lasted about 10 years only.

Cars, at least the imports are vastly more reliable and last vastly longer than they did in the 1970’s (at least the North American product). There is no comparison in the quality improvements in the last 30 years, let alone 40. Too numerous to mention.

And, after inflating wildly in price up to about 1990, car prices have risen quite slowly since then, definitely less than inflation for similar models.

Agreed, a lot of disposable junk on the market these days. But that is not the case with cars in my experience.

#34 Sask to AB on 07.04.19 at 7:21 pm

Thank you Mark for your words. All the best to you.
Stuff is only stuff. Family is the most precious thing.
Love and forgiveness are all there is.

#35 BigPictureViewer on 07.04.19 at 7:30 pm

Hussman is probably the most sophisticated financial guy who publishes on the web. He observes in his July 2019 missive:

“Specifically, we currently estimate that a conventional portfolio mix invested 60% in the S&P 500, 30% in Treasury bonds, and 10% in Treasury bills is likely to post a total return averaging only about 0.8% annually over the coming 12-year period.

This is the lowest level of prospective returns in history for a conventional asset mix, outside of the lows we observed at the September 20, 2018 market peak, and the weeks immediately surrounding the 1929 market extreme.”

I could be wrong, but it seems to me this is a statement of the overvaluation of everything. Please don’t confuse it with a shot at mainstream portfolio construction methods (such as those advocated by this website). It’s just a very sobering statement of the future. As others have pointed out, it’s better to earn 0.8%/year for 12 years than to lose 65% of it in the next cyclic drop!

BTW, Hussman’s overall market indicators are the best around, even better than Schiller’s CAPE, etc. You can find all that in past columns on the Hussman site.

Why would anyone be 40% in US bonds and 100% in one country’s assets? Stop following American ‘gurus’ who are so myopic. – Garth

#36 LP on 07.04.19 at 7:40 pm

#14 Caledon dave on 07.04.19 at 5:34 pm

Gee Dave; even for a pedant like me your comment is a low blow. Remember auto complete (or whatever it’s called) or auto fill? That feature is every writer’s nemesis. Someone on here the other day used “flaunt” when the context clearly called for “flout”. The word was spelled correctly so likely wasn’t tagged for grammar. And anyway, there’s no guarantee a prospective boss of Jasmin’s has any better grasp of spelling or usage than she has. I’m still aghast when a poster here uses the dreadful “prolly” and I won’t even mention the all-too common misuse of injured instead of wounded.

Heck there could be a week’s worth of postings just for grammar and word choice. I think I read that our host is an Honours English grad. But then so is my daughter; we bought her a tee-shirt once that said on it: Bad spellers of the world untie!

F72ON

#37 yorkville renter on 07.04.19 at 7:41 pm

wow. 3 thoughtful points of view without once blaming external forces. I didnt think it was possible, but there you go.

me? I’m always a glass half-full kinda guy… life in Canada is still easy.

#38 Think PacNet - Keep Going Horgan on 07.04.19 at 7:41 pm

According to the New York Times report there are 82 companies in the program called AdvantageBC which may be entitled to a tax refund of up to 100 per cent of their corporate income taxes. Their names and their claim amounts are not disclosed by the province’s Ministry of Finance, which oversees the program. B.C. government documents show that under the program workers who earn over $100,000 a year and are hired from outside B.C. are given income tax breaks.

B.C. NDP party Leader John Horgan said “AdvantageBC seems to be advantage for those that back the B.C. Liberal party. We don’t know who these companies are, or how much they’ve been able to pocket over the past number of years.” The program has operated under an NDP government, but was expanded during the Liberals current reign.

“Has this become a club to facilitate deals?” he said. “If you look at when Vancouver home prices really skyrocketed, it was at the time this program was expanded, along with others. I don’t think Advantage B.C. exclusively contributed to (Vancouver’s housing bubble) but these programs have contributed to it.”

#39 crowdedelevatorfartz on 07.04.19 at 7:47 pm

@#20 Lurker
“You okay, Smokey? A 6.4 earthquake occurred in Southern California this morning.”
++++
He caused it when he fell off the wagon…

Speaking of Earthquakes

6.4 in So Cal this am at 10kms deep
4.2 off Oregon Coast last night at 10kms deep
6.2 off BC coast last night at 10kms deep
4.3 off Alaska coast last night at 10kms deep

4 quakes at 10kms deep along the entire west coast from Cali to Alaska in the last 24 hrs……..

#40 mike from mtl on 07.04.19 at 7:47 pm

Mark,

My aunt died at age 41 from ALS, first diagnosed at 39.

You’re right, all the money and ‘stuff’ will not bring happiness to what is truly important.

#41 Vancouver drug kingpin murdered in Colombia on 07.04.19 at 7:52 pm

A major Vancouver drug importer tied to Richmond, BC Silver International with international connections was found stabbed and burned in Colombia a day after flying into the country last month.

Chiu continued to be the target of police interest in Canada. Sources described him as “high, high, high level” in organized crime.

B.C. court records show that Chiu does not appear to have been charged with a crime in this province. He was also never personally sued by the Director of Civil Forfeiture.

One day Canada might actually prosecute big money crime. We have yet to see that day.

#42 Every Canadian Needs to Know This on 07.04.19 at 7:58 pm

As CBC is reporting:

Good ol’ BC Liberal AdvantageBC target of New York Times lawsuit alleging ‘secretive’ tax-incentive programs.

The New York Times is suing a controversial B.C. agency set up to attract outside business that’s helped market an estimated $140-million in tax rebates over the years, according to the newspaper.

On March 29 the New York Times applied to the B.C. Registrar of Societies to order AdvantageBC to produce financial records.

The registrar allegedly issued an order that AdvantageBC provide the records — or an explanation within 15 days.

Enjoy Jail Colin.

#43 Yukon Elvis on 07.04.19 at 8:02 pm

#27 Dolce Vita
But, eyes wide open, it’s what the people voted for. As I respect you Garth, I also respect the will of the people.
…………………………….
Well said Dolce. The will of the people. Democracy. Some might call it…gasp…populism.

#44 Okanagan on 07.04.19 at 8:03 pm

Detached house prices for June, 2019 down 12% from 2018 peak.

Townhouse prices for June, 2019 down just barely 1% from 2018 peak.

Condo prices for June, 2019 down 14% from peak.

#45 Free cars for you on 07.04.19 at 8:17 pm

Gm motors and trannies are where its at.
2000 jimmy 250k. Excellent shape. Tows boats and trailers all day if needed. Paid 1.5k a few yrs back. Came with good tires.
The water pump was 90bux and took an an hour (fun) to do recently.
I should be good for another 100k. Does need an ac recharge though!

Paid slightly more for a 2005 chev compact Not a thing in 120k+ over 6 or 7 years. Ac blows cold. Looks UGLY but fast enough and fun to zip
Around in. Did 12000km trip to mex like nothing. Abused and driven harder than a rented mule daily.

My point being that comfortable, relatively modern , fully loaded, utterly reliable vehicles are available everywhere for nearly FREE. Everyday.

If one is tall, rich, smart and good looking one has little need for a status vehicle nameplate

#46 Basil Fawlty on 07.04.19 at 8:26 pm

I thought the New Democratic Party were social democrats. When did they re-label themselves as “socialists”, or is this a new term put forward by the Reform/Alliance group, presently disguised as Conservatives?

#47 Fred Graves on 07.04.19 at 8:44 pm

Hi Robert – I like your friend Shadow. Didn’t quite understand your article.
I do have a q. for you: have you ever heard of something called “punctuation”?.

#48 Flop... on 07.04.19 at 8:45 pm

It’s gonna be a rough night in the U.S for some.

I’m predicting Fireworks…

M45BC

#49 Flop... on 07.04.19 at 9:03 pm

Grammar Police are out again.

This is why I didn’t submit anything, I write a certain way and I’ll keep writing that way.

Had a bit of minor Page 1 action, didn’t exactly cover myself in glory.

First time Ryan Lewenza choose my post to highlight the rough welcome he got when first on the blog.

Second time, I think Garth said something about checking out my comments in one of his posts if you want more insight into what is happening in Vancouver Real Estate.

We all know how that ended, someone encouraged criminals to pay my wife a visit at her place of work.

Page 1 ?

No thanks, I’ll keep my poorly written, punctuated, and largely off-topic posts for those brave enough to wade into the comments section.

Probably 27 mistakes in this post alone…

M45BC

#50 Flop... on 07.04.19 at 9:05 pm

I spot one already.

Probably should have chosen to choose to write chose…

M45BC

#51 MF on 07.04.19 at 9:07 pm

The last message from Mark was very poignant.

Thank you for that Mark and I wish you all the best.

MF

#52 MF on 07.04.19 at 9:15 pm

“A silly comment since so many people carry significant mortgage debt. Their equity is pushed lower artificially by the government but the debt remains. – Garth”

-Their equity was pushed higher by the government too.

How dare we raise interest rates to where they should be.

MF

Rates should rise. Taxes should not. – Garth

#53 Cici on 07.04.19 at 9:43 pm

Good posts.

On Jasmine, I agree with #6 Bonhomme Carnival.

Robert’s question on boosting aggregate demand is probably going to depend a lot on the transfer of wealth and the opening of borders to new arrivals who aren’t (yet) steeped in credit debt and are (at least temporarily) motivated to work at a discount to take advantage of new opportunities.

As for Mark, his smile and beautiful daughter speak volumes as to what’s really important in this life. I wish him a miraculous recovery, but if his time on this Earth does run too short, I have no doubt that he will move on to experience and accomplish great things in the afterlife.

#54 NoName on 07.04.19 at 9:44 pm

@ tracktor

READ

https://www.hemmings.com/blog/2017/01/22/from-gasoline-to-gasification-or-why-we-dont-power-cars-with-wood-today/

#55 Mike on 07.04.19 at 9:50 pm

“If people lived more simple instead of keeping up with what others have, we would be much happier. I don’t care for much, and I am happy and thankful just to be alive.”

You take your health for granted until you don’t have it. ALS is something I wouldn’t wish on anyone. Prescient words – we buy things we don’t need with money we don’t have to impress people we don’t like.

That sums up Western society in a nutshell.

#56 adee on 07.04.19 at 9:54 pm

RE #8

since housing pays no dividend, family net worth on paper is meaningless … prices are relative for those moving up down or sideways.

the only people significantly affected by these BC drops are those starting families and and those getting in for the first time , you know, working people … and those exiting for tbe last time, who have already seen their $80k starter home grow to be worth $2M in the last 40+ years …

the BC government is moving this in tbe right direction …

[[Garth: A silly comment since so many people carry significant mortgage debt. Their equity is pushed lower artificially by the government but the debt remains. – Garth]]

Actually GT its your comment that’s *beyond* silly. The debt does not ‘remain’, it gets paid off at the pace & rate that the people who purchased agreed to. Their ability to pay their debt has nothing to do with whether the market price of their house rises or falls. It only depends on whether they have the income to make their payment. House prices go up and down. You’ve been warning people to avoid housing for years. Well, you were eventually right, and those people who did not heed your advice have a ‘paper’ loss.

For anyone trading up, lets say from a 2017 value $800K house to a 2017 value $1.4M house, well they lost $80K on their house, but the house they want to trade up to is also $140K lower. If on the other hand houses had gone up 10%, they’d have made $80K but the house they want would have gone up $140K. Clearly they are better off with house prices going down.

The true big losers are speculators, for them housing is not a purchased good, its an investment, and they took a risk and lost.

The other big ‘losers’ are the people who rode 10 or 20 or 30 years of paper gains, and now they have a 10% pullback – big deal ….

#57 Chimingin on 07.04.19 at 9:57 pm

#36-LP, I’d much rather work for you than #14 Caledon Dave. Perhaps he missed Stephen Fry’s speech that decried the pedants and urges people to play with and delight in language, even risk the odd error in order to share:

https://scholarlykitchen.sspnet.org/2014/04/11/stephen-fry-on-language-and-grammar-pedantry/

Jasmine, your post was interesting and thought-provoking. Thanks.

Robert, thanks for posting.

Mark, thank you for posting. I appreciate your message, and will take it to heart.

#58 Money Gal on 07.04.19 at 10:45 pm

DELETED

#59 the papa on 07.04.19 at 10:51 pm

#4 longterm on 07.04.19 at 4:42 pm
40 years ago, a new mercedes would last 20 years.

Only 20 years ? Don’t tell that to my 1987 W124 ? Still running great after all these years, and without a spot of rust ? Mind you, I always park it in a garage and change oil every 5000km. My relative’s 2016 Nissan already starting to rust at the bottom.

#60 crazyfox on 07.04.19 at 11:14 pm

Hi Robert.

Macroeconomics, I’ll wade in. Was thinking about touching on macro economics myself with an email but 500 words can’t do it justice. The problem as I see it is that money, representative of power, success, status and prestige has become the yardstick of which to measure, valued as greater than health, the environment and life itself, human or otherwise and sadly there is plenty of proof.

Money has grown to represent greater value than the systems that protect its financial integrity and security. Its not money that is civilization’s problem, it’s the love of money, greed and the lust for the fleeting power, status and wealth money can buy and this sickness, this ideological disease if one can call it that, is on display in large minorities of us for all to see.

Lets take for example American politics. Politicians (the experienced ones anyway) know that best way to re-election is a good economy and the best way to it is to generate more wealth. Make everyone richer. There are several ways to create a wealth effect in order to create wealth in the short term:

1) Stronger currency.

Stronger currency comes through the velocity of money. The U.S. enjoys being the reserve currency since 1973 when the gold standard was replaced in favor of the U.S. dollar and as such has enjoyed a much more valuable currency than otherwise it should enjoy, even in the face of higher public and consumer debt and has enjoyed wealth.

2) Real estate.

Real estate creates a double wealth effect. Owners of real estate gain more wealth with higher valuations that generate more equity and credit but the currency itself rises as as a consequence of money trading hands not just with the money exchange between the buyer and seller, but with banks, treasury bonds and mortgage backed securities as this money, obtained by banks through bonds and backed with securities circulates through the economy (by a factor of 3 over 10 years. Canadian factors are higher as we go short term). Real estate wealth can be artificially generated through deregulation and central bank policy.

3) Oil.

Since the U.S. enjoys being the world’s reserve currency and forces oil producing nations to trade in U.S. dollars or face coup’s engineering regime changes, crippling trade sanctions involving currencies and development, and finally outright war, the U.S. is involved with a best guess 90% of the world’s oil trade through currency and as each petrol dollar circulates, more money velocity is created strengthening the demand for the dollar (best guess is it’s a factor of 3 (changes hands 3x in U.S. dollars) over 10 years).

4) Trade.

Good old fashioned trade, whether its commodities, manufactured goods or design, create a stronger currency generated through the flow of goods. Trade can create a short term wealth effect through government deregulation of environmental, manufacturing and trade policies at the cost of long term financial stability.

5) Population growth.

Higher populations create greater income and consumption.

6) Income.

Rising incomes are relational to spending in infrastructure, education, healthcare, jurisprudence and all the things governments like to cut to generate a temporary wealth effect for public spending and tax cuts to the rich or, in times of struggle, to keep the lights on.

When we look at how government’s operate world wide, we see why they are constantly pining away for endless growth. It keeps them in power! Why is the world overpopulated with few if any governments willing to keep their populations from growing? Growth equating to more money and power. Why do Republican presidents go to war over oil so much? Preserve and generate the wealth effect. With Clinton and Obama, it came through trade and diplomacy. What created the GFC? GWB chasing the wealth effect real estate brings with the belief that it won’t happen on their watch (Clinton too).

What has Trump done? Deregulation of financials, environmental policy and a war with Iran now is all but certain. Trump is inflating the dollar the easy way, through oil, real estate and deregulation. Allowing hundreds of billions if not trillions in tax sheltered dollars to come home untaxed is a naked example of this. Trump’s policies strengthen the dollar in the short term and hurt the dollar in the long term as debt from war, used up diplomacy and tax cuts to the rich come home to roost.

It’s an easy prediction to make. When the U.S. experiences its Trump hangover, the crash will. be. epic. Accelerating debt from tax cuts and war, deregulation, damaged reputation, real estate bubbles and a likely destabilized currency is what the U.S. will have to recover from.

Why should Canadians care? We have 2.2 trillion dollars in real estate debt alone. When A Canadian buys a house through a bank, our Canadian banks borrow the money through U.S. treasuries and securitizes these bonds through MBS’s. Each time that money changes hands, that’s right, it strengthens the U.S. dollar. (It’s why Americans prefer we borrow in 5 year terms, adds another factor) It’s not just treasuries, its government debt, corporate bonds, its pretty much everything. Canada has it’s own currency and flag and nation status but when it comes to money, to Americans, we are just another U.S. state for good reason. That’s why we should care. What does Canada owe in U.S. treasuries, some 3.7 trillion in U.S. dollars?

Key takeaways:

When Americans go to war, its over money. Some thought human rights? Suckers. Btw, that’s us, a member of the coalition of the willing:

http://cdn1.bigcommerce.com/server4200/h98e3jtz/products/464/images/1142/Exploration_activities_KRG_2014__56466.1419429857.1280.1280.jpg?c=2

This is an old map, (all the newer ones it looks like has been scrubbed)been a while since I looked but the last newer map I saw was Northern Iraq almost entirely privatized and creeping into the south where there is less oil. Canadian owned Talisman was there before they got bought up, our cut for being a member of the coalition of the willing. This is what our Canadian soldiers died for, a stronger U.S. currency and plunders of war, all else is just noise. What’s that, we went in there for human rights some say? When’s the last time the U.S. did that for Africa or anywhere else, y’know, when money wasn’t at stake.

It comes back to morality. There is no genius to this, governments and nations freely pollute and make war to enrich themselves in the disguise of whatever lies they can sell the gullible and there are oh so many blindly willing to lap it up. Food manufacturers make unsafe foods laden with dangerous chemical cocktails, adding sugar in 76% of all manufactured products because sugar is addictive like alcohol, go figure, and now 27% of U.S. adults have a metabolic syndrome (cancer, diabetes, heart disease, pick a full blown chronic illness that takes meds to survive). 52% have a metabolic disorder meaning a further 25% are sick and don’t know it and HMO’s are only too happy to medicate them for life. 40% of the population is obese but we need them to be sick, fat or on their way to what? Make money. And those of normal weight? We need 40% of them to be sick too apparently, there’s no profit in health.

On and on it goes, pick an industry or all of them. Americans could have it all but the thirst for short term profit over long term stability is so great that 3/8ths of the U.S. population has preventable sickness, all preventable through enforced regulation and they don’t begin to try because of greed. Universal healthcare? Achievable through regulation that creates healthy people but not happening because of greed, because of the false belief in the masses that this is necessary, the best there is.

Canadians are no better. We could regulate here but we don’t because we lack the vision it takes to know what better is or say to ourselves, “we haven’t got the power, Americans won’t let us”, speaking on the other side of our mouth’s “how free and independent we are” (but don’t rock the boat, we’re making money) so we don’t even begin to try.

Sound familiar, too passive to stand up for what is right, too unwilling to make the individual and group sacrifices needed for the betterment of this world? If evil was defined as individuals and groups acting in their self interests at the needless expense of others… then perhaps the majority of us aren’t that “good” after all. How many of are quick to exploit someone for money, quick to become slavers through wealth inequality or conversely, how many of us value others as equal to ourselves regardless of our differences? Are we not known by what we value, known by our works?

#61 Pete from St. Cesaire on 07.04.19 at 11:36 pm

40 years ago, a new mercedes would last 20 years.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
And the diesels would last 40 years. I had a ’76 300D up until 2003 and it’s still running (different owner).

I’m still running my 1981 Chevy Citation.

I would never touch any car newer than 1991 regardless of the manufacturer.

#62 mark from mississauga on 07.04.19 at 11:38 pm

thank you Garth for sharing my email, and a big thank you for everyone for all the kind words.

#63 Ponzius Pilatus on 07.04.19 at 11:40 pm

Thanks Garth,
For giving disadvantaged people a forum.

#64 The Great Gordonski on 07.04.19 at 11:50 pm

Main Street consensus explodes !! While alt left apologists have been sheltering corruption with name calling and violence, the reality is that corruption and malfeasance exists, big time. Now millions of Canadians who’ve had enough are shifting into attack mode, finally.

https://nationalpost.com/

We have no choice. American and other foreign entities, some private, some state actors have corrupted our electoral and judicial systems. It’s all been exposed in tax records.

Hundred of millions attacked Harper for his stand on Canada’s immigration policy. George Soros and the Rockefeller brothers have no place dictating policy in Canada. Trudeau wedged the door open making sure interference prevails.

George Soros is on record funding Trudeaus campaign . Gerry Butts was/is working for an extremist globalist group called Eurasia. They’re so secretive and sinister it’s like Specter. All the while Butts was nudging a gullible Trudeau towards policy that’s wrecked the Canadian economy and some say doing great harm to Canadian civil society.

Calling Canadians extreme isn’t going to work this time. We’re fighting for our lives. When I see a hockey stick graph of Trudeau Foundation financing funding go from nothing to millions I have to ask? When I see Trudeau funding Clinton and Clinton in return funding Trudeau, I have to ask?

When I see Saudi tankers off the East Coast and Tom Steyer funding a ban on the west I have to ask? I have to ask who’s funding Suzuki and Tzepora? I have to ask who’s financing the hundreds of frivolous lawsuits ? Seriously! This is not an extreme line of inquiry, this is mainstream . The questions Canadians have been asking but barred from discussing in quasi public forums. This is not extremism it is consensus.

#65 will on 07.05.19 at 12:45 am

#14 Caledon Dave

Hey Grammar Cop Caledon Dave, did you not spot the atrocious error in Mark’s piece? Go after him Caledon Dave. Go after him! I dare ya!

#66 SWL on 07.05.19 at 12:49 am

Wow!!!

Great work everyone. What a wonderful place this blog has always been and still becoming

Scott

#67 Not So New guy on 07.05.19 at 1:10 am

Your new feature is an excellent decision, Garth. It will also save you from grinding your brain coming up with new articles every day

#68 Burnaby Boy on 07.05.19 at 1:46 am

My 1998 Ford Escort lasted 21 years – just – and gave me 316,000K.

More power to you Mark.

#69 Smoking Man on 07.05.19 at 2:48 am

I’ve noticed the culture differance between Canadians and Americans.

Canadians talk with their houses. Americans take about their kids.

Canadians dont have fkd up kids. Or so they say.

I’m loving it here. It’s as real as it gets.

#70 Howard on 07.05.19 at 3:55 am

Your “advice” to young people in GTA/GVR is that they should quit whining and move to Regina.

Welp, same applies to the $3 million+ homeowners in Vancouver. Don’t like the tax? Sell and move to Regina.

#71 Financial Exile on 07.05.19 at 4:15 am

Mark – My heart goes out to you. Two years ago today was the culmination of my mother’s courageous battle with ALS. ALS is hell.

#72 jane24 on 07.05.19 at 4:24 am

Life has been good to me as I have enjoyed a lot of opportunities in life far more than previous generations. I have obtained 4 university degrees including a PhD and retired as a professor.

My grandmother on the other hand born on 1901 left school at 14 as you did in those days and had zero opportunities but what must have been a great, early state education compared to mine. I remember her telling me her classes in those days had up to 50 children in them and these kids often worked part-time too to help support their families.

Living on two different sides of the planet we corresponded for 40 years and she always returned my letters with grammatical errors outlined in red ink! She did this until I was 45 years old and she passed away.

Yes some of the grammar on this blog is poor but they didn’t have the benefit of my precious Nanny. We should have cloned her.

#73 Howard on 07.05.19 at 4:49 am

Overnight, industrious little members of this pathetic blog’s steerage section took up the challenge to send me their thoughts on the nation, and life. During the coming week or so a number of them will be published

—————————————

I guess this is what phased, gradual retirement looks like for Garth.

Since the Saturday post is outsourced to one of your colleagues, perhaps you can designate one day a week for a reader submissions?

Of course that means you’ll need to be on your game the remaining 5 days. Please no more letters from 30-year old millionaires of inherited wealth writing in purely to boast to the steerage section.

#74 Howard on 07.05.19 at 6:18 am

#64 The Great Gordonski on 07.04.19 at 11:50 pm

Calling Canadians extreme isn’t going to work this time. We’re fighting for our lives. When I see a hockey stick graph of Trudeau Foundation financing funding go from nothing to millions I have to ask? When I see Trudeau funding Clinton and Clinton in return funding Trudeau, I have to ask?

—————————————

The ship has sailed on the Left and its “extremist, bigot, racist, etc” blackmail insults.

Nobody cares anymore what they say. They are far more likely these days to be laughed at than taken seriously when they spew one of the familiar smears.

Have you noticed who is the front runner to be Theresa May’s successor in the UK? A guy who made, shall we say, “insensitive” remarks galore about many different groups over the past 20 years. Far more than Trump ever did, btw. He’s unapologetic about all of it, and aside from the usual suspects in Labour and the Guardian, nobody cares! It’s not hurting him whatsoever.

#75 georgist on 07.05.19 at 6:30 am

How to stop a bust? Stop the boom.

Garth, when you were faced with this dilemma you blinked and created RRSP draw-downs for housing.

> The problem with socialism, as usual, is that it’s all dogma and no common sense.

You knew it would juice house prices.

“Walking into my Parliament Hill office were the presidents of the national real estate association and the homebuilders organization, plus their in-house economists and hangers-on. The lobbying effort was intense for a shiny new idea to rescue the plunging market. ‘We want first-time buyers to be able to use RRSP money for a down payment,” they told me. “This is an emergency situation and we must stabilize things before millions of families lose everything.”

But, I said, retirement savings are for retirement. Why would we corrupt the system by letting people divert this money into a house? If they don’t have enough for a down payment, why should they be able to buy real estate? Won’t we regret this later?

Because, they said, plunging equity could make a recession worse – combined with the negative numbers of the day. We need to encourage new buyers. (At the time both inflation and mortgage rates were in double digits.)

So, I bought it.”

https://www.greaterfool.ca/2014/07/13/regrets/

Nice try. But that was 28 years ago. No relation to the bubble which formed two decades later. That was fueled by loose credit, not savings. – Garth

#76 Remembrancer on 07.05.19 at 6:34 am

#5 Dave on 07.04.19 at 4:44 pm
Arranged marriage is great – we invvented it and now the world has copied it via match.com
The middleman has changed from our Auntie to the Web ; )
——————————————-
Come, come Dave, the type of arrangement Jasmine is speaking of is much less benign then a match.com search… and the world has not copied it, the trajectory is moving away from it despite the examples of soft-core misogyny in the comments steerage section or do you think Jasmine’s money and financial future should be managed by her husband? That’s really a different blog…

#77 maxx on 07.05.19 at 7:22 am

@ #4

I hear you.

We absolutely cringe whenever we need to buy anything new.

Plasticrap everywhere. Cars, clothing, shoes, appliances, devices of any kind…..crap – one of the main reasons we buy nearly everything second-hand.

As you mentioned cars, most luxury brands are devoid of personality – bland, bland, bland……almost as though they were all designed by the same CAD program. Nothing as visually distinct as they were decades ago.

Food is a total obstacle course – if you want a pain-free and vibrant longevity. Big agro and the food industry has modified and processed the living daylights out of what we eat, so organic’s where our money goes.

Never. Ever. Pay. Full. Retail. Even for organic food. No need.

We’ve found that “brand new” is as increasingly fraught with defect and breakage as second-hand. Treat your receipts like a contract and return defective $hit. Even food. Stick that rotten lettuce in the fridge and next time you shop, take it in and get an exchange or refund. Feels good and helps the next guy with a similar problem.

Most perfume has never seen a flower or plant of any kind in decades, so if used, it gets sprayed (lightly) on hair or clothing – not skin. 2 days ago, bought a completely full bottle of Burberry Body (85ml – retail $130 + tax) for $1.50. A month previous, ditto for Lancome’s La Vie est Belle. Totally unused, $1.50.

Reduce, reuse, recycle, repair. We buy antiques as they are made of wood, leather, wool, crystal and glass. Your lungs will thank you for it. So will your bank account as antiques never go out of style, have class, history and last longer.

Mega-deals are out there. They’re plentiful as people just keep buying plasticrap ’till they choke. Get in early, because as time goes on, quality continues to cheapen as all stocks increase in plastic. I’ve watched it happen with shoes, handbags, clothing, kitchenware, furniture etc. Apart from sportswear and office equipment, our home is close to plastic-free.

Amazingly, most of our love of second-hand goods came out of forced, artificial low rates. We were and still are hell-bent on retaining our savings program and are damned if a cent (nickel) of it is compromised by near-zero rates.

We do need to satisfy our love of travel, after all. We feel as though we live like royalty on next to nothing.

It’s sooooo easy. Let others buy your antiques and designer goods.

You can live so well on so little – and if you break something for which you’ve paid 5% retail, it doesn’t hurt anywhere near as badly.

But beware, bargain-hunting is highly addictive.

Sterling silver salver or new Coach sandals for $3, anyone?

#78 Catalyst on 07.05.19 at 7:26 am

Thank you for the post Mark, a great reminder for us all. God bless.

#79 dharma bum on 07.05.19 at 7:53 am

“I wish the PC nonsense in this world would stop surrounding minorities which is what our policies focus on in government and the corporate world. We need to start focusing on creating a truly equitable country where the only determining factor on who thrives is those that have the determination, stamina and capabilities to make it through the hoops that take you to the top. ” – Jasmine
——————————————————————-
Good news, Jasmine!

There actually is a magical place such as you describe.

It is called: The United States of America!

Head south, young woman. Head south.

Head for the land of milk and honey where the realization of personal dreams and ambitions CAN come true……….

#80 NYCer on 07.05.19 at 7:53 am

100% with Mark on this one. All you need is the basics and good health. Objects cannot buy you happiness. In fact it take sup more of your damn time to maintain.

Also agree with Jasmine. My only concern is we also have to ensure that equal opportunity truly exists and that there are programs to ensure that. We have it pretty good here in Canada but we also have areas where it is getting tougher. The thing is, most people just want the same basics and some people are having more trouble still. Is it consumerism or social media feeding unnecessary need? Maybe. But it is certainly getting tougher out there and we are seeing a greater divide between rich and poor. Is the middle class really hollowed out by consumerism?

#81 Catalyst on 07.05.19 at 7:55 am

Garth, there is no fundamental difference between interest rate increases and tax increases at the monetary level. Both act to reduce consumption and prices. The US is slowly figuring out, why tax people at all if we can just lower borrowing rates? It’s why trump pushes lower taxes and lower rates.

#82 maxx on 07.05.19 at 8:02 am

Mark, your smile says it all. Bless you.

#83 jess on 07.05.19 at 8:08 am

Sasha Chavkin

The Dominican Republic stock exchange president has resigned following revelations that companies linked to him received millions of dollars from Odebrecht.

https://www.icij.org/

Sun, Sand, and the $1.5 Trillion Dark Offshore Economy

The British Virgin Islands is nominally home to 400,000 companies, and desperate to fend off the transparency movement.
By Stephanie Baker (bloomberg)

https://tinyurl.com/y6rdbauo

https://www.icij.org/investigations/bribery-division/behind-the-scenes-of-the-bribery-division/

#84 Tater on 07.05.19 at 8:25 am

#14 Caledon dave on 07.04.19 at 5:34 pm
Hi Jasmine,

Just a note to you. If you want to succeed it is important to spell correctly.

See your text below verbatim: “I am one of the lurkers on your sight and decided to come out of hiding to share a bit of my two cents.”

In this case the proper spelling is site. I am sure that you really don’t care but if I were a potential employer, I would not hire you. Good luck.
—————————————————————-
I wouldn’t hire someone who doesn’t know that proper nouns should be capitalized, Dave.

#85 IHCTD9 on 07.05.19 at 8:38 am

#54 NoName on 07.04.19 at 9:44 pm
@ tracktor

READ

https://www.hemmings.com/blog/2017/01/22/from-gasoline-to-gasification-or-why-we-dont-power-cars-with-wood-today/
____

Thanks for the link – the article is a bit disingenuous talking about woodgas cars from 70-100 years ago though.

Have a look in the comments section of that article. The second comment is by a Man by the name of Wayne Keith – he was my inspiration to try out woodgas all those years ago. He has run over 320,000km on 100% wood and counting. He runs a farm, and one tractor is WG powered. His WG trucks all can exceed 130 km/hr, and his 318 Dakota’s get near 2 miles per lb of wood on the open road. He has a WG powered 8.0 litre V10 Ram which actually does some serious hauling (triaxle float/triaxle cattle hauler – 4-5 tons loaded) running the farm.

His gasifier design is what makes such good performance – it’s actually a modified FEMA unit with excellent heat recycling – it maintains a huge pile of char, way more than the old Imbert’s from WW2. This char is what allows him to make tar free engine grade gas all the time, and enjoy a huge turn-down ratio while still keeping up (and then some) on the highway. Just about everyone wanting to run on wood every day are using his design.

Gasification has come a long way from the WW2 down drafts, and still has lots of room to improve. It will never be popular as long as gasoline is affordable – it is a lot of work, and too much hassle for 99% of people when the pumps are just around the corner. You have to actually think driving on wood is cool as heck to ever get off the ground with it.

#86 crowdedelevatorfartz on 07.05.19 at 8:43 am

@#118 Neo
“How do you sleep at night?”

++++
A red pill.

#87 Remembrancer on 07.05.19 at 8:58 am

#80 NYCer on 07.05.19 at 7:53 am
Is the middle class really hollowed out by consumerism?
——————
IMHO what is seen as the traditional middle class ideal WAS DEFINED by consumerism – SF house, yard w/ picket fence, new Chevy or Buick every two years, Colour TV and console stereo, Barcalounger, gin & tonics and Harvey Wallbangers before dinner, kids had almost a constitutional right to at least one trip to Disney World before graduating high school or summers at a lake etc etc. The trappings became more varied, more expensive and salaries didn’t keep pace with desires… “Live within your means” fractured into “its necessary” or “instant gratification isn’t enough anymore easy credit”…

#88 IHCTD9 on 07.05.19 at 9:31 am

#25 Bod Dog on 07.04.19 at 6:44 pm
If young Canadians vote NDP in the federal election, they will benefit from the same damage control we are seeing in BC. The previous government was beyond criminal. The province may never recover from the damage done for the benefit of a few capitalist extremists.
______

IMHO, something has happened in BC. The folks there have happily voted in Corrupt Libs and reckless lunatic commie NDP nutbars for years now.

Things will keep getting worse over there until the voters want it to change – it’s as simple as that.

#89 SNOOP DOG on 07.05.19 at 9:49 am

LIFE’S SHORT…..

LIVE HARD, OR DIE TRYING!!!

#90 Ponzius Pilatus on 07.05.19 at 10:03 am

#118 Neo on 07.05.19 at 1:31 am
It’s fun listening to greed obsessed Canadians bitch about socialism as they drive down socialist highway on their way to a socialist hospital where their child will be born and grow up drinking socialist water and putting out the garbage to be picked up by socialist city workers before heading to socialist schools and graduate to a socialist government job and retire with a socialist pension.
————
Fair comment.
Any responses?

#91 Thuf on 07.05.19 at 10:07 am

To Jasmine’s point about how to invest differently if you’re a woman (b/c women live longer): you don’t. Lots of commentators and advisors are pitching that angle, but there’s so much individual variability in life expectancy, situation, and risk tolerance that the 2-3 extra years on average are lost in the noise. You need an individual plan that fits you, regardless of sex or gender. (Or, if you’re going to use a general B&D portfolio like our host suggests, it’s general applicability is not exclusive to one sex — it’s still close enough).

Not saying there aren’t other issues when it comes to women and the financial industry…

#92 IHCTD9 on 07.05.19 at 10:34 am

#77 maxx on 07.05.19 at 7:22 am
@ #4

I hear you.

We absolutely cringe whenever we need to buy anything new.

Plasticrap everywhere. Cars, clothing, shoes, appliances, devices of any kind…..crap – one of the main reasons we buy nearly everything second-hand.
___

Old made in the USA is great quality for sure – being a mechanically inclined type of guy – I could almost weep with joy when I look at some of this old stuff.

I have an old English built Record #24 quick release bench vise. These things are worth fixing up – they will last a lifetime. Got it free out of a scrap pile years ago.

Another gem I bought for 35.00 is a late 70’s early 80’s Craftsman electric impact gun. 1/2″ drive – solid aluminum construction, super heavy cord, replaceable brushes – it’s heavy, under-powered, and bullet proof.

I have an early 50’s track loader. When I look at the massively overbuilt castings on this thing, I can hear Bach’s “air on the G string” start playing somewhere. Tears stream down my face as I survey the Forged 3″ diameter final drive output shafts, the 1/2″ thick Ductile Iron housings, and hear the (600 lb) 30 hp flat-head burble to life. This machine is really, literally built like a tank. Working on it is like pulling the dead sea scrolls out of the jar for the first time, and reading the story they have to tell.

Today if you’re willing to pay for it, quality can still be had too. eg. products from Yamaha, Stihl etc…

#93 brad on 07.05.19 at 10:35 am

‘THE DEBATE IS OVER’

“It is incredibly clear that money earned outside of our economy was driving the unprecedented real estate market from 2015 to 2017,” Magee said. “Anyone who argues against this, after seeing $22.5 billion disappear from the market, must be financially, and emotionally, motivated by selling misinformation. The debate is over.”

Proven to be incorrect by every stat thus far generated. Loose credit encouraged the boom. That’s why Canadians now carry an historic debt load, with 67% of it in the form of residential mortgages. Facts are facts. – Garth

#94 Lizard Man on 07.05.19 at 10:41 am

Why selling your winners can be a bonehead move.

https://business.financialpost.com/investing/investing-pro/why-investors-give-up-on-their-big-winners-way-too-soon

Better advice: don’t buy individual stocks. – Garth

#95 Russ on 07.05.19 at 10:49 am

Ponzius Pilatus on 07.05.19 at 10:03 am

#118 Neo on 07.05.19 at 1:31 am
It’s fun listening to greed obsessed Canadians bitch about socialism as they drive down socialist highway on their way to a socialist hospital where their child will be born and grow up drinking socialist water and putting out the garbage to be picked up by socialist city workers before heading to socialist schools and graduate to a socialist government job and retire with a socialist pension.
————
Fair comment.
Any responses?
=============================

It just a guess but maybe Neo is listening to a privileged group that pays income tax.

While the almost majority of Canadians do not pay income tax. I hope to join the almost majority soon, as a retirement gift.

#96 crowdedelevatorfartz on 07.05.19 at 10:55 am

Just when you thought the Maple Leafs stories couldnt get any more bizarre………..

https://www.thetelegram.com/news/canada/im-your-minister-and-youre-a-f-ing-loser-eugene-melnyk-recounts-lisa-macleods-alleged-public-tirade-329979/

#97 crowdedelevatorfartz on 07.05.19 at 11:18 am

@#92 IHCTD9
“Old made in the USA is great quality for sure….”
+++++
My parents had an old,used Fridgidaire fridge given to them in about 1960.
That fridge tacked away for 20 years until they gave it away to someone when tey downsized and moved to an apartment.
My sister popped by to the home of the guy that STILL has it…. last summer.
It was ticking away in his garage keeping his beer cold….

https://www.pinterest.ca/pin/334673816038036718/

60 years old?

#98 Art on 07.05.19 at 11:26 am

Some other problems with socialism (at least how I perceived it for 40 years in sunny Cuba):

— It is easy to dole out the wealth that you have not produced. It is nearly impossible to create the right incentives to innovate and work hard when the governments are deciding what to do with almost all of the wealth produced, and as it is human nature, always forgetting who produced the wealth in the first place. Kind of common sense, but we in Canada might be falling for it again. I think sometimes it is a metaphor on how easy it is too envy and criticize compared to innovate, create and compete.
— Socialism is based on a luminous future that is always that…a future. The end line is always moving, and there are always new barriers, enemies and reasons to explain why we can’t get there, because sometimes it is easier to look at the moon, than to look inside. Humans are really good at cognitive dissonance.
— In my opinion, a wealthy country without a social safety net is failing at something. But socialist governments tend to take this to the extreme and convert the social safety net into a jail. In the name of social progress and the luminous future, they take one freedom today, one tomorrow, they go for your neighbors today, they go for your distant relatives tomorrow, until one day, you realize that they have taken out not only your freedom but your voice, all for “the greater good”.

So be careful with what you applaud for, and try to figure out where your principles are. Our leaders might be constrained by better fundational laws than many other countries, but if you push them (or allow them) to grab more power and take more and more decisions on your behalf, believe me that they will. Lots of the above apply to populist too, by the way. And if you want to see the results, simply try to live in Cuba or Venezuela as a simple national citizen and see how you feel.

#99 IHCTD9 on 07.05.19 at 11:28 am

#90 Ponzius Pilatus on 07.05.19 at 10:03 am
#118 Neo on 07.05.19 at 1:31 am
It’s fun listening to greed obsessed Canadians bitch about socialism as they drive down socialist highway on their way to a socialist hospital where their child will be born and grow up drinking socialist water and putting out the garbage to be picked up by socialist city workers before heading to socialist schools and graduate to a socialist government job and retire with a socialist pension.
————
Fair comment.
Any responses?
___

Sure there is Ponzie!

1. Transportation infrastructure is one of those things that government SHOULD provide. Yes, us knuckle draggers do understand that government is much better suited to provide certain products and services than is the private sector (Justice system, law enforcement, National defense etc…). Just not everything under the freaking sun.

2. Health care is not a bad thing to socialize the cost of. Unfortunately, since the government is running it – we will eventually lose it. This process has already started, and more and more Canadians are taking their health care needs outside our borders for care. We are going to lose the health care system in Canada to spiraling costs and bloated bureaucracy – it just a matter of time. That’s how it ALWAYS goes when you put the government in charge of running something. We’re not bitching socialized health care – we’re bitching about its guaranteed demise.

3. Probably half of Canadians drink water from their own private wells. We’ve never had a Walkerton event with our private well. Our well water does not require chlorine nor is it fluoridated. If you live in a city – you are paying a water (and sewer) bill to the city for that service. This is called pay for use – not socialism.

4. Most cities these days have sublet their garbage collection services to privately owned companies as the Unionized City employees that used to do the job cost twice as much for half the work compared to hiring it out to the private sector. Most are also running “bag tag” type systems which require you to pay on top for garbage disposal that your taxes used to cover. This again is not socialism – it is pay (the private sector) for service. The taxes that used to cover garbage removal now go towards the ever increasing public sector wages, benefits, and pensions.

5. More and more kids are not being educated in the public elementary system because it is… well… failing to educate. I spent less than half my school time in said system, my kids have spent ZERO time in it – and I know many more educating their kids outside the public school system. The public school system will eventually just cost way too much to run – and will suffer the same fate, (for the same reasons) as our health care system. Put the government in charge – and you can consider whatever it is they are doing as temporary.

6. Most Canadians do not work in the public sector. Although I’m sure most of us would jump for a chance at one of those gravy union positions (OPG/Hyro One etc…), that pay 90K to mop the floor and a 50K pension after 25-30 years. Who wouldn’t?

#100 Also in Cowtown on 07.05.19 at 11:35 am

Need little, want less…

#101 Hindsight on 07.05.19 at 11:53 am

Read this Garth, then maybe you’ll “get it”…..ti.es are cha ging for a reason !!!

https://www.zerohedge.com/news/2019-07-03/how-monetary-policy-leads-destruction-middle-class-and-rise-populism

I get it. Nothing will change. – Garth

#102 Tater on 07.05.19 at 12:01 pm

I was going to write some words on the secret to happiness, as I see it, but Mark has driven it home far better than I could have.

#103 IHCTD9 on 07.05.19 at 12:04 pm

#97 crowdedelevatorfartz on 07.05.19 at 11:18 am
@#92 IHCTD9
“Old made in the USA is great quality for sure….”
+++++
My parents had an old,used Fridgidaire fridge given to them in about 1960.
That fridge tacked away for 20 years until they gave it away to someone when tey downsized and moved to an apartment.
My sister popped by to the home of the guy that STILL has it…. last summer.
It was ticking away in his garage keeping his beer cold….

https://www.pinterest.ca/pin/334673816038036718/

60 years old?
__

Back when there were no energy star ratings and things were built to last :).

That’s a sweet looking fridge – I’ll bet it is going up in value as we type.

Maybe you should try to get it back !

#104 Howard on 07.05.19 at 12:06 pm

#93 brad on 07.05.19 at 10:35 am
‘THE DEBATE IS OVER’

“It is incredibly clear that money earned outside of our economy was driving the unprecedented real estate market from 2015 to 2017,” Magee said. “Anyone who argues against this, after seeing $22.5 billion disappear from the market, must be financially, and emotionally, motivated by selling misinformation. The debate is over.”

Proven to be incorrect by every stat thus far generated. Loose credit encouraged the boom. That’s why Canadians now carry an historic debt load, with 67% of it in the form of residential mortgages. Facts are facts. – Garth

——————————————

That was the effect of the housing bubble, not the cause.

People borrow to buy. Buying creates demand. Demand jacks prices. Try again, Einstein. – Garth

#105 Dogman01 on 07.05.19 at 12:14 pm

#60 crazyfox on 07.04.19 at 11:14 pm

“War is a racket”

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

#106 crowdedelevatorfartz on 07.05.19 at 12:16 pm

@#90 Ponzie
re 99 IHCTD9 response.

+++++

What he said.

#107 Mattl on 07.05.19 at 12:19 pm

#44 Okanagan on 07.04.19 at 8:03 pm
Detached house prices for June, 2019 down 12% from 2018 peak.

Townhouse prices for June, 2019 down just barely 1% from 2018 peak.

Condo prices for June, 2019 down 14% from peak.

__________________________________________

Kelowna doomer alert!

Real estate is measured YOY to account for seasonality. Measuring from the peak is pretty stupid. And if we are going to do that, please also include measurement from the trough. Kelowna is one of the most seasonal markets in Canada, in good times and bad times it can swing 5-15% within the year, winter to spring. So we measure YOY.

If anyone’s interested here is where the central OK is:

* Residential RE is down approx 3.5% YOY
* Townhouses up slightly, Condo’s down 2.5%.
* Days to sell increasing substantially – 78%…nothing selling in June
* Units sold, total mix, down 8% YOY
* Listings are down 6% (17% for residential!)

Where I am, sales are pretty slow – a few homes under 1MM have sold but the nicer stuff, 1.5MM up is not moving. A bunch of inventory came on the market here in March / April but most is still up for sale.

No need to use franken stats to try and make a point, the market here is definitely soft. But prices seem to be holding. I get the sense that a bunch of the inventory that came on was sellers trying to capitalize on the big increase the last few years but missing the top.

Expect a slow melt / stabilization. Anyone that follows Kelowna RE will recognize this as the norm. Long days on market, middling appreciation. Anyone buying here to get rich on RE is nuts, flip side is I doubt we see huge declines as prices are still relatively affordable – you can get into a home in a number of areas for under 500K. In fact you can live across the street from the beach for under 900K. Still some good value to be had.

#108 IHCTD9 on 07.05.19 at 12:34 pm

#96 crowdedelevatorfartz on 07.05.19 at 10:55 am
Just when you thought the Maple Leafs stories couldnt get any more bizarre………..

https://www.thetelegram.com/news/canada/im-your-minister-and-youre-a-f-ing-loser-eugene-melnyk-recounts-lisa-macleods-alleged-public-tirade-329979/
______

Ford had better fire her loud-mouthed pompous @zz post haste…

#109 JB on 07.05.19 at 12:38 pm

#69 Smoking Man on 07.05.19 at 2:48 am

I’ve noticed the culture differance between Canadians and Americans.
Canadians talk with their houses. Americans take about their kids.
Canadians dont have fkd up kids. Or so they say.
I’m loving it here. It’s as real as it gets.
……………………………………………………………
No they don’t talk about their houses or is it horses? Smoking Guy it is hard to understand you sometimes. My sister and her husband are here right now from Texas and when I showed them this blog and said you have to read the shit this guys says on it. They could not believe it. We went back in history and they said your whacked. My brother in-law is a born and bred in Texas native and he said something along the line of He’s all hat and no cattle” referring to you. I believe he said your full of shit and that he said I think you didn’t drink upstream from the herd. We all had a great laugh, and we talked about our children and family not houses or horses. BTW your periscope broadcast last night was epic………………….crickets, chirp, chirp, chirp…….what happened Smoking Man we all ready to watch?

#110 Westcdn on 07.05.19 at 12:51 pm

I think having a poor plan executed well is better than a good plan executed poorly. My experience is execution is the key yet circumstances matter. An example would be withholding 5% of your pay cheque for a RSP contribution. Poor results if you are lower income verses TFSA. Then there is the issue of where to put the money and designs for it.

If I see a problem bigger than me, I will run to the hills rather than bite it’s ankle. Maybe pissing in it’s cornflakes later can win but the important thing I am still here and fomenting. The only thing that can bring me to heal is to threaten my bloodlines. There is combativeness to me for merit. Slackers and cheats be dammed – yeah they are fun at parties but that is far as it goes. It always pays to have good consul – best if it is your spouse. There is a big difference from being born into a lifestyle against making one – I am in the latter.

I equate luck with God. I feel like it is keeping me humble – what, I was Genghis Khan in a previous life. How does my daughter in the middle of nowhere land a serious managerial job with a major international company after maternity leave – my former wife did the same trick. I would have it this way where my family and friends do better me – I will be back.

I have weird dreams and ideas. I like adult cartoons such as Archer because they seem to give me a release for frustrations. I do like laughing at things I would never do. I swear my last and only roommate was psychopath – only a few are dangerous, their brains are wired to ignore empath – they only want to win. Lousy parents have to own yet there are good parents who get bad, maybe “entitlement” as the issue (my mother said the 1st duty was to raise responsible adults). Trump comes to mind and I will treat him as such until proven wrong – I am sure he will find the sycophants he needs.

I like this scene from Deadpool 2 – time to fight dirty
https://www.bing.com/videos/search?q=time+to+fight+dirty+deadpool&view=detail&mid=889FFD0717CB9CFDA9A0889FFD0717CB9CFDA9A0&FORM=VIRE

#111 Dogman01 on 07.05.19 at 1:16 pm

Robert – interesting book re population decline; this evaluation is credible IMO: https://www.goodreads.com/en/book/show/37585564

Jasmine – I am hoping the healthy mixing will be adopted by all the immigrant communities.
The existential fear (which fuels anti-immigrant sentiment), Is the concern the communities will isolate themselves and adopt norms that made the place they came from a place to flee from.

My best friend in the 80’s as a kid was a Sikh, we met in our integrated public school, playing street hockey till the lights went out. My parents met his parents and a healthy cultural mixing was begun. Recently our Local school Board proposed a Sikh program school to be set up in what has become a South Asian area of our city. I voiced my opposition as it will further reduce the mixing that is so healthy.

I have also seen the opposite: I encountered a manager whom hired from only his community. Those employees paid deference; they kowtowed to him; which described the phenomena perfectly. One of the guys from that cultural tradition told me he was considered a “Big Man” in the community for his support. No one in our “PC” HR department was willing to address the rather suspicious hiring trend.

I agree with ; IHCTD9 on 07.04.19 at 6:45 pm; overtime we will have good results. As society we need to nudge the positive integration and discourage the isolation. Pick the best; discard the rest.

#112 Shawn Allen on 07.05.19 at 2:11 pm

Banking Misrepresented?

CrazyFox above claimned:

When A Canadian buys a house through a bank, our Canadian banks borrow the money through U.S. treasuries and securitizes these bonds through MBS’s.

****************************
Any proof? That might happen on occasion but it is clearly not the normal way that Canadians banks fund mortgages. Check any bank balance sheet.

The statement is a bit bizarre since when a Canadian bank or anyone else owns a U.S. treasury, they are investing in an asset, not borrowing. You can’t fund a mortgage due which is an asset by having other assets. The funding must come from the other side of the balance sheet.

#113 Shawn Allen on 07.05.19 at 2:17 pm

Too much government and personal debt?

It would seem so. But then again what is the logical amount for a government to borrow when it can borrow on an interest-only basis at 2%?

We need a new transit line. Do you prefer $1 billion ($1000 million) extra taxes to pay up front right now or instead $20 million per year for interest in perpetuity. Your personal tax bill: $1000 today or $20 per year forever. Guess which one people choose?

If you could borrow at literally zero percent and interest only, why would you not borrow basically an infinite amount?

Apparently many countries in Europe can do this today.

Stupid government bond investors?

As consumers if we can borrow large amounts at 2% or 3% what is the logic of ever paying it off? Your granpa’s rules no longer apply?

#114 Shawn Allen on 07.05.19 at 2:20 pm

Loose Credit is the problem?

Any yet the banks and most all lenders have been highly profitable with minimal loan losses. CMHC guarantees mortgage loans but makes a large profit doing so.

Will the party eventually end?

Is the problem depositors who accept less than 1% on their savings? Loose investing?

#115 oh bouy on 07.05.19 at 2:45 pm

Hey, how are you crusty buggers doing today?
Its glorious outside.

#116 crazyfox on 07.05.19 at 3:23 pm

#99 IHCTD9 on 07.05.19 at 11:28 am

You’ve made very important points. There are certain sectors in which business has no business being in, namely because corps and private enterprise is for profit and far too often business fails to provide essential services because they are either too greedy or don’t have enough resources to provide quality services.

Governments (good ones anyway) have to be the ones to spend money on essential services. When they don’t it lowers incomes and the flow of money over time. If, for example infrastructure spending slows, traffic slows and work productivity and trade slows. If the government implements serious cuts to public education and health, people stay sicker longer or just plain die and illiteracy rates rise, secondary enrollment drops and later, incomes drop creating a poverty effect over time. The same can be said for law and enforcement. We bitch when we don’t want them but are all too often silently thankful when we need them because we need the rule of law or incomes drop and on it goes.

What gets me is the often far too cozy relationships between corporations and government. Without public healthcare, we would see millions of Canadians going without care because they wouldn’t be able to afford it and we all know this. We also know that government budget spending is roughly 2/3rd’s education and health care. Why haven’t Canadians figured out that health care costs can be lowered with a better quality food supply? Are we not educated enough? Why aren’t our governments in Canada regulating the food manufacturing industry far stricter than it is now? It’s needed! 40% of us are obese, its obvious wherever we look, what more proof do we need?

All of the evidence of high health care costs point to unsafe foods & bevys and I can think of no finer example of this than added sugar. It’s excess use (More than 75% of manufactured food products have added sugar) has created a diabetes epidemic (heart and fatty liver disease too). These are 2015 stats so they are a bit dated meaning these numbers are higher but 6.9% of Canadians were diagnosed with diabetes, 3/4’s or more of which is preventable through food manufacturing regs:

https://www150.statcan.gc.ca/n1/pub/82-625-x/2017001/article/14763-eng.htm

Scores more are sick and not knowing it, leading to that’s right, lower incomes biting into wealth. What is it, the average lifespan is reduced by is it 20 tears? It’s a classic example of a few getting rich at the needless cost of all the rest. Sound familiar?

I’m throwing it out there, 3/4’s of diabetes is preventable through government regulation of food manufacturing and imports, new studies are showing simple carbs (sugar) is the leading cause of dementia and heart disease and what is government doing on the regulation side? Crickets. Instead, governments are running unsustainable red ink with public health care instead of doing their jobs protecting north Americans through regulation and its not just North America. American food manufacturers have exported their unsafe food products for handsome profit world wide leaving those in the know to think at has to be corruption responsible… because it is.

Do we need public subsidized votes again and strict lobby laws again in Canada? Governments that care beyond their own self interests? It will take more than this, we need governments that take a stand on trade import regulation, governments with vision, good diplomacy, governments that do their friggin’ jobs. What more proof do we need for change than the overall declining health and well being of our citizens and ballooning red ink budgets of governments subsidizing food manufacturing giant’s profits at the expense of our health overall… its madness! What is so hard for governments to wise up to their roles in keeping people healthy, productive and safe?

It keeps coming back to the same thing for me. I’m generalizing here but if we cared more about the stranger next to us, if we were our brothers keeper, we would have been collectively on this issue long ago but we aren’t because we are too self absorbed, to distracted by our own self interests, too unwilling to make the needed sacrifices that it takes for positive change and it shows. We are fat, unhealthy, unproductive and cry cheap towards any meaningful effort, resources and policies for change. Still generalizing here, but we suck.

#117 Overheardyou on 07.05.19 at 3:30 pm

Sadly, I must be the only one that disagrees with Mark. Being alive and not doing/wanting anything with your life sounds awfully boring. We come into the world with nothing, but we can leave our own mark when we leave by living a life of purpose.

#118 n1tro on 07.05.19 at 3:47 pm

#117 Overheardyou on 07.05.19 at 3:30 pm
Sadly, I must be the only one that disagrees with Mark. Being alive and not doing/wanting anything with your life sounds awfully boring. We come into the world with nothing, but we can leave our own mark when we leave by living a life of purpose.
——————–
Everyone’s life has purpose even if it is living a minimalistic life and no one sees it. A bit arrogant to think that purpose equates being noticed by others.

#119 Barb on 07.05.19 at 4:06 pm

I’m soooo tired of what Horgan’s brand of socialist envy has done to B.C. in such a short time. I wasn’t a die-hard Liberal supporter either, despite B.C. welcoming the world at Expo and later the Olympics which created a world-wide interest in moving here.

Now BC’s government is telling the world to take a hike unless they play by Horgan’s nefarious and discriminatory rules.

Horgan will soon run out of other people’s money.
Then who will be next?

Enjoyed reading the emails of Jasmine and Robert (who must’ve taken forever trying to find all those cap letters).

And a sincere thank you to Mark. It appears he has found the peace many people struggle to find.

#120 crazyfox on 07.05.19 at 8:41 pm

#112 Shawn Allen on 07.05.19 at 2:11 pm

You are right in that the money doesn’t come directly from treasuries… and yet it does. Garth has explained this a few times over the last 10 years and can explain better than I but I will try hopefully without too much error or confusion.

U.S. treasury bonds are bought by Canadian banks and later used as debt security in the secondary market for CDO’s, CMO’s and MBS’s:

https://www.investopedia.com/terms/d/debtsecurity.asp

Canadian banks loan out money say, for a mortgage and then borrow at or near the federal fund rate from banks with accounts in the Federal reserve (pools or individual banks, I’m unclear) using U.S. treasury bonds as debt security, then Canadian banks package mortgage backed securities in the secondary market to make money on the spreads.

The central bank sets the federal fund rate through control of the money supply.

https://www.investopedia.com/terms/f/federalfundsrate.asp

So, someone borrows to buy a house from a bank (first time money changes hands, Canadian dollars). The bank buys U.S. treasuries to use as debt security in the secondary market, then borrows from U.S. banks at or near the fed fund rate (again in U.S. dollars, second time money changes hands), the Canadian bank then sells MBS’s offloading risk (I assume in U.S. dollars, 3rd time), making money on the spreads or offloads risk through CMHC backed mortgages and makes money on the spread (not sure if MBS’s are required for CMHC insured loans, but MBS’s generate risk free mortgage capital). Since some what is it, close to 70% of mortgages in Canada are 5 year loans (not coincidental, increases money velocity strengthening U.S. currency every time money changes hands), money exchanges again through term renewals over a 10 year cycle further increasing money velocity strengthening the dollar over the same initial transaction.

Someone feel free to jump in if I’m in error, I’m not in commerce.

#121 Marco on 07.06.19 at 4:12 pm

Well, with the fall of Soviet Union, capitalists showed their real faces and went for kill. No secure jobs, no pensions, no social security , no raising wages and so on.
Assisted suicide they offer as a relief. But now when Russia and China are going big, panic mode sets in and maybe workers will gain something. Because working class is no more, Man with fancy socks is endlessly talking about middle class….

#122 Nick on 07.07.19 at 2:06 am

God bless you Mark – you are absolutely right