Into the fog

Source: Gary Shokar @gshokar1199

Will the virus forever change the future? Or is this just recency bias talking? After all, it’s a human failing – projecting current conditions forward.

For example, when assets rise (stocks, houses, gold, Bitcoin, fine art) people think they’ll rise forever. So they buy into inflating markets. But when stuff plunges (like equities in late March, or Vancouver detached houses now) buyers vanish as the meme spreads that losses will continue without end. So, we buy high and sell low. Almost always.

But this pandemic challenges every assumption. Financial markets have rallied bravely. House buyers have vanished as prices fall. Doctors are running the country. Unemployment has surged as the economy turned off.  Governments have moved hard to blunt the impact of their own actions. Nobody has a convincing argument about what happens next. However we can all grasp the destruction taking place. This virus will not just go pffft. We gotta live with the sucker.

But how?

For example, I have a fancy corner office with giant windows overlooking Toronto’s downtown and Lake Ontario on the 53rd floor of a 68-storey building at the corner of King and Bay. These days I’m not there, instead taking the sea breeze in NS, where people still talk to each other.

The elevator banks are highly computerized, requiring users to punch in a floor destination then wait for a car dedicated to delivering a selected group to identified floors efficiently. But the group can be 20 or 30. And the trip back down is indiscriminate. Doors open, people flood in to swarm the shopping concourse, restaurants and food courts below.

What happens when my entire floor – now vacant – is repopulated with hundreds of colleagues? How do they get there in an age of social distancing? Most come by streetcar, subway or GO Trains, then walk through clogged tunnels to the elevator banks. Stairs are not an option. Car traffic and parking is prohibitive. Few live close enough to cycle. What to expect in a few weeks, or months, when this gleaming tower – which sold a few years ago to a REIT for $1.4 billion – reopens? Will people balk at commuting via mass transit? Or stepping into those lifts? Eating in the giant take-out emporium downstairs? Squeezing through the underground passageways?

Will my corporate partner decide leasing a few floors on Bay Street is foolish, when it can operate with a remote workforce – people at home paying for their own Internet provider, accommodation, heat and toilet paper? Will this shave value off those neighbouring downtown condos which folks bought to avoid commuting – where elevator quagmires also exist?

See what I mean? This is just a sliver of working life. And it’s all messed up. Increasingly it seems the virus threat will be long-lived. As time drags on, changes will become ingrained. I may never ride that elevator, nor gaze through those windows, again. But I bet the corporation ends up making more profit as the virus revamps the workforce, empties expensive rental space and slashes costs.

What else is going to change?

Leon Cooperman is the CEO of a company called Omega Advisors. A few weeks ago he was on CNBC (almost as bad as BNN) and presented a list of long-term implications of Covid. Some of these will come as no surprise, as we’ve touched on such themes recently on this pathetic blog. He said…

  • Capitalism as we know will likely be changed forever. When the government is called upon to protect you in the downside, they have every right to regulate the upside.
  • Taxes will have to go up. Quickly if Biden (Trudeau) wins, slowly if Trump (MacKay) wins, but they will have to go up. Things like carried interest, capital gains, ability to rollover real-estate sales tax free all will have to be eliminated (for the good).
  • Consistently low interest rates are indicative of a troubled economy and should not be viewed positively. We have negative interest rates in Japan and in Europe. Yet their P/E ratios are lower than the U.S. The level of interest rates are not bullish.
  • Demand is likely to come back slowly. If you think about large gatherings like sporting events or concerts. We can’t imagine them coming back until we have a vaccination. With the possibly of a mandatory “vaccination card” to gain admittance.
  • Business is going to incur larger compliance costs.
  • There will be a lot of equity issuances to replace lost capital. Airlines are the perfect example, they bought back billions of stock at high prices that were previously sold at low prices, so there will be a ton of new issues to replace lost capital.
  • Stock re-purchases, which has risen EPS for the last half dozen years, will largely be over.
  • Looking at Warren Buffet, who is obviously the greatest investor of our generation, and has always been a buyer on weakness not a seller. He’s been very quiet. Our guess is that he’s having difficulty figuring out what’s going on and if Buffet hasn’t figured it out, who are we to make a judgement?

What to do when the future fogs in?

If you had a balanced, diversified, low-cost and liquid ETF portfolio when this crap started, then change nothing. No reason to cash out, run to gold or crypto, or bargain-hunt oil companies and airlines. Just stay the course and seriously bone up on tax-avoidance strategies. More on that in a future post.

On a personal level, Covid should have taught you this: don’t speculate, leverage, gamble, be an Airbnb host or amateur landlord. Save some money, have reserves, trash debt and live within your means. Value your job and do whatever it takes to keep the damn thing. Curb your house lust. Arrange an emergency LOC. Pay your cards off monthly. Have a retirement plan. Stay married. And never go to work on the 53rd floor.

228 comments ↓

#1 Chimingin on 05.11.20 at 3:37 pm

Lunenburg beats TO, every time. ;)

#2 mitzerboyakaQueencitykidd on 05.11.20 at 3:38 pm

Way deep down in your heart of hearts you have to say to yourself something’s not right around here.
People Are People
dogs are dogs
and beer is beer

#3 Guy in Calgary on 05.11.20 at 3:41 pm

It is time to give people back the right to make a living.

#4 trexx on 05.11.20 at 3:41 pm

There is no such thing as free money.
Get back to work the lot of you.

#5 Lee on 05.11.20 at 3:46 pm

Maybe we can take down all the towers in downtown Toronto and replace them with a big park that we’ll call “REIT Memorial Park”. And of course, never, ever start a restaurant.

#6 mobius on 05.11.20 at 3:47 pm

Do you think the capital gains exemption for private CDN corps will be taxed in the next few years?

#7 Keyboard Smasher on 05.11.20 at 3:48 pm

At what rate of printing do the Federal Reserve’s rollers start experiencing mechanical fatigue, failures and spontaneous self-ignition due to the friction of manufacturing bank notes?

Bitcoin with its built-in scarcity algorithm and tapering new supply is looking PRETTY DAMN GOOD these days…

#8 Figure it Out on 05.11.20 at 3:49 pm

Cooperman shut down his fund. He just runs a family office now. Fighting off insider trading investigations takes its toll.

What’s he know about this bug that I don’t? Or US political economy for that matter?

#9 Jason on 05.11.20 at 3:50 pm

Sitting on $140bn of cash is just crazy. By now all the fear is priced into the markets. Buffett is overly cautious.

Demand is going to come back much faster than people realize. People are sick and tired of this lockdown nonsense, and if they aren’t, they will be soon. Cruise ship bookings are exploding.

I’ve been to Africa and people don’t isolate at home because of the ongoing danger of Malaria, Dengue, and many other threats. They just accept the risk, because, at our core, humans would rather die than be alone or bored stiff with nothing to do.

Be optimistic. And Own stocks.

#10 jerry on 05.11.20 at 3:59 pm

United Church of Canada has added that if church attendance resumes, there will be no singing or choirs allowed. (due virus spread concerns) . Likely Town Criers will be laid off forever too.

#11 Caledondave on 05.11.20 at 3:59 pm

53rd floor. Wow that is really up there. I bet you could see for miles up there.

Oh and first

#12 BrianT on 05.11.20 at 4:01 pm

What is really weird about this whole virus thing is that people accept that restrictions should be uniform even when virus deaths vary wildly between regions. If Montreal had a murder epidemic would you see people in Leamington terrified of being murdered because of the Montreal murder epidemic? No you wouldn’t-yet that is exactly what you see here. Would people in Leamington accept personal liberty restrictions because of the Montreal murder epidemic? Of course not-yet that is what you see here. The only conclusion from this one is that any societal problems we face are amlst always going to be worsened by the government.

#13 Blog Dog du Jour on 05.11.20 at 4:01 pm

First

#14 JB on 05.11.20 at 4:04 pm

Will this shave value off those neighbouring downtown condos which folks bought to avoid commuting – where elevator quagmires also exist?
……………………………………………………………..
Ha,ha one of my co-workers lives in a nice shinny glass condo and now avoids the elevators like the plague. He lives on the 21st floor. He is now the most fit person in the entire company but he sleeps at lunch as he is so damn tired from the steps. He is pissed oh and he hates taking the trash out. Mask, gloves and disinfectant.

#15 Ed McNeil on 05.11.20 at 4:07 pm

Obviously this is not the best of times. It is unfortunate we have no way of knowing if it is the worst of times. No one seems to know where this thing will end up. Short term it is boring and inconvenient, but when we consider long term it is downright Scarry.

#16 Koz Lopups on 05.11.20 at 4:09 pm

Great advice, especially in regards of the 53 floor!

#17 TBEN on 05.11.20 at 4:13 pm

New norm is coming.

#18 Stylite on 05.11.20 at 4:15 pm

Great observation!

#19 K on 05.11.20 at 4:17 pm

Real estate commercial and residential should be a bargain a couple of years from now !

#20 michael guy on 05.11.20 at 4:17 pm

Those elevators in that tower should be stripped out and replaced. Tiny, dark, double-stacked cars that stop with the doors shut while “servicing other floor” are the most awful, claustrophobic-panic-inducing monstrosities imaginable and the main reason I stopped visiting your sky palace office. Stay well Garth.

#21 Don Guillermo on 05.11.20 at 4:19 pm

Ever so often a problem comes along that a politician enjoys. Rest assured, Trudeau is loving this one.

#22 Emma Zaun - GreaterFool Unpaid Intern #007 on 05.11.20 at 4:20 pm

Dammit Turner, that’s it!!

Where the hell is our PPE!?

We’re supposed to receive and file all the germ-laden comments from the disgusting deplorables in the comments section here and still get no protection from you whatsoever. How come?

***Effective immediately, the unionized Amazons here are taking the following actions:

1. All visitors posting on this blog are hereby subject to mandatory testing and investigation.

This includes any and all virtual testing including:

-throat swabs, oral, anal/genital and nasal testing
-IQ testing
-STD testing
-credit checks
-internet browsing history
-travel history testing (all visitors have now had tracking microchips inserted beneath their skin virtually)
-psychological reports
-voting history and campaign donations
-animal ownership and investigations
-vehicle ownership and license records
-CRA filing history/information
-credit card purchase history

And any other testing we deem necessary and prudent.

2. All testing results will be made public here at our discretion, in the interest of our collective public safety.

3. Deplorables who repeatedly test negatively in key areas will be exposed and have all privileges cancelled.

4. Steerage section frequent offenders will be banned and their bank accounts will be liquidated to provide full CERB coverage for all Amazons.

These measures take effect immediately.

Emma Zaun
Shop Steward
CUPE (Canadian Union of Peelers and Exhibitionists)

#23 Linda on 05.11.20 at 4:24 pm

‘Stairs are not an option’. Maybe not, but if they were it would replace working out at a local gym:) Speaking of which, how many people are going to continue to use/attend gyms, sports arenas or recreation centers post Covid? I don’t think its possible to guarantee public safety no matter how much disinfectant one uses. Hospitals slop that stuff around by the bucketload yet are known to be one of the places where the chances of catching something are highest. Hopefully a safe & effective vaccine gets developed soon. Meanwhile, I’m rooting for antibody herd immunity.

#24 Incubus on 05.11.20 at 4:25 pm

“Taxes will have to go up”

Not sure, what about cuts in services.

See Laffer curve

#25 Faron on 05.11.20 at 4:25 pm

Hah, great image today.

And the last paragraph is all that one needs to know (and can know) about planning for the future.

#26 YVRTechGuy on 05.11.20 at 4:25 pm

Corner office …. 53rd floor … do you wear suspenders too?

#27 Paddy on 05.11.20 at 4:26 pm

Great post today Garth, thank you.
Simple and effective advice in the last paragraph on staying out of financial trouble.

#28 Lost...but not leased on 05.11.20 at 4:28 pm

So far….No symptoms

#29 Not So New Guy on 05.11.20 at 4:32 pm

1. Every time I hear someone make the statement “changed forever” I just have to chuckle. 9/11 was supposed to have changed us forever.

All it tells me is that they have been talking to people behind the scenes and they have big plans

2. I don’t know why anyone working in an office tower bothers with a fitness club plan. The stairs to your office is a free plan right there. Climbing 50 plus flights every day is going to keep you in excellent shape

(1) Compare travel pre- and post-Nine Eleven. Everything changed. (2) Death. – Garth

#30 Wondering on 05.11.20 at 4:34 pm

Any thoughts on the future of the sole proprietor people-kind?
Like the neighbourhood landscaper/pool guy, or the one man show window cleaner, the solo HVAC installer and repairman?
Many of these guys make well under 100K per year. Will they be allowed to exist in the “new normal?”

#31 cramar on 05.11.20 at 4:34 pm

So, what I take from this is the REIT that owns your hi-rise building could become toast. Some REITs, depending on what they own will probably do well. Any REIT that owns commercial high-rises will not do well.

There will always be tenants for AA buildings in 416. Rents might decrease, though. – Garth

#32 GRG on 05.11.20 at 4:34 pm

“Re-starting” the Canadian economy? Let’s see:

– Hospitality wiped out; likely quite a few restaurants and some hotels that won’t ever reopen.
– Cruise terminals and shoreside trinket sellers staring into the abyss.
– Commercial air carriers trying to discern how to lift off.
– Housing inflated beyond imagination in most of our major cities, so difficult to see how that helps.
– Climate change ideology paralyzing the Federal Cabinet deliberations as to whether to assist the Canadian oil patch, or just put a wooden stake through its heart now.
– Families without resources and now income depending on the dole and the food banks.
– Tenants without rent money, landlords without mortgage service funds.
– Plummeting vehicle sales that will plug up factory output and all those jobs.
– Visions of windmills dancing in our heads.

Yep, that UBI thing must be looking pretty attractive. Nice to see the couple in today’s picture “pursuing their potential”…

#33 Blacksheep on 05.11.20 at 4:39 pm

“An indictment of our society, and affirmation we’re a nation of financial illiterates? You bet. Like the 29-year old Ontario mom, Melanie, using the $2,000-per-month CERB to buy her kids dirt bikes.”
———————————–
Lets not jump to conclusions….

It was 1975 and I was running around the neighborhood on a little Briggs & Stratton mini bike that I picked up for $ 30 bucks (my tomato picking $) and eventually got running.

My father recognized an opportunity to take advantage of my new found motorcycle obsession. When I turned 12 years old, he bought me a brand new Honda XR75 dirt bike for my birthday, but it came with conditions.

It was the first new thing of any value ($625) I had ever owned, but I needed to look after it, 100% by myself. I learned about getting and keeping a job, the value of a dollar, taking personal responsibly and how to problem solve on my own like: Filing ignition points / adjusting brake cams to get more life out of the shoes and flipping tires around backwards to get more miles out of a rear knobby.

If I was a little prick at school or at home, I was never just grounded, but grounded from riding my dirt bike, cause thats all I really cared about, while some neighbor hood kids got into all sorts shit with the cops. Never touched booze till I graduated.

I started racing MX at 15 years of age. It became a family hobby, traveling around the lower part of BC to one of about 5 tracks. Racing MX is very dog eat dog sport and taught me many skills I needed to become a capitalist.

So don’t judge Melanie because she was honest.

In the picture, I see two late model trucks, a free standing shop on likely enough land for a kid to ride a dirt bike around. This means there is almost certainly a husband (ahem, partner?) involved, allowing Melanie to not make a lot of $ (under 2K, as my wife for the past 30 yrs) and likely spend more time with the kids.

My daughter got her XR50 at about 10 years of age, then a KLX110 and finally a DR125 that lasted until the 10 plus years of family / friend (with their dirt bikes) camping finally came to close, once she got her license and new car, that she paid for by her self.

Like I said, things are sometimes not as they seem….

#34 G on 05.11.20 at 4:39 pm

DELETED

#35 Not So New Guy on 05.11.20 at 4:40 pm

I think one thing we may see is more companies moving to a 24-hour schedule so as to spread the number of people working in the office out a little more. Jobs that don’t need to be in direct contact with the customer would get pushed to scattered shifts

#36 Do we have all the facts on 05.11.20 at 4:40 pm

There is no doubt that the Covid 19 virus is contagious and that laboratory tests have confirmed that the virus is currently present in millions of people around the world. This fact qualifies Covid 19 as a pandemic.

What I find curious however is how the World Health Organization (WHO) reached the decision that the Covid 19 virus might claim millions of lives around the world unless drastic measures were taken to curtail its spread. There certainly were deaths being attributed to the Covid 19 virus by the WHO but very little detail. about these deaths was offered.

In January 2020 the International Classification of Diseases (ICD) did not include Covid 19 as a cause of death. Once Covid 19 was identified as a novel form of virus the WHO began to track how the virus was spreading and concluded that it was extremely contagious.

After the WHO decided to label Covid 19 virus as a pandemic they instructed health authorities around the world to begin recording deaths where Covid 19 was the primary cause of death under (ICD UO7.1) and where Covid 19 was suspected of contributing to a death under (ICD UO7.2)

It soon became clear that the number of Covid 19 deaths confirmed by laboratory tests as the primary cause of death (ICD UO7.1) were substantially lower than the original WHO predictions of possible mortality rates.

Health authorities around the world were then directed by the WHO to record all deaths where laboratory tests confirmed the mere presence of the Covid 19 virus as being deaths caused by Covid 19. All contributing factors to a death including: cancer, diabetes, asthma, respiratory diseases, heart disease, immune deficiencies etc. were relegated to Part 2 of the Covid 19 death certificates.

It is worth considering the following facts before buying into the WHO scorecard of Covid 19 deaths in Canada.

The anticipated mortality rate for Canadian citizens between 65 and 69 years old is 11.1 deaths/1000.
This mortality rate increases for each five year age cohort to reach a high of 190 deaths/1000 for citizens over 90 years old.

In March 2020 there were an estimated 6,590,000 Canadian citizens 65 years of age or older. The average mortality rate for this large age group in 2019 was 35.6 deaths/1000. In the two months since the first Covid 19 death was recorded in Canada it was anticipated that approximately 39,150 Canadians over the age of 65 would die from a wide variety of causes.

Over that same two month period Canadian health authorities coded 4,500 deaths under Covid 19 UO7.1.

What the WHO and Canadian health authorities seem reluctant to disclose is that a significant portion of the 4,500 people who died with (not necessarily from) the Covid 19 virus in Canada would definitely have formed part of the 39,150 persons projected to die over this two month period if the Covid 19 virus had never been identified as a pandemic by the WHO. Canadians have been led to believe that the Covid 19 virus was solely responsible for 4,500 additional deaths.

Once politicians around the world made the decision to cripple the global economy and incur trillions of dollars of additional debt they had no interest in discussing more accurate mortality rates for the Covid 19 virus.

The only reason our health authorities began listing deaths where the Covid 19 virus was present under Covid 19 UO7.1 was because the WHO told them to. As I mentioned in a previous post a 90 year old women in Peterborough who had been in palliative care since January and who tested positive for the Covid 19 virus in early March was listed as a Covid 19 death when she died in late April.

It is time for a more detailed examination of the real risk of additional deaths posed by the Covid 19 virus in Canada. The majority of vulnerable citizens should remain isolated until the virus runs its course. Restrictions placed on the general population however
should be lifted unless their risk of death from the virus
can be substantiated by actual facts not unsubstantiated predictions.

#37 KNOW IT ALL on 05.11.20 at 4:41 pm

WHAT ARE THEY GOING TO TAX?

My UBI Cheque……LOL!!

#38 Brian Ripley on 05.11.20 at 4:41 pm

LAURIE GARRETT
Former Sr Fellow @CFR_org . Recipient of Pulitzer Prize, Polk (2Xs) and Peabody Awards. Author: I Heard the Sirens Scream, The Coming Plague, Ebola & Betrayal of Trust.

I just watched an interview of her on MSNBC.

Today when asked, she stated 36 months before we see “normal” coming back to social life… but normal will be redefined.

South Korea is experiencing a potential 2nd wave after “opening” up.

Another outbreak in Wuhan after their declaration of the virus being controlled.

Germany experiencing more breakouts after relaxing protocols.

Garrett pointed out in today’s interview that there are still too many unknowns about the virus yet.

Unless we can set up testing with follow up contact tracing and isolating the infected, then her 36 month timeline seems likely to me.

Are we going to be rushing back in to restaurants? I doubt it.

Elevators? Uber? Airbnb? Hotel rooms? Air/Boat/Train travel?

Sounds claustrophobic to me.

My Sales, Listings, Absorption Rates and Months of Inventory charts are up: http://www.chpc.biz/

Looks like realtors have a lot of time off… good time to upgrade skill sets via online ed.

#39 conan on 05.11.20 at 4:42 pm

There will always be tenants for AA buildings in 416. Rents might decrease, though. – Garth

I wonder if your corporate partner is negotiating a 50 % decrease in rent. I bet you this is happening like crazy.

#40 Not So New Guy on 05.11.20 at 4:52 pm

#22 Emma Zaun – GreaterFool Unpaid Intern #007 on 05.11.20 at 4:20 pm

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

Are you doing the swabbing Emma?

Do we have to buy you lunch first?

#41 Dave on 05.11.20 at 4:52 pm

Garth, would you buy Riocan at these prices?

#42 Bytor the Snow Dog on 05.11.20 at 5:01 pm

@#36 Do we have all the facts on 05.11.20 at 4:40 pm-
—————————————————

Great post. Doesn’t matter to the fear mongers though as no one in their child like world dies.

#43 You know val on 05.11.20 at 5:10 pm

The word on the street is that yes covid-19 exist but there’s an extreme really extreme exaggeration of the demands placed on society. The sheep as you have it…we always follow…look at USA…. those suckers would rather die and shoot their way out of this problem then live under quarantine….who rules? BIS? TRUMP? FAUTCI? WHO? …..PASS THE POPCORN!…. looks like the time for cashless Society has arrived.

#44 earthboundmisfit on 05.11.20 at 5:16 pm

How is it that REITS, and REIT ETFs, whose value you and your associates continue to extoll, are not going to continue to get slaughtered?

Because they are well-managed, highly-diversified trusts with low debt, good cash flow, tenants that cannot walk away and billions in hard assets. Thinking in extremes is why amateur investors get eaten by the big guys. – Garth

#45 Bytor the Snow Dog on 05.11.20 at 5:18 pm

#43 You know val on 05.11.20 at 5:10 pm sez:

“The word on the street is that yes covid-19 exist but there’s an extreme really extreme exaggeration of the demands placed on society. The sheep as you have it…we always follow…look at USA…. those suckers would rather die and shoot their way out of this problem then live under quarantine….who rules? BIS? TRUMP? FAUTCI? WHO? …..PASS THE POPCORN!…. looks like the time for cashless Society has arrived.’
————————————————-
A cashless society is the next step in the not so slow ramp down of our rights. Look for that to be the next step. For our safety, of course.

#46 Handsome Ned on 05.11.20 at 5:19 pm

We had a guy at work who drove a tank for the Wehrmacht on the Russian front. Everyone knew he fought on the wrong side so the subject was never brought up. “Dieter” occasionally mentioned things; he told me once that he participated in the battle of Kursk. I never heard of it thanks to our wonderful Canadian education system. When I looked it up I was shocked that one million men and thousands of tanks and planes went at it hammer and tong. One day in the lunch room the topic was how bulldozers were driven as opposed to tanks. Dieter piped up and someone said things must have been tough out in Russia. Dieter said the immortal phrase, “you got used to it.” Of course that became the catchphrase at work and anyone who complained about their task was told, “you vill get used to it.” So for what is coming…you vill get used to it.

#47 Ballingsford on 05.11.20 at 5:23 pm

Damn good looking couple! I’d approve their $3.5 mortgage application on their looks alone. Probably approve even more since they make 4000/mth CERB.
No money for dirt bike parking though.

#48 Last Gasp on 05.11.20 at 5:28 pm

Taxes going up?

Maybe, but you can’t tax zero. 45 per cent less customers means open doors, but zero profits. 35 per cent unemployment and a boomer generatioal retirement with no one wanting million dollar particle-board fairy-dust mansions …and no mortgages issued for moisters … means property will be sovietized as tenants are now starting to organize for. Your 53rd floor office will probably become a grow op by a new squatter tenants.

It is all over but the crying. Too much damage already. The jobs are not coming back, the planes ain’t flying for a long time, and the tax base is gone. The fourth turning is here, the revolutionor or better the develoution has started.

But Garth I admire your impressive stalwart financial certaintude. Noble thoughts, but we are just as dead economically anyway. Rome was vacated for generations when tyrannical and exessive taxes turned it from global slave capital to a small ag town, mid millennia.

Methinks that the preppers had it right all along and got it figured out a decade ahead the rest of us. Damn, where the hell is granny’s rusty ole can opener. Can’t get a new one because CCP won’t ship any here anymore.

Sigh … were all gonna starve.

#49 Penny Henny on 05.11.20 at 5:30 pm

#372 Phylis on 05.11.20 at 3:35 pm
Finally, the lawnmower hp overstatement class action suit settlement came in. $69.44
////////////

Me Me me.
I haven’t seen mine yet.
I filed for two lawn mowers and they disallowed one.
Was that for one mower?

#50 Commenter on 05.11.20 at 5:31 pm

#36 Do we have all the facts

You are correct. The virus likely doubles your 1 month mortality. See @MLevitt_NP2013. People with high 1 month mortality (long term care residents) have high mortality from COVID-19. People with low preexisting mortality (healthy 10 year old) have very, very low risk. Our reaction to this virus is illogical. Problem is the average person is not good at understanding very large vs very small risk and so they are easily manipulated. Government knows we can’t all get this at once because even 0.1% of population needing hospital/ICU is a disaster.

But we’ve gone too far. When the coast looks clear people will go back to normal and this thing will rage back. Except in the hard hit areas and Sweden. THey will be fine.

#51 Old Ron the Realtor on 05.11.20 at 5:33 pm

I was thinking about Calgary commercial RE. They were already at 24% vacancy before the virus hit.

A fancy 10,000 sq ft suit loses some of its allur when the entire staff

#52 Phylis on 05.11.20 at 5:33 pm

#7 Keyboard Smasher on 05.11.20 at 3:48 pm How scarce is a satoshi?

#53 TurnerNation on 05.11.20 at 5:35 pm

Fog? Let me check my local weather on the Weather Network site.
The site now has featured six videos – with a picture.
Here are four of those story headlines – notice anything?

….
-Terrifying video captures bear breaking into cabin
-Life-threatening extreme heat set to trap millions indoors by 2060
-Rare and dangerous ‘blue dragons’ found in Texas
– Bear breaks into cabin while vacationing friends are inside
….

Did you spot the theme? When I say all the top orgs are using the same script you don’t have to believe me. Just be Fearful as they want you to be.

#54 Dolce Vita on 05.11.20 at 5:42 pm

It will be fine.

1918’s then humanity and society recovered following 3 pandemic waves.

Two years later, the Roaring ’20’s.

We will recover too, just as they did.

#55 Penny Henny on 05.11.20 at 5:42 pm

Something that I’ve wondering about lately.
Why has there been no shortage of plexiglass?

#56 cramar on 05.11.20 at 5:44 pm

What goes around comes around.

Seems to be a great business model post-virus to bring back what was old. The return of the car hop and drive-in theatres! Both are making a comeback due to inherent social distancing. Social distancing was the last thing on your mind back then.

https://spectrumnews1.com/ca/la-west/human-interest/2020/05/09/return-of-the-carhop-covid-19

I remember as a kid when parents would take us to an A&W and getting a root beer delivered on a tray that would hang on the side of the car. Sometimes the teenagers serving would be on roller skates.

There are a lot of car clubs around, and I can see they would relish a cruise night at the local car hop. A ’55 Chevy and a ’62 Impala convertible blasting out rock & roll would be a perfect fit. Shades of America Graffiti again!

Likewise remember the days of going to the drive-in. But instead of those speaker boxes, now the sound can be transmitted in FM stereo to your car sound system. Plus car seats are much better today.

How about an outdoor IMAX? Seems the idea was discussed some 16 years ago, but consensus was, why? Social distance adds a whole new reason.

http://www.film-tech.com/ubb/f14/t000012.html

What goes around comes around.

#57 Phylis on 05.11.20 at 5:48 pm

#49 Penny Henny on 05.11.20 at 5:30 pm Yes. One. FIL received the same. Mine was an MTD.

#58 TurnerNation on 05.11.20 at 5:52 pm

I went to a small store not far from our forum host’s tower. Normal. No plexiglass or mask behind counter; cash or debit only please. The owner if I may assume is from a culture not unfamiliar with flu issues in their own country.

First 3 months of this year, no one got sick. Lock-down, then those numbers on the Tee-vee screen began appearing. (I did say these numbers will be used to rule our lives.) Not reality.

No sporting events or concerts? No problem. All Toronto teams and arenas are owned by the MLSE. A monopoly on all things sports. Who wants to pay $20 a beer anyway. Don’t feed the beast.

Say when you were a kid did you ever cover your eyes with hands and say ” You can’t see me!” We all did.
6 feet away? Hey virus, you can’t see me!
5 feet apart? Doom!
The risk of everything/anything is everywhere

#59 Robert James on 05.11.20 at 5:55 pm

On a personal level, Covid should have taught you this: don’t speculate, leverage, gamble, be an Airbnb host or amateur landlord. Save some money, have reserves, trash debt and live within your means. Value your job and do whatever it takes to keep the damn thing. Curb your house lust. Arrange an emergency LOC. Pay your cards off monthly. Have a retirement plan. Stay married. And never go to work on the 53rd floor………………………………. Indeed……………………….. 25% of people learn by reading,,, 25% of people learn by observation…. and the other 50% of people learn by pissing on the electric fence… So I am thinking some may learn but alot will do the same stupid thing again ,,especially with free money..

#60 Old Ron the Realtor on 05.11.20 at 5:56 pm

You know things are bad when Garth is right. And I can’t disagree with one word of today’s blog.

#61 Al on 05.11.20 at 6:03 pm

40 King St sold for $1.3 billion a few years ago

#62 Bytor the Snow Dog on 05.11.20 at 6:04 pm

Elon Musk, unlikely hero.

Never liked him before. GO ELON!

Kinda weird n=how other big Corps losing billions are all in lockstep for the lockdown, eh?

#63 Ronaldo on 05.11.20 at 6:12 pm

Coming to a park near you. Better keep your distance.

https://www.bbc.com/news/av/technology-52619568/coronavirus-robot-dog-enforces-social-distancing-in-singapore-park

#64 Dharma Bum on 05.11.20 at 6:15 pm

#48 Last Gasp

The jobs are not coming back, the planes ain’t flying for a long time, and the tax base is gone. The fourth turning is here, the revolution or or better the devolution has started.
—————————————————————–

“Those who have knowledge, don’t predict. Those who predict, don’t have knowledge.”

– Lao Tzu

The most seasoned and brilliant investing minds and learned economists have ZERO clue as to how this situation will ultimately pan out.

Those that claim with certainty that they can predict how things will unfold, are simply overconfident ignoramuses, unduly influenced by their own biases.

It’s worth taking a read of this memo:

https://www.oaktreecapital.com/docs/default-source/memos/uncertainty.pdf

#65 the Jaguar on 05.11.20 at 6:19 pm

Call me cynical, but I see this whole catastrophe fading to black by the end of summer. The great unwashed will go back to their hillbilly ways and cheese doodles. The exceptions will be those who probably already suffered from anxiety levels previously on unrelated issues. It’s a ‘temperament’ issue at the end of the day. Technology has made working from home a convenient possibility for some time now, but at the end of the day if your business involves holding on to personal relationships and building trust you will need to come out of your man cave and meet people face to face. Appearances matter, and nobody wants to be a corporate conference call and hear the sound of a toilet flushing on the open microphone. To be even more cynical, can’t see every employer with security concerns feeling comfortable with every function being done from a home office environment. Finally, the divorce rate would spike as people would actually be spending more time with their spouse and learn they actually were not very compatible.
I am already planning to fly away come November and hope to produce a Certificate of Immunity. Unlike some people on this blog I love WestJet and Air Canada. They have never let me down.
My advice: buy stock in Wise Foods Ltd. They make Cheese Doodles.

#66 Don on 05.11.20 at 6:20 pm

I am in the not fast but not slow recovery crew. Restaurants are going to go out of business, just like many others, but the pre Corona there was demand for the most part. That demand will eventually return, and in the meantime there are buyers looking for value

#67 Michael in-north-york on 05.11.20 at 6:31 pm

#7 Keyboard Smasher on 05.11.20 at 3:48 pm

At what rate of printing do the Federal Reserve’s rollers start experiencing mechanical fatigue, failures and spontaneous self-ignition due to the friction of manufacturing bank notes?

Bitcoin with its built-in scarcity algorithm and tapering new supply is looking PRETTY DAMN GOOD these days…

—–

Conceptually, the biggest problem for Bitcoin is unchecked competition from other cryptos. Not a big deal today, when all cryptos combined account for a small fraction of all payments. Should the Bitcoin use reach the level where it really competes with major currencies, it will become vulnerable to the growth of alternative cryptos.

Roughly speaking, the price of 1 Bitcoin = (total volume of transactions) / (total number of Bitcoins). The total number is asymptotically fixed, but the total volume can shrink any time if another, slightly more convenient crypto starts to gain the marked share.

#68 Damifino on 05.11.20 at 6:31 pm

#347 WAKEUP on 05.11.20 at 12:51 pm
#322 Damifino
If she legally meets the criteria then she can do what ever she pleases with the money, regardless of people’s
opinions.
————————————–

You’re absolutely correct WAKEUP.

The fault certainly does not lie with a frivolous woman lacking a moral compass who would happily blow other people’s taxes on crap. That’s to be expected.

The problem lies in Ottawa. I thought that was clear.

#69 Lost...but not leased on 05.11.20 at 6:35 pm

Summary:

Social Distancing VERSUS Socialist Duncing.

Is there a cure….or is it terminal ?

#70 Don Guillermo on 05.11.20 at 6:41 pm

#54 Dolce Vita on 05.11.20 at 5:42 pm
It will be fine.
1918’s then humanity and society recovered following 3 pandemic waves.
Two years later, the Roaring ’20’s.
We will recover too, just as they did.
***********************************

They didn’t have online real time news to keep them scared. BTY … A good German Netfix series called Babylon Berlin captures this era nicely.

#71 Cold Flask on 05.11.20 at 6:50 pm

Well said Garth,

I am trying to understand why cities became denser after the Spanish Flu in 1919 and how “The Roaring 20’s” followed. People crowded into cities just the same.

Is the difference simply urban density? That there was still plenty of personal space back then?

There is an old legend about the TTC subway for example. When it first opened, riders could choose from any number of available seats, with a surplus of other seats in between.

Have we exceeded demand? Outgrown our shoes?

Allow me to rephrase my question more rhetorically:
Will Tokyo Train Pushers be out of work in the future?

#72 Tim123 on 05.11.20 at 6:52 pm

I have to agree with much of the post. I did an analysis of all the sectors affected by coronavirus because I trade stocks and options (long and short) and most will be impacted to varying degrees.
Some such as airlines, hotels, restaurants, events, festivals, concerts, conventions, meetings, weddings, parties, funerals, retail stores, transit, trains, buses, travel, casinos, music industry, film industry, taxis, entertainment, cruises, real estate, REITs, theme parks, ski hills, will be affected severely.

Industries and sectors that will have reduced business include: auto industry, aerospace industry, construction, home renovations, textile, dentistry, hair salons, spa, physiotherapy, massage therapy, auto garages, services industry, technology industries.

People and businesses are scared and will reduce expenses and avoid crowds and this will go on until a vaccine is found in 12 to 18 months at the earliest.
It could be really bad out there for a while. The markets have been pretty good for traders so it could be an especially good year in the markets for the Wall Street traders.

#73 Tedfiftyfour on 05.11.20 at 6:54 pm

BrianT
Murders are not contagious.

#74 Spelling Police on 05.11.20 at 6:56 pm

“Doctors are running the country.” — Garth

Doctors are ruining the country.

#75 Sail away on 05.11.20 at 6:56 pm

#53 TurnerNation on 05.11.20 at 5:35 pm

The site now has featured six videos – with a picture.
Here are four of those story headlines – notice anything?
….
-Terrifying video captures bear breaking into cabin
-Life-threatening extreme heat set to trap millions indoors by 2060
-Rare and dangerous ‘blue dragons’ found in Texas
– Bear breaks into cabin while vacationing friends are inside

Did you spot the theme?

————–

Well, to be fair, media outlets use interesting stories to gain viewers.

What else would they have? Maybe: ‘watch Emma Zaun pick her toes while watching Netflix’?

#76 Lost...but not leased on 05.11.20 at 7:04 pm

My Pet Rock was diagnosed with COVID – 19

Sadly….I had to pull the plug…
( but it got re-incarnated as ______________)

#77 Doug t on 05.11.20 at 7:05 pm

Creator of Black Mirror says he may not continue the show due to the current dystopia the world is living in – if we get hit with a 2nd wave it’s going to send this country into the Stone Age

#78 Anthony on 05.11.20 at 7:07 pm

Credit where credit is due Garth. Often you infuriate me, not today. This is your best post ever. Thank you.

#79 Nonplused on 05.11.20 at 7:09 pm

“On a personal level, Covid should have taught you this: don’t speculate, leverage, gamble, be an Airbnb host or amateur landlord. Save some money, have reserves, trash debt and live within your means. Value your job and do whatever it takes to keep the damn thing. Curb your house lust. Arrange an emergency LOC. Pay your cards off monthly. Have a retirement plan. Stay married. And never go to work on the 53rd floor.”

And keep your pantry well stocked. And get to know your neighbors. But reasonable people knew all that before. I don’t think the covidiots have learned a damn thing other than that when times get really tough Trudeau will send them a cheque and they don’t have to work or pay the rent. They can, instead, buy their kids dirt bikes.

———————

I think the dire forecasts for office space, subways, sporting events, airlines, and Adele concerts are overblown. All that stuff came back after SARS, the Spanish flu, etc. It will take some time though. Maybe 2 years. But sooner or later people are going to realize the storm has passed and it is safe to come out of the shelter. They always do. Nobody is going to want to keep living like this indefinitely. They will want to go back to their lives even if it entails some risk. But it always did.

Some things will probably change. Working from home will probably remain a common place thing rather than a weird exception for freelance bloggers and web page designers. The number of people permitted in Costco at a time might remain limited. The millennials might grow to appreciate having a piece of dirt for the dog to do its business. AirBnB will probably go away or turn into something that caters to actual bed and breakfasts. Living and working in small towns might become vogue. Masks won’t seem weird anymore and everyone will have a box in the pantry. But the NFL will be back in all its violent glory eventually.

Even with all this “flattening” of the curve the number of people who will catch covid will eventually be most of the population and that will probably be before a vaccine is available, if one is ever developed (no vaccine is available for the common cold even after all these years). People will either show no symptoms, get a flu like experience, or end up on a ventilator and possibly die. But once half the population has had it and the transmission rate drops down to around 1 it’ll become just another thing we live with. The alternative expectation would be that it just keeps mutating and coming around in wave after wave until everyone is dead. That makes for a good horror movie but it hasn’t ever happened before. Trump is probably right (again) that covid will go away eventually, vaccine or no vaccine. It probably won’t ever actually go away, but it’ll become just another flu as people develop natural immunity, just as they do with every other flu that doesn’t kill them.

#80 Reality is stark on 05.11.20 at 7:12 pm

I guess when Pasalis said 40% of all Toronto condos were owned by speculators no one really cared.
The fact that they were unprofitable never seemed to bother anyone either.
All owned for capital appreciation. His analysis was that this would end badly.
Everyone knew it was stupid but they bought more condos anyway.
Why would you do something when you already know that what you are doing is stupid?
It’s kind of like offering public servants wage increases when you already know that they are overpaid for a risk averse job in a deflationary economy. Baffling.
I suppose we live in a country where the mantra is that you see yourself as strong and independent but the reality is that you turn to victim hood at the drop of a hat when it is convenient.
It’s a bailout nation and nothing is ever your fault.
The other cop out is to blame the rich for your bad decisions.
So many indoctrinated by the school system that someone owes you an outstanding life and you don’t have to take any of their crap. You are not even obligated to take care of yourself.
Case in point: You would think that the Covid epidemic would get folks to pay more attention to their health since the obese are ravaged by the disease. The North American response has been to eat more because they are bored. The hospital system owes you. It is their job to fix you.
After all you take your cue from them. Too many of our nurses are obese, so why should you have to take care of yourself?
I suppose we will have to brace for the inevitable deluge of personal bankruptcies followed by a public outcry for UBI.
At least Canadians are predictable.

#81 Leftover on 05.11.20 at 7:12 pm

Nobody knows what will happen?

A realtor that we’ve used in the past has some ideas. She sent out a blanket “newsletter” the other day extolling the virtues of listing ASAP.

Reading on, it became clear that, “sell now because if you wait until autumn you’re going to get crushed” is how she really feels.

I guess the market is a bit slow.

#82 CL on 05.11.20 at 7:12 pm

“don’t speculate, leverage, gamble, be an Airbnb host or amateur landlord. Save some money, have reserves, trash debt and live within your means. Value your job and do whatever it takes to keep the damn thing. Curb your house lust. Arrange an emergency LOC. Pay your cards off monthly. Have a retirement plan.”

No need to learn anything. The govt will save those that don’t and didn’t do any of the above so why bother?

#83 Trojan House on 05.11.20 at 7:14 pm

What is not really being talked about is how this may change a lot of things for children. My daughter plays minor hockey. Is that going to even happen in the fall. How are they going to allow any one into arenas or have tournaments because of all the people that come in and out? She also plays soccer. The season has been postponed with no start date as of yet, if there will indeed be one. Will the children not end up going to school in September and if they do, will they have to follow asinine rules like the Quebec government tried to install? Try and ask 4 and 5 year olds to stand in a line 6 feet apart for recess and not playing with other kids – good luck with that.

Think about this for a moment and if you have kids, think about how this will affect them when they have nothing to do other than to keep playing video games or watching Youtube videos. This is where I get the most upset or sad wondering if kids will ever be able to play organized sports again or play outside with their friends at recess, etc.

But that seems to be what people want and what the government is proposing. Again, to me, it’s just very, very sad.

#84 Kevin on 05.11.20 at 7:16 pm

Thank you, Garth, for your daily wisdom. Stay safe out there.

“On a personal level, Covid should have taught you this: don’t speculate, leverage, gamble, be an Airbnb host or amateur landlord. Save some money, have reserves, trash debt and live within your means. Value your job and do whatever it takes to keep the damn thing. Curb your house lust. Arrange an emergency LOC. Pay your cards off monthly. Have a retirement plan. Stay married. And never go to work on the 53rd floor.”

#85 Gooblygoo on 05.11.20 at 7:16 pm

# 8 Figure it out
______________________________

This may be due to fact that the United States Corporation is close to or already bankrupt …

Notice that Trump no longer uses the official Presidential seal or flag ??? … the corporate media has ignored this … only directing our attention to a fake seal that someone planted behind him during a presser…

#86 Yuus bin Haad on 05.11.20 at 7:31 pm

Oh good, the novelty of banging pots on one’s balcony is wearing off.

#87 Sign on 05.11.20 at 7:40 pm

Thanks for the post Garth!
I don’t know what to think any more I was scared on the way down, and too scared to buy at the bottom. Now I worry about the recovery. Ha ha never happy.

Someone asked the other day about portfolios
So my wife and I were up 5 percent at the peak in February. down at least 30 % at bottom.
She did no trades her portfolio and is now up 1 percent since December 31. I had 20,000 cash I bought Enbridge on the way down and Bought Algonquin power on the way up. My portfolio is now up 9 percent since December 31.
Not bragging just giving people an opportunity to compare notes.
On the whole it was two months of total stress.
I honestly figured it would take a year or more for stocks to recover. Getting ready for another plunge? Again second guessing the market?

I read your blog every day and am grateful that you yelled hang on and I did! I am grateful for you somber second thoughts about the days news.
While I don’t like negative posts I do appreciate them in making me think. And the connections to each sector of the economy is interesting.

Going forward I know in my heart it will be better! when is anyones guess. Lots of negativity on here and fear of the unknown rides high.

I would like to make a comment on Covid. Everyone think for a moment, they say that anywhere from 20 to 50 percent of the population is asymptomatic. And they are the real fear because they could be walking around spreading the virus. Now think about it if that was true why then do we have so little cases? Oh well some things I don’t understand.

So who are you going to vote for? They lied to you at the beginning saying there’s nothing to worry about we got your back, they should have made all returning travellers isolate but then did not because of our freedoms, then they shut down the economy and said it’s for your own good as millions will die. Now they are talking bracelets opps I mean apps to track you. Hmmmmm

Finally,
My only prediction is We will bring all the manufacturing home! might not employee millions of people but there will sure be lots of robots. Now think what that might mean!
Respectfully
Thinking about the box being turned inside out.

#88 Bytor the Snow Dog on 05.11.20 at 7:44 pm

I’ve decided to give in. If you can’ beat em, join em.

Here’s the mask I bought just now:

https://www.amazon.com/M%C3%A1scara-Donald-Trump-disfraz-Novelties/dp/B016YVQP0C/ref=sr_1_7?dchild=1&keywords=trump+mask&qid=1589240569&sr=8-7

#89 Attrition on 05.11.20 at 7:45 pm

Garth you gotta update your evidence frame of reference. So many current studies are showing this virus is dick-all in the taxonomy of dangerous viruses.

This is a Covid virus among Covid viruses, always with us, deadly only in extremely rare cases (as you often acknowledge).

Another human tendency, along with recency bias, is to latch on to initial information and resist updating one’s reasoning based on new information.

Initial and scary predictions imprinted on us, thus we naturally resist new information that contradicts the initial information.

Newer info doesn’t imprint in the same way. We don’t want to adjust our thinking. It takes effort. Risk. It’s easier to…stay invested.

This is instinctive and takes mental effort to overcome. But anyone can do it. Just try. We do it for million of other threats to our lives every minute of every day, after all.

Will things return to ‘normal’?

Yup. As I said at the beginning of all of this, no one will give a rats backside about this or any other virus come summer. Some will play along, some will play it safe, but eventually folks will convince themselves that they were right to be fearful all along, and yet somehow–when they decide–the virus is no longer a threat.

This cognitive dissonance will mean business as usual.

Invest accordingly.

In other news, multiple offers over asking on a tear down here on the ‘Rock. Not sure it sold yet or now but that was on Sat.

Also not a scientific market bellwether, but I’ve had three offers, one over ask, for a used motorcycle I’m selling. That’s unusual even for this smug, sunny leftist Utopia island.

People can’t wait to spend, at least not around here. All ppl are thinking is: free gov’t money for another month or two, and low rates that might go lower.

What’s not to love?

#90 -=withwings=- on 05.11.20 at 7:46 pm

@ #9 Jason
I’ve been to Africa and people don’t isolate at home because of the ongoing danger of Malaria, Dengue, and many other threats.

So do we, we all get mosquito bites on the summer. Neither of those diseases are contagious, unlike, say, Covid-19.

@312 brian
Would people in Leamington accept personal liberty restrictions because of the Montreal murder epidemic?

IF the murderer was known to be on the highway and heading to Leamington? Yes. Again, murders aren’t contagious.

@#36 Time for models

What the WHO and Canadian health authorities seem reluctant to disclose is that a significant portion of the 4,500 people who died with (not necessarily from) the Covid 19 virus in Canada would definitely have formed part of the 39,150 persons

There is zero reluctance and no conspiracy here. Wuhan which had a huge senior population and normally expected 20k deaths per month due to sheer size still reported 1000’s due to Covid. Many reports are already being produced to show the deaths “above expected per population” and we are seeing that pretty much everywhere.

The only reason our health authorities began listing deaths where the Covid 19 virus was present under Covid 19 UO7.1 was because the WHO told them to.

No. We’ve recorded COD for hundred+ years in Canada. It is on every death certificate. Are you suggesting we should record them as unknown cause? why? what would that prove and how would it help? This is the Trump approach – if you don’t test anyone, no one dies of Covid, right? Covid eats away at your lungs and you drown in your own bodily fluids. If you survive that now we are seeing it affect Kidneys, liver as well. That’s how it has been killing the kids. Nasty stuff and not a fun way to go.


It is time for a more detailed examination of the real risk of additional deaths posed by the Covid 19 virus in Canada. The majority of vulnerable citizens should remain isolated until the virus runs its course

What model have you used that you think needs to be re-done? Be specific. Provide a link. We are ALL vulnerable. newborn to 99years. By ‘running its course” you mean letting 100K+ die early? How high is your tolerance there? If we hit a million, would that still be OK?

Turn off Fox, and stop listening to a man who says this will go away like magic. It won’t.

#91 hey on 05.11.20 at 7:49 pm

@#64 Dharma Bum on 05.11.20 at 6:15 pm
#48 Last Gasp

The jobs are not coming back, the planes ain’t flying for a long time, and the tax base is gone. The fourth turning is here, the revolution or or better the devolution has started.
—————————————————————–

“Those who have knowledge, don’t predict. Those who predict, don’t have knowledge.”

– Lao Tzu

The most seasoned and brilliant investing minds and learned economists have ZERO clue as to how this situation will ultimately pan out.
___________________________

poignant quote.

seems like most of the virus banter is in the extremes.
there’s the ‘the world will never be the same/is ending’ crowd and the lets continue like nothing happened crowd. my guess is we just learn to live with it in couple months or so just like we live with all the other viruses

#92 Bytor the Snow Dog on 05.11.20 at 7:50 pm

In other news, Disappointing Doug has decided to extend the lockdown to June 2nd.

Might as well have elected Wynne.

#93 Shelly on 05.11.20 at 7:54 pm

@#19 K
Further to your realestate ponderance of things finally going down. Wondering myself if Buffet is waiting for the muther of all realestate crashes: when banks hoard cash; loans and credit are hard to get; interest rates have doubled or tripled from near zero rates. Dunno maybe all of the above?

#94 hey on 05.11.20 at 7:55 pm

@#78 Anthony on 05.11.20 at 7:07 pm
Credit where credit is due Garth. Often you infuriate me, not today. This is your best post ever. Thank you.
____________________________

really? best ever?
you have some pretty low standards anthony.

#95 Nonplused on 05.11.20 at 7:59 pm

#33 Blacksheep

My first bike (that I owned) was an RM 370 that had been totaled (previous owner hit a moose. I’m not kidding. His story was he was going up a hill fast and caught air and hit a moose standing out of sight square in the shoulders. Wrecked the front suspension and put a hole in the side of the magneto cover. The moose was fine, he thanks you for asking.)

Anyway I spent the whole summer taking the bike apart, painting it, getting the cylinder bored, and finding used shocks. I think I was 13. Definitely learned a lot, although I never got it to run cold very well. It would start easy, but until it warmed up it ran like crap. Once warm it was an unbridled crotch rocket. Mind you my modern KLX250 is similar, it just doesn’t run good until it is warm. Probably both needed to be rejetted.

My friend was at the same time building what came to be known as the Can-uki. He found a rebuild Suzuki 250 engine, frame, and back wheel at a junk yard which he mated to a Can-Am front suspension, gas tank, and seat. Damn thing was impossible to start but once running it was impossible to stop, mostly because the kill switch was a wire we would touch to the handlebar. Zap zap zap. The grounding wasn’t real good because the Can-Am steering column didn’t really fit in the Suzuki steering knuckle. And we never did get the front brakes figured out, mostly because my friend didn’t think they were necessary. My uncle nearly broke his arm when he took it for a spin and expected front brakes when there were none. We probably should have mentioned that.

So yes, dirt bikes can be great learning experiences, but my dad and my friend’s dad paid nothing, nada, not a bit for our experiences. I delivered flyers and shoveled snow. I am not sure where my friend got his money but it wasn’t a lot. We certainly didn’t have mom spending government handouts on the venture. There were tools in the garage and that was it. Oh and we got chased by cops more than once and my friend got shot with rock salt once. Apparently you can’t just ride them anywhere. I also almost got captured by a waiter in a tux with 2 German shepherds on leash because he wanted us away from his restaurant, but luckily I found neutral at the last second and the bike fired first kick and I roosted out of there. (The RM 370 could not be started in gear.) And then more cops came, and we ran. This turned out to be a major police chase, because we were forced to try and flee home on the roads but not be seen entering the garage. If we would have got caught, things would have been dire.

Oh the things you don’t tell your parents about when you are a kid. And I think, in retrospect, the cops let us go once they figured out we were scared as hell and just trying to go home, rather than having dirt bikes ripping up and down residential streets and alleys with cops in high speed pursuit. It worked, we never did that again.

#96 NEW SUBJECT IDEA on 05.11.20 at 8:02 pm

Here’s an idea Garth. Stories of people with lots of money now and nowhere to spend it ;-))

#97 Tax principle residence?? Why...it was any for with money already taxed! on 05.11.20 at 8:04 pm

Totally against taxation on my principle residence. The money I used and saved to buy it was taxed at source already. Any repairs and upgrades where taxed buying any material or paying for trade labour. The utilities to run and services it where taxed, the mortgage payments where made with money I also paid taxes on. Mostly when interest rates where double digit. So, Why should my principal residence now be subjected to a capital gains tax because other less frugal individuals are excepting charity in exchange for financial desperation. That’s there problem not mine, I don’t have my hand out. I don’t want to be guilty by association. Nor do I want a tax on my home if I choice to sell it one day. Any politician promoting this should by drawn and quartered I.M.O.

Gains on all other assets – also bought with after-tax dollars – are taxable. Why should real estate be exempt? – Garth

#98 Howard on 05.11.20 at 8:06 pm

#54 Dolce Vita on 05.11.20 at 5:42 pm
It will be fine.

1918’s then humanity and society recovered following 3 pandemic waves.

Two years later, the Roaring ’20’s.

We will recover too, just as they did.

———————————————–

This is true, but it’s frequently forgotten, including by many students of economic history, that before the roaring 20s got underway the 1919-1921 period was actually a mini depression. The deflation was worse than what we now know as the Great Depression.

https://en.wikipedia.org/wiki/Depression_of_1920%E2%80%9321

#99 Attrition on 05.11.20 at 8:15 pm

#90 -=withwings=- on 05.11.20 at 7:46 pm

Newsflash: the facts you choose to believe are no better than anyone else’s despite what you tell youself.

There is so much evidence against the predicted worst case outcomes, and yet so much aggression directed at those who simply ask: what about all the other evidence?

Are we to ignore it, and only act on the most frightening predictions without being able to decide for ourselves what risks and costs are acceptable and reasonable?

You’d like to decide for others, obviously. Screw that. You stay home, stay in, stay away.

Let those who accept the risk of living carry on. Your level of risk tolerance isn’t mine.

You’re asking for an acceptable # of deaths before acting, but you know full well that’s not a logical question, but an emotional one with no correct answer.

“So tell us, when did you stop beating your spouse?”

Nice try.
You are transparent.

#100 Emma Zaun - GreaterFool Unpaid Intern #007 on 05.11.20 at 8:16 pm

Test Results for GF Posters
——————————–

Our first test results are for “Sail away”, as follows:

COVID-19 – Negative

STDs – Positive (4 in total)

IQ Level – 85

Anal swab result – indications were found of saliva, toothpaste and eyebrow lashes i.e. his head has been frequently up his a**

#101 MF on 05.11.20 at 8:24 pm

#89 Attrition on 05.11.20 at 7:45 pm

“So many current studies are showing this virus is dick-all in the taxonomy of dangerous viruses.

This is a Covid virus among Covid viruses, always with us, deadly only in extremely rare cases (as you often acknowledge)”

-Actually nothing about COVID19 is like other Corona viruses that we are used to. It’s the complete opposite. It’s rare for these viruses to jump from species to species, and when it does, it’s whole new thing.

Was SARS dick-all for you? MERS? MERS had a 30% fatality rate. Those are Coronaviruses too.

The story of COVID19 is not over yet. Far from it. Luckily it’s not as lethal as MERS or SARS, but it could be more infectious. Lower death rate x more infections is actually worse than the opposite.

MF

#102 MCSteve on 05.11.20 at 8:26 pm

Great advice Garth. The last paragraph was “gold”. In 2008 when the world was collapsing, I stopped making RRSP contributions for a bit only to miss the biggest bounce.

Equities, dollar, gold and bonds all going down – than up – all at once. Not supposed to happen this way. I think it means that nobody really knows what to do and lots of people are guessing.

I’m staying the course in maintaining my balanced portfolio and using extra cash to pay down the mortgage and what little debt I have. At least I’m guaranteed to come out ahead this way.

Of course, a couple bucks go to gold/silver stocks and bullion….you know…for diversification :)

#103 Sandra Lancaster on 05.11.20 at 8:26 pm

UBI is really universal basic inflation that will eat up any money you get from your so called beloved socialist communist government.

Like past years and in 2020 with Trudeau and Morneau Federal Liberals gave more money from higher GST, Child tax benefits welfare for kids really and all other money from every program they like this crap it will be all eaten away by much higher inflation from food to energy to higher taxes that consumers ultimately pay in a much higher cost of living.

The bottom line is UBI will be more and more worthless as it is an illusion of money worth more but actually it will make any money you get worth much less. UBI= universal basic inflation not universal basic income.

An old expression there is a sucker born every minute but now it is really a sucker born every millisecond now. Canadians you are all getting fooled, suckered big time like never before wake up now or forever be more in poverty with UBI.

#104 Cruise ship bookings are exploding. NOT on 05.11.20 at 8:29 pm

Cruise ship bookings are exploding…….Oh no they’re not unless you really want to park your money for a couple of years in the Bank of Carnival which promises a lot of dividends which they will never pay. The Cruise industry is DEAD forever my friends. How do I know? My Aunt was the very very first Cruise Travel Agent in the USA. Started in the ’40s in Beverly Hills. She’s departed now but over the years I watched a viable travel vehicle for the rich turn into a low class floating zoo. It disgusts me that new cruisers don’t know anything about real service and real class. If anyone is interested in the latest on cruising there is a blog run by an expert who lives in Creston BC named Bruce. I access it by Your Tube. He has 54,000 subscribers. It’s free and very well stocked with current daily info on the world of cruising. The ‘condos at sea industry’ is sinking out of sight. If anyone thinks they are going on a cheap discounted cruise, we’ll see about that. All they want is money to stay afloat and that money comes from real suckers, trust me.

#105 MF on 05.11.20 at 8:32 pm

#368 Lost…but not leased on 05.11.20 at 3:06 pm

“OMG…

Seriously?

Perhaps review the rot injected into various societies post WW2 under Cultural Marxism, which is leading to a totalitarian One World Gov’t.”

-What are you going on about lol.

Read about “The Long Peace” since 1945:

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

MF

#106 Ronaldo on 05.11.20 at 8:32 pm

#76 Lost…but not leased on 05.11.20 at 7:04 pm
My Pet Rock was diagnosed with COVID – 19

Sadly….I had to pull the plug…
( but it got re-incarnated as ______________)
————————————————————–
a certain Millennial and dumb as a rock.

#107 Rick in Victoria on 05.11.20 at 8:39 pm

If this doesn’t give you a laugh, at least a mild chuckle, let me know and I’ll send a doctor over to your place to check your pulse….Enjoy….Rick

Turn sound on..

https://mobile.twitter.com/chizmaga/status/1254855467165028352

#108 NFN_NLN on 05.11.20 at 8:41 pm

#93 Shelly on 05.11.20 at 7:54 pm
@#19 K
Further to your realestate ponderance of things finally going down. Wondering myself if Buffet is waiting for…

Buffett is 90 years old. The only thing he is waiting for is death.

#109 Ustabe on 05.11.20 at 8:42 pm

<i. #88 Bytor the Snow Dog on 05.11.20 at 7:44 pm

I’ve decided to give in. If you can’ beat em, join em.

Here’s the mask I bought just now:

So you are buying a $7 US mask off of the US version of Amazon and paying $21 US in shipping?

Good for you.

#110 Barb on 05.11.20 at 8:45 pm

“…on the 53rd floor of a 68-storey building at the corner of King and Bay. These days I’m not there, instead taking the sea breeze in NS…”

—————————————–

It’s as if you knew this virus was coming!

You never did explain WHY you moved to NS (apart from its beauty and peace and people who still speak to one another).

#111 Wrk.dover on 05.11.20 at 8:50 pm

#71 Cold Flask on 05.11.20 at 6:50 pm
Well said Garth,

I am trying to understand why cities became denser after the Spanish Flu in 1919 and how “The Roaring 20’s” followed. People crowded into cities just the same.

Is the difference simply urban density? That there was still plenty of personal space back then?

There is an old legend about the TTC subway for example. When it first opened, riders could choose from any number of available seats, with a surplus of other seats in between.

Have we exceeded demand? Outgrown our shoes?

Allow me to rephrase my question more rhetorically:
Will Tokyo Train Pushers be out of work in the future?

______________________________

To elaborate, the new Bloor line ended at Keele, then a streetcar ran to Jane to connect with a bus every hour or so west bound as far as Kipling. Cloverdale Mall was a double open air strip mall in the middle of no where, anchored by Morgan’s. Dundas was country side from there outward. 1965?

Tokyo people pushers, TTC, what is the difference besides the paid pushers? The biggest change I noticed a few years ago on a brief visit, was the downtown street level smells worse than the subway. It used to be the other way around.

M66NS

#112 DON on 05.11.20 at 8:57 pm

I read today that McGill University and others are going to online classes for the fall semester.

https://globalnews.ca/news/6928966/mcgill-university-coronavirus-fall-semester-online/

#113 Lead Paint on 05.11.20 at 9:14 pm

#39 conan on 05.11.20 at 4:42 pm

You can only renegotiate rent when the lease is set to renew, typically at 5 year intervals. Before then they’d only consider a lower rent if they signed on for a longer term.

#114 AB on 05.11.20 at 9:17 pm

For crying out loud, all you people defending that silly woman buying motorbikes for her boys with CERB. Why should our taxes pay for her stupidity? Nothing against motorbikes. We enjoyed a small 50 cc bike as kids. CERB is not for that purpose. My gosh our country is in trouble. Yikes!

#115 sailedaway on 05.11.20 at 9:24 pm

Missed me?

I’ve heard from the right circles that Justin is going to ask a kind of CERB from the IMF.

Saudi Arabia just raised its VAT from 5 to 15 points. Your call Alberta, stop being a welfare single mum.

#116 George on 05.11.20 at 9:25 pm

CRYING AT THE PICTURE!!!!!!!

nearly in tears

RIP Canada

#117 Ballingsford on 05.11.20 at 9:27 pm

Garth, there are too many millenial posters here and I can tell by their writing. One does not need many words to get their message across.

It’s not like we are their girlfriends in their parents basements and he yacks and yacks about how much he knows and loves her and she swoons in his arms.

What does a paragraph look like?

Oh yah, I’m entitled to do whatever I like.

Doing that though loses whatever message you were trying to convey.

Conciseness and clarity will get you there.

#118 Fused on 05.11.20 at 9:32 pm

I can not see cottages being a big seller anymore, unless your local(provincial)resident. Even then the provincial restrictions on movement makes them less desirable also.
I am curious to know if someone was squatting in your secondary residence could /would you even be able to remove them, is it possible they could stay for a year and tough crap to the owner and now you have to supply utilities at your own expense?
If the homeless say they have a verbal agreement witnessed by another would that not be binding under the current circumstances?
This would be a game changer, especially if the homeless move in force to occupy, hey they could probably even camp on your lawn now and I am curious if the police would even remove them from there .
So much for home ownership in Canada if that is the case.

#119 Stone on 05.11.20 at 9:37 pm

#96 NEW SUBJECT IDEA on 05.11.20 at 8:02 pm
Here’s an idea Garth. Stories of people with lots of money now and nowhere to spend it ;-))

———

What are you talking about? Just buy more ETFs. You can never have enough. Never. Ever. Enough.

Love you, dividends.

#120 kommykim on 05.11.20 at 9:39 pm

#9 Jason on 05.11.20 at 3:50 pm
I’ve been to Africa and people don’t isolate at home because of the ongoing danger of Malaria, Dengue,

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

Why would they? Those diseases are spread by mosquitoes and not people… Sheesh. I’m glad you are not in charge of public health policy…

#121 Drill Baby Drill on 05.11.20 at 9:44 pm

I am looking for investors in my new company. It specializes in sky scraper demolitions and building site reclaimations. I am going to be very busy.

#122 Ronaldo on 05.11.20 at 9:47 pm

This is what happens to people when they run out of TP.

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

#123 Stone on 05.11.20 at 9:49 pm

#112 DON on 05.11.20 at 8:57 pm
I read today that McGill University and others are going to online classes for the fall semester.

https://globalnews.ca/news/6928966/mcgill-university-coronavirus-fall-semester-online/

———

Hmmm…McGill wants your money…no matter what. It also tells you about the quality of university level education…when it’s the equivalent of Youtube.

#124 yvr_lurker on 05.11.20 at 9:50 pm

This article is interesting, from someone who has been working with infectious diseases for his career.

https://www.sciencemag.org/news/2020/05/finally-virus-got-me-scientist-who-fought-ebola-and-hiv-reflects-facing-death-covid-19?utm_content=buffer741be&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

“Let’s be clear: Without a coronavirus vaccine, we will never be able to live normally again. The only real exit strategy from this crisis is a vaccine that can be rolled out worldwide. That means producing billions of doses of it, which, in itself, is a huge challenge in terms of manufacturing logistics. And despite the efforts, it is still not even certain that developing a COVID-19 vaccine is possible.”

#125 SWL on 05.11.20 at 9:53 pm

Future fog… I was busy slinging pizza all weekend as it turns out having a take out food establishment has not been a bad venture during this time of crisis. Everyone is punch drunk on CERB still with the ‘what why me work attitude’ things have been busy, but I’ve had to cover some shifts for Justin’s disciples who can’t be bothered to work right now

Anyways, what I wanted to get at was I did notice over this past weekend while smashing heat records here on the left coast was quite a lot of air traffic for a saturday and sunday afternoon, then pow!!! Weather change

Grounded flights??? I checked YVR and less than a handful of international flights

No one told these pilots. Just regular water vapor. Public safety is our governments first priority. Noting is left to chance

#126 the Jaguar on 05.11.20 at 9:59 pm

I may get banned for posting this one, but what is life without a little adventure and daring.
Felix………this one is for you. Anthony Hopkins playing piano for his cat during Covid isolation. A real demonstration of love between friends…………

https://www.youtube.com/watch?v=un_Og_U9IJ4

#127 not 1st on 05.11.20 at 10:00 pm

Why is Trudeau still hiding in his cottage and making creepy comments to Canadian kids on the TV. Going on 50 days in isolation. Family is not even with him. On the virtual parliament he often bails on the entire sessions.

Is there any other leader in the world doing this?

This is just the most bizarre lack of coherent leadership I have ever seen in my life. Doesn’t add up. Seems like he is hiding from something other than a virus.

#128 Barb on 05.11.20 at 10:10 pm

If only antibodies were contagious.

#129 Anthony on 05.11.20 at 10:21 pm

Gains on all other assets – also bought with after-tax dollars – are taxable. Why should real estate be exempt? – Garth

Why should people who earn their living through capital gains in the stock market pay half what working people pay?

Maybe HST should apply to residential rents?

Come after our principal residence and nothing is off the table.

#130 sailedaway on 05.11.20 at 10:22 pm

#100 Emma Zaun

Mmmm my kinda lady

#131 Paul on 05.11.20 at 10:25 pm

#97 Tax principle residence?? Why…it was any for with money already taxed! on 05.11.20 at 8:04 pm
————————————————————————————————
The Government will tax everything, they are like the mob a piece of all the action.When there’s not enough action get into Booze, Beer,Gambling,Drugs, Horse Racing, on and on. But there is a line in the sand,if the numbers are right, 68% of Canadians own real estate and most vote.

#132 Fellow Dirt Bikers on 05.11.20 at 11:14 pm

#33Blacksheep and #95 Nonplussed. Thank you for sharing those great early minibike and dirt bike stories. I started on a 1972 Honda SL70 and raced a 74 SuzukiTM100 and 76RM125. Also ran from the cops in the practice field across from our house and had fun in the summer wrenching in the garage. I can still smell the two stroke smoke and love to hear the high pitched whine of a two stroke engine in a four stroke world. Thanks for the memories.

#133 Ballingsford on 05.11.20 at 11:38 pm

Millenials, your stories have touched my heart. Now, run along and let us more knowledgeable boomers continue our discussion on how to right the world without your entitled input.

#134 Treasure Island CEO on 05.11.20 at 11:44 pm

YVR whacking 25% of Airport Authority Staff. Expects slowdown for next 3 years.

Garth, you mention getting a LOC. No better LOC than one secured against sky high property values.

Why let paper wealth go to waste? Secure a line against your sky high property value before it falls because once it falls that equity is gone. HELOC it. Values are still sky high, but not for long.

This is a credit limit with only interest payments on anything tapped – something a homeowner may never get again – and it costs you nothing if you have it in your back pocket, yet never use it.

#135 Tax principle residence on 05.11.20 at 11:49 pm

I am not sure if capital gains would be the way to go. If you assume housing is decreasing for the next five years, then there is nothing to tax. Better to add a GST tax on the sale. I think up you mentioned that a while back. This makes more sense as the GST is paid by the buyer and thus added into the mortgage.

To number 91 and your quote, second time I read that today. And I agree no one knows how this will turn out in the next few quarters, just a guess.
In case you missed it memo from Howard Marks and predicting the future
An excellent read,

https://www.oaktreecapital.com/insights/howard-marks-memos

Just curios I want to by a bank ETF
Zeb, Zew or Rbnk.
ZEW has a highest yield but don’t understand covered calls, sounds interesting .
But why is Rbnk 15.53 and ZEB 22.48
Seems Rbnk is better yield for lower price.
Let me know your thoughts thanks!

#136 happygolucky on 05.12.20 at 12:18 am

#54 on 05.11.20

It will be fine.
1918’s then humanity and society recovered following 3 pandemic waves.
Two years later, the Roaring ’20’s.
We will recover too, just as they did
——————————————————————

Fine for whom?

Pandemics, Roaring 20’s , Great Depression, War, Holocaust, Communism, More Wars, very eventful 100 years, love history.
Life has to go on, and sure we will recover but ain’t gonna be the same folks, I hear this every day.
“Get used to it” very pathetic and uninspiring proposition.

#137 Blacksheep on 05.12.20 at 12:22 am

Nonplused #95,

“My first bike (that I owned) was an RM 370”
—————————-
An RM 370 would have been a great beginner bike ; )

I have owned pretty much everything, MX to XC since then. Later raced scrambles, then back to MX until I crashed hard at 35 with my wife and daughter watching from stands in horror as I stuffed my head into the sand over a double and then got run over by second place on a CR250.

She thought I broke my neck.

By the way, the only reason Dad bought me the bike, was I had banked $500 towards it and he wanted to reward me, with out me emptying my bank account, so that I continued to save (which I did)

MX bikes, Horses, Guitars or whatever, find what motivates your kids and use it to teach em responsibility…

#138 Keith in Rio on 05.12.20 at 12:26 am

Due to CV19 you can buy a beachfront one bedroom luxury condo in Rio for about $130K USD…….usually they are between $500K and 1MM+ to start. Of course, YMMV……

With an income of $3K CAD you can live like a king in Brasil.

Why do people live in “Kanaduh”………seriously, why ?

#139 PastThePeak on 05.12.20 at 12:34 am

#90 -=withwings=- on 05.11.20 at 7:46 pm

You are wasting your time with this crowd…

#140 morrey on 05.12.20 at 12:43 am

Death Wish:

What pandemic? Carnival Cruise bookings soar 600% for August trips https://www.fastcompany.com/90503385/what-pandemic-carnival-cruise-bookings-soar-600-for-august-trips

#141 Johnny Peede on 05.12.20 at 12:52 am

Garth I want you on another national speaking tour as quickly as possible saying all the things you just said. You’re the financial equivalent of Trudeau doping up the masses and advising/ordering the rest to seek oblivion.

Thank You. Please, advise all the pathetic curmudgeons to stay out of the way while the rest of us capitalize on your capitulation.

Rubles or dollars, I don’t care, there’s always a way to screw the Trudeau’s of the world into submission. He can create all the taxes he wants to screw the little people. The smart money will figure out avoidance strategies.

If you think Trudeau can beat a guy like me you’re sadly mistaken. And if he takes a roll of toilet paper from me, then you’ll be living in a tent wiping your ass with leaves.

The slavish exasperation is sickening. You people act like you can see a pickpocket coming down the block and you throw your wallet on the sidewalk as he passes. You’re sheep. Buildings should be burning. If you don’t defend yourselves then you deserve a beating. It isn’t going to be me that suffers. I’m just here to warn you.

#142 Mill on 05.12.20 at 1:06 am

And what about all that “pent up demand” I kept hearing about??

#143 tim123 on 05.12.20 at 1:48 am

Just a comment about this post:

#81 Leftover on 05.11.20 at 7:12 pm
Nobody knows what will happen?

A realtor that we’ve used in the past has some ideas. She sent out a blanket “newsletter” the other day extolling the virtues of listing ASAP.

Reading on, it became clear that, “sell now because if you wait until autumn you’re going to get crushed” is how she really feels.

I guess the market is a bit slow.

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

Your realtor is making an educated guess at where the market is going to be. See my post #72 where I did an analysis of the affected industries by the coronavirus. Just think about what people will do when they are scared and how businesses will spend when they are scard. It is not going to be pretty in the Real Estate market especially once the mortgage holiday is over, People will definately be getting crushed and the Real estate market will most likely be crashing.

#144 tim123 on 05.12.20 at 1:51 am

Just a comment about this post:

#81 Leftover on 05.11.20 at 7:12 pm
Nobody knows what will happen?

A realtor that we’ve used in the past has some ideas. She sent out a blanket “newsletter” the other day extolling the virtues of listing ASAP.

Reading on, it became clear that, “sell now because if you wait until autumn you’re going to get crushed” is how she really feels.

I guess the market is a bit slow.

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

Your realtor is making an educated guess at where the market is going to be. I have to agree with your realtor, sell now or watch your equity go in your house when the mortgage holiday is over. See my post #72 where I did an analysis of the affected industries by the coronavirus. Just think about what people will do when they are scared and how businesses will spend when they are scard. It is not going to be pretty in the Real Estate market especially once the mortgage holiday is over, People will definately be getting crushed and the Real estate market will most likely be crashing.

#145 WAKEUP on 05.12.20 at 1:53 am

#68 Damifino

I got it.
Canada’s in big trouble once the Hail Mary comes to roost.

#146 Nonplused on 05.12.20 at 2:12 am

Gains on all other assets – also bought with after-tax dollars – are taxable. Why should real estate be exempt? – Garth

———————

Because interest and management expenses on all other assets are deductible. If the government wants to make mortgage interest deductible, then fine tax my capital gains, I’ll get a big loan and invest the money. But you can’t tax both. Oh and I should get a deduction for the rate my car depreciates too, and also write off whatever interest occurs.

See the thing is things have to be carefully defined. Is it an investment or a personal consumption item? They are not taxed the same. If we are going to say they are all the same, then fine, but then mortgage interest becomes tax deductible. Let’s think this through. Sure, interest is pretty low right now, but historically people have paid something like 4 times the cost of the house in financing. So if you make the financing tax deductible, do the capital gains taxes actually compensate? Only in a hyperinflation.

We are at peak tax. No more taxes can be raised without causing other tax revenues to go down. Creating an environment where mortgage interest needs to be paid with after tax money and then the property also gets taxed with capital gains will simply make housing so damn unaffordable that the government will be wasting their time doing the capital gains tax calculation. There will not be any.

The big difference here that I am sure you should understand, is that companies you pay capital gains on write off their interest expenses. We have to think the whole thing through.

#147 Nonplused on 05.12.20 at 2:30 am

Oh and I forgot, if primary residences become capital gains, then in addition to interest deductions there is the thing of capital losses after paying realtors and all these new land transfer taxes and any maintenance, which would automatically be deductible as a capital loss or expense. And if houses go down 30% in the next few years, there will be a lot of people writing it off. Capital gains are not a one way street, capital losses go the other way. We need to think things through. Maybe they will change the tax system so you only get taxed on the way up, but I think the consequences of that would be bad. Who would take any risk?

#148 jane24 on 05.12.20 at 2:35 am

From what I can see in that photo the neighbourhood the kids are thinking of buying in looks like small lots, cheap wooden clapboard in a city known for termites and cheap metal entry stairs. I would want a lot more for $3.5 million. Don’t believe the story, obviously PR set-up.

#149 Nonplused on 05.12.20 at 2:38 am

Oh I am still not done because this subject is so infuriating. If something is subject to capital gains not only can you deduct interest and other expenses, but you can write of losses. If they introduce a capital gains tax on primary residences, and the bottom falls out of the market, tax revenues are going way down as people write off the losses. Capital gains equal capital losses.

Again and again and again, we are at peak tax. Taxes will never go up. They can’t. Maybe they can redistribute them a bit, but they have been at that for years so I don’t think there is much left there either.

#150 BillyBob on 05.12.20 at 5:36 am

Meh.

The constant bleating over “things will never go back to normal” is predicated on the idea that there is a normal. There isn’t. Change is a constant, in any X number of years from now things will be different, and that would have been true regardless of C-19. The virus will change the way they will be different – so what? Look at what we have already normalized in a few short months.

Use air travel post-911 as an example. Oh yeah, it changed! And suffered for a longgg time. But it most definitely recovered. The same things were being said at the time: everyone is scared. No on will ever fly again. No one will ever travel again.

Not quite.

History can’t teach us everything, but it does contain a couple of unassailable facts: all pandemics end. Civilization adapts.

It’s not going to be quick. I’m planning on years, not months. And that’s fine by me, I’ve always assumed the future is uncertain and hedged accordingly. Perhaps a scientific breakthrough will shorten the timeline, but to assume it will is poor risk management.

What is exacerbating the crisis is the fact we’re living in an age of incredibly impatient, short-attention-span, utterly un-resilient societies. If individuals and governments insist on living as if nothing untoward could ever happen, how can they be so surprised at the negative outcome when it does?

I do not generally stoop to schadenfreude and my sympathies are genuine for those who have lost lives and loved ones due to the virus. But I won’t deny, seeing a society built on instant gratification run into the brick wall of crisis with an uncertain, possibly NO end date…makes my contrarian heart smile, albeit a bit grimly.

We reap what we sow, I recall someone saying. The next few years are going to be positively Darwinian. Painful yet overall, beneficial for humanity.

Bring it on.

#151 IHCTD9 on 05.12.20 at 6:03 am

#95 Nonplused on 05.11.20 at 7:59 pm
#33 Blacksheep
—-

My first and last dirt bike was the same, an ‘81 RM80. Had a lot of fun on that little bike, and like Nonplused, had to run from time to time – usually from the MNR. Was easy though as their pick up trucks couldn’t leave the road.

Fond memories for sure, but it’s today that we’re living in the golden age for off road riding. In my area you can register, plate, and insure an ATV/UTV and some dirt bikes and ride along the road with no worries. OPP drive by and wave. This gives access to trails without needing to haul the things around in a truck. I ride from my driveway 95% of the time.

On top of that, the Province and cities/municipalities along with private organizations have built and maintain thousands of kilometres worth of trails, mostly defunct old rail beds. Right now, I can hop on the Griz, leave my driveway , and atv trails thru the bush to well north of Bancroft. There are trail networks going right across the entire Province.

A rare glimpse of great government policy. Yamaha and the local dealership get a bunch of my money, so does an insurance company, so does the EOTA, also gas stations and convenience stores off the beaten path, and occasionally a northern motel or campground. Government collects taxes on the whole shebang. These payments have been made every year, and will be made every year. All in including the cost of the two machines, I have spent more on this hobby annually since I got into it than I do on property taxes – and I so with a smile. Damn, I even feel privileged to do so.

I never in a million years would have dumped the money I have into this hobby without the ability to drive the roads, or without the trail networks. Not worth the headache and risk. Just about everyone has an ATV/UTV or two out my way – some of these things cost as much or more than a decent new car. It wasn’t like this before the Province made riding the roads legal.

I rip on the Libs a lot here, but someone in the Wynne administration was thinking smart with this idea.

#152 SoggyShorts on 05.12.20 at 6:13 am

#129 Anthony on 05.11.20 at 10:21 pm
Gains on all other assets – also bought with after-tax dollars – are taxable. Why should real estate be exempt? – Garth

Why should people who earn their living through capital gains in the stock market pay half what working people pay?
************
1. Working people should also get capital gains from their investments, if they don’t have investments they need to make better choices, or accept the ones they’ve made.
2. Stocks (as we have seen this year) are risky. No one ever got a paycheck for negative $50,000 from their job as a cashier.
3. Your whataboutism works against you here: houses pay zero, and stock gains pay 50% and yet you complain that the 50% is too low? Clearly if 50% is too low then 0% has got to be far too low, right?

#153 IHCTD9 on 05.12.20 at 7:27 am

#146 Nonplused on 05.12.20 at 2:12 am
Gains on all other assets – also bought with after-tax dollars – are taxable. Why should real estate be exempt? – Garth

———————

Because interest and management expenses on all other assets are deductible. If the government wants to make mortgage interest deductible, then fine tax my capital gains, I’ll get a big loan and invest the money. But you can’t tax both. Oh and I should get a deduction for the rate my car depreciates too, and also write off whatever interest occurs.
—-

How do you feel about a 5 year window for CGT on PR’s?

IE. after 5 years, tax liabilities slide to zero.

To me, this keeps most of the good, and avoids most of the bad. Specuvestors and flippers will disappear overnight, the gov gets a few bucks here and there (not much) RE values will start dropping first in the big metros, and then everywhere else. Most folks not trying to make money on houses plan to live there for more than 5 years, so you can still dump money into it without worrying about having to pay CG taxes on your improvements.

Interest on mortgages is cheap, and will remain cheap. If CG taxes on PR’s drive RE prices down (likely), financing costs go down too.

Tax just enough, for just long enough to kill the potential margin on an urban flip – no more. Could do a lot of good IMHO.

This tax should be about killing flippers. If the gov did this, and it drops RE values, slows sales, and smokes off the specuvestors, there will not be hoards of revenue for Ottawa here. It would probably murder Toronto city hall too (land transfer taxes).

#154 Bytor is a god on 05.12.20 at 7:37 am

And this time will NOT be different.

“Restaurants and cruise ships will be hurt”

Really? Going out on a limb there fellas. Predicting what’s happened, hard to go wrong, and yet you do, because you know what, new restaurants will arise from the ashes. Even god awful cruise ships will be fully booked and they’ll be building new ones in a mere 2 years.

People will not stop riding in elevators.

People will not stop going to bars, sporting events or gay pride parades.

People will not stop flying, in fact, you can easily find pics of fully laden planes, no empty middle seats, right now, today, before effective treatments have been found.

You are all so very, very wrong, as usual. Looking in the mirror, can’t see the future, even though the very same scenario has been played out many, many times.

Is there a vaccination for SARS? MERS? HIV?

Do we not ride in elevators due to a fear of SARS? Ebola?

Sigh. Keep buying high and selling low folks.

#155 Do we have al the facts on 05.12.20 at 7:48 am

To #90 withwings

The point I was making was that a non government agency that initiated a $675 million fund raising program in February 2020 responded to the Covid 19 virus by publicly announcing that it would claim millions of lives worldwide unless drastic measures were taken to control its spread.

Initially the International Classification of Diseases was amended by the WHO to record deaths where Covid 19 was the primary cause of death UO7.1 and where the Covid 19 virus might have contributed to a death UO7.2.

In March 2020 the WHO instructed health authorities around the world to record all deaths where the Covid 19 virus was present, but not necessarily the primary cause of death, under UO7.1.

It was the WHO that convinced government leaders around the world that the Covid 19 virus posed a serious threat to the lives of millions of people. Having rung a very large alarm bell that precipitated a crippling of economic growth the WHO has little interest in examining the net impact of the Covid 19 virus on actual mortality rates around the world.

All I was asking for was an unbiased assessment of the risks that the Covid 19 virus poses to the lives of the general population with healthy immune systems. I suggested in a previous post that actuaries do just that kind of assessment for a living.

If it is confirmed that the Covid 19 virus poses very little risk of death to healthy Canadians under the age of 65 we
could concentrate on protecting the health of the most vulnerable and reduce sanctions for the balance.

Fear of the unknown is understandable. Failing to adjust your actions in the light of actual facts is irresponsible.

Bl

People over the age of 65 have higher mortality rates than the balance of the population. Determining the Net impact of Covid 19 on these mortality rates in 2020 is not an unreasonable suggestion. If it turns out that Covid 19 has not been as lethal as projected by the WHO our elected leaders just might adjust their actions accordingly.

vulnerable publishing a daily scorecard of Covid 19

#156 Franco on 05.12.20 at 7:58 am

The more time passes and no major advancements being announced, me thinks we will be living with this virus for a long time to come because of it being so contagious and things will only get worse, not better. God help us all.

#157 Franco on 05.12.20 at 8:01 am

If this virus does not pass on it’s own and there is reason to believe that it will not, since it’s coming back in droves in places where they thought they had it under control, then yes capitalism as we have known it will be done with, not that I want that to happen, but just cannot see how capitalism can function with this unknown for years to come.

#158 Ace Goodheart on 05.12.20 at 8:14 am

RE: “Gains on all other assets – also bought with after-tax dollars – are taxable. Why should real estate be exempt? – Garth”

That is an election issue. The Libs never campaigned on that.

They would need a popular mandate for that change.

And seeing how the young folks plan to make all of their money by buying and holding real estate (just like their parents did) they will have a hard time winning if they make that into a campaign promise.

The Libs win elections just the same as the Cons do. Invent a bogey man and then rally the people against it. These last two elections, the bogey man has been “Climate Change” and they have done really well with it. There are cracks appearing in that iceberg now, as people have watched as the non existent “COVID-19” that no one has and that resulted in empty hospitals and economies shut down for no reason, became everyone’s bogey man while governments took away civil rights like they meant nothing.

Who are you going to make into the bogey man, to sell taxation on principle residence sale capital gains? Everyone? That is everyone’s dream, buy a house, ride up the price and sell to retire.

I know it is a stupid dream and it doesn’t usually work, but it is still a dream.

You can’t win elections by taking people’s stupid dreams away.

No election will ever be held on a proposed tax expansion. Nor is a mandate required. In time this change will come, since it is the most glaring inequity in the current system. – Garth

#159 Fused on 05.12.20 at 8:16 am

#146 Nonplused
The precedent has already been set for the govt to make your house gains taxable with no benefits of write offs. Just look at large balance TFSAs with only a couple of trades a year big brother says you have too much and says it is all taxable. Everyone seem to be happy when the govt was going after those people, now when the shoe is on the other foot it is now unfair. Maybe if people had spoken up then the sheeple would not be so easily sheared now.

#160 crowdedelevatorfartz on 05.12.20 at 8:18 am

@#127 not 1st
“Re Trudeau…..Seems like he is hiding from something other than a virus.”

+++

Reality?

#161 Headhunter on 05.12.20 at 8:18 am

#117 Ballingsford on 05.11.20 at 9:27 pm
Garth, there are too many millenial posters here and I can tell by their writing. One does not need many words to get their message across.

_______________
Baby Boomers what are we to do with this lot? Wonder where the “mills” got their “entitlement” dreams from? Watching us thats where.

#162 crowdedelevatorfartz on 05.12.20 at 8:21 am

@#132 Fellow Dirtbikers
“Thank you for sharing those great early minibike and dirt bike stories….
+++

Careful. Farmer Clem aka ruralRicky doesnt like “stories”…because he’s stuck on the farm, never been no where, shoveling pig poop.

#163 Asterix1 on 05.12.20 at 8:30 am

As RE prices keep falling in GTA, the number of people listing and selling by themselves will drastically increase!

Using a RE agent is great when you are making lots of cash on the resale. But good luck when prices are dropping, negative equity etc..

With ridiculous land transfer taxes waiting to be paid for your next purchase. I can easily see RE agents getting dropped first (and for good).

#164 crowdedelevatorfartz on 05.12.20 at 8:40 am

@#150 Billybob
“But I won’t deny, seeing a society built on instant gratification run into the brick wall of crisis with an uncertain, possibly NO end date…makes my contrarian heart smile, albeit a bit grimly.
We reap what we sow, I recall someone saying. The next few years are going to be positively Darwinian. Painful yet overall, beneficial for humanity.

Bring it on.”

++++

Ah someone who warms my blacken, shriveled heart.

But be careful, the pc crowd ( insert MF here )dont like to hear people mentioning things like “disasters” and the inevitable, incompetent, aimless public chickens (insert govt leaders or citizens here) losing their proverbial shite while throwing billions into every “cause” deemed “worthy”…

The broken budgets, the unemployment lines, the hideous tax increases for years, to pay for it all…… yep we’re all heroes…… I feel better already.

I noticed the rat , drug and weapon infested, “squatters” camp in a downtown Vancouver park has finally been razed.

https://www.cbc.ca/news/canada/british-columbia/vancouver-s-oppenheimer-park-empty-of-people-and-tents-officials-clean-site-1.5563919

2 years of squabbling, blaming and finger pointing between different levels of govt and their political posturing…
No one taking any responsibility as the shootings, drug over doses, deaths , etc went on and on and on….all within 3 blocks of the Vancouver police station.

And one day after the camp was closed and the garbage clean up has begun……another camp grows from the ashes.

https://www.citynews1130.com/2020/05/09/tent-city-crab-park-port-of-vancouver/

The Best Place on Earth.

#165 TurnerNation on 05.12.20 at 8:41 am

Impact on Commerce.

Let me tell you what it’s all about. As soon as you leave your house all you see are signs – highway signs, on Canada Post truck; on the T-shirts of Big Box store employees (the only stores allowed) and in store windows; on announcements every few min in transit and airport stations for: DISTANCING

– This is structural. Stores have been re-designed for this.
In a nutshell: YOU CANNOT TRANSACT COMMERCE OR BUY OR SELL UNLESS YOU STAND ON THE MARK (on the floor). Every 6->6->6 feet. Get it?

This is not about our health or staying healthy. They never ever said that. Nobody ever says that to you. Everyone tells you to “Stay Safe” right? (From what, big brother? Maybe)

– Bottom line: once we lost rights they never come back in the same fashion. If you want to travel or assemble you MUST respect the Mark on the ground. This is structural. Stand on the 6->6->6-> on the ground. As son as you step outside you must stand 6 feet away from all the 7 billion humans on this planet.

7 billion healthy people, every store in the world. This is not going away this is what they planned for us

#166 Howard on 05.12.20 at 8:46 am

Think this government can’t get any worse? Think again.

Take a bow, Ontario women. Voting for a hairdo has worked out swimmingly.

—————————-

https://nationalpost.com/news/do-not-impose-a-stop-pay-federal-workers-ordered-to-ignore-cheating-in-cerb-and-ei-claims?video_autoplay=true

‘Do not impose a stop pay’: Federal workers ordered to ignore cheating in CERB and EI claims

A memo told employees not to halt payment or trigger investigations when they see signs of abuse, noting the department’s integrity branch has been suspended

Federal employees vetting the millions of applications for emergency and employment-insurance (EI) benefits during the pandemic have been told to ignore most potential cases of cheating, despite reports of widespread fraud.

If employees detect possible abuse they should still process the payment and should not refer the file to the department’s integrity branch, says a memo issued last month by Employment and Social Development Canada.

It’s unclear whether anyone would be available to investigate the questionable cases, anyway. The memo says the department has suspended “compliance and enforcement” of the EI program, which is helping manage Canada Emergency Response Benefit (CERB) payments.

Meanwhile, a source familiar with the situation claimed 200,000 applications have already been “red-flagged” as possibly fraudulent because of dubious claims of past employment income and other factors.

#167 crowdedelevatorfartz on 05.12.20 at 8:49 am

Uh oh
Bryan Adams is a non pc , venom spewing racist… how dare he ruin Canada’s squeaky clean image of it’s self.

https://www.cbc.ca/news/canada/british-columbia/bryan-adams-instagram-1.5565624

OR
He’s losing it…isolated in his mansion…. no adoring fans fawning over you has a tendency to do that…. trust me, I know what I’m talking about.

#168 Q2 DUPLEX DRIVE on 05.12.20 at 8:49 am

Garth –

You dismiss ‘recency bias’ yet you wholeheartedly engage in it.

The Asian Flu pandemic of 1957 was the third-worst epidemic of the 20th century, topped by the terrible Spanish Flu and the flu outbreak of 1968. In the US, the Asian flu claimed 116K victims in a population less than half of today’s US census – likely 250K pro-rated to today. The Wuhan flu currently stands at 80K US victims, less than one-third who died in 1957. Yet at that time, politicians did not get involved, nor was the economy shut down. It was viewed as a public health crisis and left to physicians and scientists to resolve. Most people practiced enhanced hygiene, which is never a bad idea, but masks in public? Mass quarantining? Don’t be absurd. The pandemic lasted from early 1957 to late in the year when, as all these things do and the Wuhan virus will be no exception, it petered out. A vaccine was developed but little used, as the pandemic had largely passed by that time. (This is all open source information, including from the CDC).

The difference between then and now is that we are cursed with a 24-hour news cycle constantly seeking sensation and content, delivered with a strong left-wing bias. The MSM, as you have noted, has largely succeeded in scaring the bejeezus out of everyone. It has demanded action when action was not truly warranted or even needed. It has excoriated any politician not onside with its breathless panic.

It was remarked about the press long ago that ‘If it bleeds, it leads’. How true.

P.S. You DO have a nice office. Great view, but a touch high up for my taste.

Recency bias flows from assuming tomorrow will be like today because you lack perspective. Covid may well turn out of be less of a health threat than anticipated. But that’s irrelevant, since there has never been a political/governmental/economic reaction similar to today’s. I have said from the start the reaction to this would be greater than the danger itself. Thus, structural consequences. But if you choose not to believe so, carry on. Book that flight. – Garth

#169 TurnerNation on 05.12.20 at 8:51 am

^and wait till it’s -20c outside and you see the same lines outside supermarkets. People will die of cold in this hard open air camp. This is not going away. Universities are opening online in Sept.
The Old Way has been destroyed using this 6 foot weapon. Forced re-education.
For supermarkets expect appointments (as per Toronto’s mayor own words) like electronic ration cards by day/family, or it all moves online, which is what they want.
Virtual permanent house arrest. #Stayhome and order online.
These have designed a very comfy prison cell for us at home.

#170 Dharma Bum on 05.12.20 at 9:10 am

On another note, whatever happened to “Peak Oil”?

I mean, isn’t THAT what we panicked about years ago, when we also thought the world was coming to an end.

Every couple of decades, we’re thrown into a new false “end of the world as we know it” crisis.

We never learn.

Get out of your houses. Get back to work, people.

#171 Dharma Bum on 05.12.20 at 9:12 am

#156 Franco

“…and things will only get worse, not better.”
——————————————————————–

Sounds like this dude:

https://www.youtube.com/watch?v=-81WdyD-8Ro

#172 TurnerNation on 05.12.20 at 9:17 am

Structural; this is about enforcing 6-6-6-6-6 feet away in our open air camp. Some people here are embracing their lack of rights already; it’s been 2 months. How easily the planet fell:
This is not about health; as I mentioned we are in the Compliance stage; build compliance and consensus; monitor attitudes online and in person using A.I., AI-linked cameras outside.
Are you ready for the next stage when it comes? Forced communism won’t come easy and they know it.

“Mayor de Blasio announces that 2,300 “Non-NYPD” Social Distancing Ambassadors will be enforcing guidelines around NYC – These ambassadors are civilian city employees who will “educate the public.”

#173 Bryan Adams on 05.12.20 at 9:25 am

OMG, what did I just tweet and put on instagram?

Please forgive me.

https://www.youtube.com/watch?v=7x8wPt8xarE

#174 TurnerNation on 05.12.20 at 9:31 am

SWL: Air Canada has re-purposed many planes for cargo-only fights.

-> I read that the new global order will be ushered in buttressed by ‘green concerns’ , again limiting our travel and land use (I’m still banned from all Crown parks here in Ontario). And some pointed out that the new Online university means all those student housing blocks will likely fall into the hand of lenders. Another land grab.

Anyway 2 months in and our elite bankers are telling us. The New Green Deal will be used to alter our lives and rights for every. So fast they act! Carbon taxes will likely be used in conjunction. As I said…electric cars have low range; train and bus service is cancelled now. We will be confined to our local cities in the end.


Globe says CIBC, rivals hear BOC faces two crises
2020-05-12 08:29 ET – In the News

The Globe and Mail reports in its Tuesday, May 12, edition that Tiff Macklem is a good choice to be the next governor of the Bank of Canada at a time when Canada is facing duelling crises of a cratering economy and a warming planet. The Globe’s guest columnist Kevin Quinlan writes that Mr. Macklem will have to navigate the issue of climate change in a way no previous BOC governor has had to. Some will argue that climate change is outside of the BOC’s mandate. However, if the bank’s role is to support the stability of Canada’s financial system, it cannot ignore a crisis that poses physical risks to our country, such as increasing floods and forest fires disrupting supply chains and business operations. Nor can the bank turn a blind eye to the transition risk of global efforts to dramatically reduce emissions, leading to declining market demand for carbon-intensive products and, in the process, stranding assets. The economic impact of COVID-19 may be the immediate priority, but climate change will not go away just because we are standing six feet apart. The challenge facing Mr. Macklem is not should the BOC address climate change now, but how to do so during an economic collapse.
© 2020 Canjex Publishing Ltd

#175 Bytor the Snow Dog on 05.12.20 at 9:48 am

#109 Unstable on 05.11.20 at 8:42 pm sez:
“<i. #88 Bytor the Snow Dog on 05.11.20 at 7:44 pm

I’ve decided to give in. If you can’ beat em, join em.

Here’s the mask I bought just now:

So you are buying a $7 US mask off of the US version of Amazon and paying $21 US in shipping?

Good for you."
——————————————
Money is no object when you wanna trigger a snowflake. And the best part is I just triggered you for free.

#176 TurnerNation on 05.12.20 at 9:55 am

So many posts from me but things are moving so fast into 2021 as I posted many times last year

If you need proof this social change is Structural, here is the main globalist think tank – with it all mapped out.
The Covid wheel of control I call it.

Large picture: https://tinyurl.com/y9qk6aru

Source for this wheel is this We Forum – chock full of elites and their plans for us:

https://intelligence.weforum.org/topics/a1G0X000006O6EHUA0?tab=publications&fbclid=IwAR33kvA7DNmXD4aCC0mHxcmmndsZJ7u1VCIUwcE2SXnEi3PwLKYiiUrTsQo

#177 Asterix1 on 05.12.20 at 10:12 am

Ouch! 253 Morning Sdrd (Rural East Gwillimbury)

Bought APR 2017 for 3,128,000$
Sold APR 2020 for 1,948,000$

With the land transfer tax + commission, it’s a 1,345,000 loss!

A whopping -43% in 3 years!

#178 BrianT on 05.12.20 at 10:14 am

#174Turner-at this point the transparency is laughable-I have no idea what the sheep are thinking-unemployment levels exceeding the Great Depression and the main thing to focus on is how incredibly hot Canada is getting.

#179 Sold Out on 05.12.20 at 10:14 am

#175 Bytor the Snow Dog on 05.12.20 at 9:48 am
#109 Unstable on 05.11.20 at 8:42 pm sez:
“<i. #88 Bytor the Snow Dog on 05.11.20 at 7:44 pm

I’ve decided to give in. If you can’ beat em, join em.

Here’s the mask I bought just now:

So you are buying a $7 US mask off of the US version of Amazon and paying $21 US in shipping?

Good for you."
——————————————
Money is no object when you wanna trigger a snowflake. And the best part is I just triggered you for free.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The good news is that you actually don't need a mask; no one has come within 6 feet of you for years.

#180 Sail Away on 05.12.20 at 10:21 am

#62 Bytor the Snow Dog on 05.11.20 at 6:04 pm
Elon Musk, unlikely hero.

Never liked him before. GO ELON!

—————–

Every thinking adult eventually realizes Elon is the man.

#181 Where's My Money Going, G'weed'eau? on 05.12.20 at 10:24 am

Went to Abbotsford hospital and they were insisting people wear masks at Emergency but not at the main entrance? Am I missing something?

#182 TurnerNation on 05.12.20 at 10:27 am

This is structural. They do not wish humans interacting in public any longer. #stayhome. We are all bio-weapons we our elites. Stand on your 6 mark and wait to transact commerce.

The 1984 world of people at home starting at the glowing screens is the goal. Ontario schools now announcing online classes – I knew they would. Kids will be educated via the State tech companies.

https://www.bisnow.com/washington-dc/news/retail/major-retail-reit-to-build-permanent-dedicated-takeout-space-at-65-properties-104266

“Federal Realty Investment Trust is creating hundreds of dedicated curbside takeout spaces across its national retail portfolio that it says will be permanent fixtures beyond the pandemic. The program, branded as The Pick-Up, allows customers to place an order and select a dedicated curbside space to receive their food without any person-to-person contact. Each property will have multiple Pick-Up areas in front of various retailers, and each area will feature about three dedicated spaces. Clothing stores and other soft goods retailers will also participate in the program, allowing customers to order products and pick them up without entering the store

#183 Lahdeedah on 05.12.20 at 10:33 am

Buffet is a dinosaur. He buys dinosaur stocks. The Dow is faring the worst of the 3 major US exchanges. He came to technology companies/stocks too late because he doesn’t understand SaaS vs widgets. He’s only human and a product of his time, and so is his thinking. Simple as that.

This recession is different than the 2008 crash in that the ‘recession-proof stocks’ of 2008 are not the same recession-proof stocks of 2020.

What’s your net worth? Just wondering. – Garth

#184 Sail Away on 05.12.20 at 10:41 am

Hmmm… US is unhappy with BC’S river pollution. So if we can’t even claim green environmental superiority over the US, what’s left?

https://www.google.com/amp/s/www.cbc.ca/amp/1.5564269

#185 CJ on 05.12.20 at 10:49 am

Just ordered a $600 water park from Canadian Tire. Thanks to Justin Bucks!

#186 BrianT on 05.12.20 at 10:54 am

#182Turner-you make good points but the entire public education system from kindergarten to grad school is a gigantic waste of money-just ridiculous. The schools and campuses were put in place when literally almost nobody even had a home library-the schools and campuses housed all the info and teachers-those days are long gone-at least 75% of the entire thing should be online learning and “teachers” should be tutors. As for turning humans into sheep no online system could be worse than this mess IMO.

#187 Not So New Guy on 05.12.20 at 10:58 am

#177 Asterix1 on 05.12.20 at 10:12 am

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

3 years?

I wonder if the mortgage renewal triggered that?

We may be seeing more of those

#188 Lahdeedah on 05.12.20 at 11:10 am

I get a regular flyer from a local real estate agent and he always includes a colourful chart of month over month prices comparing current and last year in RE…this time he didn’t include a neat little chart :) I will suspect because he doesn’t want to spook his clientele. Instead, he included a blurb titled, “How not to overpay for your home”. I thought that was incredibly telling. Admission through omission.

#189 Apocalypse2020 on 05.12.20 at 11:22 am

Fauci is testifying.

Supreme Court is hearing Trump’s tax disclosure case this morning.

https://www.cnn.com/

You thought the last 7 weeks were wild?

This will start to multiply hourly now.

Who will Trump seek war with as a distraction?

PREPARE.

#190 MF on 05.12.20 at 11:24 am

180 Sail Away on 05.12.20 at 10:21 am

“ Every thinking adult eventually realizes Elon is the man.”

-Didn’t he recently come out saying Tesla stock is too overvalued? I don’t think we have ever seen a billionaire say they are too wealthy. That was an interesting first.

And of course musk is upset. With less people driving and flying making gasoline much cheaper, one of his competitive edges is (temporarily) removed.

That being said, I like Tesla’s. Too expensive though.

MF

#191 dogman01 on 05.12.20 at 11:28 am

UBI Topic

The Minster for Middle Class Property could instead simply do this and then Mission Accomplished.

A functioning financial and social system instead of globalist dystopia
Start with housing. Give people a place to live and they will survive and thrive. Grow a community, plant a garden, all the good ol stuff.
Then bring back factories. Put tariffs on foreign good if they can be made in Canada.
1) Don’t bail out any corporation or homeowners mortgages.
2) End immigration floods
3) End foreign buyers
4) Raise interest rates so people can put money in the bank and build their savings.
Rent needs go way down as does the cost of buy a house. These basic necessities are massively inflated from the last recession. What good is $ 2000 a month basic income if it all goes to rent\shelter?

We need basic intelligence not basic income.

#192 dogman01 on 05.12.20 at 11:32 am

The dispute between liberals and conservatives:

The perennial conservative concern about high taxes supporting a non working underclass has entirely legitimate roots in our evolutionary past and shouldn’t be dismissed out of hand. Early hominids lived a precarious existence where freeloaders were a direct threat to survival, and so they developed an exceedingly acute sense of whether they were being taken advantage of by members of their own group.

However, one of the hallmarks of early human society was the emergence of a culture of compassion that cared for the ill, the elderly, the wounded, and the unlucky. In today’s terms, that is a common liberal concern that also has to be taken into account.

These two driving forces have coexisted for hundreds of thousands of years in human society and will never be resolved because each side represents an ancient and absolutely essential component of our evolutionary past.

#193 belly rubs on 05.12.20 at 11:32 am

Greetings from the cab of 4×4 in the middle of a large field. Canada is a big place! Wowza, like really big!
I can see my neighbour right now. He looks like a wee, tiny dot. He’s waving. I think he is walking over to say something. I am pretending not to notice and rolling further away. Doing my bit for society.

#194 Lahdeedah on 05.12.20 at 11:33 am

#183 Lahdeedah on 05.12.20 at 10:33 am
Buffet is a dinosaur. He buys dinosaur stocks. The Dow is faring the worst of the 3 major US exchanges. He came to technology companies/stocks too late because he doesn’t understand SaaS vs widgets. He’s only human and a product of his time, and so is his thinking. Simple as that.

This recession is different than the 2008 crash in that the ‘recession-proof stocks’ of 2008 are not the same recession-proof stocks of 2020.

What’s your net worth? Just wondering. – Garth

– – – – – – – – – – –

That’s an astute observation, and you know it. Don’t be offended by the dinosaur comment!

#195 Sail Away on 05.12.20 at 11:33 am

#183 Lahdeedah on 05.12.20 at 10:33 am

Buffet is a dinosaur. He buys dinosaur stocks. The Dow is faring the worst of the 3 major US exchanges. He came to technology companies/stocks too late because he doesn’t understand SaaS vs widgets. He’s only human and a product of his time, and so is his thinking. Simple as that.

This recession is different than the 2008 crash in that the ‘recession-proof stocks’ of 2008 are not the same recession-proof stocks of 2020.

——————

Some people gain a certain satisfaction criticizing the great, because they feel it places they themselves on a higher level.

#196 akashic record on 05.12.20 at 11:34 am

Just stay the course and seriously bone up on tax-avoidance strategies. More on that in a future post.

Closing tax avoidance for good will also be part of the package that comes with tax increase.

#197 Damifino on 05.12.20 at 11:36 am

Brian Adams made the same mistake Don Henley did when he badmouthed Rush. That is, he neglected to call me first.

I’d have advised him the same way I would have Don: ‘stay off social media and slip quietly into a well deserved retirement’.

#198 Sail Away on 05.12.20 at 11:38 am

Just bought $50k of office equipment and new server thanks to Justin bucks.

That said, I wish there were no Justin bucks because they allow my competition to also stay viable.

#199 Armpit on 05.12.20 at 11:54 am

Not to leave the wrinklies out of the money – T2 – has is giving away another $2.5 Billion on top of everything else.

An election will happen before we all have to pay for it.

Expect a hike in HST to 10% Federally and …. wait for it…

Paper Currency will be extinct… trust me on this.

#200 Asterix1 on 05.12.20 at 11:57 am

#187 Not So New Guy on 05.12.20 at 10:58 am
#177 Asterix1 on 05.12.20 at 10:12 am

3 years?
I wonder if the mortgage renewal triggered that?
We may be seeing more of those
____________________________________________

Person who bought it has been trying to sell it for 2 years and 10 months. Yep, he listed it back on the market at 2.7M$ only 2 months after paying 3.1M$.

Numerous years and re listings later, a 43% loss!

#201 Lahdeedah on 05.12.20 at 11:57 am

#195 Sail Away on 05.12.20 at 11:33 am
#183 Lahdeedah on 05.12.20 at 10:33 am

Buffet is a dinosaur. He buys dinosaur stocks. The Dow is faring the worst of the 3 major US exchanges. He came to technology companies/stocks too late because he doesn’t understand SaaS vs widgets. He’s only human and a product of his time, and so is his thinking. Simple as that.

This recession is different than the 2008 crash in that the ‘recession-proof stocks’ of 2008 are not the same recession-proof stocks of 2020.

——————

Some people gain a certain satisfaction criticizing the great, because they feel it places they themselves on a higher level.

– – – – – – – –

Newsflash, that’s all this blog does, prognosticate and criticize, your own comments included.

And yeah, Buffet admitted he missed the boat on Amazon and Google. That’s old news. Why are you surprised?

https://fortune.com/2017/05/06/warren-buffett-berkshire-hathaway-apple-google-stock/

https://www.cnbc.com/2019/05/01/warren-buffett-on-not-investing-in-amazon.html

https://www.cnbc.com/2017/12/15/warren-buffetts-failures-15-investing-mistakes-he-regrets.html

“I have missed things that were within my circle, and that’s a terrible mistake. Those are my biggest mistakes. You haven’t seen them.”

He admits his knowledge is limited to what he knows, and that’s not everything.

Buffett told Serwer, “maybe 5% of the companies or 10% of the companies at most are within an area, my circle of competence. They’re something I should be able to understand.”

So there, he’s not an all-knowing oracle. He focuses on what he knows. And that didn’t include tech for a long time. That makes him human like all the rest, and a little behind the times. Sorry to break your bubble of blind belief and idolatry. If anything, that should inspire you to hone your own analytical skills.

#202 Faron on 05.12.20 at 12:24 pm

#180 Sail Away on 05.12.20 at 10:21

Every thinking adult eventually realizes Elon is the man.

__________

Every right-wing wind bag needs a father figure. Funny that.

Can you name a female thinker/CEO/scientist/leader who you admire and who isn’t Anne Coulter, Margaret Thatcher or Ayn Rand?

#203 Ronaldo on 05.12.20 at 12:25 pm

#114 AB on 05.11.20 at 9:17 pm
For crying out loud, all you people defending that silly woman buying motorbikes for her boys with CERB. Why should our taxes pay for her stupidity? Nothing against motorbikes. We enjoyed a small 50 cc bike as kids. CERB is not for that purpose. My gosh our country is in trouble. Yikes!
————————————————————
There will be many like her. Free money without conditions, what can you expect? 15 year olds are getting $500 per week to stay home. More money than they made working. Good luck getting them back to work. Not their fault. Look no further than our socialist PM.

#204 what would John Galt do? on 05.12.20 at 12:28 pm

Wondering if there is a gulch somewhere that a guy could hide in a haystack before we get poked?

#205 Sail away on 05.12.20 at 12:28 pm

#190 MF on 05.12.20 at 11:24 am
180 Sail Away on 05.12.20 at 10:21 am

Re: Tesla

————–

That being said, I like Tesla’s. Too expensive though.

————–

Let’s examine this:

In the last year, due to driving the Tesla, I didn’t spend about $2,500 on gas, didn’t spend $1,000 on maintenance and also didn’t spend about $3,000 on hotels (because I/we sleep in the car on road trips and site visits: say 20 nights at $150/night).

Call it $6,500. Considering every after-tax dollar is twice every earned dollar, the Tesla represents $13,000 in additional salary over one year.

That’s significant. Further considering that several Teslas are nearing 1 million miles with no major maintenance, this could continue for a long, long time.

And it’s cool as heck. Absolutely buries every other performance car.

#206 hey on 05.12.20 at 12:28 pm

@#198 Sail Away on 05.12.20 at 11:38 am
Just bought $50k of office equipment and new server thanks to Justin bucks.
_________________________________-

no justin handouts here but i may go purchase a couple dirt bikes anyhow.

#207 Penny Henny on 05.12.20 at 12:33 pm

Heard this song on the radio yesterday.
Every day is exactly the same. Nine Inch Nails

“I believe I can see the future
‘Cause I repeat the same routine
I think I used to have a purpose
But then again, that might have been a dream
I think I used to have a voice
Now I never make a sound
I just do what I’ve been told
I really don’t want them to come around, oh no
Every day is exactly the same
Every day is exactly the same
There is no love here and there is no pain
Every day is exactly the same”

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

#208 Ronaldo on 05.12.20 at 12:36 pm

#133 Ballingsford on 05.11.20 at 11:38 pm
Millenials, your stories have touched my heart. Now, run along and let us more knowledgeable boomers continue our discussion on how to right the world without your entitled input.
——————————————————————
Millennial vs a Baby Boomer———–hillarious

https://mail.google.com/mail/u/0/#inbox/QgrcJHrnxTcRHjfDsmRMSQjxTzbHgpBqFRl?projector=1

#209 Sold Out on 05.12.20 at 12:59 pm

#192 dogman01 on 05.12.20 at 11:32 am
The dispute between liberals and conservatives:

The perennial conservative concern about high taxes supporting a non working underclass has entirely legitimate roots in our evolutionary past and shouldn’t be dismissed out of hand. Early hominids lived a precarious existence where freeloaders were a direct threat to survival, and so they developed an exceedingly acute sense of whether they were being taken advantage of by members of their own group.

However, one of the hallmarks of early human society was the emergence of a culture of compassion that cared for the ill, the elderly, the wounded, and the unlucky. In today’s terms, that is a common liberal concern that also has to be taken into account.

These two driving forces have coexisted for hundreds of thousands of years in human society and will never be resolved because each side represents an ancient and absolutely essential component of our evolutionary past.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Interesting hypothesis. So, you’re arguing that conservatives are slower to evolve than liberals?

#210 Not So New Guy on 05.12.20 at 12:59 pm

DELETED

#211 James on 05.12.20 at 1:03 pm

#180 Sail Away on 05.12.20 at 10:21

Every thinking adult eventually realizes Elon is the man.
__________

#202 Faron on 05.12.20 at 12:24 pm
Every right-wing wind bag needs a father figure. Funny that.

Can you name a female thinker/CEO/scientist/leader who you admire and who isn’t Anne Coulter, Margaret Thatcher or Ayn Rand?
———–

BINGO!
We have a winner. SO so so accurate Faron. Right wing wind bags do harbour these traits. Would be funny if it wasn’t so very sad.

#212 Phylis on 05.12.20 at 1:11 pm

#183 Lahdeedah on 05.12.20 at 10:33 am My child, blowing out someone else’s candle does not make yours burn brighter.

#213 Figure it Out on 05.12.20 at 1:13 pm

There’s really no arguing with someone who equates sleeping in a $150/night hotel to sleeping in a car with no plumbing.

In the hotel, you get free shampoo.

#214 Sail away on 05.12.20 at 1:15 pm

#201 Lahdeedah on 05.12.20 at 11:57 am
#195 Sail Away on 05.12.20 at 11:33 am
#183 Lahdeedah on 05.12.20 at 10:33 am

So there, he’s not an all-knowing oracle. He focuses on what he knows. And that didn’t include tech for a long time. That makes him human like all the rest, and a little behind the times.

Sorry to break your bubble of blind belief and idolatry.

————–

No need to apologize- my bubble of blind belief in and idolatry of Buffett remains fully intact.

#215 Sold Out on 05.12.20 at 1:34 pm

#202 Faron on 05.12.20 at 12:24 pm
#180 Sail Away on 05.12.20 at 10:21

Every thinking adult eventually realizes Elon is the man.

__________

Every right-wing wind bag needs a father figure. Funny that.

Can you name a female thinker/CEO/scientist/leader who you admire and who isn’t Anne Coulter, Margaret Thatcher or Ayn Rand?

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Hahahahah! Who’s your daddy!?

As for the last point, do dommes count? Daddy figure in public, but a stern mommy in the dungeon.

https://prospect.org/culture/books/sexual-counterrevolution/

From the link below:

“Our allegiance to capitalism has rendered us masochists, of which the infliction of pain is given by the corporate sadists who deliberately crash their company in exchange for bonuses. To praise a pure capitalist society, where the powerful “innovators” willfully harm our economy, is the definition of sadomasochism.”

https://www.iowastatedaily.com/opinion/glawe-masochism-of-atlas-shrugged/article_b58ce8a6-761a-11e2-b4df-0019bb2963f4.html

#216 CRA is coming on 05.12.20 at 1:36 pm

Just saw in the news this morning CRA has red flag 200,000 CERB payments! and I saw on twitter some bank refused to give a mortgage because when they reviewed his banking he was getting paid and getting CERB. His answer to the bank well everyone is applying.

The sad point is if everyone spends the money the government will have a hard time recovering the money from deadbeats.
But CRA does have longgggggggggg memories
200,000 that’s unbelievable whats that 3%?
That’s just the quick scans, imagine deep audits!
I still think public shaming, print the names!

#217 Howard on 05.12.20 at 1:39 pm

#183 Lahdeedah on 05.12.20 at 10:33 am
Buffet is a dinosaur. He buys dinosaur stocks. The Dow is faring the worst of the 3 major US exchanges. He came to technology companies/stocks too late because he doesn’t understand SaaS vs widgets. He’s only human and a product of his time, and so is his thinking. Simple as that.

—————————————

How do you know he doesn’t understand SaaS? Have you met him? Or you’re clairvoyant and can see inside his mind?

Buffet was called a dinosaur in 1999 when he said the dotcom stocks were in a bubble. How did that prediction turn out?

#218 dogman01 on 05.12.20 at 1:54 pm

#209 Sold Out on 05.12.20 at 12:59 pm
Interesting hypothesis. So, you’re arguing that conservatives are slower to evolve than liberals?
XXXXXXXXXXXXXXXXXXXXXXXXXXXXX

https://www.ted.com/talks/jonathan_haidt_the_moral_roots_of_liberals_and_conservatives?language=en

A catalog of six fundamental ideas that commonly undergird moral systems:
care\harm
fairness\reciprocity
loyalty\In Group
authority\respect
sanctity\purity

Conservatives seem to have a more complex set of competing values then Liberals.

All value:
– care\harm
– fairness\reciprocity

With conservatives having the additional three in some measure.

#219 Howard on 05.12.20 at 1:55 pm

#202 Faron on 05.12.20 at 12:24 pm
#180 Sail Away on 05.12.20 at 10:21

Every thinking adult eventually realizes Elon is the man.

__________

Every right-wing wind bag needs a father figure. Funny that.

Can you name a female thinker/CEO/scientist/leader who you admire and who isn’t Anne Coulter, Margaret Thatcher or Ayn Rand?

———————————–

Is that what passes for cultural marxist rebuttal these days? Why don’t you look at all the marxist paraphernalia in your closet sporting the visage of an Argentinian mass murderer from the 1950s and tell me whose heros are virtuous are not.

Btw here are a few female thinkers I admire : Camille Paglia, Melanie Phillips, Orianna Fallaci. Marie Curie was radiantly brilliant too. And as you noted, 13-time NYTimes best seller Ann Coulter.

#220 Sail away on 05.12.20 at 1:59 pm

#202 Faron on 05.12.20 at 12:24 pm
#180 Sail Away on 05.12.20 at 10:21

Every thinking adult eventually realizes Elon is the man.

————–

Can you name a female thinker/CEO/scientist/leader who you admire and who isn’t Anne Coulter, Margaret Thatcher or Ayn Rand?

————–

Of course.

Although… it’s interesting you feel comfortable excluding accomplished and influential women. That in itself shows major bias. You’ve just asked for admirable women and completely skewed the ones, or the ideology, you find acceptable. Completely dishonest debating tactic.

But ok, here are some of my women heroes:

Lael Wilcox: endurance off-road bike champion
Goldie Meir
Margaret Atwood

And, although I wouldn’t class her as a hero, I also think favourably of Jodie Wilson Raybould

I have no use for Kim Campbell.

#221 Sail away on 05.12.20 at 2:16 pm

#213 Figure it Out on 05.12.20 at 1:13 pm

Re: sleeping in Tesla

————-

There’s really no arguing with someone who equates sleeping in a $150/night hotel to sleeping in a car with no plumbing.

In the hotel, you get free shampoo.

————-

Oh, it’s a perfect system: find an awesome scenic area, take a nice walk before sleep, then get up early and stop at a gym in the first town for full workout, sauna and shower. Then a relaxing breakfast and explore the town or get back on the road.

So much better than sitting in a box watching TV. I much prefer a plush traveling bed to motels. Just as we always prefer sleeping on our boat vs. getting motels when sailing. It’s like camping across the country with no logistical setup. So, actual yacht plus land yacht. What more is needed for a perfect life?

Cash savings are just icing.

#222 Attrition on 05.12.20 at 2:23 pm

Might be too late for the dirt bike discussion, but…I just got back from selling one of mine. I got dozens and dozens of emails on it, and it was 28 years old. Great shape mind you, but surprising how many people want an older bike.

I’ve always like old bikes, but now that I’m nearing old-ish-ness myself, I’m shying away from kick starts in the bush. Too easy to tire yourself out if dealing with a hard start after a wet crash.

My blood runs green, and Kawi launched a couple new off-road only KLXs. Electric start, fuel injection. 300R and 230R. Backup kick start kits should be available soon. And the price for a 2020 isn’t much more than I sold my ’92 for (Thailand final assembly, thank you).

Tempting.

PS: Quads/ATVs/Side by Sides are for the talent-less, the balance-less, the uncoordinated, the frail and the obese. If you’re not one of these (or using it to hunt) learn to ride a dirt bike!

#223 WAKEUP on 05.12.20 at 2:31 pm

Cuomo just said that Covid 19 was an act of God.
So is he saying that God exists?

Which God is he blaming?

Since they have sworn on the Bible that the Christians and Catholics read from then is he blaming that God?

Only a politician would blame God, must be a loophole.

#224 HIgh Life on 05.12.20 at 3:23 pm

#214 Sail away on 05.12.20 at 1:15 pm

#201 Lahdeedah on 05.12.20 at 11:57 am
#195 Sail Away on 05.12.20 at 11:33 am
#183 Lahdeedah on 05.12.20 at 10:33 am

So there, he’s not an all-knowing oracle. He focuses on what he knows. And that didn’t include tech for a long time. That makes him human like all the rest, and a little behind the times.

Sorry to break your bubble of blind belief and idolatry.

————–

No need to apologize- my bubble of blind belief in and idolatry of Buffett remains fully intact.

But he doesn’t live in his car…… don’t you have a boat to live in

#225 Sail away on 05.12.20 at 3:47 pm

#202 Faron on 05.12.20 at 12:24 pm

Can you name a female thinker/CEO/scientist/leader who you admire and who isn’t Anne Coulter, Margaret Thatcher or Ayn Rand?

————

I also admire my wife, who is a research scientist and BC Ministry section head and is none of the above.

And she even, I think, voted Liberal.

Although I’ll try to be more one-dimensional if it helps with the box you’re trying to put me in.

#226 Beetman on 05.12.20 at 8:01 pm

Stairs you say not as an option. It depends on how you look at it.

#227 Al on 05.12.20 at 11:01 pm

Here is Cramer on Office Buildings: https://www.cnbc.com/2020/05/12/cramer-sees-tremendous-tall-office-buildings-with-nobody-in-them.html

#228 jess on 05.13.20 at 2:46 pm

4 trexx on 05.11.20 at 3:41 pm
no such thing as free money?’
liquidity injections greenspan put : implied promise —> push pull factors

The fed is the market1

“if the monetary measures (from the fed) are sustained.”

https://www.rollingstone.com/politics/politics-features/taibbi-covid-19-bailout-wall-street-997342/