Social distance

Almost a year and a half ago the guy running our central bank said this: “The buildup of household debt and imbalances in the housing market has made our financial system more vulnerable to economic shocks.”

Few cared. Or listened. Or changed anything.

Until the shock came.

On Tuesday a big survey emerged showing what the first two solid weeks of Mr.Virus have done to Canadians…

  • Respondents feeling stressed by the crisis: 74%
  • People worried how to pay for food and rent: 40%
  • Those so stressed they’re losing sleep: 30%
  • People expecting to need more debt: 19%
  • Number reporting ‘extremely negative’ virus impact on finances: 29%
  • People with no plan to deal with this: 32%
  • Number feeling financially secure: 6%

Now that those house-horny little chickens are coming home to roost, the miserable state of public finances is laid bare. No savings. No reserve funds. Big debts. Huge monthlies. Living paycheque-to-paycheque. Even when 40% pay no net income tax and government support payments have never been higher. Financial failure abounds. And so millions are looking to politicians to rescue their sorry butts.

But not all.

Here in the proud, sovereign Nation of GreaterFool, where testosterone flows like the mighty St. Lawrence and confidence spikes like the peerless Rockies, panic and victimhood are disallowed. If yesterday’s poll is to be believed, thousands of readers not only have cash reserves, they’re planning on unleashing them in the next few months, swooping in to buy distressed assets from distressed people. The crisis may be far from over, but it appears many of you think the outcome’s a no-brainer.

Readers were asked about investing intentions, the pace of recovery and the odds of a financial calamity. Capped at 5,000 responses, it was oversubscribed in just a few hours. Highlights: 73% plan to invest in the next 90 days; most (61%) will use cash; a majority think it’ll take at least a year for everything to settle; while 43% see no depression, a quarter are unsure and a third are preparing for the worst.

Here’s the breakdown.

Click to enlarge.

NOTE: It should not be necessary on a blog that deals mostly in canines and finances to remind you that, ah, this is about dogs and dough. Not public health. Infectious medicine. Ventilators. Or viral mortality rates. None of that can we change. Don’t come here for empathy. You’ll also have to sign up and pass a stress test to get a hug.

Just remember that Stephen Poloz told us there’d be a shock. More will follow. And life will go on.

Source: BMO Financial Group

 

223 comments ↓

#1 first on 03.24.20 at 4:40 pm

Foist.

#2 Red_falcon on 03.24.20 at 4:43 pm

Roller coaster of ups and downs!

And … first!!!

#3 47 on 03.24.20 at 4:44 pm

Great post Garth.

#4 Trump Train 2020 on 03.24.20 at 4:46 pm

Trump showed his hand today. He is willing to trade a couple million lives to make sure the market is well above where it was with Obama was in office. We can all relax now that we are onboard the Trump Train 2020.
He was going to kill at least a million anyway with his handling of this so what’s a another 1-3 more million as long as he looks better then Obama on the DOW index

#5 26 going on 50 on 03.24.20 at 4:48 pm

30% think we’re going into a depression? I assume mostly smart people bother to read this blog, so if the average joe were here would this number be closer to 50%?

#6 Leigh on 03.24.20 at 4:48 pm

So grateful for your blog Garth. For years, whenever I want to run away from the herd and feel like yelling ‘any intelligent life out there’; I come here to read your posts and take a deep breath to reassure myself I’m not alone in my thinking!

#7 BlogDog123 on 03.24.20 at 4:49 pm

Mr. Buffet thinks a buying opportunity is when we’re all afraid…

#8 Jimmy on 03.24.20 at 4:49 pm

Amazing!!

#9 jess on 03.24.20 at 4:49 pm

IMO: time is the denial stage…

Fannie Mae, Freddie Mac relax appraisal, employment verification standards in wake of coronavirus

Will allow drive-by and desktop appraisals in certain circumstances

March 23, 2020, 11:54 am By Ben Lane
===========
The 60-Day Trump Foreclosure Moratorium Does Not Apply To All Mortgages. Non-GSE Loans And Non-FHA Loans Not Part Of The Moratorium

Because Fannie and Freddie back the mortgages on multifamily properties, but have no contact with individual renters, the only way for the GSEs to provide relief to renters is by providing relief to the property owners themselves. Missed rent payments mean that multifamily property owners wouldn’t be able to make their mortgage payments and the entire property would go into foreclosure.

As a result of the GSEs’ action, property owners now have the ability to delay their mortgage payments if their property is negatively affected by the coronavirus national emergency.

According to the GSEs, property owners can delay their mortgage payments for up to 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval.

The condition the GSEs included — that property owners can’t use the forbearance option unless they agree to suspend evictions — should have a sizable impact on the market, considering how much of the multifamily market Fannie and Freddie support.

According to the most recent data from the Mortgage Bankers Association, Fannie and Freddie hold or back approximately 48.6% of the entire outstanding multifamily mortgage debt.

In an announcement, Freddie Mac said that it anticipates that the program can provide relief for up to 4.2 million U.S. renters across more than 27,000 properties.

“Renters should not have to worry about being evicted from their home, and property owners should not have to worry about losing their building, due to the coronavirus,” FHFA Director Mark Calabria said in a statement.

“The multifamily forbearance and eviction suspension offered by the Enterprises should bring peace of mind to millions of families during this uncertain and difficult time,” Calabria added. “The Enterprises are working with mortgage servicers to ensure that these programs are implemented immediately so that property owners and renters experiencing hardship because of the coronavirus can get the assistance they need.”
https://www.housingwire.com/articles/freddie-mac-fannie-mae-move-to-protect-renters-from-eviction-during-coronavirus-crisis/

#10 26 going on 50 on 03.24.20 at 4:50 pm

Garth, 54% said 12-18 months on #5, for this reason I’m sure many( including myself ) believe the possibility of this being more long term

#11 MF on 03.24.20 at 4:52 pm

2 Red_falcon on 03.24.20 at

…just like any other bear market.

Wait until some earnings reports or unemployment figures come out.

Ouch.

MF

#12 Post on 03.24.20 at 4:52 pm

You pondered yesterday if we’ve reached the capitulation phase. I guess it’s a another no-brainer that the bottom is a bit further down the road.

#13 JSS on 03.24.20 at 4:55 pm

OMG I got them all correct!!!

#14 The other Lebowski on 03.24.20 at 4:55 pm

Unreal market action today. I hate to break this to everyone but a 12% orgasmic pop shows we are closer to the top than the bottom. When these dip buying fools are beaten to a pulp and swearing off stocks forever then maybe we will be close to a bottom. Pembina Pipeline up 50% in 4 trading days!!! I don’t wish bad luck to anyone so lets just say good luck with that.

#15 TurnerNation on 03.24.20 at 4:57 pm

Walk or drive around your city or town. It looks like an Economic BOMB has been dropped. Darkness, papered up windows; empty parking spots.
And it was just that. A co-ordinated global attack.
The best comment I’ve read, elsewhere, was that every single action going forward will be toward a new global order. Every one. Keep this in mind at all times.
There is no going back – they’ve won.

#16 Tom on 03.24.20 at 4:58 pm

From Twitter:
https://mobile.twitter.com/spencernoon/status/1242472229868392448

@spencernoon
Watch the real estate market.

My neighbor is an
@Airbnb
super host.

She is on forums with other hosts.

Many of them have 10+ mortgages.

0 guests are booking their properties.

They are running out of cash.

#17 Dolce Vita on 03.24.20 at 4:58 pm

Very good blog today Garth.

Then again, your acolytes thought there would be a Tory win, I think it was about 70% of your flock falling lock step…and THEN Justin got elected the first time (I was part of the 30% back then).

So, not sure your 5,000 are a fountain of predictive knowledge BUT I admire the “can do” attitude.

Still, a MORE THAN SIGNIFICANT statistical sample size for certain. Nice to read. I do question bias…another time.

I await the StatCan Jobs Report for this period of time (near 1 million EI applications in a week, not all is well in Dodge):

https://twitter.com/wicary/status/1242524210016198663/photo/1

Of course StatCan will say a banner month for job creation. 5% of the workforce just applied for the dole in 1 week.

True, recession for those with a job still, depression for the near 1 million.

—————————————-

We’ll see how it goes in the Excited States of America. How they go, Canada goes.

Not looking good with their genius President saying that in April it will be business as usual, they will be over COVID-19…as Hillary Tweeted today:

“Please do not take medical advice from a man who looked directly at a solar eclipse.”

#18 DON on 03.24.20 at 5:00 pm

So it is now 1 million EI claims. More over the weekend!

The results for a financial blog and that many unsure or worried a little concerning.

I am more concerned about what the BoC was indicating.

Trump is moving his reopening date back.

WUHAN another case. Stull not eradicated. Yes I know one case.

Doctors reporting that even recovered patients are left with lung scars.

Hopefully they will have a vaccine prior to the November sick season.

How many of blogs dogs who laid off employees are hiring them all back by Easter?

#19 MicroGX on 03.24.20 at 5:00 pm

Results of survey certainly don’t seem to match with many in the comment section…. I look forward to looking back on this time, lots of tasty opportunities. Thanks again for sharing.

#20 crowdedelevatorfartz on 03.24.20 at 5:08 pm

Bloomberg / Financial Post

Almost 1 million Canadians applied for EI last week.

Has the Market curve hit “Panic” or “Despondency” yet?

#21 CC on 03.24.20 at 5:12 pm

#15
“Walk or drive around your city or town. It looks like an Economic BOMB has been dropped. Darkness, papered up windows; empty parking spots.
And it was just that. A co-ordinated global attack.”

Yes, viruses that cause pandemics are a “co-ordinated global attack”.

#22 StephenG on 03.24.20 at 5:17 pm

Today stimulus is winning over virus fears. Imagine good news on vaccine readiness, Italy turns the corner..virus fears will dissipate and markets win!

#23 Stealth on 03.24.20 at 5:17 pm

Which point on the curve are we at now?

#24 Mark Hecht on 03.24.20 at 5:18 pm

Fear and hysteria seem to have engulfed our society at the moment. I’m surprised how many people are demanding their own civil liberties be taken away from them. Bad time for free market economies. Thanks for keeping it real, Garth.

#25 Fasa on 03.24.20 at 5:19 pm

Stock market bottom is not even close yet, we are still in the Panic/Desperation phase…sadly more pain to come. US numbers will hit 1 million infected before we get to the bottom.

Ontario asking people to stay in for 2 weeks is a joke, we all know its going to be much longer they are just trying to not panic everyone and have a run on food and booze.

Garth what about RSP withdrawals with no penalty as long as they are paid back within x years?

#26 FreeBird on 03.24.20 at 5:25 pm

My testosterone levels must be high for a woman. I’ll get that checked.

#27 Leftover on 03.24.20 at 5:26 pm

Watch this curve over the next few days:

https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/health-professionals/epidemiological-summary-covid-19-cases.html#a2

Right now it looks as though we’ve achieved the “plank”, but we’re only about t3 days in.

#28 What about ... on 03.24.20 at 5:28 pm

the mighty Fraser?

#29 Emile on 03.24.20 at 5:29 pm

> testosterone flows like the mighty St. Lawrence

I drop by for the wit, stay for the advice. Thanks!

#30 Stan Brooks on 03.24.20 at 5:29 pm

Life will go on for some, for that 6 % who feel financially secure in this ‘G7 country’.

For the rest:

Canada’s Economy To Shrink At Fastest Pace On Record, Unemployment To Soar: CIBC

https://ca.finance.yahoo.com/news/economic-forecast-canada-155618296.html

This horse is dead, stop beating it.

Cheers,

#31 The Wet One on 03.24.20 at 5:31 pm

Welp, I’ve got cash money in the bank in the 5 figures. Yeah, I’ve taken a drubbing in marketable securities, but so what? I don’t need that money anytime soon.
My and my wife’s jobs are relatively secure in this economic and health catastrophe (she works in a hospital, I’m involved in keeping things going at essential levels of society).

I’m good.

The rest of y’all?

Good luck and godspeed to my fellow Canucks. I really hope that you can ride this wave to the other side of the valley we’re in right now and not drown.

Take care of yourselves and stay safe!

#32 Faron on 03.24.20 at 5:31 pm

#11 MF on 03.24.20 at 4:52 pm

2 Red_falcon on 03.24.20 at

…just like any other bear market.

Wait until some earnings reports or unemployment figures come out.

Ouch.

MF

———————————–

US initial unemployment claims # comes out Thursday. There are estimates of 2million. Who wants to bet if this has been factored in by the market yet? Any cowboys out there going to buy leveraged, inverse s+p 500? This is going to be the first in a really depressing string of economic data out of the US. Wait until the April jobs report. Yow.

Portfolio is off 17% from peak. Would have been worse except I have 1/4 of it in US dollars that have appreciated 10% owing to the exchange rate. Tempting to repatriate those dollars. Currently sitting 30% equities, 60% bonds and 10% cash.

I think we are at the fear/panic phase in the cycle. Half way down.

#33 The Limited Sage on 03.24.20 at 5:33 pm

Today, the sheep fled the pasture only to line up for the slaughterhouse.

#34 APB. on 03.24.20 at 5:35 pm

Probably a dumb question. What do you mean by “net income taxes”.

Net of government pogey received. – Garth

#35 Jay on 03.24.20 at 5:36 pm

It’s really depressing when your told to not leave the house, gather in large groups or spend time with friends and after a few weeks you realize that your life isn’t actually that different. If anything I’ll be better off financially as a result of this virus. No money spent on gas, no vacations, just saving and waiting for the government to take it all.

#36 Katherine on 03.24.20 at 5:37 pm

#31 Emile

> testosterone flows like the mighty St. Lawrence

I drop by for the wit, stay for the advice. Thanks!

I’ll second that!!! Love the dog pics too even though really a cat person.

#37 Penny Henny on 03.24.20 at 5:37 pm

On your roller coaster chart I went from anxiety to fear to acceptance, now almost moving on to hope.

permanent portfolio
check it out
https://www.theglobeandmail.com/investing/markets/etfs/article-the-profitable-etf-portfolio-built-to-survive-a-market-crash/

#38 Lost...but not leased on 03.24.20 at 5:38 pm

Noted in past we had “plans” that were disrupted by this fake pandemic.

They have approx $4,000 of our funds which can be applied as credit for a reboot …

IMHO…..”They” will declare “bankruptcy” and rise from the ashes…and we will NEVER get what we paid for.

Apply this across the board with many other businesses……

#39 Cto on 03.24.20 at 5:38 pm

So…Garth
This blog called the “the greater fool” was, I think named after your
2008 book The greaterfool.
The book is about real estate. Yet you say this is a financial blog.
Now I know they’re related, but you have been very quiet about that sector lately.
Is it because it seems to be a total crapshoot, ? could it Crash and Burn like the Hindenburg? or will it take off and fly to the stratosphere … based on all the helicopter money being handed out by the government…and 0 interest rates.
What is your housing prediction.? ???
This is a real estate blog isn’t it?

#40 Josh from Calgary on 03.24.20 at 5:38 pm

I bailed at the fear stage. Once it became clear that this was not just your run of the mill 5-10% pull back. Personally I think we are still in the panic stage. The algorithms are running wild and causing massive volatility with each news headline. Slowly but surely all of the people on margin a being weeded out. Some people are still holding on but will eventually sell once despondency kicks in.

And actually it’s not all that slow since this is the fastest drop in history. It’s tough to look to past crashes for guidance here since this is the first time society has agreed to shut down for an undetermined amount of time and the first time social media has been powerful enough to stoke emotions to the maximum.

#41 The Wet One on 03.24.20 at 5:38 pm

Regarding that graph from BMO, based on past experience during the financial crisis, if you think we’re anywhere near the bottom, I’m pretty sure you’re wrong.

Today looked like a good day, but this thing (i.e. all the economic turmoil) has barely even begun to bite.

There’s months left in this thing and during those months, the markets will continue to slide.

This crisis, being the double whammy that it is (both health and economic), can’t possibly be less bad than the Great Financial Crisis. Not in my view.

As such, despondency and depression have to be a ways off yet.

That’s my 2 cents and I’m sticking by it.

At least wait until the surge in deaths of traders in New York passes. There’s no way that won’t have an effect. It’s coming. A lot more is coming (seriously, people haven’t even starting losing their homes yet. Remember that from the last go around?). The dying has barely begun.

Anyways, no one is gonna listen to me anyways (wisely). I’m just sharing my thoughts for what it’s worth.

I’ve made the error of catching a falling knife before (i.e. acting before despondency and depression actually set in).

Not this time.

This time, I will try to apply what I’ve learned. The hard and expensive way.

#42 yoyomah on 03.24.20 at 5:43 pm

Headline today: “The S&P 500 rallied 9.4% to 2,447.33 for its best day since October 2008.”

The fine print missing from most articles: the S&P 500 dropped 30% between October 2008 and March 2009.

#43 CC on 03.24.20 at 5:46 pm

Garth writes:
“NOTE: It should not be necessary on a blog that deals mostly in canines and finances to remind you that, ah, this is about dogs and dough. Not public health. Infectious medicine. Ventilators. Or viral mortality rates. None of that can we change.”

And further:
“Don’t come here for empathy.”

Yes, I believe you told us yesterday, that empathy is not to be talked about, and the day before possibly as well…don’t quote me though.

However, what you don’t ever talk about is your thoughts regarding the effect on the Canadian economy
and Canadian families, should there be an overload (and subsequent breakdown) in our healthcare system due to the pandemic.

Curious minds would like to hear more about your thoughts on this very real potential?

#44 Sail away on 03.24.20 at 5:48 pm

Who’s had the Corvid?

Freebird? Fishman… or your friend?

What’s the verdict?

#45 AGuyInVancouver on 03.24.20 at 5:49 pm

#15 TurnerNation on 03.24.20 at 4:57 pm
Walk or drive around your city or town. It looks like an Economic BOMB has been dropped. Darkness, papered up windows; empty parking spots.
And it was just that. A co-ordinated global attack.
The best comment I’ve read, elsewhere, was that every single action going forward will be toward a new global order. Every one. Keep this in mind at all times.
There is no going back – they’ve won.
_ _ _
Awesome, I nominate you as tribute for the inaugural Hunger Games.

#46 Oracle of Ottawa on 03.24.20 at 5:50 pm

This is the 3rd correction I’ve had since investing. During the teck bubble of 2000 I was fearful and sold. During the financial crises of 2008 I held tight. Now I’m going to put some cash to work as this sucker moves lower. I will eventually invest all the cash and sit tight. In the next correction I will use the accumulated dividends to buy more. That’s my strategy.

#47 Penny Henny on 03.24.20 at 5:53 pm

Garth I would bet doughnuts to dollars (doughnuts are expensive you know) that this social distancing has changed your life by about this much -> .

#48 not 1st on 03.24.20 at 5:55 pm

While safe space snowflakes are stocking on TP and begging for UBI because they found out their job is non-essential, the smart money is picking away at those deals in the stock market. The turmoil isn’t over but the bottom is in.

Some people are going to be set up for life with equities. Other will find out their jobs are never coming back no matter how much pixie dust Heir Trudeau sprinkles around.

I am going to give everyone the biggest trend tip ever seen in the history of the world. Repatriated supply chains and stripped down consumer services all run by automation supported with technology. You have just witnessed peak human labour. Machines don’t eat, sleep, strike, complain or get sick. Reverse globalization with automation. Best time for disruptive change is during a crisis.

#49 jess on 03.24.20 at 5:57 pm

deja vu?
Mar 16, 2020
WASHINGTON, D.C. (March 16, 2020) –
Commercial/Multifamily Mortgage Debt Grows in the Fourth Quarter of 2019
In 2019, the amount of mortgage debt backed by commercial and multifamily properties grew by the largest annual amount since before the global financial crisis,” Jamie Woodwell, the MBA’s vice president of commercial real estate research, said in a press release. “Every major capital source increased their holdings, and some by double digits. Continuing the recent trend, the growth in multifamily mortgage debt outpaced that of other property types.
,,,”Commercial banks continue to hold the largest share (39 percent) of commercial/multifamily mortgages at $1.4 trillion. Agency and GSE portfolios and MBS are the second largest holders of commercial/multifamily mortgages, at $744 billion (20 percent of the total). Life insurance companies hold $561 billion (15 percent), and CMBS, CDO and other ABS issues hold $504 billion (14 percent)

Added Woodwell, “Looking ahead, a key question will be how the coronavirus and related economic shocks will affect the market’s momentum in 2020. At this point it is still too early to tell.”
https://www.mba.org/who-we-are/management/jamie-woodwell
https://www.mba.org/2020-press-releases/march/commercial/multifamily-mortgage-debt-grows-in-the-fourth-quarter-of-2019
Dems’ bid to pause negative credit reporting gets pushback from industry
April wave of missed payments could upend mortgage servicers

and the bailout goes to da dah
https://www.indiewire.com/2020/03/dirty-money-jared-kushner-slumlord-netflix-1202216998/

Kushner Cos. Seeks Federal Loan in Biggest Deal in Decade, Sources Say
By Lily Katz
, David Kocieniewski
, and Caleb Melby
February 22, 2019, 6:32 PM EST

Fannie Mae, Freddie Mac, Kushner Cos. have been in loan talks
Debt would fund $1.15 billion Maryland, Virginia apartments

#50 Deplorable Dude on 03.24.20 at 5:57 pm

@29 Leftover “Watch this curve over the next few days:”

——————

Nothing exponential about it. Also big drop in newly reported cases Canada wide in the last 3 days….unless we have loads not reported yet.

The most important stat to monitor over the next week or so is the age groups of those dying.

For some reason the official Canada website doesn’t tell us that?

#51 Frustrated Kiwi on 03.24.20 at 5:59 pm

I’m with the majority on most of those except the recovery time. Until there is a significant treatment option (to bring death rates down at least to the flu) or a vaccine we will need to continue to try containment (the “herd immunity” strategy has been debunked). We won’t be business as usual for a long time, and then recovery…

#52 YouKnowWho on 03.24.20 at 6:00 pm

And you think we just go back to normal after?

No way.

We have created germophobes on a scale never seen before for one.

…and for sure a good chunk of jobs aren’t coming back. For sure.

#53 Ronaldo on 03.24.20 at 6:03 pm

#6 Leigh on 03.24.20 at 4:48 pm
So grateful for your blog Garth. For years, whenever I want to run away from the herd and feel like yelling ‘any intelligent life out there’; I come here to read your posts and take a deep breath to reassure myself I’m not alone in my thinking!
—————————————————————-
You’re not. After this guy left us I was fortunate to have run across this blog back in November of 08 and have been coming here for therapy ever since.

https://www.youtube.com/watch?v=lLuIT4CFwLE

#54 Stone on 03.24.20 at 6:06 pm

61.46% will be using cash reserves. Only 9.22% will be rebalancing. Does that mean only 9.22% of those who responded to the survey actually have a balanced and diversified portfolio.

Seems kind of sad that a B&D portfolio doesn’t get more love.

#55 jess on 03.24.20 at 6:06 pm

Layoffs may prevent 40% of New Yorkers from paying rent, study claims

By Jennifer Gould Keil

March 20, 2020 | 4:26pm | Updated
The data shows a clear gap between the haves and have nots,” said Ruth Shin, founder of PropertyNest, which commissioned the survey of 2,048 people. “More than one-third of all New York City residents won’t be able to pay rent, and this will rise to more than half of all residents if we are in this situation for months to come.”

#56 Lost...but not leased on 03.24.20 at 6:10 pm

#15 TurnerNation on 03.24.20 at 4:57 pm
Walk or drive around your city or town. It looks like an Economic BOMB has been dropped. Darkness, papered up windows; empty parking spots.

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

At least one poster gets it….

Seriously….assuming this virus is real….let’s do “cost versus benefit “analysis. BC has 13 “alleged “deaths….sad…that is no epidemic…the downside is HUGE.

Great Depression was in- your- face obvious “ALL WARS ARE BANKERS WARS”…as was 2008 crash

Fast Forward……they realize can’t pull the same stunt…so they need a masking agent….which appears to have exceeded their wilde$t wet dream$.

#57 IHCTD9 on 03.24.20 at 6:10 pm

I could have got laid off today, but we were included on the “essential services” list, so going back to work tomorrow.

I had already requested my ROE and would have been applying for EI immediately upon receiving it – even though I was not technically unemployed – had we not been on the list. My job wasn’t gone, I was just trying to get some $ for whatever unknown period of time that I could not (read: not allowed to) work.

You can bet a giant chunk of those applying for EI right now are doing the exact same thing.

#58 Sail away on 03.24.20 at 6:11 pm

#45 CC on 03.24.20 at 5:46 pm

…what you don’t ever talk about is your thoughts regarding the effect on the Canadian economy
and Canadian families, should there be an overload (and subsequent breakdown) in our healthcare system due to the pandemic.

—————-

Perhaps because that is a place called “Imaginationland”.

Imaginationland is fun and empowering because it always falls right in line with one’s own thoughts, hopes and desires.

Unfortunately, even though many people do indeed live there for much of their life, Imaginationland, with its sugarplum fairies and pixiedust, goes away when you stop believing in it.

#59 GrumpyPanda on 03.24.20 at 6:12 pm

Empathy free question: how can we easily and reliably monitor the rate of suicide. That should tell us when we’re at maximum pessimism.

#60 Timmy on 03.24.20 at 6:13 pm

Come on Garth, be honest. Did you have half your money sitting in cash waiting for this? If so, what have you missed out on from 2019?

#61 Canadian Moose on 03.24.20 at 6:16 pm

Watching Robin Williams YouTube videos. And drinking wine in the bathtub. 14 day quarantine after getting back from Mexico. Can’t worry about what I can’t control.

Take care of yourself blog dogs, your mental health is important!

Thoughts from the Hinterland

#62 jess on 03.24.20 at 6:16 pm

wow trumps calls it ! resurrection day sunday April 12th

Trump wants America ‘opened up and raring to go’ by Easter

By Ebony Bowden

March 24, 2020 |

#63 Grumpy Panda on 03.24.20 at 6:20 pm

Re: #48 Wet One. You’re right about this lasting a long time. Observed a lineup of about 40 people last night outside a GTA Walmart. None were more than about 3-4 feet apart. Most about 2-3. English literacy is hard to gauge from a distance.

#64 Therealstory on 03.24.20 at 6:20 pm

My thoughts:

The economy was humming along, people working, buying, stock market growing etc until this virus came along.

It’s the virus that’s caused the damage to the economy, and it’s the forced isolation and shutting down society that is hurting the economy. Remove the forced isolation and society shut down, and things start to pick up again.

This is different than 2008 where the banking system was sick. This time it’s the people. We know a vaccine will be made. This is the greatest race to win the cure to this mess. I believe a year at max until it’s rolling out. By the time that news is out, the stock market will have already priced in the return back to normal. Sure there will be residual damage, but governments will support getting out of it. Those layoffs? Many are temporary until we can fly again dine out again, and so on.

Each day on the market gets a day closer to the vaccine. I think we’re near the bottom and there’s a giant amount of cash on the sideline waiting to enter. Once this stabilizes somewhat, money will flow back in. Everyone was selling and no one was buying because they believe it would go lower…but most people believe it’s going to go back up and they will start to buy again.

Are we there yet???

#65 Elizabeth on 03.24.20 at 6:22 pm

Check Italy if you want to see the future.

#66 David Pylyp on 03.24.20 at 6:26 pm

Perfect

“If yesterday’s poll is to be believed, thousands of readers not only have cash reserves, they’re planning on unleashing them in the next few months, swooping in to buy distressed assets from distressed people. The crisis may be far from over, but it appears many of you think the outcome’s a no-brainer.”

As soon as the Toronto real estate market flatlines… Buyers step out from the sidelines to scoop up the deals.

Fascinating

David Pylyp
Toronto

How are people getting in to see houses?
Like this …

#67 Sail away on 03.24.20 at 6:27 pm

Shawn Allen:

You brush your teeth with cement and buy refrigerators to live in the box.

#68 MF on 03.24.20 at 6:27 pm

50 not 1st on 03.24.20 at 5:55 pm

Actually, from what I’ve seen and read, its those “safe space snowflakes” you scorn so much that are the most sensitive to the destruction this virus does to older folks.

This thing targets anyone over 50 exponentially worse than anyone younger, all else equal. The entire society is shutting down, essentially, for older generations. That most young people support it wholeheartedly is not a weakness but a strength.

Btw, any guarantees someone buying now will be “set for life”? Lol the debt reckoning just got brought much closer with all this spending. No one is safe. This aint 2008/9 where dropping interest rates and papering over everything will make it go away.

Past performance does not predict future performance. This is only the beginning.

MF

#69 Ottawan on 03.24.20 at 6:29 pm

Just sold all equities after today’s bump.

Might be close to bottom if my timing is good!

#70 45north on 03.24.20 at 6:33 pm

Danielle Park posted a youtube video of Steve Saretsky

https://www.youtube.com/watch?v=WgInJmyIteQ&feature=youtu.be

Insured Mortgage Purchase Plan – the government buys bad mortgages
Steve said the program was put in place to keep house prices high
my take it’s been a great success. It’s an obscure government program – people don’t see it.

the big banks are getting tougher on mortgages, refusing pre-approved mortgages, cutting back on refinances
they are giving people hit by the COVID-19 crisis, a break – they are giving them mortgage deferrals
all of this, on a case-by-case basis
my take is the banks are trying to hide the weakness in the housing market but people are going to see some of it

private mortgages are done
private mortgage investment companies cannot and will not do mortgage deferrals
my take is that people are going to see the weakness in the housing market – no filter

now I don’t want to seem uncharitable – the government and the big banks are just trying to keep the economy rolling but at the same time they made a concerted effort to hide fundamental weakness

#71 Drinking on 03.24.20 at 6:44 pm

#15 TurnerNation

No they have not; if anything, it has made the populace more aware! The sh8t show will present itself when it passes in two or three years! Think Greta is a problem just wait and see!

Make your bucks while you can; interesting post today Garth but as you said ‘if it can be believed”…

I think that this will teach most of us a lesson, most loudmouths are full of shite; I am more interested of the smart ones that have never commented on what there thoughts are!

I finally could not stand this self isolation anymore (and respected the 2 m rule in my community) I was very encouraged by all the youngest leaving positive messages (with chalk) on the sidewalks to all of us; there is hope for this country after all! Love those kids!! :)

#72 John in Mtl on 03.24.20 at 6:45 pm

Have you recently lost your sense of smell or taste but have no other symptoms? It might be an early indication of infection from this bug! Verified by medical communities around the world.

(from Washington Post via MSN):
https://www.msn.com/en-ca/news/world/losing-sense-of-smell-may-be-a-hidden-symptom-of-coronavirus-doctors-warn/ar-BB11Eywi

#73 Yukon Elvis on 03.24.20 at 6:49 pm

#50 not 1st on 03.24.20 at 5:55 pm
I am going to give everyone the biggest trend tip ever seen in the history of the world.
Repatriated supply chains and stripped down consumer services all run by automation supported with technology. You have just witnessed peak human labour. Machines don’t eat, sleep, strike, complain or get sick. Reverse globalization with automation. Best time for disruptive change is during a crisis.
…………………………………..

Here is another biggest trend tip. Voters have moved to the left. Only 33% voted Conservative. The other 67% want free stuff and income equality. They will tax wealth away from the haves and redistribute it to the have-nots. Prepare for that if you can.

#74 david on 03.24.20 at 6:50 pm

today was a perfect example: if you try to time the market and the rebound you will miss those 5 or 6 days where gains are double digits. and the day a vaccine is reported I predict markets will be up as much as 25%. imagine missing that day…

#75 John in Mtl on 03.24.20 at 6:51 pm

Just remember that Stephen Poloz told us there’d be a shock. More will follow. And life will go on.

Shock you say? I bought some Royal Bank (RY) last week and watched it go on the rollercoaster track. Today, it ended at 56.36$, thirty bucks less than what I paid.

Dang!

Here I was thinking that my VGRO ETF would be the loser.

#76 Brian Ripley on 03.24.20 at 6:52 pm

Could it (Real Estate) Crash and Burn like the Hindenburg? or will it take off and fly to the stratosphere … based on all the helicopter money being handed out by the government…and 0 interest rates. #41 Cto on 03.24.20 at 5:38 pm

Take a look at my Calgary Housing Chart with an overlaid plot of the TSX Energy Index: http://www.chpc.biz/calgary-housing.html

Average Calgary condos are trading at 2005 prices.

At the other end of the market, Toronto strata prices are at new peak prices.

If Airbnb continues to shed listings and owners look for annual contract tenants instead of weekenders, then I suggest rents will drop and asset prices will follow.

The same goes for household incomes; if they drop so will asset prices as weak hands look for liquid items to sell.

#77 Keep Your Rent on 03.24.20 at 6:53 pm

Tenants keep your rent.

Landlords keep your distance.

Some of us have run out of money or don’t have much left. Some of us may have barely enough and are hoping things don’t get worse. Some of us may be okay right now and are telling ourselves things will work out. But none of us knows for sure. What we do know is people are getting sick. People are losing their jobs or are having their hours cut. We know schools are closed. We know lines at grocery stores are long. We know we should try to prepare. We know we need to be responsible. We know some people feel scared. We know some people feel alone. We know people need help now, and more will soon.

And we all know rent is due.

We should keep our rent. Our landlords will be fine. We may not be. No tenant should feel forced to hand over so much money when faced with so much uncertainty. You should keep your rent. Whatever you have, hang on to it. Once you give it to your landlord, it’s gone. You won’t have it for food or for medicine. You won’t have it for you, your family, your friends, your neighbours, or your co-workers – no-one. Your landlord will have it. It will go in their bank account and it will secure their investments. While you and everyone you care about stares down the barrel of insecurity.

Sure, it’s against the rules. The rules say that when the calendar says the 1st, the landlord gets paid. Not this time. We’re keeping our rent. We will not be forced to go without because those with so much say we should. We know what we should do. We should support each other, we should defend each other, and we should provide for each other.

So that’s what we will do. We will keep our rent.

Thank you for reminding us why providing housing for people, being a landlord, is idiocy. – Garth

#78 joblo on 03.24.20 at 6:53 pm

When do the financials start the cutting the dividends?

#79 Faron on 03.24.20 at 6:56 pm

Re: #41 Cto on 03.24.20 at 5:38 pm

I’m going to wager that this causes a major contraction in housing prices depending on how much bubble is in the bubble. If much of the excess demand on housing driving the insane market has been second home/speculative, then the bubble is huge and gassy. If it’s driven by demographics and immigration, then there’s probably less gas in the bubble. I’m sure this statistic is known somewhere.

If sellers try to offload their houses and there continue to be no takers into the summer then that may trigger panic selling as people try to get out of the market and thus flooding of the market and lower prices. A major housing flop would come on the heels of the primary economic effects of COVID as a 1-2 punch and be a major mess on top of the energy sector collapse. This has to be a significant portion of Canada’s economy under threat. I foresee troubled asset purchasing by the BoC to keep banks alive and economic aid to help those who are at risk of losing a primary residence. I’d expect other measures to make the landing as soft as possible. As much as I want to bubble to pop, I don’t want to see the economic mess that ensues if it does unchecked.

An upside is that building/development is going to stop cold which will put pressure on housing supply and keep prices up a bit, but that would be a bit down the road from the initial plop.

#80 CC on 03.24.20 at 6:58 pm

#45 CC on 03.24.20 at 5:46 pm

…what you don’t ever talk about is your thoughts regarding the effect on the Canadian economy
and Canadian families, should there be an overload (and subsequent breakdown) in our healthcare system due to the pandemic.

—————-

# 60 on 03.24.20 at 6:11 pm

Perhaps because that is a place called “Imaginationland”.

Imaginationland is fun and empowering because it always falls right in line with one’s own thoughts, hopes and desires.

Unfortunately, even though many people do indeed live there for much of their life, Imaginationland, with its sugarplum faires and pixiedust, goes away when you stop believing in it.”

————————–

Yeah, sigh…damn science degree screwed up my magical “wish it away” special powers. Thank you for giving my head a shake. Pandemic? What pandemic? Italy? China? No biggie. Never happened, and even if it did, won’t happen here. Too much magic fairy dust for those pesky bugs to penetrate.

#81 Stratovarious on 03.24.20 at 7:00 pm

Great post. As is evident from the BMO diagram at the bottom of your blog, we are a long way from depression or despondency. When everyone has lost hope, we are at the bottom. The one exception might be energy, which appears to be hitting a new low in negative sentiment.

#82 John in Mtl on 03.24.20 at 7:02 pm

Please disregard my statement about Royal Bank (RY) tanking. Damn Marketwatch.com screwed up momentarily! its at 81.75.

Ahhhhh much better -;)

Sorry ’bout that, Dawgs.

#83 not 1st on 03.24.20 at 7:12 pm

#75 Yukon Elvis on 03.24.20 at 6:49 pm
—–

I guess if we can print up money to save people and companies, we can do the same to carry them in perpetuity I guess.

The people paying the net taxes wont pay for people not working. That’s a much different social contract. They will want something much bigger than just a 4 year vote to do that.

#84 not 1st on 03.24.20 at 7:16 pm

#79 Keep Your Rent on 03.24.20 at 6:53 pm

—–

A good chunk of these rentals are nightly airbnbs. Who is travelling now? These things are probably empty and nobody is going to crawl into a bed just used by someone else. The way people are ducking each other in the grocery store tells you everything you need to know about whats coming. Social distancing will become a way of life.

I suspect RVs will be the leisure instrument of choice, hotels and airplanes and cruise ships and mass transit not so much.

#85 Lost...but not leased on 03.24.20 at 7:16 pm

FYI:

India just announced a LOCKDOWN for next 3 weeks…

…….that’s over ONE BILLION PEOPLE

#86 Orange Man....Orange on 03.24.20 at 7:17 pm

#4 Trump Train 2020 on 03.24.20 at 4:46 pm
Trump showed his hand today. He is willing to trade a couple million lives to make sure the market is well above where it was with Obama was in office.
+++++++++++++++++++++++++++++++

Blah Blah Blah

Trump Derangement Syndrome running wild. How can you tell? TDS is ALWAYS about what their fears of what Trump might do in their messed up, goofed up crazy dream-delusions.

NEVER have even one of their wild-a$$ fears been even remotely founded.

Must be so disappointing being a TDS sufferer. The Reverend Jim Jones of Jonestown would know exactly how you feel.

#87 Dead Cat Bounce? on 03.24.20 at 7:20 pm

Some interesting comments
Like # 71 I sold everything today as we are near bottom I really do not understand that comment?
Interesting charts and how people feel. 30 percent think there will be a depression.
Garth you forgot to put we are here on the BMO chart? Past the panic stage.
Markets were up 10 % most of my stocks were up 15 to 20 percent.
In this sell off,
I was still very confused why blue chips sold off so much.
To be honest the markets did not react how I thought.
Everyone fled gold
Bonds? Did not do as well as they should have.
Everyone fled blue chips more than other stocks, now they are buying back blue chips. Hence why I am up 15 percent or more. And what the heck gold stocks are up?

My broker said the worst is not over and that we should not sell because we will miss the recovery. And if today is any indication a real recovery market day will be awesome. More ups and downs to come fasten you’re seat belts.
Today just institutions pushing the market.
This is a dead cat bounce and tomorrow will be high in the morning selling off by noon.
Good luck this will go down in history as the stupidest mistake by governments. All they had to do four weeks ago was test everyone coming into the country instead of duh now be a good boy go home and self isolate. Really the public is so stupid who self isolated. Gosh we are not even doing it now.
Cases will top out at 10,000 in Canada and that’s the day you go 100 percent into the market and a week later you will be rich.
Roaring 20s

#88 Angela on 03.24.20 at 7:21 pm

Thank you for this blog and its steadiness. I don’t know much about war or economy (although I understand a lot more economy from the years of reading this blog). History I do (mostly) understand therefore war seems to be good for both economy and re-setting the population more positively in the long run. What I do know for sure is that simple pleasures are good for the soul.

#89 Yukon Elvis on 03.24.20 at 7:28 pm

#85 not 1st on 03.24.20 at 7:12 pm
#75 Yukon Elvis on 03.24.20 at 6:49

The people paying the net taxes wont pay for people not working. That’s a much different social contract. They will want something much bigger than just a 4 year vote to do that.
………………………………………

The have-nots can out vote the haves. They will have their way.

#90 Wake Up Neo on 03.24.20 at 7:28 pm

Virtue signalling at it finest. From NY governor Cuomo.

We are supposed to believe that our corrupt greedy self-serving governments suddenly care about grandma? How gullible are we? We all deserve to lose our freedoms and live on a UBI pittance for the rest of our lives, with a militarized police state protecting the 1% against us. Do we really believe China’s authoritarian model of society can’t come here? It’s coming. And we’re rolling out the red carpet for it.

“My mother is not expendable. Your mother is not expendable.

We will not put a dollar figure on human life.

We can have a public health strategy that is consistent with an economic one.

No one should be talking about social darwinism for the sake of the stock market.”

#91 Nonplused on 03.24.20 at 7:30 pm

#4 Trump Train 2020 on 03.24.20 at 4:46 pm
“Trump showed his hand today. He is willing to trade a couple million lives to make sure the market is well above where it was with Obama was in office. We can all relax now that we are onboard the Trump Train 2020.
He was going to kill at least a million anyway with his handling of this so what’s a another 1-3 more million as long as he looks better then Obama on the DOW index.”

——————–

Wow. The TDS is strong with this one.

#92 earthboundmisfit on 03.24.20 at 7:31 pm

What did you allow for a bullshit factor on this survey? You have an inordintate number of BSers among your hoard of fans.

#93 Andrew on 03.24.20 at 7:32 pm

One positive out of all this mess, we might get rid of all the airbnb peeps

#94 Sail away on 03.24.20 at 7:32 pm

#82 CC on 03.24.20 at 6:58 pm

Thank you for giving my head a shake.

—————-

You’re welcome. I try to write slowly, use small words, and am happy to repeat as needed.

Much like training a dog- consistency, consistency.

#95 Barb on 03.24.20 at 7:40 pm

“…where testosterone flows like the mighty St. Lawrence”.

Haven’t noticed the estrogen?

#96 Flop... on 03.24.20 at 7:43 pm

Couple of things.

Firstly, remember on Friday, I said there was a heavy police presence behind B.C Children’s Hospital on Friday?

Went past again today, they have all white wedding party tents set up, with police on standby.

No party, looks more like a corona virus drive through testing site.

Secondly, here have a chart…

M45BC

“Visualizing the Most Highly Imported & Exported Goods in the U.S.

The coronavirus outbreak has caused many Americans to consider the fragility of modern supply chains, particularly when it comes to foreign imports. As the world’s largest economy, the United States is one of the world’s largest exporters and importers. What categories of goods are most common for each?”

Top 5 Categories of Goods Imported Into the U.S.

1. Machinery (including computers): $379.04B (14.76% of total imports)
2. Electrical machinery: $352.31B (13.72% of total imports)
3. Vehicles: $310.09B (12.07% of total imports)
4. Mineral fuels: $210.11B (8.18% of total imports)
5. Pharmaceuticals: $128.24B (4.99% of total imports)

Top 5 Categories of Goods Most Exported From the U.S.

1. Machinery (including computers): $205.88B (12.51% of total exports)
2. Mineral fuels: $199.74B (12.14% of total exports)
3. Electrical machinery: $173.19B (10.53% of total exports)
4. Aircraft, spacecraft: $136.04B (8.27% of total exports)
5. Vehicles: $133.04B (8.09% of total exports)

https://howmuch.net/articles/top10-most-traded-goods-us

#97 Jake on 03.24.20 at 7:44 pm

Garth, if this is a test of your “Emotion Curve” and based on the fact you believe we are not going back to 2008 or the Dirty 30’s then here’s my analysis….

Today was Hope on the curve…. the point of most opportunity. How can we rationalize the fact that today the Dow rose an astonishing 11%, the greatest single day percentage gain in 87 years or since 1933 and say it is not Hope?

Yesterday and the previous sessions saw indiscriminate selling and record percentage losses. That would indicate Despondency and Depression and previously when we triggered 2k losses Capitulation.

If my analysis is wrong, and we are further up the curve then I think 2008 is not coming back because we are going to the Dirty 30’s after all.

#98 Mr. Market wants his Candy on 03.24.20 at 7:47 pm

$6 TRILLION!!!!!! ………..sure why not……

Trump says there’s ‘light at the end of the tunnel’ as White House pitches $6T coronavirus stimulus package

#99 BC update on 03.24.20 at 7:52 pm

37,900 people died in BC p!!!
population 5 million.
Did that get you attention.
That’s how many died in 2018
Including 700 drug overdose deaths, let’s not go there please.
And we shut down the economy for how many CONVID deaths?
Drum roll there will be 10,000 confirmed cases by April 21
100 to 400 will die
Hmmmmmmm

#100 TurnerNation on 03.24.20 at 7:54 pm

Debt reset? Maybe not. Why; balance sheet accounting.
Out debt is a Liability. This means it’s an Asset on the Bankers’ side of the book.
More debt is greater asset growth to them.

Mortgage deferrals? Means more debt piling on. I bet the deferring is to offset the lowered interest rates.
A governor: lower rates but add more net debt. Asset to bankers.
NO WONDER they call him the Bank’s Governor!

#101 Drinking on 03.24.20 at 7:55 pm

#89 Dead Cat Bounce?

Agreed for most you said until you criticized for those responsible enough to self isolate; even if it saves “ONE EFFING LIFE” how much money is that worth??? If you were in front of me and said that you would need new teeth.

#102 Keep Your Rent on 03.24.20 at 7:57 pm

Tenants keep your rent.

Landlords keep your distance.

https://pressprogress.ca/landlords-are-using-federal-coronavirus-emergency-funds-as-an-excuse-to-demand-rent-money-on-april-1st/

Disgusting behaviour by landlords.

Keep your rent.

Don’t be a Greater Fool on April Fool’s day.

#103 Flop... on 03.24.20 at 7:59 pm

I think all the guys doing the song parody for the corona virus have missed the most obvious adaptable one.

Had this one in my head for the last little while since this thing kicked off.

The Knack.

My Corona…

M45BC

https://m.youtube.com/watch?v=bbr60I0u2Ng

#104 Last of the GenX on 03.24.20 at 8:00 pm

Hey blog dogs –

one question as I’m in a (I think) unique situation. I have a portfolio that is as dumb as it could be – 100% equities, almost all tech with a little SPY, plenty of individual stocks. I’ve been wanting to diversify it since forever but was too lazy to do it.

The thing is – appears I’m actually lucky – for the last year or two I shifted to RRSP contributions and left my unreg and TFSA portfolio untouched. Long story short if I sold all now, I would be ahead of what I originally invested. Everybody’s urging me to do it but should I? Tech stocks appear to be holding well, I don’t need the cash now, and I do expect the other industries to go further down so no point in rebalancing.

#105 crowdedelevatorfartz on 03.24.20 at 8:00 pm

@#87 Lost but….

“India just announced a LOCKDOWN for next 3 weeks…”

++++

Its not India I worry about.
The Indian army and politicians have zero compunction to brutally enforce martial law.
It’s Africa where the law is enforced with bribery and medicine is barely available.
Cairo: 20 million peeps living shoulder to elbow?
Failed state after failed state….
Italy hasnt seen refugees like it may yet receive…
Lets see how understanding other European nations are when their borders are threatened with undocumented, possibly infected thousands arriving by boat…

Stock market apoplexy.

I should be writing Dean Koontz novels……..

#106 People Panic on 03.24.20 at 8:02 pm

#86 not 1st on 03.24.20 at 7:16 pm

“I suspect RVs will be the leisure instrument of choice, hotels and airplanes and cruise ships and mass transit not so much.”

Parks Canada just closed everything down because the recently unemployed have been mobbing the attractions and hiking trails, so RVer’s won’t be camping there.

West Jet just issued layoff notices to half their staff. Most for 3 months but some will be permanent. I expect more to follow once they mothball the planes.

I was in Costco today and there STILL isn’t any toilet paper or pasta. Everything else is well stocked though. But what surprised me is that they had arranged all the shopping carts and empty toilet paper pallets to form a barrier so people couldn’t cut into line, and they were taking head counts to only allow so many people in at a time. It wasn’t busy when I went but it felt surreal. And there was tape on the floor to show people how far to stand apart at the checkout. And newly installed sneeze screens in front of the cashier.

Then I went over to Petland to make sure I had enough food and filters for my precious fishies, and there was a sign on the door that said “one person per family only to buy essentials”. A couple was approaching at the same time I was and the guy turned around and went back to the car. But once I got to the fish food aisle, there was a young tattooed couple there and I watched in horror as the woman touched virtually every bag of fish food they had trying to see which one she liked best. Luckily I was going for the big tub at the bottom and she hadn’t taken an interest in those. Sometimes you can actually spot the 50% without needing to administer an IQ test. In these days if you aren’t buying it you don’t touch it.

#107 rknusa on 03.24.20 at 8:03 pm

all my favorite listings at realtor.ca are selling like usual

listings may be down a bit but Canada still seems to be a housing superpower!

#108 Hawk on 03.24.20 at 8:07 pm

#79 Keep Your Rent on 03.24.20 at 6:53 pm

This post illustrates perfectly why I am rapidly becoming “ex-landlord”, one last tenant left after which I exit the business for life.

I will repeat my advice, that I gave a few months earlier for any other folks that are thinking of buying to rent out. Don’t do it!!

The best years of price appreciation are behind us, which means all you are left with are the parasites. As Mel Gibson said in the movie “payback”……….”No one likes a monkey on their back……….it’s time to lighten the load” :-)

#109 DON on 03.24.20 at 8:08 pm

#352 Lost…but not leased on 03.24.20 at 1:15 pm

#310 the Jaguar on 03.24.20 at 10:30 am
@#234 DON on 03.23.20 at 9:47 pm
Especially the words above on our current state. Judging by actions thus far…..yikes!

The political infighting over the stimulus in the US makes things worse each and everyday it is delayed. +
——————–
I just wish I could silence the sceptic in me about this whole mess. I can’t shake the feeling that a layer of people ( the Globalist elites) jumped out of the markets just in time, and will buy back in at the appropriate moment and ‘clean up’ on profits. It feels ‘staged’.

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

Yep….
……that’s what many are saying…that HUGE debt bubble….effectively the can kicked down the road from last crash….has burst…this pandemic is just a smoke screen.

“ALL WARS ARE BANKERS WARS ”

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

Yep…is right! The virus will be the scape goat for those underlying issues. Even the Oil Price War isn’t really on the radar.

I looked closely at the DOW Chart (100 year) and noticed the steep drops and what comes next. I get what Garth is saying, there will be a time to buy if you have the cash.

Just curious how much they have to print to get out of this one?

One more survey question Garth to sum up.

# Do you have trust that your leader(s) will make the right decision(s) in a time of crisis?

Also, nice to hear from long term blog dogs. It’s getting Crowded in here….

I am concerned about you Smoky.

#110 Doug t on 03.24.20 at 8:08 pm

This starting to feel like the Matrix

#111 DON on 03.24.20 at 8:12 pm

Garth,

Could you share you blog stats – visits over the last while…feels like a reunion of sorts all here for the grande finale…whatever that is?

#112 Another Deckchair on 03.24.20 at 8:17 pm

Walking around the ‘hood today, I once again noticed the lack of car traffic. It’s really tailed off, and people are out walking.

Wonder how many lives have been saved by this virus?

If someone wants to do some calculations, here’s a start:

https://www.tc.gc.ca/eng/motorvehiclesafety/canadian-motor-vehicle-traffic-collision-statistics-2018.html

I don’t think the local CBC website has had the usual “car crash” headline since this virus came on the scene.

#113 Rico on 03.24.20 at 8:21 pm

Some of you don’t quite get it.
At the current case increase rate of 20% per day BC will run out of ventilators on April 16th.

When hospitals run out of ventilators, beds, and nurses (because they are all sick) the mortality rate will rise exponentially.

#114 n1tro on 03.24.20 at 8:21 pm

Why do people think the market will tank more when the reports like the jobs number come out? Do you think the recent dump has not factored in the end of the world like some of the people here are crying about?

Also, why even talk about selling anything? The longer this takes, the more I buy ie. every paycheck because the swing up slow and steady like the last time.

But alas, I think most people will deny the steady climb on the wall of worry as they miss out on an another once in a decade opportunity, like the last time.

#115 Blog Bunny on 03.24.20 at 8:30 pm

#79 Keep Your Rent

”No tenant should feel forced to hand over so much money when faced with so much uncertainty.”

No grocery store worker should feel forced to keep working when faced with so much uncertainty.

No doctor should feel forced to treat patients when faced with so much uncertainty.

No dumbass should feel forced to eat if he plans to live like a parasite off the backs of others.

#116 Marco on 03.24.20 at 8:31 pm

Do you have a ventilator in your well balanced portfolios?
You can take it to a hospital, you know?

#117 TurnerNation on 03.24.20 at 8:40 pm

A Global Economy question. Is there any country not currently under house arrest? Where people are free to associate , run a business, travel?
(It must be a grand global coincidence that this all took place within a span of days. I am a Coincidence Theorist.)

Oh how our global elites must now be roaring with laughter inside their mega yachts and castles.
“We have the entire globe under lock and key, or face fines and jail. All over the [mess] that we ourselves created. Our large media conglomorates have them in the run, fighting each other in the aisles, shaming in public”

#118 Stone on 03.24.20 at 8:46 pm

Is this the calm before the next storm?

#119 Blog Bunny on 03.24.20 at 8:48 pm

Trump: What is the life of a couple of bastard bummers against an economy?

Pence: Everything.

Trump: The bummers must die.

#120 St. Larry on 03.24.20 at 8:50 pm

#97 Barb on 03.24.20 at 7:40 pm
“…where testosterone flows like the mighty St. Lawrence”.

Haven’t noticed the estrogen?

________________________________________

What do you think has the testosterone spooked?

#121 TurnerNation on 03.24.20 at 8:54 pm

I can answer my own question. This is the best explanation so far. No more mention of ‘climate change’ eh? But what is this experiment going on right now, well it is a climate change goals live test:

“March 24, 2020
We’re in an experiment. We’re now getting a glimpse of what a high tech, low carbon, limited mobility civilization looks like. The technocrats must be loving this – they’re going to have so much data to analyze after the experiment is over. Other major interest groups will use this experiment to further their agendas”

#122 S on 03.24.20 at 9:08 pm

#79 Keep Your Rent on 03.24.20 at 6:53 pm

Once you give up integrity everything else comes easy!

What is your next advice, don’t pay for the clothes you wear, food you eat?

#123 DON on 03.24.20 at 9:09 pm

“Have you recently lost your sense of smell or taste but have no other symptoms?”

Yup…Every time my wife cooks. She has a habit of making crispy food. Sometimes I think it is a ploy for me to cook. And it works!

I’m losing a war I didn’t know I was fighting in my own dam home.

All joking aside. People should be at the Concerned stage for their own well been.

Panic doesn’t help anyone nor does the 24 hr media cycle people are glued to…I bet for the first time in a while people are watching the news and hearing it all. Virus, Economy, Jobs, Deaths, Collapse, Depression…no vaccine yet to really provide hope.

It will take them time to roll out the money to people who need it and it won’t be enough, how could it be. Covers mortgage/rent and maybe netflix. It’s almost summer no heat required.

#124 akashic record on 03.24.20 at 9:15 pm

Never let a good pandemic go wasted on promoting the agenda.

Why did Poloz just talk and not do anything about it?
Ah, because due to bank bailout pandemic interest rates could not lift off for more than a decade.

What other wisdom can he offer?

#125 Stahom on 03.24.20 at 9:17 pm

Cruising through Kijiji in AB looking for a blowout stressed sell on a recent model Corvette to kill time while under lockdown. Yikes, I may be a predator.

Premium fuel at 78.9 to boot, oh yeah…vroom.

#126 Brian on 03.24.20 at 9:19 pm

XPF preferred shares jumped over 20 percent today. Garth maybe your hot shot, chiseled ab, Porsche driving, trophie wife professionals can provide some light on what’s happening. Have not heard much about preferreds lately. Thanks for all you do Garth been listening to you since I graduated university in 99 and attended a talk in a Mississauga auditorium were you posted newspaper articles and spoke to them on a light projector. All the best to you and the family during these abnormal times. As you can see from the survey your royal readers are listening and you are having an amazing impact on people’s lives. Keep up the great work it’s truly appreciated.

#127 Doug in London on 03.24.20 at 9:20 pm

Few cared. Or listened. Or changed anything.
————————————————————
I cared. I listened and while I couldn’t stop fools from digging themselves in a hole I did take a defensive stance by cashing in some equities and buying bond funds. There’s no way anyone could forecast what’s happening now 3 months ago, but it’s always prudent to take some profits now and then. Recently I’ve reversed the flow, buying cheap equities like in 2008-09.

#128 Tnat on 03.24.20 at 9:23 pm

For the folks who didn’t see the virus coming for over a month and what it did to the Chinese economy and stock market, the coming daze might be the last in a long time to dump your investments.

This is a bear market rally, before the next ride down to new lows.

#129 fishman on 03.24.20 at 9:25 pm

Sitting on the back steps talking with my homeless guy yesterday. I trade him a lockup space under the steps for valuables,dry clothes & electric outlet to charge his phone. He keeps the alley clean & the rats (two legged)cleared away after hours.
Where’s your drinking buddy from downtown? Haven’t seen him around. The empties are piling up. “Staying home in his SRO, There’s a couple guys got it in his building.” That doesn’t surprise me. I was in Yaletown & the panhandlers were real aggressive. Right in your face,demanding money, wouldn’t go away. “Ya, they limit people going into the stores & now they can’t steal enough to tide them over till welfare wednesday.” What would you do if they got in your face like that? “I’m not young anymore.” I had to think about that. Ya, me too. “You got a gun?” Why? You think it’ll get that bad? “Survival of the fittest.”
My buddy still on his bunk. Not better, not worse.

#130 Terry on 03.24.20 at 9:29 pm

Well done post Mr. Garth!
Another serious but overblown crisis narrative in play again. 911, 08/09 financial crisis, now Covid-19. Wash, rinse, repeat. Yawn…Nothing more to see here kids just buy more and never sell in a storm……..now could everyone please get back to work.

#131 LD on 03.24.20 at 9:38 pm

Things won’t be as bad as people think, they never are.

I remember the 2001 Dot Com bubble, Internet thought it was the end of the world.
911…same thing.
2008/2009…..same thing.
Greece issues, same thing.

This time? Same thing.

#132 Drinking on 03.24.20 at 9:52 pm

#129 fishman

Respect most comments on the blog; whatever your ideals are on this pandemic is; Fishman just gave you a fair warning. People are becoming much more aggressive out there with this issue; noticed it a few times now especially in the past week. Beware, seriously dawgs, beware of your surroundings. Not at all trying to panic anybody but as “fishman”; mentioned, just be aware dawgs! There are always a few out there that are that desperate or just taking advantage. Be safe!

#133 JSS on 03.24.20 at 9:58 pm

I ordered a piano today from Costco. Is this a sign of depression and claustrophobia?

#134 Dead cat bounce on 03.24.20 at 10:08 pm

To 102 drinking
I type that wrong and I am sorry
What I meant to say was all the Canadians who returned home were told to self isolate. Should self isolate!

And because of the ignorance of Canadians, many did not self isolate causing the problems.
In the end Canadians are not going to conform to what’s right, I see example of thousands in public parks. I rest my case.

#135 James on 03.24.20 at 10:10 pm

#79 Keep Your Rent

This may gain some traction.

As an owner myself, given the numbers of renters, I can’t wrap my head around why it is “ok” for government to subsidize homeowners by encouraging mortgage deferrals, but offering nothing concrete at all to renters in the same time of crisis. Kind of like sanctioning blatant discrimination if this applied to any other social context like race or gender.

Is the political asymmetry here as clumsy and stark as it seems, or am I missing something?

I don’t think landlords should rest easy unless this is dealt with.

#136 Dead cat bounce on 03.24.20 at 10:10 pm

To 102 drinking
I type that wrong and I am sorry
What I meant to say was all the Canadians who returned home were told to self isolate.
And because of the ignorance of Canadians, many did not self isolate causing the problems.
As far as knocking my teeth out, you should reflect on anger management. In the end Canadians are not going to conform to what’s right, I see example of thousands in public parks. I rest my case.

#137 butter upon bacon on 03.24.20 at 10:18 pm

Inventories are spiking in Guelph. 23 new listings today alone and probably 10/day since Friday.

I don’t monitor the new listings too much but I have never seen this much inventory. Stampede for the exit?

#138 Lost...but not leased on 03.24.20 at 10:18 pm

What lurks in the future:

USA Executive Orders in place
=====================

Here are some of those key Executive Orders that North drafted up:

# 10995 provides for the takeover of all communications media.

#10997 calls for the takeover of all electric power, petroleum, gas, and minerals.

#10998 calls for the seizure of all food resources and farms.

#10999 calls for the suspension of all modes of transportation–highways, seaports, airports, etc.

#11000 calls for the mobilization of all civilians (who resist) into work brigades under government supervision (i.e. concentration camps!).

#11001 calls for the complete takeover of all health and education functions.

#11002 designates the Postmaster General to operate a national mandatory registration of all citizens (to make an assessment of who the “rebels” are).

#11004 provides for the Housing and Finance Authority to relocate communities, designate areas to be abandoned, and establish new locations for populations

#139 John McGill on 03.24.20 at 10:19 pm

103 Flop
https://www.youtube.com/watch?v=ojrtwXqqc6g

#140 NORx on 03.24.20 at 10:36 pm

#113 Rico on 03.24.20 at 8:21 pm
Some of you don’t quite get it.
At the current case increase rate of 20% per day BC will run out of ventilators on April 16th.

When hospitals run out of ventilators, beds, and nurses (because they are all sick) the mortality rate will rise exponentially.

—–

Rico, try to understand, it really is that bad
It won’t just go away, the party’s over
It’s past two o’clock, so it’s about time we
Stopped, ’cause I
See the keg has been sucked dry
Cisco emptied into the aquarium
Where the fish all seem to float
The ex lax lines the dog bowl
The toilet’s overflowed, we’ve had our fun so
So there’s nothing left
We got no place left to go

#141 crazyfox on 03.24.20 at 10:42 pm

When is the last time this financial blog talked about a cashless system? I can’t remember one. 1.35 billion people live with a cashless system, they like it and I don’t think it’s ever come up on this site. Peculiar times. China has it:

https://www.techinasia.com/china-pay-with-their-phones-195-million-people-2016

In 2016, 195 million Chinese were paying for things by scanning a QR code on their cel phone. The link above explains how it works. Today, there are two Chinese cashless platforms, Alibaba and Tencent with 1 billion users each. Unless you are a sex slave or have dementia, you have a cel phone in China that is used to pay for everything. Unlike the American system, there are no transaction fees for the user. The retailer is charged a service fee to empty their digital wallet at a bank while the platforms that provide make money through spinoff volume:

https://seekingalpha.com/article/4295024-alibaba-and-tencent-are-turning-china-cashless-society

Is this system the system to have during a pandemic? You betcha! Social bailouts of the most effected and poor are a government transaction away. No touching keyboards to punching in pins for debt/credit cards, no exchange of dirty cash that most retailers likely won’t even take right about now, of course it is and if, I say “if” we are a progressive society, we should be headed there ourselves. Of course, such changes won’t happen overnight but if there is any shred of common sense within us, we’ll see the light in a cashless system as it is much more than thee system to have during a pandemic.

The advantages to a cashless system go on. No hip displacement and fused vertebrae for men caused by sitting on a wallet full of cards and Fibromyalgia for women hauling needless plastic, every payment is done with your phone. There is way less crime, way less tax cheating and black market trade, credit history is done with a quick scan with access approval but perhaps the biggest silent advantage is simplicity. Gone are the days we have to wait at the checkout for someone to punch in digits, it takes time! Time is money and yes, during a pandemic it’s much safer because it lowers the chances of contact spread of a virus to pay for something.

The reason why China has a cashless system (most financials are state owned) and North America does not is because of banking profit on service fees. I can’t think of another reason other than complacency. Any government could end it in theory, we are nations of the rule of law after all but banks have a great deal of control and influence and this is a cash cow for them. Do banks have to cash in on absolutely every single transaction to survive? They do not. What’s more important, efficiency and lives, or a few extra pennies a share for financials? Is it even pennies? Most economists would agree that efficiency means higher volume in productivity and GDP so why are we dragging our feet?

Why the [email protected]##$%^ are we not talking about a cashless system? On a financial blog no less. When there is already 1 billion happy customers in this world! What’s wrong with us, are we mentally undeveloped beach bums bumping into each other without a care in a pandemic world, or are we going to try to make some kind of at least half assed attempt to leave the next generation something better than we had for ourselves?

It’s a tough world out there. No empathy in the tin cup. Can’t go on some moon beam tangent any old time I like. :( I get called out on emoji’s even from time to time but this is one conversation that needs to happen even and especially so, these exigent provocative times.

#142 Government Shill on 03.24.20 at 10:42 pm

Dangit!

I blew my 5% reserve at denial!

#143 jess on 03.24.20 at 10:49 pm

compare new york : wuhan

so will new york shut down all transportation/trains planes and automobiles….. no one in no one out
New York now has over 25,000 confirmed virus cases and at least 210 deaths.

The World Health Organization (WHO) said on Tuesday the US has the potential to become the new epicentre of the coronavirus pandemic.
He said: “You pick the 26,000 people who are going to die because you only sent 400 ventilators.”

New York currently has 7,000 ventilators, but needs 30,000, the governor said.

Mr Cuomo continued: “The [infection] forecaster said to me, ‘We were looking at a freight train coming across the country.’
The warnings come as President Donald Trump said he hoped the US would reopen for business next month.

Coronavirus: India enters ‘total lockdown’ after spike in cases

#144 belly rubs on 03.24.20 at 10:57 pm

#113 Rico on 03.24.20 at 8:21 pm
Some of you don’t quite get it.
At the current case increase rate of 20% per day BC will run out of ventilators on April 16th.

When hospitals run out of ventilators, beds, and nurses (because they are all sick) the mortality rate will rise exponentially.

….

I read your concern, but am unsure of what course of action you recommend. Let’s look at the breakdown and systemic failure:
– External Affairs
– Transport Canada
– the airlines, cruise ships
– Canada Border Services
– a reactionary government
– a reactionary healthcare system
– a reactionary public
– a reactionary media

Fully knowing that humans botch most things, I have sequestered to 160 acres somewheres north and will remain there playing with the deer and wild ponies oblivious to all this. I will also pay taxes as required. I will make food available. Please strike me off the risk ledger and put me on the asset side. I also see the gov.ca infection curve is starting to veer off from the orbital trajectory—good job everyone. Should have wound down in an orderly manner in January, but better late than never. So far people seem reasonably calm. Calm is good in crisis. I am curious what happens in 14 days when the healthy re-emerge to assess the crisis planning of our nation’s stewards.

#145 Sail Away on 03.24.20 at 11:00 pm

#102 Drinking on 03.24.20 at 7:55 pm
#89 Dead Cat Bounce?

Agreed for most you said until you criticized for those responsible enough to self isolate; even if it saves “ONE EFFING LIFE” how much money is that worth??? If you were in front of me and said that you would need new teeth.

———————

Whoa Tiger!

How about if my 6′-7″ biker friend Gooch gently stroked your flank and whispered it in your ear? Same reaction?

#146 Picksinh3 on 03.24.20 at 11:03 pm

#41 Cto on 03.24.20 at 5:38 pm

————————

CTO is enticing Garth sir for real estate forecast. I would like to hear about it tooo…

#147 Drinking on 03.24.20 at 11:03 pm

#130 Terry

Christ, you are an idiot. Flus and colds do not require hazmat suits. How can anybody compare this to the cold and flu?? Listen to the docs, it will get worse, then lighten up and then get worse again. Who with half a brain does not get this??? Please dawgs take this serious!!!

#148 stage1dave on 03.24.20 at 11:07 pm

It’s good to know I’m not the only one who thinks we’re not headed for a depression; well, at least not yet.

What increases my frown lines on a yearly basis is that I don’t see any structural repairs to the underlying financial foundations of what we laughingly refer to as the civilized world. Everything got papered over in 2008, the printing presses worked overtime, our overlords got even richer, and NOTHING got fixed.

(Actually, I’m not certain anything got “fixed” post ’87, but this isn’t an ancient history blog)

It’s the equivalent of rebuilding an engine after you had to glue a few broken connecting rods back together because of budget constraints; one hard pull on the track and yer done.

The time, effort, and money wasn’t spent in the right places.

What happened after 2008 was reminiscent of Red Green being called in to fix Wall Street’s shenanigans with a roll of duct tape ffs

(OK, a truckload)

And now sending the printing presses into literal overdrive (because overtime simply won’t cut it) is going to solve the current situation? And for how long? Till the next meltdown?

(Unfortunately, Red Green is now retired)

Regardless of ones’ opinion as to the origins and the ultimate worldwide effect of this particular coronavirus, it’s certainly highlighting the fragility of many of our institutions (financial or otherwise) and the infantile priorities of many of its citizens. TP hoarding…really?

(Btw, if one puts the right stuff into your body, you will have little need for toilet paper)

I’ve always thought that a true pessimist is simply a person who has spent too much time being an optimist. All things staying the same, society will lurch forward until the next crisis, but I’m certain after watching this current fiasco we are one or two unforeseen chaotic events away from true disaster.

And that’s before some RWW decides to use Iran for target practice, tho it might help oil futures and the odd portfolio.

A society truly interested in it’s own long term viability would rearrange its priorities. Short term financial chicanery is displaying it’s own rewards.

#79 Keep your Rent : that’s an interesting perspective, but don’t lump all LLs together. I’ve rented on and off for years, and have had several LLs that were probably padding their investments with “my” money.

That’s beside the point; if I couldn’t pay the rent on time, I told them why not and then told them when I could…and tried to follow thru. Granted, it’s a bunch more frustrating when dealing with a large corporation; their function is to supply you with a place to live only if they can profit, and it can get really cold.

Given the current situation, I think many LLs will be looking to keep decent tenants. Tell your LL why you need a break, and when you can make it up.

Full disclosure…my current LL lives right across the street, so I get away with very little Haha…and I’m pretty sure he’ll need more help going thru this current crisis than the missus and I!

#149 Parksville Prankster on 03.24.20 at 11:25 pm

… two metres distance ensures our existence.

#150 Joe Quinn Phoenix on 03.25.20 at 12:07 am

#121 TurnerNation

You relay truth.

UBI = BUI = Buoy

And what does a buoy do? It keeps somebody afloat. Not thriving but afloat. You let go of the buoy, you drown eventually

#151 Terry Jones on 03.25.20 at 12:12 am

Strange goings on –
Consider the news article https://www.propublica.org/article/a-medical-worker-describes–terrifying-lung-failure-from-covid19-even-in-his-young-patients by news reporter Lizzie Presser released on March21, 2020. In this article an anonymous doctor in Louisiana describes the immense difficulties of treating COVID-19 patients. The doctor is anonymous because we are told he “fears retribution”. Why would the doctor fear retribution by simply reporting honestly on the situation with coronavirus in the hospital where he works? Some lovely descriptions here including “secretions that are actually pink because they’re filled with blood cells that are leaking into their airways”.
Maybe the doctor is anonymous because they could not get an honest doctor to sign off on this propaganda horseshit?
Another article the same day https://www.wesh.com/article/its-absolutely-surreal-new-jersey-woman-loses-four-family-members-to-coronavirus-in-a-week/31802755 tells us that a woman lost 4 members of her immediate family to coronavirus in a week!
Wow! Maybe the Chinese virus will cause honest Yankee folk to climb into the trees and crow like roosters? I agree that we should end the political correct nonsense and call a spade a spade: the ‘Yellow peril Red Chinese heathen Chinee virus’?
The great toilet paper caper. “Where has all the toilet paper(flowers) gone, long time passing”.
Maybe the elite is just adamantly refusing to restock the toilet paper in order to create a sense of fear and demoralization among the populace so that they are more susceptible to control. This is an obvious psychological warfare technique, well executed though pretty obvious.
They are deliberately taking down the North American and world economies. This is the only way they could find to sabotage the rise of China. This is a transforming event. It is not 1987 or 2008. It is more akin to 1929. A new North American economy will be born, much slimmed down. Globalism in terms of ‘just in time’ supply lines from China will be ended. Canada and Mexico will be brought ever closer to the USA in a De facto North American union. A much reduced standard of living at least initially will be the result for North Americans.

#152 Rowdie on 03.25.20 at 12:13 am

Enough is enough… get everyone back to work again.. get back our sanity…. if one falls ill, stay at home, don’t punish the public to ask them all to stay inside… Trump is throwing out there to the USA workers that by Easter they will be working again. That is the most sound advice I have heard in a long time.. hope our PM reads into Trump’s advice… but.. who knows Canada is free falling fast.. this virus will pass, like the Spanish flu, so just hang in there everyone!

#153 DJ on 03.25.20 at 1:21 am

DO NOT change your behaviour to avoid being infected.

ASSUME you are INFECTED!

CHANGE your BEHAVIOUR to avoid transmitting.

#154 Spectacle on 03.25.20 at 1:31 am

Apology for long copy paste :: Enough is Enough !

Canadians were almost seriously betrayed by trudeau government. Crooks !

Joe Oliver
Published: March 24, 2020

Updated: March 24, 2020 4:51 PM EDT

Filed Under:

Toronto SUN Opinion Columnists
Share this story
He may have backed off, but Prime Minister Justin Trudeau wanted to overturn the results of the last election and stage what would have amounted to a constitutional coup d’état.

That may sound like hyperbole, but it is not. Under cover of the COVID-19 emergency, the Liberal government intended to present a bill granting the Minister of Finance power to borrow, spend and raise taxes, bail out companies and guarantee pools of debt, all without Parliamentary approval, until the end of 2021. Some of these initiatives may be needed, but it would be an outrageous assault on parliamentary democracy to give untrammelled power to the executive branch.

#155 alf on 03.25.20 at 1:34 am

Maybe it’s just time to stop using the term “Landlord.”
It’s dated and oppressive as hell. Not to mention, it makes you sound like a douche bag. I haven’t known a lot of these individuals who are doing it solely out of the goodness of their heart.

#156 Vanrenter on 03.25.20 at 1:48 am

I went on Vancouver Craigslist and searched apt/housing for rent. There is 1500 new listings added in the last 24 hours. A lot of them are furnished so they must be previous Airbnb’s. It is going to be an interesting rental market this year.

#157 JSK on 03.25.20 at 1:51 am

#129 fishman

I work in downtown Vancouver and it wasn’t a very safe place to begin with. I made a joke about how after the lockdowns are lifted, we’re all going to have to wear stab-proof vests to work. Wait till those people get really hungry. Businesses will regret not being told to board up their windows before closing. Looting will be on the rise. Home invasions and robberies.

If there is a condo bust, big cities can quickly turn uninhabitable. And when the newly minted homeless join the ranks of street people, watch out.

Rent freeze doesn’t work, because there is no way to apply it without picking winners and losers. Either everything stops, starting with tax collection and all the way down, or nothing works. And I sense that nothing will will work. The government seems to be more worried about the numbers than reality. They want their stock market. People be damned.

#158 David Paquette on 03.25.20 at 2:17 am

The proposal by the Liberals to have unlimited spend and tax power smells to me like they will introduce Modern Monetary Theory to Canada if their bill passes. https://www.investopedia.com/modern-monetary-theory-mmt-4588060
The clues have been a member of the US Fed musing that the government can create unlimited cash out of thin air and the Theory itself claiming inflation can be controlled by taxation. The installation of the Theory would ensure I be a tax slave for the rest of my days. I prefer to have the means to live free and I am resistive to the mantra of “we are in it together” as justification for overbearing government control. I don’t consider myself as property of ruling elite.

Unfortunately, there is no place to run if my suspicions play out. I complained to my daughters that I am isolating myself for 6 weeks – 3 to make sure I am clear of CV19 and 3 more to see if the epidemic is dying out, all this to ensure I don’t take up an IC hospital bed. My youngest wrote back “there is no CV19 in the Antarctica because they are all ice-so-lated”.

I can’t make myself bulletproof but I can learn how to be hard to kill. Good to see the markets rally on Tuesday but I predict a L recovery after a bounce back of about 65% (fibonacci market theory).

In my early youth, I wondered why there were so few European trucks in Canada. I figured it must be because they are crap. Then I read about the Chicken Tax. https://www.investopedia.com/terms/c/chicken-tax.asp

#159 Ronaldo on 03.25.20 at 2:20 am

#122 S on 03.24.20 at 9:08 pm
#79 Keep Your Rent on 03.24.20 at 6:53 pm

Once you give up integrity everything else comes easy!

What is your next advice, don’t pay for the clothes you wear, food you eat?
—————————————————————–
Probably the same type of person that would fill up their gas tank and drive away without paying or walking out of a restaurant without paying the bill. Am I close? Entitled or what? Go back to your parents basement you low life. You’d probably steal from them too.

#160 Ronaldo on 03.25.20 at 2:29 am

My wife tells me that she was talking to a friend who is living in Mexico and the have come up with a way to prevent people from hoarding. For example if you go to the store to buy hand sanitizer, the price for the first bottle is $10.00 and the second bottle is $90.00. Seems to be working.

#161 Danika Van Zandt on 03.25.20 at 2:41 am

OK, I’ll bite. When is that moment of opportunity going to be? Days from now, it may be too late the first 12% was chewed up yesterday. Months from now, yesterdays bear cat bounce might look like a short covering head fake. I really believe there’s going to be another huge drop.

Or, a year from now, or more, because the virus is only just beginning to spike? I’d say plan for everything. If you’ve saved a couple-three years of cash, its all tits and giggles. If not, you’re really screwed. Every recession brings about life altering change for a huge number of people, a lot of whom never recover. The commercial bankruptcy numbers haven’t even started to be recorded yet.

Personal tragedies are being hidden but will soon burst the media dam. The lay off are sweeping workers into a bonfire. Wait till next month when the numbers come in.

Oooo laaa laaa, at least two million Canadian restaurant workers from franchises alone will hit the front page, or the pavement near you. Start counting the numbers of hotel staff, event workers etc etc etc., including all the part timers with no EI like Gig and contract. Part time TTOC teachers and day care work is toast, nothing planned for them to survive. Don’t worry about civil servants though. They’re getting full pay to not show up. Great.

Evictions are going out, and rent isn’t even due. Property managers are following closely. Bars that hired twenty five are gone, Burger joints by the thousands are flipping the employees out the take home window.

So, whats the call dogs? I’ve got cash to spend and my pajamas are on fire. In the Great Darkness Recession of the 1980’s we saw an increased number of kids turning tricks. I knew an etymologist who pulled a rickshaw. Stolen goods sold from bsmt suites were all the rage.

#162 MF on 03.25.20 at 6:49 am

#157 Ronaldo on 03.25.20 at 2:20 am

Ouch.

Haven’t seen Ronaldo get this upset…ever I think.

:)

MF

#163 MF on 03.25.20 at 6:56 am

#150 Rowdie on 03.25.20 at 12:13 am

The virus is out, and spreading in the community fast.

We are practicing social distancing for one reason: to buy time.

Time for a vaccine, for new ventilators, for new ICU beds and so on.

We kind of don’t have a choice. This is NOT just another flu. It’s basically short term economic pain for long term recovery. So hang in there.

Yes it will come back, but the economy will be changed. Supply chains are going to be rethinked, geopolitical relationships will shift, the nature of work will change and so on. Real estate done for.

Oh yeah, and now we have a bigger debt problem.

MF

#164 Deloris Du Champ on 03.25.20 at 7:05 am

#126 Brian, pref shares are an interest rate play. Inverse correlation they call it. If you think rates won’t go down anymore they’re a good buy here. If you think Poloz will cut again, wait. If you haven’t sold you’ve lost nothing.

This time of year we head into murky waters for a variety of reasons. “Sell in May and Go away” is a fact. but its not written in stone. Window dressing portfolio’s sometimes takes the wind out of our sails.

Overall, it’s a time for patience. Let the market recover. Pigs get slaughtered remember? Cash up to cover the very regular ‘summer swoon’. November will come along and all the current and seasonal bad news will have been digested. Try ZWH as a nice cash cow until we’ve found out footing.

#165 crowdedelevatorfartz on 03.25.20 at 8:14 am

Soooo if I understand the medical experts…….
The self isolation is designed to slow the flu infection rate down to a trickle rather than a flood….

Self isolation is not a cure.
It just slows the rate of infection among the population.

The authorities dont want a flood of sick people filling hospitals and stadiums causing panic….. just a trickle of sick for weeks, months, and possibly several years……?

And its the flu….not ebola.
The flu with a 2% mortality rate…..predominantly affecting the elderly and the unhealthy.

Once everyone has gotten sick the panic will be over, unless, of course, you’re the unlucky 2%, in which case….you wont be worrying about getting sick.

I guess this is the trickle down economics all those politicians were talking about…….

#166 crowdedelevatorfartz on 03.25.20 at 8:20 am

@#156 David P

God bless the Chicken Tax.
Its why I drive a Toyota Pick-up to this day.
(Assembled in Texas)

#167 BillyBob on 03.25.20 at 8:28 am

The statistics regarding “Covid-19 is responsible” are highly dubious.

How is “responsible” defined? For example, the UK recently reported 40-odd new deaths on a single day. The report gave the age range of the deceased as aged 48 to 104 (!!).

It turned out that the 48 year old had Stage 4 cancer. And, as widely reported, almost every single other of the deceased had one or more co-morbidity risks.

I’m not trying to diminish the loss of life. Not one bit. Each of these people was someone’s loved one. But when I look at these stats, one has to put them in context. Saying that someone over a century old “died of coronavirus” is not telling the whole story, is it? Saying that someone with terminal cancer “died of coronavirus” isn’t exactly transparent either, is it? These are precisely the people who should be fiercely protected, of course. But stating mortality stats as if all those who died would have lived a long and healthy life if just only not for the coronavirus is just plain false.

When the statistics are actually examined, and not taken simplistically, it seems that it would be much more accurate to say that the vast majority of the dead “died WITH coronavirus”, not “died OF coronavirus”.

This, of course, does not take into account the possibility of deaths to those who could have been saved if not for a lack of resources, ie Italy. But even there the data skews tremendously, almost overwhelming to the highly at-risk.

#168 Brett in Calgary on 03.25.20 at 8:33 am

Thoughts from machine learning expert Andriy Burkov of Gartner:

The lessons this pandemic will teach humanity:

– the education system is out of date
– in 90% of the cases, in-person meetings can be avoided
– most of the office work can be done from anywhere
– about a third of people do the work we can do without
– important decisions for the society (finance and economy) are made by non-experts out of fear
– when scientists speak, we would rather listen to them

#169 crowdedelevatorfartz on 03.25.20 at 8:37 am

Yo Billy Bob!

Piloting any private jets lately?

https://www.reuters.com/article/us-health-coronavirus-china-students/chinese-students-fleeing-virus-hit-u-s-pay-20000-for-seats-on-private-jets-idUSKBN21C0SF

#170 Dups on 03.25.20 at 8:46 am

If they are dumping 82B in, to me that means the problem might be bigger than what we initially thought. The market already priced that in yesterday, but today is a different day. Scary 82B wow…

#171 Tater on 03.25.20 at 9:05 am

#5 26 going on 50 on 03.24.20 at 4:48 pm
30% think we’re going into a depression? I assume mostly smart people bother to read this blog, so if the average joe were here would this number be closer to 50%?
——————————————————–
I’d wonder what percentage of them know the definition of a depression.

#172 TurnerNation on 03.25.20 at 9:10 am

#147 Terry Jones indeed. For 4 people to die at a modern hospital you’d have to believe that said hospital could save four people from heart attacks, strokes, blood clots, appendix, car crash, shot/stab, collapsed lung, and so on. But not four people from mild or sever flu??
Does this make sense.

#173 Penny Henny on 03.25.20 at 9:15 am

#75 John in Mtl on 03.24.20 at 6:51 pm
Just remember that Stephen Poloz told us there’d be a shock. More will follow. And life will go on.

Shock you say? I bought some Royal Bank (RY) last week and watched it go on the rollercoaster track. Today, it ended at 56.36$, thirty bucks less than what I paid.
//////////////

relax, you are looking at the price on the US Exchange.
RY still $81 CAD

#174 Penny Henny on 03.25.20 at 9:18 am

So that’s what we will do. We will keep our rent.

Thank you for reminding us why providing housing for people, being a landlord, is idiocy. – Garth
//////////////////

Garth were you ever an idiot… I mean landlord?

Sadly, several times. – Garth

#175 JB on 03.25.20 at 9:19 am

#76 Brian Ripley on 03.24.20 at 6:52 pm

Could it (Real Estate) Crash and Burn like the Hindenburg? or will it take off and fly to the stratosphere … based on all the helicopter money being handed out by the government…and 0 interest rates. #41 Cto on 03.24.20 at 5:38 pm

Take a look at my Calgary Housing Chart with an overlaid plot of the TSX Energy Index: http://www.chpc.biz/calgary-housing.html

Average Calgary condos are trading at 2005 prices.

At the other end of the market, Toronto strata prices are at new peak prices.
If Airbnb continues to shed listings and owners look for annual contract tenants instead of weekenders, then I suggest rents will drop and asset prices will follow.
The same goes for household incomes; if they drop so will asset prices as weak hands look for liquid items to sell.
………………………………………………………………….
Yes the prices in the city here are still quite insanely high. My older sisters relatives are selling their 1100 sq ft Condo in the Islington & Bloor area of Toronto for $800 K they are trying to unload it as insurance rates have gone insane and their strata fees right now are at $925 per month this year they are expecting a huge increase in the strata with the Condo insurance issue nationwide. I mentioned to my sister that they may want to be very flexible on the price and to get out fast. There is going to be a massive number of defaults on Condos after this crisis and they may get wiped out if they don’t unload now. She said that they have lived there for only two years and it was a massive mistake. God help the poor idiot that buys their condo as they are going to lose their shirt, pants and underwear in that sale.

#176 Tater on 03.25.20 at 9:19 am

#161 crowdedelevatorfartz on 03.25.20 at 8:14 am
Soooo if I understand the medical experts…….
The self isolation is designed to slow the flu infection rate down to a trickle rather than a flood….

Self isolation is not a cure.
It just slows the rate of infection among the population.

The authorities dont want a flood of sick people filling hospitals and stadiums causing panic….. just a trickle of sick for weeks, months, and possibly several years……?

And its the flu….not ebola.
The flu with a 2% mortality rate…..predominantly affecting the elderly and the unhealthy.

Once everyone has gotten sick the panic will be over, unless, of course, you’re the unlucky 2%, in which case….you wont be worrying about getting sick.

I guess this is the trickle down economics all those politicians were talking about…….
———————————————————-

The 2% mortality rate is if we have beds and ventilators and doctors to treat everyone. It goes way up if the healthcare system get overwhelmed. Oh, and so do deaths of many other kinds as well.

A hospital rammed with covid patients, where 20% of the doctors are out sick, is not a place where you’re going to have a great chance if you need heart surgery, or were just in a bad car accident, or need chemo.

People are so bad at understanding second and third order effects.

Okay, time to knock off the doomer scenarios and useless comments about health care overload. Unless you go and volunteer to be a helper in the ER or have PPE to donate, put a sock in it. I’ve had enough. Martial law comes to this blog next. Just watch me. – Garth

#177 IHCTD9 on 03.25.20 at 9:29 am

65.9 for gas in the sticks!

#178 Penny Henny on 03.25.20 at 9:32 am

#100 Drinking on 03.24.20 at 7:55 pm
#89 Dead Cat Bounce?

Agreed for most you said until you criticized for those responsible enough to self isolate; even if it saves “ONE EFFING LIFE” how much money is that worth??? If you were in front of me and said that you would need new teeth.
/////////////////

Hey Drinking, have you been drinking rye? you sound like a mean drunk.

#179 crowdedelevatorfartz on 03.25.20 at 9:38 am

@#152 Vanrenter
“There is 1500 new listings added in the last 24 hours. A lot of them are furnished so they must be previous Airbnb’s. It is going to be an interesting rental market this year.”
++++

Lovin it!

New landlord purchased our apt bldg about 6 months ago.
Noisy, dirty, nonstop reno victions have been the norm ever since…..until a week ago.

And the “new” suites gutted, painted with rents 50% higher that they have been trying to flog for over a month?

Empty.

#180 Dharma Bum on 03.25.20 at 9:40 am

If yesterday’s poll is to be believed, thousands of readers not only have cash reserves, they’re planning on unleashing them in the next few months, swooping in to buy distressed assets from distressed people. – Garth
——————————————————————–

And this, my dogs, sorry to say, is exactly capitalism at its finest.

By the way, anybody hear from Greta lately?

Greta?

Oh Grettttttttta?

https://www.energylivenews.com/2020/02/28/greta-thunberg-i-will-not-be-silenced/

#181 BillyBob on 03.25.20 at 9:43 am

@fartz

Nah, enjoying some time off actually. Been going pretty hard the last decade and a half, nice to sit still for a change. Did a bit of corporate flying years ago, but the lifestyle wasn’t for me, always on call in most outfits.

Meet some interesting people though and some fun planes to fly. Certainly a growth industry at the moment.

#182 Dharma Bum on 03.25.20 at 9:44 am

Martial law comes to this blog next. Just watch me. – Garth

Love the reference.

I’m old enough to remember watching it on TV the first time in 1970!

https://www.youtube.com/watch?v=XfUq9b1XTa0

#183 Calgary Rip Off on 03.25.20 at 9:46 am

Think have around $25k in the bank. This is after the TFSA installation. No need to defer mortgage payments under interest. As Im not a nurse Im also unlikely to be deferred to the front lines. Nevertheless I am acting like I have blood type A and avoiding all contact with people. I did this type of behavior in 1995 while a student at University of Idaho. Lots of long distance runs across state lines and a ten mile radius with no people.

Sleeping problems? That’s an easy fix. Alcohol isnt the answer. I take magnesium and eat a banana. Then I read the Book of Mormon. Never fails to help with quality sleep. And this is why Mormons dont drink and dont need caffeine(word power). There are many tales which tell of long ago when similar situations arose similar to today and how people handled crisis situations. Maybe someone reading this can benefit as much as I do in these stressful times.

The key idea is that even despite Covid, life is good assuming you dont get sick and need to be intubated. Water is clean and flows from a tap, electricity powers heat and lights, natural gas runs furnaces, and motorized vehicles transport. This is much easier than riding a horse, having to find and clean the water, hunting or harvesting food and then figuring out how to store it and then make it so it doesnt poison you. And then the internet is an unlimited portal of information. I still live the life of a King.

#184 IHCTD9 on 03.25.20 at 10:04 am

#174 Penny Henny on 03.25.20 at 9:32 am
#100 Drinking on 03.24.20 at 7:55 pm
#89 Dead Cat Bounce?

Agreed for most you said until you criticized for those responsible enough to self isolate; even if it saves “ONE EFFING LIFE” how much money is that worth??? If you were in front of me and said that you would need new teeth.
/////////////////

Hey Drinking, have you been drinking rye? you sound like a mean drunk.
___

Indeed, and it’s usually the mean drunk that gets the free dentistry and some sleepy time, not the sober dude he flips out on.

#185 Alberta Nomad on 03.25.20 at 10:08 am

This past week, my great aunt in Regina and my uncle in Minneapolis, sold their homes in less than 18 hours. Considering what is happening atm I am totally shocked. Sure, the homes were both in desirable neighborhoods, Prince lived just down the street of my uncle until recently….but 18 hours during a pandemic/oil war/economic collapse? The power of home lust is jaw-dropping.

#186 45north on 03.25.20 at 10:09 am

Keep Your Rent:

Sure, it’s against the rules. The rules say that when the calendar says the 1st, the landlord gets paid. Not this time. We’re keeping our rent. We will not be forced to go without because those with so much say we should. We know what we should do. We should support each other, we should defend each other, and we should provide for each other.
So that’s what we will do. We will keep our rent.

Thank you for reminding us why providing housing for people, being a landlord, is idiocy. – Garth

here’s one boomer’s experience as a landlord:

we rented out the upstairs to a young girl with a baby; my wife and I cleaned up a stroller and gave it to them. A few days later, the boyfriends moved in. According to the Ontario Landlord Tenant Act I couldn’t kick them out. One dark night, two of Toronto’s finest stood behind me while I told the boyfriends to leave. The next day the girl and her boyfriends moved out. Thank God for the Toronto police.

#187 SoggyShorts on 03.25.20 at 10:10 am

#102 Last of the GenX on 03.24.20 at 8:00 pm
Hey blog dogs –

one question as I’m in a (I think) unique situation. I have a portfolio that is as dumb as it could be – 100% equities, almost all tech with a little SPY, plenty of individual stocks.
******
Same here, all equity, but no individual stocks.
Ask yourself this:
Why did you go all equity/stocks?
Answer: for the bigger gains.
What’s the risk? Bigger losses.

Well you’ve gone through the big losses(at least most of em we hope) so if you rebalance now to safe stuff you’ll miss the bigger gains part of being a cowboy-worst of both worlds.

I’ve checked my portfolio almost daily since Dec 2018 but
I skipped the past few days and if I can I’ll skip the rest of the month and April too.

Ive made the decision to stay the course. I won’t even be investing my little 5% cash reserve since that’ll tempt me to keep checking and ultimately won’t change my life.

Good luck mate

#188 not 1st on 03.25.20 at 10:14 am

In other good news, Trudeaus dictator take over of Canada was thwarted in the HoC last night. Talk about a bullet dodged.

And his supporters were all over twitter saying just give him the damn godlike powers cause….well he still so pretty and Canada is still better than Ethiopia or whatever country. Wow are there some tuned out people.

#189 Orange Man....Orange on 03.25.20 at 10:24 am

#117 Blog Bunny on 03.24.20 at 8:48 pm
Trump: What is the life of a couple of bastard bummers against an economy?

Pence: Everything.

Trump: The bummers must die.
++++++++++++++++++++++++++++++

More Trump Derangement Syndrome.

Making up crap.

You should quit your day job and go work for CNN, MSNBC, ABC, NBC, GLOBAL, CBC…

If you notice, Trump never once made a play for more power. Unlike Trudeau who tried to trick us into a Natural Governing Party-Fascist dictatorship. Luckily the opposition told him to blow it out his birch bark canoe.

#190 IHCTD9 on 03.25.20 at 10:33 am

#144 Drinking on 03.24.20 at 11:03 pm
#130 Terry

Christ, you are an idiot. Flus and colds do not require hazmat suits. How can anybody compare this to the cold and flu?? Listen to the docs, it will get worse, then lighten up and then get worse again. Who with half a brain does not get this??? Please dawgs take this serious!!!
___

You’ve lost it completely.

Global death toll as a fraction of population is 2 millionths of 1 percent as of yesterday.

Get a grip, and maybe some tranquilizers.

#191 Tater on 03.25.20 at 10:44 am

DELETED

#192 Sail Away on 03.25.20 at 10:47 am

Shawn Allen:

People don’t say you’re dim, they just say you learned to tie your shoes at age 16.

#193 Sail Away on 03.25.20 at 10:53 am

#149 DJ on 03.25.20 at 1:21 am

DO NOT change your behaviour to avoid being infected.

ASSUME you are INFECTED!

CHANGE your BEHAVIOUR to avoid transmitting.

—————-

Pro tip:

ALWAYS use CAPS when you’re SERIOUS!

#194 Lambchop on 03.25.20 at 10:55 am

Wondering why nobody has suggested that we set up a separate area just for covid19 patients, not in a hospital.

Why would we send infectious people into a hospital full of vulnerable people?

In emergencies like wildfires or floods, we routinely house people in community centres and schools, and those happen to be empty right now. Sure, there are some logistics involved, and equipment to move around, but does this not make sense? What am I missing here?

#195 not 1st on 03.25.20 at 11:04 am

#186 IHCTD9 on 03.25.20 at 10:33 am
—-

That post you responded to is just a sample if the unbelievable state of fear and doom that some people live with every day. And whipped into a frenzy by our irresponsible media and even health officials. I never see any voice of reason from the TV doctors, just lock it down and they want 18months, not 2 months. They aren’t even thinking straight about the long term repercussions from this.

I went to the grocery store last night. Nobody will say hi to each other, nobody talks, people walk like zombies with their heads down, others are doing ninja moves in the aisles trying to avoid each other. Its beyond stupid.

Here is a study on the regular flu deaths from Italy in the past few years. 68,000 people in that country succumbed to seasonal flus.

We already had a lot of weak minded people begging govt to save them at the expense of all their liberties. Its going to be 10x worse after this. There are people who would just rather get $1000 a month from the govt than have a functioning economy.

https://www.sciencedirect.com/science/article/pii/S1201971219303285

#196 Tater on 03.25.20 at 11:05 am

DELETED

#197 Doug in London on 03.25.20 at 11:07 am

@DJ, post #153:
That’s some of the best advice I’ve gotten yet, no long lecture just right to the point.

#198 unbalanced on 03.25.20 at 11:16 am

To Shawn Allen….You got the last word in. Good for you.

#199 not 1st on 03.25.20 at 11:17 am

I have been in negative margin with RBC for 2 weeks and they never called it. Hmmm, that’s weird.

#200 cristian on 03.25.20 at 11:35 am

Check page 18 on this link .. very interesting read http://www.nommeraadio.ee/meedia/pdf/RRS/Rockefeller%20Foundation.pdf

#201 IHCTD9 on 03.25.20 at 11:55 am

#195 not 1st on 03.25.20 at 11:04 am
#186 IHCTD9 on 03.25.20 at 10:33 am
—-

That post you responded to is just a sample if the unbelievable state of fear and doom that some people live with every day. And whipped into a frenzy by our irresponsible media and even health officials. I never see any voice of reason from the TV doctors, just lock it down and they want 18months, not 2 months. They aren’t even thinking straight about the long term repercussions from this.
___

What can you do? Lunatics and tools exist, and looks like more than I would have guessed.

The MSM ain’t helping that’s for sure. A few hundred new Lunatics born with every “We’re not even counting the dead anymore”, “Flu cases spike…”, “I’ve never been so stressed…” etc.. Tabloidesque fear mongering headline from the CBC ministry of fear production.

There is no reason for life on planet Earth to freeze. If you’re high risk – just stay home and do your due diligence. Conversely, if you have any kind of flu symptoms at all, you stay home too – Trudeau may even send you a bi-weekly cheque to do so.

All these folks careening around going berserk over this thing should consider professional help. Just be prudent and careful – that’s all you can do. Freaking out is stupid.

#202 IHCTD9 on 03.25.20 at 12:25 pm

#175 JB on 03.25.20 at 9:19 am

…they are trying to unload it as insurance rates have gone insane and their strata fees right now are at $925 per month this year they are expecting a huge increase in the strata with the Condo insurance issue nationwide.
____

Two months of condo fees like that almost pays for my house insurance for a whole year. That covers the 1500sf house and 1900sf barn – and a lot of things inside it too!

#203 Don'tTalkToNarcs on 03.25.20 at 12:25 pm

#198 Unbalanced “To Shawn Allen….You got the last word in. Good for you.”
———————-
Indeed, on both points. Good for Shawn Allen as he was wasting time with someone clearly unbalanced.

#204 Sail away on 03.25.20 at 12:36 pm

There was a roar and a shriek this morning:

The roar was the US economy restarting. I think the shriek was the US Democrats losing all influence.

And… here we go. April 12 is the back to normal date… for the US. That’s what the markets are pricing in.

Although Canada will be on a 6-year lockdown to signal the world we really, really care. Trudeau could be the self-important 8-year old pontificating while all his friends walk away. Luckily, the Canadian markets aren’t important.

#205 Sail away on 03.25.20 at 12:50 pm

#201 IHCTD9 on 03.25.20 at 11:55 am

All these folks careening around going berserk over this thing should consider professional help.

—————

Well said.

I also like ‘bleating’, as in ‘bleating aimlessly’, ‘bleating hysterically’, ‘bleating self-importantly’, ‘bleating unhappily’, ‘bleating to beat the band’, ‘bleating with panic’, ‘bleating smugly’, ‘bleating synchronously’, ‘bleating the approved tune’, etc.

#206 Caleb on 03.25.20 at 12:54 pm

Sorry but I can’t accept this at face value. If the quarantines and stimulus was about saving lives they would have ponied up long ago to prevent 25,000 men, women, children, infants and seniors from starving to death each day. No quarantine nessisary. Shame on our leaders thinking we have billions (locally) to keep the Joneses in their 5 bed 3 bath home with 2 new vehicles in the driveway but will and have denied $1 to real people in distress. My problem these days is feeling embarrassed of how we are all reacting as a country.

#207 Richmond will be underwater by 2014 on 03.25.20 at 12:59 pm

For all the people saying we should just let the virus rip through the population all Willy nilly. That’s fine provided you realize that people you know and love will die. You are asking -sorry,telling- people you love personally to die for your job. I feel like we should just keep that in mind.

Can the Canadian banks pull this off? 70 percent of people not paying their mortgage for 3-6 months or more? Massive defaults and bankruptcies from the oil patch? Asset value write downs (homes etc). Beats me.

Buddy of mine and his wife went from making 10k a month to 0. Comrade Horgan says he is going to pay them a one time payment of 1000 dollars each so don’t worry. Might as well flick a dime at them and yell keep the change!
He deferred his mortgage at the burgundy bank and they whacked him with a bunch of fees and penalties he will have to pay at the end of the year. He said that’s fine because he wont have any money then either.

Wuhan had all of China to help them. 1 billion people came to the rescue. Walled off the city and started delivering food and medicine (after a few weeks of looting and general chaos). At the same time all the intl airports in Wuhan were left open and thousands of infected Chinese were flown out of Wuhan every day for months. Now they have infected the whole world. Who is going to come to save us? Wall off our cities and deliver food and medicine?

#208 Lambchop on 03.25.20 at 1:04 pm

“Great news. Power grab defeated,” Conservative MP Pierre Poilievre said in a tweet.

According to Poilievre, the government can’t raise taxes without a parliamentary vote, and emergency spending powers will end in six months, as opposed to 21 months, and can be taken away. An opposition-controlled finance committee will host COVID-19 hearings and can recall parliament with 48 hours notice if Trudeau’s government “abuses power,” he said.

Anyone who needs income because of COVID-19—people who have been laid off, taking care of loved ones, or are sick themselves—will be eligible for up to $2,000 per month for four months. Payments will start about 10 days after people submit their applications.

https://www.google.ca/amp/s/www.vice.com/amp/en_ca/article/m7qwk4/coronavirus-updates-canada-justin-trudeaus-dollar82b-emergency-aid-package-passes-without-power-grab

#209 JB on 03.25.20 at 1:17 pm

#202 IHCTD9 on 03.25.20 at 12:25 pm

#175 JB on 03.25.20 at 9:19 am

…they are trying to unload it as insurance rates have gone insane and their strata fees right now are at $925 per month this year they are expecting a huge increase in the strata with the Condo insurance issue nationwide.
____

Two months of condo fees like that almost pays for my house insurance for a whole year. That covers the 1500sf house and 1900sf barn – and a lot of things inside it too!
………………………………………………………….
Only fools purchase these concrete money pits. If the strata doesn’t get you the insurance sure as hell will. Moister boomers are about to take a bath on their fixed incomes.

#210 april on 03.25.20 at 1:21 pm

#180 – in other words Greenpeace and Al Gore “won’t be silenced”

#211 Faron on 03.25.20 at 1:46 pm

You aren’t hearing from Greta because
1) She has taste and knows that immediate loss of life and health is the most important thing.

2) GHG emissions will be dropping bigly over the next couple of months. This is a break the planet needs. Unfortunately, I’m sure we’ll overburn hard on the rebound when oil is cheap and the economy grows to make up for lost time. So, the gains will be lost quickly, but for now the Keeling curve will have a nice kink in it this year before resuming its exponential increase.

#212 Tony on 03.25.20 at 1:47 pm

Re: #208 Lambchop on 03.25.20 at 1:04 pm

I was laid off from Cineplex way back in 1997. That was my last job and I’m not 65 yet. They don’t say when you were laid off.

#213 Keep Your Rent on 03.25.20 at 1:47 pm

Tenants keep your rent.

Landlords keep your distance.

VICE magazine has it bang on.

https://www.vice.com/en_ca/article/epg87m/coronavirus-canada-needs-a-national-rent-freeze

#214 crowdedelevatorfartz on 03.25.20 at 1:57 pm

@#191 and 196 Tater

Whats the matter Tater?
Drop your Slingblade?

https://www.youtube.com/watch?v=PhYzEt7jfR8

#215 Attrition on 03.25.20 at 1:58 pm

#205 Sail away on 03.25.20 at 12:50 pm

#201 IHCTD9 on 03.25.20 at 11:55 am

All these folks careening around going berserk over this thing should consider professional help.

—————

Well said.

I also like ‘bleating’, as in ‘bleating aimlessly’, ‘bleating hysterically’, ‘bleating self-importantly’, ‘bleating unhappily’, ‘bleating to beat the band’, ‘bleating with panic’, ‘bleating smugly’, ‘bleating synchronously’, ‘bleating the approved tune’, etc.

A gawdawfullot of bleating to be sure.

Is it over yet, the bleating, or should we expect Peak Panic Bleating to be a ways out yet? If I was a betting man I’d say there are a few weeks to go at least.

Then, when it is all over, we’ll get to endure the “yes, but it ended because of the actions we took, our overabundance of caution prevented it from being as bad as we’d predicted it would be” bleating.

That will go on for a long time.

#216 Sail away on 03.25.20 at 2:00 pm

Well, folks, this is the reason you buy on the way down.

Gigantic gains the last two days. Play the game down; play it up.

Yeeha!

#217 Lost...but not leased on 03.25.20 at 2:00 pm

WestJet sale
…..deal closed Dec. 2019 for $31 /share

Shareholders dodged a bullet….but new owner Onex ????

#218 crowdedelevatorfartz on 03.25.20 at 2:21 pm

@#207 Richmond is all wet
” That’s fine provided you realize that people you know and love will die. You are asking -sorry,telling- people you love personally to die for your job.”
++++

I thought you knew.
Workaholic trolls like us only care about ourselves.
I love myself so much I even have mirrors on the floor.
Narcissism is empowering especially when your better than everyone else.
Please cough facing away from me….I’m special.

#219 Mattl on 03.25.20 at 2:53 pm

#204 Sail away on 03.25.20 at 12:36 pm
There was a roar and a shriek this morning:

The roar was the US economy restarting. I think the shriek was the US Democrats losing all influence.

And… here we go. April 12 is the back to normal date… for the US. That’s what the markets are pricing in.

—————————————————–

Back to normal, that’s a good one. You mean a normal with limited travel, huge unemployment, and consumers clutching their wallets? With States like California and NY not willing to lift restrictions?

Putting aside the risk of large scale sickness, there will not be a normal to return to, at least not in the short term. We are a global economy, the US can’t just resume BAU without all states and countries back online.

#220 MF on 03.25.20 at 3:01 pm

201 IHCTD9 on 03.25.20 at 11:55

What is being prudent and what is “freaking out”?

To you, freaking out might be prudent for anyone whose life may be at risk.

This is the dilemma.

MF

#221 Sail away on 03.25.20 at 3:14 pm

#218 crowdedelevatorfartz on 03.25.20 at 2:21 pm

I thought you knew.

Workaholic trolls like us only care about ourselves.

I love myself so much I even have mirrors on the floor.

Narcissism is empowering especially when your better than everyone else.

Please cough facing away from me….I’m special.

————-

Hey crowdedelevatorfartz, aka CC, aka Barkingblackdog, aka Blackdog… etc.

Stop that. You’re embarrassing yourself.

#222 Sold Out on 03.25.20 at 3:20 pm

Judging by the rate it’s being consumed on this bilious blog, one might think that drinking each other’s bathwater will cure what ails you.

#223 Sold Out on 03.25.20 at 5:15 pm

No evictions for BC renters, and a $500/month subsidy through BC Housing.

I imagine that landlords who dodge taxes on their rental income will not be applying in droves. Tenants of said tax dodgers will have a certain swagger in their step when they inform the landlord that they can’t make rent next month.

https://vancouverisland.ctvnews.ca/b-c-imposes-moratorium-on-evictions-offers-500-a-month-for-renters-1.4867923