Just weird

Big news Sunday as the US Fed slashed its rate again. By a full 1%.  To zero. Plus it’s throwing $700 billion into the liquidity pot through bond purchases. Breathtaking.

On Monday our Big Banks will lower their prime rates. Or not. Could take days. Despite the central bank’s panicked move on Friday there’s nothing compelling the Royal, TD or the other guys to cut. And if they do, the drop could be less than the half-point Ottawa delivered.

In fact, did you notice that some mortgage rates have increased? How could that be?

Well, the whole world’s getting weird. About to become weirder, too. If you thought last week was nutso, just wait for this one to be finished. The financial gods know this. It’s why the Bank of Canada delivered that steep and shocking reduction on Friday. It’s why Morneau just handed over $10 billion to the same small business dudes he was trying to eviscerate a year ago. And it’s why the bank regulator relaxed controls and urged the big guys to shovel $300 billion in loans into the economy. It’s also why Ottawa will soon announce how it’s going to send money to people to pay rent and buy groceries. Plus why CMHC is allowing a six-month mortgage holiday.

These are desperate, emergency measures to deal with the economic effects of a pandemic which has turned normal citizens into Tpaper-hoarding, self-isolating, social-distancing, zonked-out zombies. I mean, have you checked out the grocery store lately? Wal-Mart’s food area? Costco? Politicians, the media and the Internet have managed to alter human behaviour in less than seven days. The amount of disruption that stressed-out people are accepting is immense. Next up are sealed borders, grounded domestic flights, personal travel restrictions and the shuttering of every public institution save hospitals.

This by the way, is happening in the midst of an historic piddling-match between OPECers and the Ruskies which collapsed oil and decimates Canada’s main export commodity. What a perfect storm for this nation of little beavers – crude collapsing, travel and tourism gone, big sports closed, supply chains busted, businesses without customers and a for-sure recession starting. Good thing MPs are on the job in the House of Commons. Oh, wait…

So, this is why interest rates aren’t cascading lower at the banks. And why some home loans are going up. Cuts are not happy events for the banks, already lending money out for five years at the inflation rate. As the central bank was hacking on Friday one big bank jacked up its VRMs by exactly the same amount, for example. Low rates mean lower profits and a harder time matching the cost of borrowing with funding sources. Thus, some fixed-term rates increased on Saturday.

Recessions hit banks as well as workers. If you recall, mortgage rates were up a dozen years ago when the credit crisis was raging and CBs were slashing the cost of money. Same reason today. Low rates bring more banker risk. If you need a mortgage, go get one. Even if the Bank of Canada moves to zero (increasingly likely, now that the Fed is there) it doesn’t mean you borrow for nothing.

Next?

Widespread, drive-in virus testing in the US will probably bring shocking results. Trump will send the country into virtual xenophobic lockdown. The media will have a cow. The odds of a global recession will mount. Mr. Market will not be happy. The bottom of that bear market Ryan talked about here on Saturday could arrive swiftly. Of course, the pandemic will fade in a few months, the oil war will mitigate, pent-up consumer demand will explode and the trip back up for financial assets will likely be explosive. Don’t miss it by giving up and cashing in now. Bad idea.

And what about the real estate market? After all, this is rutting season. Realtors expected cheapo mortgages and thin listings to send prices skyward. Still on?

Don’t count on it.

People desperate to buy a $6 package of toilet paper, worried about their employment and being told every twenty minutes by CBC that they’ll soon die, are not exactly motivated to dive into debt. It doesn’t matter how low the cost of a loan goes if your workplace is quarantined shut and your job looks dicey. Meanwhile owners don’t want to list and open their homes to potentially infected strangers (especially if they rent. Yuck). Remember that in China during the virus attack real estate sales collapsed 98%, something which agents and brokers are seeing in Covid hot spots like Seattle and parts of California.

As for high-end properties, well, kiss them off until stock markets are restored. And condos? Pffft. Who wants to ride in stuffy, little, airless elevators with barbarians from other floors who hurl all their greasy germs on the buttons?

So, nah, forget the interest rate thing. This spring will be a real estate write-off. What comes after that, however, may knock your socks off.

 

273 comments ↓

#1 Yukon Elvis on 03.15.20 at 3:47 pm

Toilet paper sales up. There are more a**holes than we thought.

#2 Emile on 03.15.20 at 3:47 pm

> What comes after that, however, may knock your socks off.

Recovery? Or?

#3 Dave on 03.15.20 at 3:51 pm

What do you think will come after???

#4 MF on 03.15.20 at 3:52 pm

“This spring will be a real estate write-off. What comes after that, however, may knock your socks off.”

-Lol every once in a while we get a little cliffhanger like this gem^

Anyone else guessing what that last line means?

MF

#5 Ware on 03.15.20 at 3:53 pm

Here is Vancouver let’s hope ecodensity becomes egad density.

#6 Howard on 03.15.20 at 3:53 pm

There’s now talk in the mainstream media that the Fed will slash to zero-bound at the FOMC meeting on Wendesday. Sheer madness. This will require an ever escalating Fed intervention in the repo market to enforce these rates. “Capitalism”, folks.

https://www.cnbc.com/2020/03/13/fed-increasingly-expected-to-cut-interest-rates-to-zero-next-week.html

So far though, the cuts aren’t being passed on to mortgage rates.

#7 Dave on 03.15.20 at 3:55 pm

In order to plan long term…we need some insight on real estate in the summer?

#8 Post on 03.15.20 at 3:58 pm

“ What comes after that, however, may knock your socks off.”
————————————————————-
Ummm….
What does that mean? If it means that real estate market are going to rock n roll. It may be wise to buy now or soon?

#9 NoOneOfConsequence on 03.15.20 at 3:58 pm

Two good things about the virus thing;
1. here in YVR, my neighbors are finally somewhat prepared for an earthquake.
2. Those of us late to the investing game get an opportunity that hasn’t come around before.

Thanks again for all you do – always a great read!

#10 Flop... on 03.15.20 at 3:59 pm

Vancouver real estate was already all over the shop.

We are almost 4 years post detached peak and people are still trying to escape without taking too big a hit.

Someone the other day took a 2.3 million buck loss plus expenses.

In percentages, close to 40%, plus expenses.

Not worthy of any media attention.

If you have a decent product, at the right price, roughly 20% down from 2016 peak, it still sells in my area.

Long term holders can still win out…

M45BC

#11 Paul on 03.15.20 at 4:02 pm

Is a run on the banks in the cards?

#12 Figmund Sreud on 03.15.20 at 4:02 pm

In case you wish to speak to your doctor, … but he is in isolation – like my doctor, currently is – here is a vid-chat with a doctor that might just help:

All about COVID-19 with Physician and Writer Kevin Patterson
https://thetyee.ca/News/2020/03/15/Kevin-Patterson-COVID/

… give it a whirl.

Best,

F.S. – Calgary, Alberta.

#13 Rick Fast on 03.15.20 at 4:07 pm

Its finally over. The real estate bubble is bursting!! GTA house prices will be down over 50 percent when all is said and done. Unemployment will go up, people will not be able to afford mortgages, investors will bail out from their condos. ITS OVER. Bye bye real estate agents. I will donate to your food stamps.

#14 Jim on 03.15.20 at 4:08 pm

I think you are underestimating this whole thing. But i hope you are right and i am wrong.

#15 Shawn Allen on 03.15.20 at 4:11 pm

A few thoughts:

Global recession? That is an absolute certainty. North American GDP has to go down by a shocking amount in Q2 with all the things that will shuttered. The job loss numbers should be epic by April. (Maybe even March depending if the phone survey is done in late March).

The markets?

Don’t ask

Social Distancing and staying home?

This (along with massive testing) is the only hope to stop the spread of the virus.

It’s not happening yet. Store clerks are not wearing gloves and seem unconcerned. Many thousands of people who have traveled are not self-isolating.

Peak Fear?

We are nowhere close to peak fear yet. What does that tell you about the bottom of the market?

Italy?

No slow-down yet in new cases despite drastic isolation measures.

Credit Markets?

Many businesses will soon face drastic revenue declines. Would you lend them new money? At what rate?

Inflation?:

That would be deflation. Gasoline 74.9 cents in Edmonton today despite the carbon tax and all the other taxes. Credit to Real Mark on this. Stan Brooks about to get what he wants and will not like it one bit.

Well that’s enough gloomy thoughts for one post.

On the positive, science can solve this. Let’s see the ingenuity of science unleashed at hyper speed on this. All brains on deck now. And clear the regulations for immediate testing of vaccines and prevention methods and treatments.

#16 Apocalypse2020 on 03.15.20 at 4:13 pm

And today is the Ides of March.

“What comes after that, however, may knock your socks off.”

#17 PhilSelfInvestor on 03.15.20 at 4:14 pm

Hello Garth,

I’m not sure if you had heard of this:

“The buffers, established by global regulators in the wake of the financial crisis, are designed to push the banks to accumulate capital during good times, which they can then draw on when conditions become tougher.
OSFI said the decision to lower the buffer “is being taken in order to support D-SIBs’ ability to supply credit to the economy during an expected period of disruption related to Covid-19 and market conditions.”
The regulator said that the banks are encouraged to use the freed up capital and their liquidity buffers, if necessary.
It also said that banks are not to deploy the capital to increase distributions to shareholders or engage in share buybacks.”
OSFI slashes banks’ required capital buffer
https://www.advisor.ca/news/industry-news/osfi-slashes-banks-required-capital-buffer/

What do you think in particular about:
a) The OSFI slashing capital requirements for the banks- does this mean that the financial system is at risk?
a) Investing in the big 5 banks and telcos (BCE/T) and power companies (AQN, POW, CU, FTS) using HELOC money?
b) Is the financial system at risk such that current holdings in big 5 banks are at risk of bail-in?

Thank you for any replies.

#18 mike from mtl on 03.15.20 at 4:17 pm

Right just wait until 1H results start rolling in, I can see it now: “traders” will be shocked at figures and start another ugly sell off. Even though we all would naturally expect poor results with basically the consumer market on hold.

By summer once this mess passes, at now ultra low rates, a huge stock crash, the RE bulls will be galloping.

#19 Yukon Elvis on 03.15.20 at 4:17 pm

#2 Emile on 03.15.20 at 3:47 pm
> What comes after that, however, may knock your socks off.
Recovery? Or?

#3 Dave on 03.15.20 at 3:51 pm
What do you think will come after???
……………………….

Big time oil war recession. Plus, who has confidence that this govt. can keep the trains running and the economy humming?

#20 Toronto_CA on 03.15.20 at 4:18 pm

I just read that Airbnb is going to be brutalized by this virus. So that’s one silver lining. That could cause landlords to sell their Airbnb units or turn them into proper rentals, both would be welcome moves.

#21 not 1st on 03.15.20 at 4:21 pm

#3 Dave on 03.15.20 at 3:51 pm
—-

A full pt rate cut or more, massive delayed demand, mortgage holidays, low interest business loans, trillions in on going CB stimulus pumped in and a 35% correction in the market?

If you don’t know the answer to that I cant help you.

#22 Doug t on 03.15.20 at 4:22 pm

EPIC times – and this country is going down like a cheap hooker on east Hastings

#23 Doug t on 03.15.20 at 4:23 pm

#11 Paul

There isn’t enough actual cash in the banks lol

#24 The real Kip (Ret) on 03.15.20 at 4:30 pm

Question. Does interest still accrue if the banks give a mortgage holiday? I’m thinking yes and years of paying down would be wiped out in a few months of deferred payments.

#25 Piano_Man87 on 03.15.20 at 4:34 pm

“Of course, the pandemic will fade in a few months. ”

Could take more than a year.

Also, Dr. Bruce Aylward recently said that no vaccine has every been successfully developed for any coronavirus. So I wouldn’t have our hopes up that we will get one for Covid-19.

Hubei is still on lockdown. Cases still appearing in China. If they end the social distancing measures, lockdowns, etc – why would anyone think the virus won’t start spreading rampantly again? Ultimately this thing is going to burn through half the world population, or we will have social distancing forever.

#26 Wkg on 03.15.20 at 4:35 pm

Interesting interview with Tom Caldwell this afternoon. Always enjoy listenining to his opinion. His main message, this will pass, bottom is probably not in yet, and Canada is seen as a joke among the g7 since. 2015. Get ready for a 70 cent dollar.
Take care of yourself peoplekind

#27 theoryAndPractice on 03.15.20 at 4:37 pm

“What comes after that, however, may knock your socks off. ”

What will come after ?
a-Unemployment
b-Recession
c-Bank runs
d-Toilet Paper Wars
e- $1 CAD = $0.60 USD ?
f- All of the above

#28 GOLDENBOY on 03.15.20 at 4:43 pm

Costco and Superstore in Winnipeg are bonkers right now but I just stopped at Safeway and bought children’s Tylenol, milk, powdered milk and a roast. Fairly quiet for a Sunday and no waiting at the till. I should mention there wasn’t any TP BUTT I bought some weeks ago.
Went to visit my 90 year old mother and was told the home will probably stop visits In a day or two.

#29 FreeBird on 03.15.20 at 4:51 pm

Germany trying to prevent US big pharma monopoly over new vaccine and helping ensure access (at fair costs?)…

https://www.google.ca/amp/s/www.aljazeera.com/amp/ajimpact/lure-german-firm-working-virus-vaccine-report-200315165703635.html

https://www.cnbc.com/amp/2020/03/15/coronavirus-germany-tries-to-stop-us-luring-away-firm-seeking-vaccine.html

Ending China’s hold…

https://www.google.ca/amp/s/www.nytimes.com/2020/03/11/business/economy/coronavirus-china-trump-drugs.amp.html%3f0p19G=2870

A lot of money on the line.

#30 Renter's Revenge! on 03.15.20 at 4:54 pm

#17 PhilSelfInvestor on 03.15.20 at 4:14 pm

POW is not a power company.

#31 BS on 03.15.20 at 4:59 pm

On October 24, 2009, President Barack Obama declared Swine Flu a national emergency in the United States. That was 6 long months after the US outbreak. Yet the media fawned over Obama’s every move as over 12000 deaths mounted in the US prior to the declaration. Obama then put in FDA regulations which have hampered the testing in the US so far and Obama prepared nothing for future pandemics in his next 7 years in office. Left Trump with a mess.

Here is Canada our PM has gone into hiding and refused testing (media freaked when Trump wasn’t tested), came out with no Canadian testing plan (media freaks about US testing when we don’t have it here) and have kept flights from every CV virus hot spot in the globe coming in unabated (media silent).

Today we have Trump who acted faster than any western nation banning flights from China. So far less than 70 deaths in the US indicates it is not as wide spread as the media wants you to believe. You can’t hide deaths. If it was wide spread people would be dying like in Europe. Now Trump has called a national emergency and an unprecedented private public partnership to prevent spreading and provide testing. True leadership.

The silver lining is this will be the final nail in the coffin of critical supply chains based in China, globalism will be on the decline and open borders will be a thing of the past as more countries leave the EU. What a disaster open borders have been. Could be the final nail in the Canadian housing bubble as we have a recession and Alberta oil trades at under $20. It will be a buying opportunity for US stocks.

In the spring of 2009, a novel influenza A (H1N1) virus emerged. It was detected first in the United States and spread quickly across the United States and the world. This new H1N1 virus contained a unique combination of influenza genes not previously identified in animals or people. This virus was designated as influenza A (H1N1)pdm09 virus.

From April 12, 2009 to April 10, 2010, CDC estimated there were 60.8 million cases (range: 43.3-89.3 million), 274,304 hospitalizations (range: 195,086-402,719), and 12,469 deaths (range: 8868-18,306) in the United States due to the (H1N1)pdm09 virus.

https://www.cdc.gov/flu/pandemic-resources/2009-h1n1-pandemic.html

#32 TurnerNation on 03.15.20 at 5:02 pm

I’m not a futurist we have to just look at what they’ve laid out in front of us.
People have pointed out, the clock has been rolled back almost 20 years.
To September 2001. We have travel restrictions, a financial markets take-down (even Bitcoin) and people clamouring for govenrments to something, anything to save them from a virus (or Saddam’s WMD).
People are locked down in there homes, glued to the tele-screens, fed increasing scarier info until they crack.

All these things have been brewing, on the sidelines, and just waiting for the right crisis to be rolled out. Manufactured Consent (Chomsky)
https://www.bankofcanada.ca/2019/04/the-road-to-digital-money/

#33 theoryAndPractice on 03.15.20 at 5:04 pm

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program – https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html

#34 YouKnowWho on 03.15.20 at 5:04 pm

What comes after?

With no sports on TV and no one going out…a BABY BOOM, that’s what.

The same people who hoarded toilet paper will reproduce en masse!

#35 MF on 03.15.20 at 5:06 pm

Fed just cut rates alllll the way to zero.

Lolololololol

Beyond pathetic. Confidence in this institution should also be ahhhzeeeero.

Stick a fork in this economic system.

MF

#36 Toilet Paper [email protected] on 03.15.20 at 5:10 pm

I am pre-selling a handyman special carton of TP, ‘as is’ condition with slight browning from contamination but in a neighbourhood with excellent Fraser school rankings and upscale amenities.

My commission will be 5%, added to the total of $57,500.

Buy now or rent forever.

And do you really want to rent someone else’s TP?

#37 not 1st on 03.15.20 at 5:11 pm

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program

https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html

#38 Blog Bunny on 03.15.20 at 5:12 pm

Looks like COSTCO is the best place to catch the virus right now. Everybody’s there including my co-workers and my parents.

#39 sailedaway on 03.15.20 at 5:13 pm

US fed has just cut to zero.

#40 PhilSelfInvestor on 03.15.20 at 5:14 pm

Fed just cut rates to 0%
It will be mayhem in the markets next week…
Bottom is some ways out, I would guess.

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program
https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html

#41 Howard on 03.15.20 at 5:16 pm

#6 Howard on 03.15.20 at 3:53 pm
There’s now talk in the mainstream media that the Fed will slash to zero-bound at the FOMC meeting on Wendesday. Sheer madness. This will require an ever escalating Fed intervention in the repo market to enforce these rates. “Capitalism”, folks.

https://www.cnbc.com/2020/03/13/fed-increasingly-expected-to-cut-interest-rates-to-zero-next-week.html

So far though, the cuts aren’t being passed on to mortgage rates.

———————————–

FFS! They couldn’t even wait until WEDNESDAY!

This is supposed to rejuvenate market confidence? The Fed panicking?

From NYTimes:

The Fed slashes rates to near-zero.
The Federal Reserve slashed interest rates to near-zero and unveiled a sweeping set of programs — including plans to snap up huge amounts of government and mortgage-backed debt — in an effort backstop the United States economy as the spread of coronavirus poses a dire threat to economic growth.
“The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” the central bank said in a statement on Sunday. “The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses.”

Besides cutting its key interest rate by a full percentage point, returning it to a range of 0 to 0.25 percent, the Fed said that it would increase its holdings of Treasury securities by at least $500 billion and its holdings of government mortgage-backed securities by at least $200 billion “over coming months.”

“The committee will continue to closely monitor market conditions and is prepared to adjust its plans as appropriate,” it said.

The Fed also encouraged banks to use its discount window, which provides ready access to financing, and said it was “encouraging banks to use their capital and liquidity buffers as they lend to households and businesses.” The Fed also eliminated bank reserve requirements — a suite of efforts meant to free up cash for the banks to keep lending.

#42 Shawn Allen on 03.15.20 at 5:17 pm

Fed just chopped interest rates top near zero

Would have been better if they did it tomorrow just prior to market open, it might have helped the market.

But lower interest rates can do virtually nothing for the economy at this point and by tomorrow morning this will be old news.

The market needs lower fear and that will come when we get good news on the medical and spread front. Lower interest rates announced on a Sunday will only add to fear.

#43 Emile on 03.15.20 at 5:20 pm

Powell Cuts Rates To Zero, Announces $700BN QE5, Unveils Enhanced Global Swap Lines

Wow…

#44 Toilet Paper [email protected] on 03.15.20 at 5:25 pm

By the way, I am a professional and have taken 12 hours of training in TP sales, on top of over 40 years of experience using toilet paper.

And if you are looking to sell toilet paper, I’m your man!

**If I don’t sell your TP within 72 hours, I will BUY it from you at a guaranteed price!

#45 under the radar on 03.15.20 at 5:27 pm

Fed intervenes again , cuts to .25 and will buy 700B in Treasury’s . Seems to me liquidity was drying up and markets were going to take another leg down Monday.

#46 The other Lebowski on 03.15.20 at 5:27 pm

The fed blinked again. I give it until tomorrow noon before it dawns on everyone that the central banks have no clothes.

#47 Bob Dog on 03.15.20 at 5:28 pm

I can only assume our corrupt incompetent criminal government planes to forge ahead with its plan to needlessly migrate four hundred thousand people from around the world and jam them into Vancouver and Toronto. I understand that the need for corporate profits far outweigh the health and financial needs of average Canadians but a year from now will foreign corporations like SAP Amazon and Apple have any use for Canada’s migrants.

#48 Down and out on 03.15.20 at 5:29 pm

#25 I too believe the world will recover but I will be sick forever if I miss this stock market buying opportunity which maybe once in a life time bargain

#49 SimplyPut7 on 03.15.20 at 5:33 pm

US Fed rates are now 0% – 0.25%.

Trump is happy now. Why aren’t Americans as happy as Trump?

I’m sure their employers will stop closing their stores and pay them their full salary so that they won’t need to go into debt to pay their monthly expenses, now that rates are near zero.

The US needs to spend more time finding respiratory ventilator machines for the severe cases of COVID19 not give free money to businesses who won’t pay for their employees’ full wages when they are told to stay home and not socialize with friends and family.

#50 NoName on 03.15.20 at 5:37 pm

#15 Shawn Allen on 03.15.20 at 4:11 pm

Store clerk not wearing PPE, you [email protected]#&+?

Funny that you put a store clerk in spotlight for not having PPE. Who suppose to provide them with PPE? I guess all safety money went ot hi efficient fridges, as per Greta advice…

Disclaimer my daughter (17) is cashier and she is at work now.

#51 The real Kip (Ret) on 03.15.20 at 5:39 pm

The Fed is pannicked. Trump says this is a day of national prayer. Jay Powell needs devine intervention. Time to pay the piper!

#52 sailedaway on 03.15.20 at 5:39 pm

“Into the Unkownnnnnnn”

#53 Steven Rowlandson on 03.15.20 at 5:43 pm

Toilet paper speculators indeed. https://youtu.be/5DBXeCy54ys

What will people think of next?

#54 Neo on 03.15.20 at 5:47 pm

Interest rates are crashing lower. Why are bond etf like XRB down so much. I was under the impression bonds go up in value when interest rates go down.

#55 Ultraman on 03.15.20 at 5:50 pm

« What comes after?

With no Chat on TV and no one going out…a BABY BOOM, that’s what. »

I was thinking more like divorce rate goes up the roof.

#56 Steven Rowlandson on 03.15.20 at 5:54 pm

One ought not think that this current crisis is one of a kind and all issues will be settled for decades or centuries. You will not be so lucky. This is just a seriously noticeable beginning to a series of crises that will not end until most if not all problems are dealt with properly and we have political, economic and environmental conditions that are favorable to growth. Resolution could take a while.

#57 DON on 03.15.20 at 5:57 pm

#4 MF on 03.15.20 at 3:52 pm

“This spring will be a real estate write-off. What comes after that, however, may knock your socks off.”

-Lol every once in a while we get a little cliffhanger like this gem^

Anyone else guessing what that last line means?

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

#58 CEW9 on 03.15.20 at 5:58 pm

#4 MF on 03.15.20 at 3:52 pm

“This spring will be a real estate write-off. What comes after that, however, may knock your socks off.”

-Lol every once in a while we get a little cliffhanger like this gem^

Anyone else guessing what that last line means?

MF

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

If I had to guess, given the extreme widespread economic effect this will have on the working class, my money is on…

Money. Making it rain from the helicopters with dolla dolla bills. AKA Universal Basic Income AKA TrudeauBux direct deposited into your account.

#59 Drinking on 03.15.20 at 5:58 pm

This will certainly change the world operates or will it??

The reason many of us were saying weeks ago to prepare is exactly for this reason. Now you have hundreds of people, pooled together, fighting over TP or canned goods while exposing themselves to the virus. Will it be as bad as the flu’s we have had; who knows?? Italy is just a terrible situation. Those of us that warned this blog, was not to cause panic but just remembering what happened (I believe 2009) with the H1N1 fear, 9/11 etc, it is human nature. I still do not get the TP thing, perhaps they have a secret recipe that they are not informing the rest of us of! :)

#60 MF on 03.15.20 at 5:58 pm

46 The other Lebowski on 03.15.20 at

Thats been the case since 2008.

No one believes anything they say anymore. It’s clear the system is dying. Remember how they said rates would rise for years because the economy was so “strong” hah. What did we get to? 1.5 % or something. Pathetic.

The real story here is just how fragile our system appears to be. Garth is right, the virus is one thing, but the fear and disruption is another, bigger thing.

The fed appears to be frightened, and yielding to political pressure from some sitting president. This from an institution that is supposed to inspire confidence in the system. Let that sink in for a bit.

Do you feel confident in the fed? Do you feel they are bipartisan? Independent? Competent? Apolitical?

Your answer to all those questions should now be “no”.

This thing is just getting started. Bottom is a ways off. Confidence is wavering. Maybe they will cut to -10% next lolol

MF

#61 Howard on 03.15.20 at 5:59 pm

While reading this latest news of the world’s financial bosses panicking and wetting themselves, I’m listening to a stream of Chopin and on comes the famous “Ocean” étude Op. 25 No. 12. Seems a fittingly ominous piece for these times. Ends on a hopeful C-major tone mind you, the martime storm giving way to clear skies and calm seas, so hang in there.

https://www.youtube.com/watch?v=9IbCEF1XF9Q

#62 The real Kip (Ret) on 03.15.20 at 6:00 pm

I wonder if PornHub will offer quarantined Canadians free service like they did in Italy.

#63 Jim on 03.15.20 at 6:01 pm

When will the real estate bubble pop in Toronto? Sounds like never, not in my lifetime.

#64 Steven Rowlandson on 03.15.20 at 6:02 pm

#35 “Stick a fork in this economic system.”

Don’t worry the fork is on the way. Be ready to survive and begin anew. The last 200 or more years are being weighed in the balance and will be found wanting. Yes there will be consequences but also a new beginning. Think of it as being like the turning of a Dynastic Cycle.
https://www.youtube.com/watch?v=9w6QYPzF2TI

#65 Grunt on 03.15.20 at 6:05 pm

On a different ride..

Garth insurance on a Harley Livewire is $4K stateside.
Most likely more here. Cost of the bike and still relatively unknown commodity.

#66 Slim on 03.15.20 at 6:05 pm

“If COVID-19 spreads on a scale similar to a typical flu, the death toll would be in the tens of millions worldwide.

That is what the CDC, WHO, and world governments are trying to prevent. This is exactly why now is the time to take action to limit the spread of COVID-19.”

—Steven Novella, MD, academic clinical neurologist at the Yale University School of Medicine

#67 DON on 03.15.20 at 6:06 pm

#54 DON on 03.15.20 at 6:02 pm

#53 DON on 03.15.20 at 5:57 pm

#4 MF on 03.15.20 at 3:52 pm

“This spring will be a real estate write-off. What comes after that, however, may knock your socks off.”

-Lol every once in a while we get a little cliffhanger like this gem^

Anyone else guessing what that last line means?

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

September 4th 2019

https://www.cnbc.com/2019/09/04/the-big-shorts-michael-burry-says-he-has-found-the-next-market-bubble.html

March 12, 2020
https://www.bloomberg.com/news/articles/2020-03-12/michael-burry-has-a-big-bearish-bet-warns-of-selling-stampede

Steve Eismen shorted Telus and then recently gave up…and then the stock falls. Should have waited a little longer.

I seems to be having technical difficulty posting today, Steve E had shorted Tesla…NOT Telus.

#68 People Panic on 03.15.20 at 6:09 pm

I’m a little disappointed with the reaction of our province and school boards in not closing the schools. The rational they are using is that by cancelling band concerts and field trips they can consider the class size and not the school size when comparing it to the 250 person maximum recommended by WHO and the US CDC. But I think this logic is patently ridiculous. The students all still mill around and interact in the hallways, use the same washrooms, gymnasium, band room, etc. Schools have always been a major vector for the transmission of all things viral and these measures they have already introduced clearly indicate that they know they should shut them down.

So why are they refusing to do so? That is the question I ponder. But a quick look around social media indicates they may not have to because none of the students will be in attendance next week anyway. I guess we will see tomorrow.

The fact of the matter is that sooner or later much of the population will be infected with new cases continuing until a vaccine is created. Lockdowns will not prevent that because eventually you have to go buy more toilet paper and life has to return to normal. And most people will survive.

But that is not the point. The point is that this thing is spreading exponentially and there is nothing that can slow it down besides social distancing. The reason it must be slowed down is so as not to overburden the medical system. There will be a certain percentage of cases that will require medical attention or people will die unnecessarily. The number of those cases must be kept below the number of available hospital beds or the elderly will be left to die in the hallways like what is happening in Italy. And from what we know from how Italy reacted to the virus, a country can go from looking perfectly normal when the virus is first detected to that state in just a few months.

We know from seeing for ourselves all across the globe how people reacted when they thought their toilet paper supplies might be threatened. Just imagine similar chaos at our hospitals. This must be prevented. We have seen several examples of how different countries reacted and what worked and what didn’t. The Canadian and provincial governments should be implementing full scale the measures that have been shown to work. If that means no school for the rest of the year so be it. I’m sure the kids won’t mind.

I’m also interested to see if the internet really has the capacity to handle a surge in work/school from home. But that is probably of minor consideration. Slowing the spread of the disease right now is the number 1 priority. And social distancing is the key to that effort.

Paradoxically, mobbing the Costco to buy toilet paper is the opposite of social distancing. It does not appear the word is out.

We have to reconsider all unnecessary social interactions. For example just the other day I rode a gondola with 2 folks who were clearly from Italy. It’s just how we ended up getting loaded. Then I got an email from the resort (a mass email) extolling the efforts they are making to disinfect the gondolas. Clearly they know they are a potential vector as well. But they aren’t shutting down, they are encouraging people to come. Profits first. Checking the webcam, it appears the people are still coming and standing in long lines together. No social distancing there.

#69 earthboundmisfit on 03.15.20 at 6:09 pm

Well at least l now understand the toilet paper thing. Everytime somebody sneezes, 100 people shit themselves. And the fights over bum wad? Likely the parents of Tide Pod eating children. There sure are a lot of villages missing their idiots.

#70 akashic record on 03.15.20 at 6:10 pm

What comes after that, however, may knock your socks off.

Recovery? Or?

Negative interest rate.
Home ownership human rights declaration amended in the Charter.

#71 Shawn Allen on 03.15.20 at 6:14 pm

Right not the stor clerk’s fault

#50 NoName on 03.15.20 at 5:37 pm
#15 Shawn Allen on 03.15.20 at 4:11 pm

Store clerk not wearing PPE, you [email protected]#&+?

Funny that you put a store clerk in spotlight for not having PPE. Who suppose to provide them with PPE? I guess all safety money went ot hi efficient fridges, as per Greta advice…

Disclaimer my daughter (17) is cashier and she is at work now.

****************************
I did not mean to blame the store clerks. You are right it is the stores who need to provide gloves.

My point is that on my brief and careful trip out today I saw little effort at social distancing. Not by the staff, not by customers.

In the store I wore gloves and then used a disinfectant wipe to press the screen on the self check-out. Every product I touched in the store I bought.

Everyone needs to get serious about social distance efforts and avoiding touching surfaces etc. As of today in Edmonton it was not happening.

By the way some gas pumps have pay with tap. I used that for the first time today at Canadian Tire gas station.

#72 Cbo on 03.15.20 at 6:16 pm

I have a one bedroom 500 square foot condo @ King & Bathurst. I’ll let it go to the highest bidder.
Reserve starts at $999,999.99

#73 Phylis on 03.15.20 at 6:17 pm

Like a round of musical chairs, my guess is that we finally get to see who is the greater fool.

#74 Ri on 03.15.20 at 6:20 pm

Hi Garth and the blog members

I intend moving money from Balanced funds to aggressive growth funds thinking that there will be more room for upside growth

Any ideas? Thanks

#75 joblo on 03.15.20 at 6:21 pm

All this from a guy eating a bat?

#29 FreeBird on 03.15.20 at 4:51 pm

Germany trying to prevent US big pharma monopoly over new vaccine and helping ensure access (at fair costs?)…

Will the Calgary Flames jump the cue ?

http://www.calgaryherald.com/health/Calgary+Flames+private+H1N1+shots+while+senior+citizens+homes+were+denied+inquiry+told/7819320/story.html

#76 Sunshine on 03.15.20 at 6:23 pm

I hate to say it but- we have seen this movie before and we know…….

#77 theoryAndPractice on 03.15.20 at 6:25 pm

Stock futures plummet — hit ‘limit down’ — even as Fed slashes rates; Dow futures off 1,000 points – https://www.cnbc.com/2020/03/15/traders-await-futures-open-after-fed-cuts-rates-launches-easing-program.html

#78 SPL on 03.15.20 at 6:30 pm

“What comes after that, however, may knock your socks off.”

Hyperinflation.

#79 crazyfox on 03.15.20 at 6:31 pm

There are lots of shoes to drop this week. Spain lock down (47 million people) with gatherings of no more than 5 people, everything closed and Germany restricting and closing its borders hasn’t gotten media attention yet (The Fed just went to zero, how does one spell crisis without seeing Q1 numbers I might add, NYC closes its schools) but it will.

Switzerland, I read a couple weeks back that they can handle 200 to 250 cases per million of new patients in their health care system. With a pop of 8.5 million and 2,217 cases and 842 new cases, they hit 256 cases per million today. Switzerland will likely have to close their borders no later than Wednesday to give commerce a chance to adjust to new realities. At some point Switzerland will lock down this week.

Poland closed it’s borders in a smart, preemptive move. Norway and Denmark will likely close their borders later this week as well.

Widespread, drive-in virus testing in the US will probably bring shocking results. – Garth

https://www.youtube.com/watch?v=RLgZU1byNjQ

Trump mentioned on Friday drive in testing at Walmart & Walgreens with a google website up and running for support to testing. When Walmart, Walgreens, Google and the CDC was contacted, it was the the first they’d heard.

10 days ago, Trump told Americans millions of test kits were coming next week, y’know, last week. Where are they? The world’s #1 economy might roll out test kits next week… maybe. Maybe not. Even once they arrive, Americans should brace for the reality that lab backlogs could take several days to confirm tests. That’s the way to keep the numbers down, anything to keep the masses from panic!

Why is there a run on Cottonelle, Charmin, Scott and Royal? The $hit show, obviously. We may also need a mop and a bucket with “EPA approved” Clorox and Lysol products near you. The video below is from March 6th but its still spot on. As of Friday there were still only 11,000+ tests done in the U.S. :

https://www.youtube.com/watch?v=Ow5bhEi6EdY

#80 Barb on 03.15.20 at 6:31 pm

#34 YouKnowWho on 03.15.20 at 5:04 pm

“With no sports on TV and no one going out…a BABY BOOM, that’s what.”
———————–

Or a spike in homicides.

#81 TurnerNation on 03.15.20 at 6:41 pm

This seems to be a scenario our elite bankers and rulers and oil catelliers have created to bankrupt as many people as possible.
Industries: real estate, oil, service, travel, hospitality. Investors.

What’s their end game. Worldwide basic income and global government body? Run by corps like Google? (Which has more that than God’s on us)

#82 Not 1st on 03.15.20 at 6:42 pm

Fed fighting yield curve instead of virus.

#83 Howard on 03.15.20 at 6:43 pm

Peter Schiff on Twitter just now:

Peter Schiff
@PeterSchiff
·
33s
Powell also announced that the Federal Reserve eliminated all reserve requirements for banks, which are now free to make as many loans as they want regardless of the level of Federally insured deposits they actual have. What could possibly go wrong?

#84 Sam on 03.15.20 at 6:44 pm

CDC updated today no gatherings of 50 people or more for 8 weeks

sorry investors, this is 2008 maybe worse if it lasts longer than projected.

banks to give mortgage holidays? Canadians live paycheck to paycheck

#85 [email protected] on 03.15.20 at 6:49 pm

It won’t be negative interest rates

https://www.cnbc.com/2020/03/15/powell-says-the-fed-doesnt-see-negative-rates-as-appropriate-policy-for-the-united-states.html

but what will it BE?

#86 NoName on 03.15.20 at 6:55 pm

@SA

I know no ill intent in your post. Social distancing won’t help anyone if populace is ignorant, and teachers and government is determined that stays that way. My subjective observation, i might be wrong on this one…

PPE now and then… true story

When i arrived in 98 friend of mine took me to gas station and she told me:
Fill the car up, i will buy something inside and pay, then we go, here are gloves and paper towel if you spill on a car.

I aksed where is a “pumpar” (gas station attendant)?

Here you pump your own gas.

I was filling my car on friday and out of curiosity i looked around, same gas station, no towels no gloves but dispensers there. Progres is funny thing…

interesting video about rechargeable batteries, by the looks of it made in japan are best.

https://youtu.be/-jXQNY6rve8

#87 Samuel on 03.15.20 at 6:56 pm

I stocked up well in advance of the next 2 weekends. Can you imagine the level of panic buying by those who basically live off of the child tax benefit and cpp / oas? I bet many of them have not been able to partake in the hoarding yet. And may be low on food already.

#88 crazyfox on 03.15.20 at 6:56 pm

Spain just locked down its nation of 47 million. No restaurants or businesses are to open other than food stores. Germany just closed and restricted its borders with Switzerland, Austria and France, with much looser restrictions within its borders:

https://www.youtube.com/watch?v=mR3LOvv9Z-0

When we look at worldometer:

https://www.worldometers.info/coronavirus/

These numbers will grow until 8:30 pm or so Ontario time. It’s worth checking to see the virus rate of spread throughout the nations of the world. To give us some idea of what to expect:
Numbers of infected from March 1st to 15th:

Italy 1,701, now 24,747
Iran 978, now 13,938
Spain 84, now 7,843
Germany 130, now 5,813
France 130, now 5,423
U.S. 75 now 3,400
U.K. 36 now 1,391

Numbers will at some point peak due to government response, they won’t grow exponentially here but we need to look at these numbers to give ourselves some idea of when health care systems could get overwhelmed if swift government action isn’t taken.

There are other variables to consider such as air traffic, populations, levels of testing is a big one but these numbers give us some idea of what to expect. If we look at worldometer again, all of the nations that have a 100 or more cases are at risk of 5,000 +/-, 2 weeks from now. If we look at China, there were 830 cases on Jan 23rd when the province of Hubei experienced its lock down. 2 weeks later (Feb 6th) there were 31,161 reported cases, mostly from the province of Hubei. This gives us some idea of what we might expect going forward. Of course, these numbers will peak as governments intervene but imagine what would happen if governments did not? Or couldn’t because they don’t have the means like the poorest nations of the world?

Italy for example, closed its borders last Monday but it wasn’t until Thursday that Italy closed its restaurants, businesses and bars asking for only 1M distancing up until that point. Numbers out of Italy likely won’t peak as a consequence for at least another 7 to 10 days and the question, since ambulance services and hospitals there are overrun is, since many sick can no longer get the medical help they need, will this effect the number of reported cases and by how much?

As of 3:32pm Sask time, there were 12,356 new cases, the 3rd day in a row of more than 11,000 reported cases but what shouldn’t go unnoticed is the number of dead reported, 669 new deaths. Unfortunately, case fatality rates and attack rates are off limits for this venue as I keep finding out so I can only say, look at the government responses. It speaks for itself and ask yourselves… is it better for people to have some kind of idea of what to expect, or is it worse? The government response out of China and South Korea was upfront, swift and decisive even though it was personally somewhat invasive and costly. The rest of the world has taken a wait see approach with a pandemic. What do you think is better… downplay risk only to watch little reaction, or reveal risk and be proactive? The world is about to see the causal effects of both.

#89 Trumpada on 03.15.20 at 6:58 pm

#31 BS: Good Post

American’s are incredibly fortunate to have Trump as their leader.
There are so many dimensions to Trump’s greatness I can’t begin to list them here. Listen to Rush Limbaugh for a good understanding of Trump.
I don’t know where he gets the strength everyday to fight: 95% of Washington + mainstream news media + the globalist cabal + worthless pajama boys like Trudeau + communist China

Here’s a great interview with Kevin O’Leary about Trump & a little about Canada.
He mentions that the great leaders of history have also been great entertainers/story tellers. Never heard that before but great observation.
One of the best interviews I’ve seen in a yr.
Note that as of this interview(Aug/2019) he was 100% disinvested from Canada. I’m pretty sure he hasn’t reinvested here since.
https://www.youtube.com/watch?time_continue=20&v=S5xUoefVebU&feature=emb_logo

#90 I’m stupid on 03.15.20 at 7:00 pm

I’m thinking they’re going to close the markets by the end of the week.

#91 conan on 03.15.20 at 7:04 pm

North America just declared war on the Corona 19.
It will be nothing less than a WW 2 effort. Makes me think they are worried about it mutating , so off with its head….
and some people will be paid to stay home.

The futures look grim for the USA markets tomorrow . People are waking up to the fact that the delayed testing in the USA is going to lead to some nasty numbers on infected people. What happened in Italy is going to happen here…. and that’s not good.

#92 People Panic on 03.15.20 at 7:07 pm

Well that didn’t take long:

https://www.660citynews.com/2020/03/15/provincial-officials-order-cancellation-of-all-schools-in-alberta/

Details are still emerging. Who knew Kenny was a blog dog?

#93 Jim on 03.15.20 at 7:10 pm

Brent crude just hit a weekly low of $32.58.

We need a billion more births in India and a few billion more babies in China to increase growth for oil.

I’ve invested so much in oil and energy stocks that we need 15 billion people on the earth right now to get Brent at $70 barrel.

#94 Deplorable Dude on 03.15.20 at 7:12 pm

2020 is cancelled.

#95 Rowdie on 03.15.20 at 7:13 pm

OK, the virus had hit globally, so thankyou China…or not!
People in general are in a panic state… market’s dumping.. so what! Life will eventually go back to normal.. Real Estate needs a shock .. to go back to reasonable and sellable prices … the world is “Nuts” right now … the herd of mentality of some people is dangerous…. thank GOD for the USA….

#96 conan on 03.15.20 at 7:20 pm

#85 Trumpada on 03.15.20 at 6:58 pm

I am part of the camp that believes that Trump is not a good President.

History will judge him harshly, and so will the voters come November.

#97 Mark on 03.15.20 at 7:37 pm

Gerald who?
Gerald Celente, ya spelling wrong.
He says screw recession, were headed for depression.
Check out trends journal. Would he lie…..

#98 Pierre on 03.15.20 at 7:37 pm

Admit is, nobody here on this blog site has the faintest clue as to what is ahead in the financial markets – neither the blog commenters nor the blog post authors. In these challenging times, it would be respectful to remove all the usual hubris, and admit that any advice as to how markets will behave next is just pure speculation and extrapolation of historical pattern that may have zero relation to the future. Instead, let us all focus here on what matters, which is how we all come out of this with minimal damage and a better understanding of what matters when all of this is behind us.

Exactly what you are getting. – Garth

#99 Marco on 03.15.20 at 7:42 pm

Well, geography is a bonus when happen to be neighboring of USA.
Can you imagine Canadian living standard in a neighboring of North Korea.
People whom main concern in life is to eat and to defecate. Unqualified, living in a primitive tribal economy. And yet again and again that lower quality citizens comment on acts of USA Prez.
What happened to your PM? Where are your tests kits? In which kind of society you are living actually?

#100 Loonie Doctor on 03.15.20 at 7:43 pm

Hey Garth,

A few posts back, you mentioned the cratering of real estate sales during SARS. What happened following that, was it a rapid increase from pent-up demand or a gradual normalization?

Thanks,
LD

#101 palebird on 03.15.20 at 7:44 pm

#96 conan

History will be kind to him as all of the stunts and ridiculously stupid schemes to knock him out eventually come to light. He has got a complete lock on November 2020..

#102 Sold Out on 03.15.20 at 7:45 pm

#89 Trumpada on 03.15.20 at 6:58 pm
#31 BS: Good Post

American’s are incredibly fortunate to have Trump as their leader.
There are so many dimensions to Trump’s greatness I can’t begin to list them here. Listen to Rush Limbaugh for a good understanding of Trump.
I don’t know where he gets the strength everyday to fight: 95% of Washington + mainstream news media + the globalist cabal + worthless pajama boys like Trudeau + communist China

xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Oh dear, it looks as though the virus has mutated and is now eating holes in people’s brains.

Dr. Fauci, head of pandemic response for NIH, is openly contradicting Dim Donnie in an effort to undo the damage caused by Trump’s lack of response to what he called a hoax until a few days ago.

To be fair, no government anywhere has listened to their scientists; they tried to wrest control of the narrative instead. History (you know, the linear record of facts) will not not be kind to 45, amongst others.

#103 oh bouy on 03.15.20 at 7:46 pm

@#89 Trumpada on 03.15.20 at 6:58 pm

_____________________________________

getting hard to tell what is and isn’t satire on here.
tell me this is satire lol

#104 Drinking on 03.15.20 at 7:46 pm

#87 Samuel

Hey Samuel good point; today in my city, I think it was Safeway advertised over the radio that Campbell’s soup was on sale for .59 a can; tomorrow I will purchase a flat of them and donate it to the foodbank.

#105 G on 03.15.20 at 7:48 pm

#14 Jim
#80 Barb

I was telling a couple of my friends at the end of Jan it was coming and get ready. I hoped I was wrong,
and was just being a big chicken.
One of them on Fri told me it seems I was right. I still wish I was wrong, based on the info I have seen.

It is definitely going to get worse before it gets better.

It could be much worse. Like a big EMP from the Sun or comet strike. The world is not ending. At lease the lights and water are still on, and the food stores are still being restocked. T-P is being restocked and being made as we speak. No need to buy more than you would for a week or two, if that. The store will be kept open and stocked for buying food President said this afternoon.
Hopefully they will be more proactive step taken tomorrow to keep the curve lower to reduce the total deaths. I hope I’m not in the number of dead or walking wounded after it’s over. Vaccine is 1-1/2 years out if at all.
SARS vaccine animal trials didn’t work out as hoped.
Hopefully the vaccine for Wuhan P4 lab virus (COVID19) has better results.
But much sooner we’ll find out if the double blind drug treatments/trials for the very sick might find one that helps reduce the death rate a bit. Fingers crossed.

Buying more ventilator for the very sick, all countries are wanting to buy them all as they are made. If the spread is not contained now we will be seeing Italy 7% or Iran here maybe. Again I hope I am wrong. Fingers crossed.

#106 jess on 03.15.20 at 7:48 pm

bebest melania endorses social distancing. Does that come with a sandwich?
according to the us gov :2m homeless children
12m breakfast program
31 lunch program

=====
“cross selling”

the wagon wheel
https://www.netflix.com/ca/title/80118100
Kevin O’Leary cheerleader for Wells Fargo former Chairman and CEO John Stumpf has agreed to pay a fine of $17.5 million and accept a lifetime ban from the banking industry
So what part of the golden handshake was left over?

https://www.google.com/search?client=firefox-b-d&q=Wells+Fargo+stumpf

Top 10 Primary Offense Types Penalty Total Number of Records
mortgage abuses $5,625,783,671 7
toxic securities abuses $3,637,750,000 7
banking violation $3,541,932,386 15
investor protection violation $1,633,122,646 19
False Claims Act and related $1,200,000,000 1
consumer protection violation $634,199,965 11
wage and hour violation $214,903,723 25
anti-money-laundering deficiencies $163,500,000 3
price-fixing or anti-competitive practices $148,000,000 2
benefit plan administrator violation $130,775,000 6

see more here:
https://violationtracker.goodjobsfirst.org/prog.php?parent=wells-fargo

https://www.justice.gov/opa/pr/wells-fargo-agrees-pay-3-billion-resolve-criminal-and-civil-investigations-sales-practices

#107 TurnerNation on 03.15.20 at 7:49 pm

WYNN resorts announced they are closing in Vegas for weeks.

Is the engineered event to force the North American Union?
They are shutting down only First World counties. ..

#108 Run on money on 03.15.20 at 7:53 pm

There is a run on toilet paper
There is now a food buying panic

How come there’s no run on the banks? Very interesting.

Just curious how many of you have bought guns?

What’s next in the panic? Any ideas

Did anyone buy extra gas cans?
Generators?

#109 Drinking on 03.15.20 at 7:54 pm

Update on my last post; just found out that it is Walmart that is offering the soup for 0.54 cent a can.

Go early (if interested) to avoid the crowds!

#110 1255 on 03.15.20 at 7:55 pm

Looks like the market doesn’t like the panic move by the Fed.

Futures are lock limit down.

#111 Mattl on 03.15.20 at 7:56 pm

TD reduced their prime the full 50 bps on the first cut. Very interested to see what they do tomorrow. If they don’t give back close to the full 50 again there may be a good opportunity to break my current mortgage – penalties be damned – and find something stupid cheap.

Also feels like there is a once in a lifetime opportunity to leverage up – free money and cheap companies.

#112 not 1st on 03.15.20 at 7:56 pm

I don’t understand the rational behind the business loans.

Businesses use credit to expand their operation or improve efficiency of such an operation. Those loans cant create missing demand either and I doubt any business is going to stick its neck out this year until this settles down.

I guess its just a place to park some expenses until the world rights itself.

Even if the fed or govt put $10k cash in peoples hands, its not going to go into the economy. If it does people will just pay bills with it, hoard it or stock up more on TP.

#113 Nonplused on 03.15.20 at 7:57 pm

#96 conan on 03.15.20 at 7:20 pm

“#85 Trumpada on 03.15.20 at 6:58 pm

I am part of the camp that believes that Trump is not a good President.

History will judge him harshly, and so will the voters come November.”

———————–

What November? November is cancelled until further notice.

#114 T. on 03.15.20 at 7:59 pm

Yo Gartho, yesterday was my son’s birthday, so I took him for a boy’s day out down to Lunenburg – I wanted to scout out your BMO building so that later this summer I can get there on a motorbike trip and meet the Legend in person. Nice “TURNER” on the front door.

#115 Blacksheep on 03.15.20 at 8:01 pm

My spidey sense has been tingling since late January, (ya, i’m a prepper) when I found Dr. John Campbell on Y.T.

He was talking about flattening the curve (bell) back then, because he could see exactly where this was going. This is real $ problem for the working class and economy in general. When the curve gets flattened, the timeline for this infection to travel through the population to the point of herd immunity, is significantly stretched.

Alternatively, letting this thing basically run wild like the US has intentionally done, accelerates the timeline (everyone sick at once) and gets the whole event over with much quicker. But it will come at the cost of human lives when the medical system becomes overwhelmed like Italy. This route will be socially nasty, but much briefer than shuttering the whole economy for six months. The UK just adopted the ‘let er rip plan’, running 180 degrees to what the WHO is telling the world to do.

Which path will Canada choose?

Here are Dr. J’s vids for today:

https://www.youtube.com/watch?v=QIuzLf9f5WI
https://www.youtube.com/watch?v=GIMXekRVnHo

#116 jess on 03.15.20 at 8:02 pm

The Fed Has Pumped $9 Trillion into Wall Street Over the Past Six Months, But Mnuchin Says “This Isn’t Like the Financial Crisis”

JPMorgan’s Potential Role in the Repo Loan Crisis

the spigot :
https://wallstreetonparade.com/2020/03/the-fed-has-233-secret-documents-about-jpmorgans-potential-role-in-the-repo-loan-crisis/

#117 Left GTA on 03.15.20 at 8:16 pm

The OMA are putting all non essential care and elective surgeries on hold in order to prepare for the COVID outbreak.

#118 D Apostrophe on 03.15.20 at 8:18 pm

This is the beast we’ve never seen before. Not even me, and I remember LA in 2008 like it was yesterday. It’s hard to forget that time in my life. You guys might get a taste of that too, and more. Buckle up, B’s

#119 Loonie Doctor on 03.15.20 at 8:23 pm

#62 The real Kip (Ret) on 03.15.20 at 6:00 pm
I wonder if PornHub will offer quarantined Canadians free service like they did in Italy.

——————————————————————
Might spread other viruses. Will screen protectors be the next toilette paper?
-LD

#120 Drinking on 03.15.20 at 8:24 pm

#98 Pierre

You are so wrong; many of us have read Garth’s words and other’s and are very prepared. Sure, who the hell knows what happens next but for me personally I will be fine, will donate food tomorrow, why, Canadians look after each other, even though I am pissed at this government but we have always had each others backs, through fires, floods and any other unforeseen circumstances. Lighten up! I think that I will have another beer now! Enough of this!

#121 The other Lebowski on 03.15.20 at 8:30 pm

I’m hearing rumblings that the US is considering a ban on all foreign oil to support the US oil patch. I sure hope not. But if you ever wanted to buy Suncor for $2 a share that might do it. Canada would be a smoking hole. Good thing our pm has a great relationship with Trump. Oh wait…

#122 MF on 03.15.20 at 8:32 pm

#100 Loonie Doctor on 03.15.20 at 7:43 pm

I remember SARS.

It was scary, but not like this. The societal effects were less. It was business as usual. Almost.

Real estate went up not because of the passing of SARS, but because rates dropped in 2008 to near zero from around 5%. Jobs were different back then. The economy had large oil and raw material revenue coming in, and everyone and their brother did not have hundreds of thousands of dollars of debt.

We are way worse off then we were in 2003. That was a real economy with a future. The real economy is now dead. We have low interest rates, crushing debt, and $800,000.00 condos now. Oh yeah, and way less revenue from natural resources.

Knowing all that, what do you think is going to happen to real estate?

MF

#123 Howard on 03.15.20 at 8:34 pm

Does it not feel Lehmanesque? I feel like this panic move (at which, by the way, the market has balked) was required as there was a very real chance of the market completely seizing up as banks refuse to lend to each other, a scenario which has an obvious parallel to 2008. The limit-down has already been reached on the Dow and S&P futures. I think Monday, if markets are even permitted to trade, could be historic.

#124 just snootin' on 03.15.20 at 8:40 pm

Bail-ins?
Hmmm I wonder if that is even an issue in Canada? What would be the circumstance? Are my deposits at risk? Does the insured limit still work? Has Garth done a blog post on this topic? Why are the wealthy in the Hamptons withdrawing the limit on their Atm’s?

#125 Terry on 03.15.20 at 8:43 pm

This is very bad! The U.S. Federal Reserve just had an emergency Rate cut meeting and they just lowered their rates to ZERO! The Fed has just fired all it’s bullets in one shot! This is an act of desperation in my opinion since they are watching the whole world sinking around them. Futures are “lock limit down” over a thousand points meaning they can’t go any lower. Only the open day markets tomorrow can carry through what the futures were prevented from doing. Traders, HFT’s, investors, shorts, algorithms, quants, hedge funds, pension funds etc…. don’t know how to price in valuations or risk factors. Worse, there is zero visibility going forward as nobody knows how to price in collapsing revenues and earnings amid entire countries shutting down virtually all public gatherings and activities. Buckle up for another very wild week on the markets. We have not found a bottom yet. The markets are trying to do that and we will go down further before they capitulate……..level off………settle down and find their true values.

#126 spoon_man on 03.15.20 at 8:56 pm

Interesting times indeed…markets reacting as if society was at the doorstep of nuclear armageddon while many bunker themselves under a mountain of pasta and toilet paper. Half-empty glass mentality abounds… faith not so much… Our founding fathers would be so proud of us…

#127 just snootin' on 03.15.20 at 8:59 pm

#108 Run on money on 03.15.20 at 7:53 pm
There is a run on toilet paper
There is now a food buying panic
How come there’s no run on the banks? Very interesting.
Just curious how many of you have bought guns?
What’s next in the panic? Any ideas
Did anyone buy extra gas cans?
Generators?

…..

Retailers will be enticing us to buy with reduced prices. There will be lots of goods and essentials available. It’s the disappearing customer that is the problem. If the business closes, then the factory hurts, and even fewer customers. The bank runs would concern me if a bank couldnt cover deposits and people wanted physical cash, but the digital bank balance would still work—I think? I don’t believe banks are short of cash, but it’s a good question for Garth (hint).

#128 S.Bby on 03.15.20 at 9:03 pm

Another stupid move by the Fed makes it look like they are panicking and have lost control… or what do they know that we don’t know? They should have left interest rates alone because low rates won’t fix this. Only time will fix it.

#129 Gravy Train on 03.15.20 at 9:15 pm

#54 Neo on 03.15.20 at 5:47 pm
“Interest rates are crashing lower. Why are bond etf like XRB down so much? I was under the impression bonds go up in value when interest rates go down.” It’s because we’re in a liquidity trap! :(
https://en.m.wikipedia.org/wiki/Liquidity_trap

#130 Sail Away on 03.15.20 at 9:22 pm

#96 conan on 03.15.20 at 7:20 pm

I am part of the camp that believes that Trump is not a good President.

History will judge him harshly, and so will the voters come November.

—————————

We’re all entitled to our opinion.

I believe Trudeau is a worse leader than Trump.

#131 Gregor Samsa on 03.15.20 at 9:32 pm

Central banks are running out of tricks and more and more people are starting to look behind the curtain. These interest rate cuts will not goose the economy. QE5 is another billionaire / bankster bailout that makes everyone else poorer in the long run. We have a sick and fragile economy now precisely because of the last rounds of QE. When will people wake up and learn that the people administering the cure are actually the disease?

#132 Trumpada on 03.15.20 at 9:32 pm

DELETED

#133 Raging Ranter on 03.15.20 at 9:34 pm

AirBnb is guaranteeing refunds for bookings for affected areas. Which will be everywhere soon. Naturally the AirBnB hosts are upset with this policy, and would rather hang onto the deposits from cancelled guests.

In some cases, the 50% deposits paid by guests to Airbnb (which holds deposits until 24 hours after check-in) might be hundreds or even thousands of dollars, money that hosts won’t ever get when travelers cancel their bookings

(…)

“Extending refunds to practically everyone through April 1st,” they write, “will be absolutely devastating to hosts.” Arguing that the decision is a break with company policy, the letter asks that Airbnb reconsider.
“To prevent hosts from losing their livelihoods, it’s important to make sure that hosts survive the unprecedented onslaught of cancellations.”

For those of you unfamiliar with AirBnB speak, I’ll translate for you. It means that AirBnB hosts should be allowed to keep the deposits from would-be travelers, even though they won’t be able to stay there because their flights are cancelled. Because they need the money.

https://www.cnn.com/travel/article/airbnb-coronavirus-global-policy-change/index.html

Who knew that monetizing a residential home came with risks? This is an outrage. We need to start a Gofundme page for these poor AirBnB hosts at once. They are entitled to run a hotel without shouldering any of the risk inherent in the industry. Aren’t they?

#134 Raging Ranter on 03.15.20 at 9:38 pm

In other news, the President says investors should be thrilled with the Fed’s latest move. I’m so glad he’s focused on what’s important – the stock market – and not on that stupid fake news virus.

#135 BS on 03.15.20 at 9:38 pm

#102 Sold Out on 03.15.20 at 7:45 pm

Parroting fake news only makes you look like a fool.

For those that want to claim Trump has failed they can’t seem to explain the ultra low US deaths from CV which are around 60. The European nations with ultra high death rates have just started to implement travel bans Trump implemented in February and Canada has not even started to implement. You remember when the news media was calling Trump a racist for stopping flights from China into the US and giving the impeachment hoax 24/7 coverage as they foamed at the mouth.

Now the fake news is cheering for this to be a disaster hoping as many people die as possible because they believe it will hurt Trump. It won’t, so those of you with Trump Derangement Syndrome quit hoping for people to die. The same people were hoping for WW3 when Trump took out the Iranian terrorist. Trump has done more than any other world leader and continues to lead the world in containing this pandemic.

#136 Damifino on 03.15.20 at 9:40 pm

#112 not 1st

Even if the fed or govt put $10k cash in peoples hands, its not going to go into the economy. If it does people will just pay bills with it, hoard it or stock up more on TP.
——————————

Pay bills?! You gotta be kidding. The average Canadian would blow a free $10K in a heartbeat. Have you no trust in your countrymen?

#137 YouKnowWho on 03.15.20 at 9:43 pm

Garth,

Recently we got the news that Canadian household debt decreased to “lowest level in 6 months” from 176.6% to the amazing new low level of 176.3%.

Has the Canadian Economy ever entered a recession with this level of household debt?

I’m thinking the answers is “never” to this question?

#138 Sail away on 03.15.20 at 9:54 pm

Re: Corvid crisis

Now is a good time to ponder Rudyard Kipling:

If you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;

If you can wait and not be tired by waiting,
Or being lied about, don’t deal in lies,
Or being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise:

If you can dream – and not make dreams your master;
If you can think – and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;

If you can bear to hear the truth you’ve spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to broken,
And stoop and build ’em up with wornout tools:

If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;

If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: ‘Hold on!

If you can talk with crowds and keep your virtue,
Or walk with kings – nor lose the common touch,
If neither foes nor loving friends can hurt you,
If all men count with you, but none too much;

If you can fill the unforgiving minute
With sixty seconds’ worth of distance run –
Yours is the Earth and everything that’s in it,
And – which is more – you’ll be a Man my son!

#139 Hawk on 03.15.20 at 9:55 pm

I have to be honest that I stacked up some food and supplies in the last week.

But when I went to Costco and Longos today, there is is no shortage of food and supplies and only very few select items have run out. Basically the supply lines are not as weak as people thought.

As long as people don’t waste stuff, it’s all good. Nothing wrong with stocking up useful supplies that will last for months to come……..saves many trips to the store later on.

But it might be a good idea to buy shares in costco and walmart.

#140 Sail away on 03.15.20 at 10:00 pm

#135 BS on 03.15.20 at 9:38 pm

Now the fake news is cheering for this to be a disaster hoping as many people die as possible because they believe it will hurt Trump. It won’t, so those of you with Trump Derangement Syndrome quit hoping for people to die. The same people were hoping for WW3 when Trump took out the Iranian terrorist. Trump has done more than any other world leader and continues to lead the world in containing this pandemic.

———————-

The classic case of drinking poison in the hope your enemy will die.

#141 IM Wizell on 03.15.20 at 10:01 pm

Garth,

As you are one of the leading thinkers of modern society and true sage, it would be interesting to get your take on how the world economies and society will evolve once we get past the virus.

Less social interaction probably, more robotics, distance learning, increase investment in big pharma and an economy tied more socially responsible industries

#142 Five Echo on 03.15.20 at 10:04 pm

Why do I suddenly feel like an extra from Logan’s Run or the Island?

#143 Sail away on 03.15.20 at 10:10 pm

#108 Run on money on 03.15.20 at 7:53 pm

Just curious how many of you have bought guns?

——————–

I was born in the US, so received 12 guns as my birthright.

#144 John in Mtl on 03.15.20 at 10:13 pm

Well, this afternoon, Quebec has instituted draconian measures in an effort to slow down this pandemic here. Of course, they first want to protect the (very fragile) healthcare system so it doesn’t come to a screeching halt & turn into a battle zone. Then they want to “flatten the curve”, which is understandable in terms of being able to pass people through the hospitals if they need care. Bars, gymns, churches, cinemas, libraries, all schools, all non essential businesses – to close for 2 weeks. Visits to hospitals & long-term care facilities, old folks homes – verboten! Restaurants to fill only to 50% capacity with one empty table between patrons. If you’re 70 or older, stay home or only go out for a walk; keep 1 meter distance. Our PM exhorting Tru-Doh! to close the friggin border. Quebec govt takes things in their own hands & sending info agents to airports & terminals to brief all arriving passengers of their duty as a responsible citizen.

Hopefully its a good call, which I think it is in many ways.

The future: baby boom in 9-10 months!

#145 John in Mtl on 03.15.20 at 10:15 pm

“The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses.”

Yeah… you need money? no problem… but it’ll cost ya.

Great. Keep that debt slavery snowball rolling down the snowy hill.

#146 YouKnowWho on 03.15.20 at 10:16 pm

How do chances of negative interest rates look now to you?

Highest than ever before!

Media is reporting US Central Bank is out of options – but no one wants to admit to the negative interest rate being an option I guess.

#147 T.J on 03.15.20 at 10:20 pm

I hope everyone goes bankrupt as this bullshit money game is going down!!!!!!!!!!!!!!

#148 Aldous Bucksley on 03.15.20 at 10:23 pm

A couple of other interesting tends emerging from this. Countries can now basically lock up their own citizens in their homes, kind of like parents sending kids to their room. Citizens only recourse is to break into song like the Italians. This is democracy?

Am wondering whether this could also spell the end of the internet as we know it, as the powers that be decide that they need to control the narrative and all circulating info.

#149 Lee on 03.15.20 at 10:27 pm

Saw a David Suzuki documentary today where a professor concluded what is propping up Vancouver housing prices (2017) is in large part foreign money.

#150 Smoking Man on 03.15.20 at 10:28 pm

Drove to Niagara Falls NY today.
Mission to return a broken phone to T Mobile. On warranty of course.

A pharmacy across the street had toilet paper and hand sanitizer.

Canadian miliennials are insane.

This entire hoax is designed by the George people to take out Trump.

He’s surviving real good…

#151 IB on 03.15.20 at 10:31 pm

Quick question.

How would you spread your cash between CAD/USD/Bitcoin? Should I consider some other currency?

#152 paulo on 03.15.20 at 10:37 pm

Just a conspiracy thought:
Suppose for one moment that this virus out break is actually a carefully planned military attack against western interests…..
Russia a alley of china has almost no issues with the virus
19 cases in total
starts a oil price war with the Saudis curiously at the same time as the corona virus becomes big news
the spread and unpreparedness of the US and other western countries will result vastly higher death rates and significantly higher monetary losses and a world wide recession just as china conveniently recovers ….. could be coincidence but…….. what do you think?

#153 YouKnowWho on 03.15.20 at 10:40 pm

Hey, what’s up with Dolce Vita?

Did he cry to Canada to bring his but back from Italy to Canada on a private emergency flight?

https://www.greaterfool.ca/2019/05/07/outta-here-2/

#154 Keyboard Smasher on 03.15.20 at 10:43 pm

Rates to zero that quick, huh?

Man, I hope the money printing trick works out this time as well because I think the Federal Reserve has just used up the last tool it had remaining in its tool box…

#155 Jeremy on 03.15.20 at 10:48 pm

Do we have to worry about Canadian banks failing or their stocks going to a big fat zero? Wachovia and Lehman style?

#156 Hairy Fordz on 03.15.20 at 10:55 pm

#50 NoName on 03.15.20 at 5:37 pm

#15 Shawn Allen on 03.15.20 at 4:11 pm

Funny that you put a store clerk in spotlight for not having PPE. ”

Actually quite hard for fast food workers, even wearing gloves. Have to touch cash, food packages, counter, cash registers. Unless constantly changing gloves, close to impossible, and each person will implement such a policy differently. The only solution may be food robots. Think conveyor belt sushi meets the Blade Runner.

#157 will on 03.15.20 at 10:59 pm

What happens next?

A new industry is about to be born: home sanitization for people putting their homes up for sale or buying houses. Maybe government will even make it a regulation when owners are exchanged.

#158 Barb on 03.15.20 at 11:02 pm

#114 T. on 03.15.20 at 7:59 pm

Yo Gartho, yesterday was my son’s birthday, so I took him for a boy’s day out down to Lunenburg
———————————

It was Garth’s BD on Saturday too!

#159 Bill Grable on 03.15.20 at 11:11 pm

In 2011, corporate bonds rated BBB made up about a third of the market, according to Capital Economics. Today, such bonds account for nearly half of it.

https://www.cnn.com/2020/03/14/investing/corporate-debt-coronavirus/index.html

……..

The cost of oil dropping half, and loss of demand, plus supply chain issues and the Virus – and the DEBT, that Mr. Turner has been warning us about, is very dangerous.

Note: At the time of writing, the DOW Futures for Monday are getting slaughtered.

What a mess.

#160 Dean Frankel on 03.15.20 at 11:15 pm

What a strong economy. What a bunch of lies. The world is full of losers in debt. Just all go bankrupt and get it over with.

#161 Ronaldo on 03.15.20 at 11:17 pm

This is feeling a lot like Sunday, Sept. 28, 2008 all over again. Tomorrow’s markets going to be interesting. Hang on tight, she’s gonna be a rough ride.

#162 Yitzhak Rabin on 03.15.20 at 11:18 pm

I said for years in this comment section that central banks could never meaninfully shrink their bloated balance sheets and the next major move would be to return and increase QE.

Here it is. In order to prevent massive failure of businesses, banks, governments and pension funds, currencies will be counterfitted into oblivion. Gold will reach nosebleed levels after the panic liquidation sales taper out.

#163 Piet on 03.15.20 at 11:21 pm

The actual number of cases of coronavirus infection in a given country is highly speculative, but the number of deaths due to the virus is more or less factual. At present the worldometer site reports 69 total deaths for USA and only 1 death for Canada. Adjusting for the difference in population, the death rate in the USA appears to be about seven times higher than it is for Canada. Why is there such a large difference?

#164 Therealstory on 03.15.20 at 11:34 pm

I suspect we are very close to the bottom of doom. Almost everyone I talk to wants to buy stocks, they simply believe it will go lower. At some point the news will change. This will not be the story in 2 years, a vaccine will be on the horizon and eventually the hysteria of fear will turn to the hysteria of greed as everyone buys back up the stock market.

#165 not 1st on 03.15.20 at 11:44 pm

State of emergency declared in Calgary tonight;

https://www.cbc.ca/news/canada/calgary/calgary-covid19-response-1.5498795

#166 not 1st on 03.15.20 at 11:46 pm

Economic numbers coming out of china. Wow.

Coming soon to Justinland.

https://twitter.com/Trinhnomics/status/1239371317289160704

#167 Shep on 03.15.20 at 11:49 pm

I was totally bummed upon hearing that the FED was throwing in the towel. I mean, what credible banker gives away billions AND drops their rates to zero?

Is this suppose to instill confidence?

Fortunately my wife suggested we check in with Garth.

Well… what a hoot! Good to see Garth’s still has a sense of humor, however dark.

And I agree wholeheartedly. The world is indeed going crazy and this coming week promises to be one very interesting ride over the top of a very high roller coaster. Who would think that we get to “live in very interesting times”.

Now, if we could get the housing market to tank like the stock market, I’d be one happy man.

However, I realize that this is impossible. Real estate is it. The Fed, banks, CMHC, the real estate industry, all those homeowners. All playing the game of musical chairs, they call the “real estate market”. Who can beat them?

And now a 6 month “mortgage holidays” from CMHC?

Does anyone else see Canada’s experiment enabling
“people who can’t save” to enter the Canadian’s real estate market ending badly?

And exactly who allowed CMHC to give a “mortgage holiday” to insured homeowners who can’t make their monthly mortgage payments?

Remember folks, Canadian taxpayer’s are the ones backstopping these potential massive losses! Losses that will make today’s stock market look like a “great investment”.

So be it. I will buy even more toilet paper.

#168 Robert Ash on 03.16.20 at 12:01 am

What comes next? I would predict Deflation, as the Money Supply appears to be getting tight… then Depression. Similar to 1930 to 1933… I sure hope I am wrong, with the prediction. The Next group of Canadians, starting work, after their Education, will be quite negatively impacted. How can laying off 50% of WestJet’s crew, as an example, promote Spending and Debt repayment. Multiply this by the Oil and Gas workers 10K expected layoffs, Retail, all income sources curtailed…all sectors of commerce. I wouldn’t take on any Debt, and I would wait and see, if you have extra cash… Hold on to it… Good luck to all!!!

#169 john m on 03.16.20 at 12:24 am

Frightening times!

#170 Fortune500 on 03.16.20 at 12:29 am

Ottawa homes are seeing bidding wars as we speak. The lower rates will just allow more people to buy real estate so prices will go up even further. Any chance of normalization is now well and truly out the window.

No price decrease in Canadian real estate of any significance, and probably plenty of upside. And this is coming from a former real estate Bear.

#171 fishman on 03.16.20 at 12:45 am

Sail away: Kipling’s fine, stiff upper lip & all that. I’ll take Joseph Conrad when it comes to description of an epidemic. He’s a British seaman in Santos Brazil. The epicentre of a Dengue fever outbreak. Smoke from the town to keep the mosquitoes away laying like a pall over the hot still city. Townspeople dying by the thousands. The sailors around him on the anchored ships dying. Quarantine in effect: nobodies leaving. One thing all us working sailors know for sure: There comes a time when you ain’t going nowhere, just hunker down and wait her out.

#172 al on 03.16.20 at 12:52 am

Wow. The CB blew it’s load like a … We’ll you get the idea. Let’s call it premature easing. When the non virus induced shock hits… Negative. It’s gonna get weirder.

#173 Not So New guy on 03.16.20 at 1:44 am

What good are zero interest rates if there is no one left to borrow?

#174 Jager on 03.16.20 at 2:44 am

Wuflu: The perfect cover to finally eliminate the middle class…

“All of us have just witnessed a central bank expend all of its conventional and unconventional tools to support an equity market that is less than a month from all time highs.”
Mike O’Rourke, chief market strategist at JonesTrading.

#175 NoName on 03.16.20 at 2:53 am

Stuck at Home? These 12 Famous Museums Offer Virtual Tours You Can Take on Your Couch

https://www.travelandleisure.com/attractions/museums-galleries/museums-with-virtual-tours?utm_source=twitter.com&utm_medium=social&utm_campaign=social-share-article

#176 Wrk.dover on 03.16.20 at 6:27 am

Is Bernie Madoff running the Federal Reserve from his jail cell?

#177 Johnny Peede on 03.16.20 at 6:30 am

#121 TO Lebowski. If Trudeau wanted Suncor at $50 p/s he could stop buying Saudi Oil at hedged prices F.O.B well above $50 p/b. Quebec subsidies to Irving have bought forward contracts to pay Saudi tankers bringing oil into Canada. Trudeau could buy Canadian oil but chooses to kill off Suncor and all producers rather than support Canadian energy. The Saudis are cleaning up, really sucking us dry, laughing all the way to the bank, flogging Canada with the dirty stick, while Canadian companies enter bankruptcy. It’s insane, makes abso-freaking-lutley no freaking sense. Disagree….anyone? Why?

#151 IB

Why Bitcoin? The idea that Bit is a currency is irrational. It’s worth nothing until the “whales” who own the original billions bond up and promise to pay “with full faith and guarantee” . Otherwise BC is three guys fiddling the spigot.

#178 The real Kip (Ret) on 03.16.20 at 7:17 am

The knuckledraggers are all cheering 77-cent gas as Vlad Putin is about to rip Trump a new one.

#179 I’m stupid on 03.16.20 at 7:37 am

I just spoke to a few friends. 1 in the military and 2 are police officers (not uniform cops, the ride desks) the friend in the military was told to go to the base today even though he’s on leave. The 2 police friends were told to go to their respective precincts (Niagara and Vaughan) in uniform.

We’re going into lock down today after PMs announcement at 1.

#180 Catalyst on 03.16.20 at 8:08 am

Why is the stock market still open?? Please god close it so it cant keep evaporating 15% of my money a day. Until sanity returns they need to stop the madness on peoples finances.

#181 crowdedelevatorfartz on 03.16.20 at 8:25 am

@#147 TJ Hooker
“I hope everyone goes broke…..”
+++++

A jealous Millennial i presume………

#182 Stone on 03.16.20 at 8:29 am

I always found Lord of the Flies to be disturbing. Looks like it’s now becoming reality unfortunately.

#183 Putz the Magick Draggin on 03.16.20 at 8:38 am

#150 Smoking A$$

Good to see the Smoking A$$ back on here

He was right about Trump in 2016, he’s right about him today. Listen to him Blog Dogs! It’s a George Saurus production!

#184 Dharma Bum on 03.16.20 at 8:47 am

I just bought a waterfront lot up on the Bruce Peninsula.
Gonna build a cozy cabin on it.
It’ll be a great place to perpetually self quarantine.
Now I can finally justify my anti social behaviour.

#185 Jim on 03.16.20 at 8:54 am

Brent 30.0900 -4.58%

WHY IS OIL CRASHING when INDIA and CHINA are growing in population?

#186 Franco on 03.16.20 at 8:58 am

I wonder if a month from now I should have sold when there was still some value in my portfolio? This is going to get a lot worse before it gets any better and who knows how long it will take to recover from this mess that we are in, whether it will be from the virus or economically.

So, sell. I am not. – Garth

#187 James on 03.16.20 at 8:58 am

DELETED

#188 Jager on 03.16.20 at 9:03 am

Recession is here. How deep and how long remains to be answered. Corporate bond market under duress…could we see the market force a shock rise in rates? Nothing would surprise me now….

#189 James on 03.16.20 at 9:21 am

I have to say that this is hyped up hysteria. I don’t get the toilet paper enthrallment with people. My sister who lives in a rather unsophisticated suburb directly west of the city told me it was like walking into a den of ravenous wolves to shop on the weekend. She said people were rude and unruly as well as it was a situation of every man for themselves. We went shopping at Lakeshore and Leslie ample amounts of toilet paper to which we procured one bundle at market price not on sale but not inflated. People in general were amicable and I didn’t see anyone packing a AK-47 under their jacket. No hostility or crazed look in their eyes. Is this a suburbia thing? I do not understand this aspect of mister market but I have considered moving a small amount of my portfolio into the pulp and paper producers nevertheless.

#190 Jager on 03.16.20 at 9:24 am

#185 Jim on 03.16.20 at 8:54 am

1. Global recession aided by the lethal Wuflu (temporary global shutdown).

And coincidentally…

2. Oil Wars! Saudi Arabia and Russia want to destroy U.S. shale oil extractors. i.e. increased supply in a shrinking market…

#191 Captain Uppa on 03.16.20 at 9:24 am

Complete shutdown like Italy coming to Canada. Like today.

#192 oh bouy on 03.16.20 at 9:25 am

@#135 BS on 03.15.20 at 9:38 pm

Now the fake news is cheering for this to be a disaster hoping as many people die as possible because they believe it will hurt Trump. It won’t, so those of you with Trump Derangement Syndrome quit hoping for people to die.

@#150 Smoking Man on 03.15.20 at 10:28 pm.

This entire hoax is designed by the George people to take out Trump.

He’s surviving real good…

__________________________________________

LOL at you two.

apparently there’s a run on tinfoil hats.

#193 James on 03.16.20 at 9:25 am

#150 Smoking Man on 03.15.20 at 10:28 pm

Drove to Niagara Falls NY today.
Mission to return a broken phone to T Mobile. On warranty of course.
A pharmacy across the street had toilet paper and hand sanitizer.
Canadian miliennials are insane.
This entire hoax is designed by the George people to take out Trump.
He’s surviving real good…
________________________________________
OK Doesn’t make sense to me then, a guy from Corona Del Mar California drives to Niagara Falls NY to get a cell phone replaced? Canadian Millennials are insane? Come on.

#194 Captain Uppa on 03.16.20 at 9:29 am

189 James on 03.16.20 at 9:21 am
I have to say that this is hyped up hysteria. I don’t get the toilet paper enthrallment with people. My sister who lives in a rather unsophisticated suburb directly west of the city told me it was like walking into a den of ravenous wolves to shop on the weekend. She said people were rude and unruly as well as it was a situation of every man for themselves. We went shopping at Lakeshore and Leslie ample amounts of toilet paper to which we procured one bundle at market price not on sale but not inflated. People in general were amicable and I didn’t see anyone packing a AK-47 under their jacket. No hostility or crazed look in their eyes. Is this a suburbia thing? I do not understand this aspect of mister market but I have considered moving a small amount of my portfolio into the pulp and paper producers nevertheless.
——————————————

I live in northern GTA suburbia and did not experience any of the craziness reported in a few other places. It was quite sophisticated, you know…for us peons north of the 401.

A guy pulled a gun on someone in a downtown Toronto Loblaw’s. Garth said Burlington was like the Thunderdome. Other stories, etc.

Let’s not get into what part of GTA is “best” … what an utterly useless and misinformed conversation.

#195 oh bouy on 03.16.20 at 9:30 am

@#184 Dharma Bum on 03.16.20 at 8:47 am
I just bought a waterfront lot up on the Bruce Peninsula.
Gonna build a cozy cabin on it.
It’ll be a great place to perpetually self quarantine.
Now I can finally justify my anti social behaviour.
_________________________________________

damn. there goes the neighbourhood.
i have a cottage on the huron side.

lots were a good deal a few years back.
more than tripled in price since then.

#196 James on 03.16.20 at 9:33 am

As for high-end properties, well, kiss them off until stock markets are restored. And condos? Pffft. Who wants to ride in stuffy, little, airless elevators with barbarians from other floors who hurl all their greasy germs on the buttons?
So, nah, forget the interest rate thing. This spring will be a real estate write-off. What comes after that, however, may knock your socks off.
__________________________________________
Yes this may be a final death knell to the concrete petri dishes that none of these moisters ever dreamed of. The real estate losses real or imagined with be devastating to the investors who bought one of these cell blocks. Your 65 years old, retired a massive quarantine or lockdown in effect. But you need to get cigarettes and beer. So you have a choice get in the elevator and take the chance you don’t pick something up so you can feed your vices or stay inside your recirculated air in your petri dish in the sky until the mold starts to grow out of your head? Should have stayed on the ground people.

#197 TurnerNation on 03.16.20 at 9:37 am

Financial Take Down of 1st World countries in effect.
We all 2nd now, equality/equity they’ve been talking about.
All those years of nutters taking about a looming “new world order”. UN agenda, etc, etc.
**I think we can stop talking about that now…..the time for talk has ended. **

Social compliance stage is underway. Apparently we all are walking BIO WMD now, per our elite’s news media.
Say where are those I$I$ guys lately?

#198 Phylis on 03.16.20 at 9:44 am

#189 James on 03.16.20 at 9:21 am Good idea as i suspect you will see allot of it in the trees come halloween.

#199 Jim on 03.16.20 at 9:45 am

Brent 29.6900

GARTH DO SOMETHING!

OIL PRICES ARE COLLAPSING!!!!

#200 oh bouy on 03.16.20 at 9:45 am

@#197 TurnerNation on 03.16.20 at 9:37 am
Financial Take Down of 1st World countries in effect.
We all 2nd now, equality/equity they’ve been talking about.
All those years of nutters taking about a looming “new world order”. UN agenda, etc, etc.
**I think we can stop talking about that now…..the time for talk has ended. **

Social compliance stage is underway. Apparently we all are walking BIO WMD now, per our elite’s news media.
Say where are those I$I$ guys lately?
_____________________________________

bwahahahahahahahahaha

Thanks for this.

#201 Sail Away on 03.16.20 at 9:50 am

#171 fishman on 03.16.20 at 12:45 am

Sail away: Kipling’s fine, stiff upper lip & all that. I’ll take Joseph Conrad when it comes to description of an epidemic.

He’s a British seaman in Santos Brazil. The epicentre of a Dengue fever outbreak. Smoke from the town to keep the mosquitoes away laying like a pall over the hot still city. Townspeople dying by the thousands. The sailors around him on the anchored ships dying. Quarantine in effect: nobodies leaving.

One thing all us working sailors know for sure: There comes a time when you ain’t going nowhere, just hunker down and wait her out.

—————————

Oh, definitely Conrad for a real epidemic. This current situation feels like emotional hysteria for a minor issue. Kipling is good for motivation, Conrad for doom.

‘Apocalyse Now’ was based on Conrad’s ‘Heart of Darkness’.

#202 Jager on 03.16.20 at 9:54 am

Tesla (tsla) in premarket/open free-fall. What’s the worst case scenario for Tesla in a nasty global recession? Will it fall below 200 or worse?

#203 The real Kip (Ret) on 03.16.20 at 9:58 am

So sorry to hear about Trump. He sure was a useful idiot!

#204 Howard on 03.16.20 at 10:00 am

This situation is wonderful for introverts. A few weekends at home? No biggie, will catch up on my reading. I imagine the extroverts will go nuts though with a smaller “audience” (or none at all, if they live alone).

#205 not 1st on 03.16.20 at 10:24 am

Las Vegas strip shutting down. That has never happened before. Still only a handful infected and dead. 600k americans died from heart disease last year and nobody noticed.

This doesn’t pass the smell test.

Why does the stock market stay open? Close that thing for 2 weeks until people get their heads on straight.

#206 TurnerNation on 03.16.20 at 10:24 am

For the record I’m not dumping mindlessly rather REBALANCING portfolio. This is temp.

#207 Sail Away on 03.16.20 at 10:28 am

#202 Jager on 03.16.20 at 9:54 am

Tesla (tsla) in premarket/open free-fall. What’s the worst case scenario for Tesla in a nasty global recession? Will it fall below 200 or worse?

————————

Haha- it has plenty of company. The situation is fluid.

#208 Herb on 03.16.20 at 10:34 am

Let me thoroughly confuse you about the Corona issue. The linked 10-minute video is in German, but the sub-title translation is passable.

The presenter, Dr. Wodarg, is a German pulmanologist who studied epidemiology at Johns Hopkins, has served as a Medical Officer of Health, and also as a politician. He has some credibility, but lacks official recognition because he swims against the stream, having exposed the Tamiflu Pharma fraud while sitting as a member of Germany’s Parliament, and objected to the course of
the Swine Flu and Bird Flu “epidemics”. (Virtue being it’s own reward, he was not re-elected to the Bundestag after his Tamiflu exposure, no doubt with a lot of outside help.)

Watch the video and read the subtitles carefully. If Dr. Wodarg is correct, what is the Covid-19 pandemic about, and what will follow in its wake?

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

#209 Franco on 03.16.20 at 10:40 am

Hanging in there, thanks Garth, as Bob Rae said once, we are all in the same boat now.

#210 Sail Away on 03.16.20 at 10:45 am

Oh, exciting times.

If markets drop to -40%, Warren and I may very well take over the world.

#211 Flop... on 03.16.20 at 10:48 am

Hey NoName, did you have a chance to watch 60 minutes last night?

After a bit of corona mania, they did this one on driverless trucks down in Florida…

M45BC

https://www.cbsnews.com/news/driverless-trucks-could-disrupt-the-trucking-industry-as-soon-as-2021-60-minutes-2020-03-15/

#212 G on 03.16.20 at 11:02 am

Hi #184 Dharma Bum,

The Bruce is nice to visit from time to time.
I hope you have or can get a building permit?
Real snow, not Toronto snow.
Black bears, Rattlesnakes, Lots of bugs part of the time.
Drive to get anywhere.
I heard Tobermory has become a bit of a zoo in the summer due to volume of cars with people.
Have a good water filter, remember Walkerton.
Nice Sunsets if your on the West side.
Don’t tell to many people, it might get crowed.

#213 Ronaldo on 03.16.20 at 11:09 am

Well, I had had figured maybe 1000 drop on TSX this morning but not 1800. I don’t think we have seen the bottom yet if anything like 2008 was. Banks have taken a whipping but not as bad as back then. Am thinking maybe $60.00 on RBC before it’s over. Major buying opportunities right now in most sectors. This is one angry bull and the ride ain’t over yet. Hang on cowboys.

Now I have to go and calm my wife down.

#214 PHMIKE on 03.16.20 at 11:13 am

Wow what a nightmare as the name suggests I’m writing from the Philippines , just north if Manila and lets just say the $hit show is just starting… Manila is on lock down aswell as most others cities with major ports of entry including Angeles City where I’m living.. Restaurants ,bars,casinos and malls all closed , only 2000 test kits available in the country of 100+ million… Panic buying in this 3rd world country is unbelievable hoarding to another level, we have lots of toilet paper available but sanitizers, face masks all gone weeks ago… So I’m stuck in my gated community Mcmansion with only a private pool and 35mbps internet wondering what’s going on in the world… spending a lot of time watching stocks which seem like no brainers to be purchasing right now or very shortly… DIS? NFLX? AMZN? Just to name a few … would appreciate if the suits chimed in! Thanks guys! Salamat!

#215 Deplorable Dude on 03.16.20 at 11:15 am

#163 Piet….” At present the worldometer site reports 69 total deaths for USA”

And half of those are from just one care home in WA State.

#216 Yukon Elvis on 03.16.20 at 11:37 am

As panic shopping sets in over COVID-19 fears, one couple took it upon themselves on Saturday night to ensure nobody else would go home with any meat for their families.
Video taken at Save On Foods in Lake Country shows the couple buying the entire meat section of the store, filling two shopping trolleys full.
……………………………..

https://www.castanet.net/news/Kelowna/279508/Couple-buys-entire-meat-section-at-Save-On-Foods-leaves-nothing#279508

#217 Penny Henny on 03.16.20 at 11:40 am

Call me a whack job if you want but while I was out running some errands this morning I saw contrails EVERYWHERE. I probably saw twenty or so. And this is in the Niagara region.

Okay. Whack job. – Garth

#218 45north on 03.16.20 at 11:45 am

Wide spread shutdown today

I don’t want to pre-announce a wide spread shutdown such as will be made today at 13:00 today but it seems to me that a more effective and less disruptive measure would be to quarantine everybody getting off a commercial airline. Say 14 days.

This would be a big pain-in-the-neck for people who fly between Halifax and Toronto but who cares.

#219 Yukon Elvis on 03.16.20 at 11:50 am

Following two weeks of relentless market turmoil, traders were wondering which country’s stock market would be shut down first. Moments ago we got the answer when the Philippine Stock Exchange announced it is suspending trading “until further notice” after the country’s President Rodrigo Duterte expanded a month-long lockdown to the entire main island of Luzon.

“Mass transport suspension and work suspension in the private sector plus the mandate of the government to stay at home constrained us to suspend trading and clearing & settlement for now,” said PSE Chief Operating Officer Roel Refran, who surely welcomes the opportunity to take a break from the crash in the country’s stock market which has wiped out just over a third of market values in since the November highs.

#220 oh bouy on 03.16.20 at 11:50 am

@#216 Yukon Elvis on 03.16.20 at 11:37 am
As panic shopping sets in over COVID-19 fears, one couple took it upon themselves on Saturday night to ensure nobody else would go home with any meat for their families.
Video taken at Save On Foods in Lake Country shows the couple buying the entire meat section of the store, filling two shopping trolleys full.
……………………………..

https://www.castanet.net/news/Kelowna/279508/Couple-buys-entire-meat-section-at-Save-On-Foods-leaves-nothing#279508
______________________________________

karma will hunt them down.

#221 Sail away on 03.16.20 at 11:53 am

#212 G on 03.16.20 at 11:02 am

Hi #184 Dharma Bum,
The Bruce is nice to visit from time to time.

Don’t tell to many people, it might get crowed.

———————–

Crowed? Is that a nod to this Corvid virus?

#222 oh bouy on 03.16.20 at 11:58 am

@#217 Penny Henny on 03.16.20 at 11:40 am
Call me a whack job if you want but while I was out running some errands this morning I saw contrails EVERYWHERE. I probably saw twenty or so. And this is in the Niagara region.
__________________________________

LMAO, whack job you are.

#223 bdwy on 03.16.20 at 11:59 am

#210 Sail Away on 03.16.20 at 10:45 am
Oh, exciting times.

If markets drop to -40%, Warren and I may very well take over the world.
———————————–
not 40, but 35.

sp500 – 2200 will be the bottom.

mr. mohamed el-erian says 35, Im going all in at 2200.

at 2200 the market develops immunity to further bad news. still a few whoppers yet to come though.

getting too chicken to keep at the 2xdown etf, will just sit and wait

#224 neo on 03.16.20 at 12:00 pm

#217 Penny Henny on 03.16.20 at 11:40 am
Call me a whack job if you want but while I was out running some errands this morning I saw contrails EVERYWHERE. I probably saw twenty or so. And this is in the Niagara region.

Okay. Whack job. – Garth

I actually noticed that this morning as well and I don’t live anywhere close to Niagara. It was enough in the sky to be noticeable. Not 20 however but around 8 and never really see more than 2 at a time.

#225 bdwy sktrn on 03.16.20 at 12:00 pm

more crack!

sure wears off fast though.

#226 Sail away on 03.16.20 at 12:03 pm

#216 Yukon Elvis on 03.16.20 at 11:37 am

As panic shopping sets in over COVID-19 fears, one couple took it upon themselves on Saturday night to ensure nobody else would go home with any meat for their families.

———————–

That’s funny. Does anyone else find that funny?

My emergency meat supply consists of our urban deer and rabbits. No storage, no electrical needs, always available. Also- lots of trout in the lakes, bottomfish and crabs in the ocean, oysters on the beach…

#227 not 1st on 03.16.20 at 12:07 pm

Another $500B thrown in this am.

Why not just make it a bazillion cajillion like Dr. Evil.

https://www.cnbc.com/2020/03/16/fed-says-it-will-offer-an-additional-500-billion-in-overnight-repo-funding-markets.html

#228 Ronaldo on 03.16.20 at 12:07 pm

Well, if my wife is any indication as to the thinking of the majority of people in our age group regarding the current market meltdown we have not seen the worst yet.

After going down and listening to the BNN crew she came up and said I am selling everything and getting my money out. Told her that would be a very big mistake and she says, at least I would have what I have now.

After a few back and forths I got her calmed down and seems to have accepted it for now. It’s not easy to see your portfolio down 100 grand in less than a month.

I told her she is one of the very fortunate who do not rely on her savings for income and that this will all pass as with every other crisis that has come our way.

I feel sorry for the financial advisors having to deall with their clients this morning. All the best Garth and thanks for keeping us all on track all these years.

#229 YouKnowWho on 03.16.20 at 12:08 pm

Negative interest rates could now be coming to Canada.

https://www.theglobeandmail.com/investing/markets/inside-the-market/article-gordon-pape-negative-interest-rates-could-be-coming-to-canada-three/

#230 Sky Bleaching!! on 03.16.20 at 12:11 pm

#217 Penny Henny on 03.16.20 at 11:40 am
Call me a whack job if you want but while I was out running some errands this morning I saw contrails EVERYWHERE. I probably saw twenty or so. And this is in the Niagara region.

Okay. Whack job. – Garth
….

Contrails pilots have been repriororitized for anti-virus defences….. sure that seems sane… just like this is a soros plot to take down trump…

#231 leebow on 03.16.20 at 12:11 pm

Anybody wants to buy TP futures? I’m selling OTC.

#232 NoName on 03.16.20 at 12:21 pm

@flop

Self driving tractor trailers were in works for some time now, here is a video of r reich that talks about that 3 yrs back, i remember in last year of O as a president there was a bit of talk about self driving truck corridors.

you ca watch r reich talks about it (video 60min long) or just few min from this point.
https://youtu.be/5xflVUa4M_8?t=165

i dont know is this best or worst eggzample of automation, but this clip always puts a smile on my face…
https://www.youtube.com/watch?v=5MeEJHeM-zE

#233 NoName on 03.16.20 at 12:23 pm

And this

https://twitter.com/TeslaTunnel/status/1239542508922843136

#234 SimplyPut7 on 03.16.20 at 12:30 pm

Mortgage broker says private lending market has disappeared.

https://twitter.com/ronmortgageguy/status/1239533558131232771

I think that quote should be as scary as the WHO COVID-19 pandemic updates.

#235 Stan Brooks on 03.16.20 at 12:45 pm

Global depression brewing.

Panic rate cuts with no effects whatsoever, disturbed supply chains… Not looking good folks, not looking good at all. Witnessing the panic in Europe: It is coming to North America for sure and is not going to be pretty.

Full lock downs coming for sure, long lasting impact on the economy. Forget about the housing market. The problem is how the populace will survive with no savings whatsoever, coming job losses while indebted to the eyeballs.

Is this the pin that will pop the bubble? It certainly seems so.

If you expect ‘recovery’ after that you will be disappointed.

Did you get that farmland? Not yet? It might be already too late.

Cheers,

#236 Negative Rates? on 03.16.20 at 12:49 pm

#229 YouKnowWho on 03.16.20 at 12:08 pm
Negative interest rates could now be coming to Canada.

https://www.theglobeandmail.com/investing/markets/inside-the-market/article-gordon-pape-negative-interest-rates-could-be-coming-to-canada-three/

————————————–

No way dude. Garth has repeatedly said that would never happen in Canada and the United States, never.

#237 Lost...but not leased on 03.16.20 at 12:50 pm

Was at RiverRock casino….

Every other slot machine was turned off…

I asked staff member why and they said it was “social distancing” policy…. aka to help stop spread of coronavirus…which is ridiculous( and simply one of those token attempts gov’t draft via desperation)

Regardless..I’ve never seen the place so dead…
Staff there were saying the casino may shut down.

#238 Attrition on 03.16.20 at 12:53 pm

Um…

Given that…

1. This is just another nasty cold
2. Recessions are inevitable
3. Canada is the world’s ‘bread basket’
4. Plants and animals don’t stop growing, laying
5. Experts are rewarded for overreacting to appear hyper-virtuous
6. We are ALL reacting emotionally = being manipulated
7. In a few months, we’re all going to be deeply embarrassed and then incredibly angry
8. Oh, and: this is just another nasty cold

…perhaps it’s time to stop and think?

If you don’t know how many ppl were/are infected, you can never know the fatality rate. The fatality numbers being tossed around aren’t accurate because of this.

COVID-19 didn’t appear when they started the first test. It will have been with us for months, if not years, before it was identified. It was mistaken for the flu or a nasty cold (which it is).

I’m not sure what the end game here is, but there likely is one. Many theories, most conspiracies:

Forcing a long overdue financial reset to pop the bubble and blame the pandy?

Another bankster robbery of the public purse?

A blow to globalism to drive in-sourcing to NA?

To have us shelter in place, conserve fuel and resources to get the West, or what’s left of that ideological coalition, on a war footing?

To slowly erode our rights and assert more govt control, aka socialist?

To undermine Trump?

To bolster Trump?

Maybe all of the above, maybe none.

Maybe it’s just ppl, governments, corps coming together altruistically to try to prevent the virus from taking out our 0.09% of our oft-neglected elders?

Hmm.

#239 just snootin' on 03.16.20 at 12:54 pm

#226 Sail away on 03.16.20 at 12:03 pm
#216 Yukon Elvis on 03.16.20 at 11:37 am

As panic shopping sets in over COVID-19 fears, one couple took it upon themselves on Saturday night to ensure nobody else would go home with any meat for their families.

———————–

That’s funny. Does anyone else find that funny?

My emergency meat supply consists of our urban deer and rabbits. No storage, no electrical needs, always available. Also- lots of trout in the lakes, bottomfish and crabs in the ocean, oysters on the beach…

No limit on poachers either. “Urban deer” what an idiot. You’ve never hunted. Where do you buy the tag for your urban deer?

#240 bdwy on 03.16.20 at 12:55 pm

1.40 loonies to buy a USD right now.

hope all those in cash are in the green kind.

egad.

#241 jp on 03.16.20 at 1:01 pm

The toilet paper is need for buy and hold investors
No offense intended or implied

#242 Shawn Allen on 03.16.20 at 1:05 pm

Automation takes jobs?

Well maybe the robots can do everything and we can all stay home to avoid germs.

#243 Ronaldo on 03.16.20 at 1:10 pm

TSX got back to January 2010 level. That’s far enough already. So many unknowns yet to come.

#244 not 1st on 03.16.20 at 1:12 pm

Sask schools now closed, plus libraries, rec centers, ban on large gatherings etc.

Seems different this time honestly. Cant remember anything like that in my lifetime.

#245 T. on 03.16.20 at 1:13 pm

***It was Garth’s BD on Saturday too!***

Is that right! Gee, was it him that I saw get out of that McLaren?

#246 Ronaldo on 03.16.20 at 1:13 pm

#237 Lost…but not leased on 03.16.20 at 12:50 pm
Was at RiverRock casino….

Every other slot machine was turned off…

I asked staff member why and they said it was “social distancing” policy…. aka to help stop spread of coronavirus…which is ridiculous( and simply one of those token attempts gov’t draft via desperation)

Regardless..I’ve never seen the place so dead…
Staff there were saying the casino may shut down.
—————————————————————-
That’s too funny. Like I’m sure someone is following behind every client as they move from one machine to the other wiping down the handle and buttons on the slot machine. LOL

#247 James on 03.16.20 at 1:15 pm

Oscar, a tech-driven health insurance company, launched the first testing center locator for COVID-19 in the U.S., featuring more than 100 centers today. It is accessible to the general public and more testing centers are being added every day. Conveniently a major investor in the company is the Kushner family.

https://www.prnewswire.com/news-releases/oscar-launches-first-testing-center-locator-for-covid-19-301023288.html

#248 Sold Out on 03.16.20 at 1:24 pm

#239 just snootin’ on 03.16.20 at 12:54 pm
#226 Sail away on 03.16.20 at 12:03 pm
#216 Yukon Elvis on 03.16.20 at 11:37 am

As panic shopping sets in over COVID-19 fears, one couple took it upon themselves on Saturday night to ensure nobody else would go home with any meat for their families.

———————–

That’s funny. Does anyone else find that funny?

My emergency meat supply consists of our urban deer and rabbits. No storage, no electrical needs, always available. Also- lots of trout in the lakes, bottomfish and crabs in the ocean, oysters on the beach…

No limit on poachers either. “Urban deer” what an idiot. You’ve never hunted. Where do you buy the tag for your urban deer?

xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

I’m picturing Elmer Fudd… “Be vewy, vewy quite; I’m hunting bunny wabbits”

#249 Sail away on 03.16.20 at 1:36 pm

#239 just snootin’ on 03.16.20 at 12:54 pm
#226 Sail away on 03.16.20 at 12:03 pm

That’s funny. Does anyone else find that funny?
My emergency meat supply consists of our urban deer and rabbits. No storage, no electrical needs, always available. Also- lots of trout in the lakes, bottomfish and crabs in the ocean, oysters on the beach…

——————–

No limit on poachers either. “Urban deer” what an idiot. You’ve never hunted. Where do you buy the tag for your urban deer?

——————–

Poaching? Tag?

I suspect we have far different experience with emergencies. Loss of amenities is not an emergency.

Loss of a major body part without available care gets closer.

In a true emergency, trust me: rules are a fictional ideology.

That said, I have no expectation of any actual North American emergency in my lifetime.

#250 Flop... on 03.16.20 at 1:37 pm

Attention Thor Turner.

Chart fest.

Been wondering when howmuch does a corona related story.

Here it is…

M45BC

Visualizing The Coronavirus Stock Market Meltdown.

“Coronavirus panic is sweeping the world, forcing governments to take unprecedented steps to slow the pandemic. Schools are closed, bars are shutting down and public events are called off. The world is likely headed into a severe recession, causing stock prices to plummet as people cash out and sell everything. Here’s the latest on the extent of the damage for the share prices for several key companies.”

https://howmuch.net/articles/stock-drops-amid-covid19-outbreak

#251 not 1st on 03.16.20 at 1:45 pm

Trudeau locks down the border.

#252 Lost...but not leased on 03.16.20 at 1:49 pm

So … Turdeau on CBC now and just announced Canada is banning entry to NON – residents.

Seems like we are just one more step closer to martial law ( which his daddy enacted 50 years ago ?!? ).

PS Don’t think this ain’t the end game.

#253 bdwy on 03.16.20 at 1:51 pm

aaaaaand the border is closed….

#254 jess on 03.16.20 at 1:52 pm

How could that be? nudging ?
…” During the 2007 to 2010 financial crisis, when the Fed secretly funneled more than $16.1 trillion in loans to the Wall Street banks according to an audit by the non-partisan watchdog of Congress, the Government Accountability Office, the banks continued to charge consumers double-digit interest rates on their credit cards as the banks borrowed significant sums from the Fed at less than one-half of one percent interest. A large part of the loans from the Fed went to the Wall Street banks’ trading operations in London.
https://wallstreetonparade.com/2020/03/fed-sets-off-panic-with-plan-to-eliminate-reserves-at-wall-streets-mega-banks/
======
no soap no water

“It is unconscionable that during an infectious disease outbreak, like with the coronavirus, communities would continue to shut off people’s access to water,” the letter said. “Surely, in the richest country in the world, we can ensure that every American has access to safe and affordable water.”

https://dankildee.house.gov/sites/dankildee.house.gov/files/High%20Water%20Bill%20Leadership%20Letter%20%28002%29.pdf

#255 Lost...but no leased on 03.16.20 at 1:54 pm

Self Driving vehicles and job losses…

Question is…at what critical mass point does the cost savings of automation create an economic black hole whereby no consumers left ? ie …..last consumer left turn off the lights.

#256 Lost...but not leased on 03.16.20 at 2:13 pm

UPDATE:

US citizens , flight crews and diplomats are exempt from Canada entry ban.

(Well…why have a ban at all ???)

#257 Toronto_CA on 03.16.20 at 2:18 pm

I don’t understand the ban…foreigners aren’t going on tourist trips to Canada. Unless they close it to US Citizens you’ve basically done nothing?

What am I missing? No airlines are even flying. If the US border is open there’s no point in closing the others.

#258 jess on 03.16.20 at 2:22 pm

247 James on 03.16.20 at 1:15 pm

kushner regards americans as “customers”
https://www.vice.com/en_us/article/d3naxz/of-mice-and-mold-baltimore-tenant-complaints-show-jared-kushners-not-exactly-a-model-landlord

Kushner Cos. Gets $800 Million Federally Backed Apartment Loan
By David Kocieniewski
and Caleb Melby
May 23, 2019, 6:58 PM EDT
https://www.bloomberg.com/news/articles/2019-05-23/kushner-cos-gets-800-million-federally-backed-apartment-loan
Deal expands government’s lending exposure to Kushner Cos. Firm has been looking to buy 6,030 units in Virginia, Maryland

jul 30, 2019 – President Donald Trump tweeted that Baltimore is a “disgusting, rat and rodent infested mess,”

Was he referring to his son in law?
how did he get the 800m loan from freddie mac?

Kushner Cos. own 701 HUD-supported units in Baltimore County. Year-to-date, inspectors discovered 173 failures to meet standards. Only when HUD funds were threatened to be withheld were necessary repairs made. In six cases, HUD payments were withheld by the County in order to mandate the repairs.
https://www.baltimorecountymd.gov/News/BaltimoreCountyNow/jared-kushner-owned-company-fined-as-negligent-property-owner-in-baltimore-county

False Housing Documents
Properties owned by Jared Kushner in the Baltimore area have accrued multiple building code violations for rodent infestation.

rinse lather repeat why falsify docs

1) Find an apartment building with a lot of rent-regulated tenants in a gentrifying neighborhood.

2) Offer to buy said building at a discounted price (i.e. one reflecting the burden of inheriting tenants who pay well below market rate).

3) Begin endless, extremely noisy construction on said buildings — while doing some minor (but deliberate) damage to the existing structure — until the rent-regulated tenants decide to move out.

4) Replace them with market-rate tenants, and resell the building at a huge profit.

So, instead of disclosing the 94 rent-regulated units in those buildings, the company claimed that there were actually zero such units, read more @

#259 oh bouy on 03.16.20 at 2:29 pm

Hmmm

https://www.businessinsider.com/coronavirus-germany-covid-19-vaccine-not-for-sale-donald-trump-2020-3

#260 Sail away on 03.16.20 at 2:37 pm

#257 Toronto_CA on 03.16.20 at 2:18 pm

I don’t understand the ban…foreigners aren’t going on tourist trips to Canada. Unless they close it to US Citizens you’ve basically done nothing?

———————

Obviously, Trump told Trudeau that the border stays open. Not a mystery.

#261 Yuus bin Haad on 03.16.20 at 2:37 pm

Don’t worry kids – there’s always Roxham Road

#262 not 1st on 03.16.20 at 2:44 pm

#256 Lost…but not leased on 03.16.20 at 2:13 pm
UPDATE:
US citizens , flight crews and diplomats are exempt from Canada entry ban.
(Well…why have a ban at all ???)

—-

Well that’s simple, our entire country and economy is dependent on trade with the Americans. Also rich Canadians will be able to access private US health care and take the burden off here.

#263 True on 03.16.20 at 2:54 pm

Wondering if like T1, Prime minister T2 will declare Marshall law? ….. just watch him!

#264 MF on 03.16.20 at 2:54 pm

Goodlife gyms closed.

NOW it’s real, and it sucks.

MF

#265 Cto on 03.16.20 at 2:57 pm

#238 Attrition
OK, I was afraid to say it , but you did…
When this is all over the TSX is going to be a smokey hole in the ground.
The government will Pander to those that have over-leveraged themselves….because…”they need help”.
Interest rates will be negative…
And the Euphoria of battling this virus and winning , will drive real estate prices into the sky!!!

#266 Howard on 03.16.20 at 3:02 pm

#260 Sail away on 03.16.20 at 2:37 pm
#257 Toronto_CA on 03.16.20 at 2:18 pm

I don’t understand the ban…foreigners aren’t going on tourist trips to Canada. Unless they close it to US Citizens you’ve basically done nothing?

———————

Obviously, Trump told Trudeau that the border stays open. Not a mystery.

————————–

More likely, he told Freeland and she explained it to Junior while he was busy with his colouring books or slinky.

#267 Francois Portier on 03.16.20 at 3:37 pm

bdwy, the loonie is going to the level of incompetence of the Chretien, Martin federal liberals which is 1.65 to 1.70 to buy a U.S. dollar. History repeating itself with the Canadian dollar devaluation.

If things keep getting really bad we may see 1.90 to 2.00 to buy a U.S. dollar.

#268 James on 03.16.20 at 4:11 pm

#262 not 1st on 03.16.20 at 2:44 pm

#256 Lost…but not leased on 03.16.20 at 2:13 pm
UPDATE:
US citizens , flight crews and diplomats are exempt from Canada entry ban.
(Well…why have a ban at all ???)

—-

Well that’s simple, our entire country and economy is dependent on trade with the Americans. Also rich Canadians will be able to access private US health care and take the burden off here.
__________________________________________
Smoking Man is back in Canada that says a lot.

#269 James on 03.16.20 at 4:14 pm

#246 Ronaldo on 03.16.20 at 1:13 pm

#237 Lost…but not leased on 03.16.20 at 12:50 pm
Was at RiverRock casino….

Every other slot machine was turned off…

I asked staff member why and they said it was “social distancing” policy…. aka to help stop spread of coronavirus…which is ridiculous( and simply one of those token attempts gov’t draft via desperation)

Regardless..I’ve never seen the place so dead…
Staff there were saying the casino may shut down.
—————————————————————-
That’s too funny. Like I’m sure someone is following behind every client as they move from one machine to the other wiping down the handle and buttons on the slot machine. LOL
_______________________________________
Really people have to gamble that badly?
I would laugh my ass off but this is no a laughing matter.
God help us!

#270 Lost...but not leased on 03.16.20 at 4:15 pm

#262 not 1st on 03.16.20 at 2:44 pm
#256 Lost…but not leased on 03.16.20 at 2:13 pm
UPDATE:
US citizens , flight crews and diplomats are exempt from Canada entry ban.
(Well…why have a ban at all ???)

—-

Well that’s simple, our entire country and economy is dependent on trade with the Americans. Also rich Canadians will be able to access private US health care and take the burden off here.

==================
Yeah…we get that….

This whole coronavirus SCAM is also unravelling as we speak.

Just saw on CBC that UK will fine/imprison people who refuse tests and quarantine…this would logically seguay into mandatory vaccines.

” CUI BONO”

#271 jess on 03.16.20 at 4:35 pm

one time payment -Mitt Romney wants to give every American adult $1,000 over coronavirus

or the freedom dividend of Yang
The “Freedom Dividend” — as his campaign called it — was a program under which any American over the age of 18 could opt in and receive $1,000 a month. Yang argues that the federally funded stimulus would serve as a boost to the economy while giving individuals the freedom of financial stability.

1.1 How many SMEs are there in Canada?

As of December 2017
Sources: Statistics Canada, Labour Force Survey; and ISED calculations.

http://www.ic.gc.ca/eic/site/061.nsf/eng/h_03090.html#point2-1

#272 Barb on 03.16.20 at 5:37 pm

Vancouver’s mayor is closing all public spaces, including golf courses. Golf? Huh? Outside…and you’re acres apart from one another?

But he’s not closing bars and restaurants apparently.

Why is insanity so prevalent on the left coast?

#273 Attrition on 03.16.20 at 8:28 pm

Did anyone here not know Canada’s dollar is a weak petro-currency at best? So goes oil, so goes our currency.

And, although we hold an almost criminal proportion of the world’s resources…we fail to innovate, exploit, grow and prosper the way we could. A truly under achieving nation.

It’s not our fault tho – when you’re born into wealth, you generally don’t appreciate it and happily trade it away for this or that. In a sense, we’re all First Nations now.

PS: Amazing hiring 100,000 delivery ‘specialists’ to help with demand. Everyone ordering online. Expect telcos, ISPs to be hiring as we all start doing almost everything online.

Capitalism is a self regulating system just like the climate. Sure, there are tornadoes and droughts, wildfires and mini ice ages. But every crisis subsequently destroys demand, and triggers it.

This isn’t the end of anything, just a continuation. No need to panic – we’ll be bringing out the dead, but no one lives forever and we’ve been here before.