Tiff talk

Tiff would be a swell name for a guy on your rowing team at Harvard. Or as CO of the cadet corps at your boarding school. Ditto for your daughter’s tennis or dressage instructor at the Club.

Well, here he is. Patrician, steady, old-school solid. Now in charge of the Bank of Canada, Tiff Macklem is all about creds, not surprises. Economist. Banker. PhD. His father was CFO at Birks. Nurtured in Montreal’s tony Westmount. He’s worked in the Department of Finance, headed a major business school, repped us at the G7 and has served as deputy governor of the central bank. If you’re looking for a good time, lose his number.

Now Tiff is presiding over an economy on its knees. No BoC boss ever – save the guy who just left, briefly – had to deal with a global pandemic, eight million people on the dole, a cratering GDP, forced economic shutdown or a tripling of the jobless rate in two months. There is no playbook. No precedent. Nobody to ask for advice. What the Tiffer does next will impact a slew of citizens.

He testified before our lame, hobbled, shameful, held-to-ransom Parliament this week. “What we really want to avoid,” he said, “is a non-recovery.”

“The biggest risk to Canadians becoming insolvent is not having a job. Monetary policy has lowered interest rates to reduce the interest costs Canadians are facing. That is the best contribution we can make to getting Canadians back to work, which is the best thing we can do to prevent Canadians from going insolvent.”

Okay, that’s why the yield on the benchmark Government of Canada bond currently looks like this. See what’s happened since the virus came to town in March?

Also note the language used by Macklem. Canadians are not ‘struggling’ or confronting ‘financial stress.’ Instead they risk “going insolvent”, thanks to excessive debt-snorfling, over-leveraging, house-horniness and the kind of financial acumen usually associated with small, burrowing rodents. In other words, interest costs must be plunged or else many will drown in their own payments.

But, is it too late?

Robert Hogue, a biggie economist at RBC, is suggesting this may be the case. Look at real estate listings, he says. Getting scary.

Realtors across the country reported a jump of almost 70% in properties hitting the market in May after a barren April. Says Hogue: “There are early signs demand and supply are decoupling. We expect further decoupling in the period ahead. Economic hardship is no doubt taking a toll on a number of current homeowners — including investors. Some of them could be running out of options once government support programs and mortgage payment deferrals end, and may be compelled to sell their property.”

Yes, as a certain pathetic blog has been yammering about for weeks now, the decision by almost a million homeowners to stop making mortgage payments is consequential. If these people lost employment and income and became unable to service their loans after a month or two, it shows deep financial failure. If some decided to cease servicing their debts out of economic uncertainty, well, nothing has changed. The jobless rate will stay elevated and society seriously abnormal for months to come. When payments on $180 billion in abandoned mortgages restart, the stress will return. And more may realize the burden and risk posed by housing debt in a post-pandemic world.

Says RBC: prices will fall in most markets in the coming months. “Strong starting points in Ottawa, Montreal, Toronto and Halifax will provide these markets with a temporary buffer. Prices are already declining in Alberta, and Newfoundland and Labrador. Nationwide, we expect benchmark prices to fall 7% by the middle of 2021 though believe a widespread collapse in property values is unlikely.” Recall that CMHC is forecasting a decline of up to 18%. CIBC says 10%. Moody’s says 30%. Remax says phooey.

Meanwhile, have you noticed what crashed interest rates have done to financial assets?

From the virus-infused low on March 23rd, US stocks have gained 42%. Bay Street is ahead 38%. The S&P 500 has given investors who ignored the pandemic an 11% year/year return. Amazing, and many people wonder how stocks can be so disconnected from the real economy.

One reason is this: where else is money going to go? Bonds pay diddly. Cash and GICs have zero returns. Commercial real estate is suddenly looking dodgy. Houses are the inflated tools of the indebted, chattering class. Landlording’s a death wish. So even with a pesky virus nibbling the planet, diversified and balanced portfolios of financial assets seem more secure – and have performed admirably.

And now here’s Tiff. Expect low rates, he says, until things start looking the way they were way back in February. The best guess? Two years. The next Bank of Canada move up will take place in 2022, the odds suggest. That means low bond yields, cheapo corporate financing, buckets of monetary stimulus, central bank bond-buying and more dough migrating into growth assets.

As for real estate, the soma of the masses, it all comes down to jobs. If they come back fast, then the market holds (after the current boomlet). If millions are still collecting CERB in October, expect rampant poochedness. The non-recovery.

 

160 comments ↓

#1 Habitt on 06.17.20 at 3:39 pm

Keeping rates low to help the indebted including governments and others. When will it end?

#2 Andrewski on 06.17.20 at 3:43 pm

Neighbour’s are selling their home, listed for almost 3 months now. They’ve had 5 offers fall through due to inability of buyers getting mortgage approval. House beside him (finally) just sold after 9 different buyer’s offers fell through due to inability to get a mortgage. Hang on to your hats, we’re in for a hurricane.

#3 Peter Courtney on 06.17.20 at 3:45 pm

Interest rates should have been at least 4 or 5 percent before this crisis happened. It would have helped to control the debt. Carney and Poloz were negligent, creating a problem just to keep the economy super heated.

#4 Armpit on 06.17.20 at 3:49 pm

DEFUND THE GOVERNMENT!

#5 flyallthings on 06.17.20 at 3:51 pm

Hey Garth,

Curious if you think the stock market is plumped because the printing press is working overtime, causing currency to be flooded into the market by Mr. Socks? I found myself wondering if the record stock prices we see are actually hyper-inflation in disguise.

Thanks for the awesome blog!

#6 mitzerboyakaQueencitykidd on 06.17.20 at 3:54 pm

We just got a poodle shitzu puppy
The best little distraction anybody could wish for
stay safe
We’re All in This Together

#7 Bill Grable on 06.17.20 at 3:54 pm

Now BC Condo owners are facing INSANE jumps in insurance premiums – some up to 500%….and owners, already stretched, are freaking out.

The Premier Carole James said forcefully “it’s complex”. A lot of people can’t work, and are basically ‘pooched’, as Mr. Turner would say.

Here in Vancouver, I have been locked down, except for morning walks (early) Mask, the works. The City is is deep trouble. No income – the City charter does NOT allow the City to run a deficit – so, if this continues – like Mr. Turner says ” Buy a Helmet”.

Many of my friends are basket cases.

#8 Editrix on 06.17.20 at 3:56 pm

Tiff was also the nickname of Canadian author Timothy Findley. It came from his initials. Couldn’t see him dressaging or rowing.

#9 Leo on 06.17.20 at 3:57 pm

The non-recovery is a Venezuela like collapse of the economy?

#10 Flanneur on 06.17.20 at 4:00 pm

Tiff looks like the poster boy of white privilege.

I agree rates will stay low so Trudeau can do a eu. Borrow $ for 30 year terms with repayment beginning 8 years from now leaving his party free from the shackles of its spending.

#11 In the end ... on 06.17.20 at 4:02 pm

it always comes back to jobs. Always has. Always will.

#12 Leftover on 06.17.20 at 4:11 pm

Just did a search on “Canada” on Realtor.ca, result = 170,482 listings on mls.

So a million people deferred their mortgage? 3 million lost their jobs? Rounding error will double listings by autumn.

Tiff has been dealt a bad hand, I just hope that he developed a great poker face during those late-night card games with Biff, Hunter and Muffy. He’s gonna need it in the bond market.

#13 cramar on 06.17.20 at 4:12 pm

And here I thought that Tiff stood for the “Toronto International Film Festival.” Silly me!

#14 Lost...but not leased on 06.17.20 at 4:19 pm

S
…H
…….T
………F
……………..Plan

Here in BC…they don’t play their cards very well.

Our career Civil Servant Health Officer is in waaayyy over their heads..

Had no problem in past identifying “alleged” COVID- 19 outbreaks..number and locales

Now…(as predicted)..and alleged outbreak (the oh so predictable 2nd wave..yawwnnn) at a BC Fast Food outlet, but will not identify it.

Wait a minute…I thought contact tracing was important…

Wake Up Folks…

#15 Dave on 06.17.20 at 4:20 pm

The massive debt has gotten us into a crazy bad mess in the first place…the Covid virus just shined a bright light on it.

Real Estate has to drop…too many head winds to count.

#16 SunShowers on 06.17.20 at 4:29 pm

Very interesting that Tiff thinks that keeping Canadians working will stave off insolvency when, as this blog points out regularly, Canadians were in danger of insolvency BEFORE the pandemic. You know, when Canadians ALREADY HAD jobs?

“Here at the Tiff Macklem Repair Shop, we get your car into the exact same condition it was in ten seconds before the wheels fell off.”

Maybe we should try something different for a change. Let’s start with paying Canadians more.

#17 Dave on 06.17.20 at 4:30 pm

If your going to reduce Rates then the Federal Government Fiscal policy has to increase stress test

#18 tbone on 06.17.20 at 4:32 pm

Canada loses bid for seat on un security council .
Poor little Justin , lol

#19 Faron on 06.17.20 at 4:36 pm

#155 Sail away on 06.17.20 at 3:40 pm

#151 Faron on 06.17.20 at 2:59 pm

—————

“You were telling me how businesses should be run?”

No, I was telling you how, with steady deregulation as well as neo-liberalism, low and middle class folks have become poorer or had wages stagnate through upward wealth stripping. Run your business however you like under the law/regulatory framework.

Slander, when used as a verb, refers to any statement written or oral. Yes, I had to google that to be sure, but nice try though. I’m glad you nitpicked instead of delving into any substantive defence of trickle-down. All you have to do is google Reaganomics and do some copy-paste work. Bam. Lunchtime.

I hope if/when your son falls into some kind of substance abuse problem your response is “Something would have probably killed you, anyway. Seems like it happens to almost everyone.” That would be fitting of your classiness.

#20 Grunt on 06.17.20 at 4:36 pm

Not looking good for Ford in Oakville. Dias had better get a new hair-do. Taking Oshawa into account what a contrast from the Ontario of the 80s. All those well-paying jobs lost and the associated industries. What a shambles.

#21 You know val on 06.17.20 at 4:45 pm

Maybe Tiffiany is inadvertently suggesting …go to gold…Pickering Pickering…Oh Ya….if all turns to cow dung…..well stocks will hit the fan tooo!

#22 SoggyShorts on 06.17.20 at 4:47 pm

#142 Faron on 06.17.20 at 1:04 pm
#108 Between genX and millennials on 06.17.20 at 12:39 am

“It seems like the concern with deficits only happens on a certain category of proposed ideas… Almost makes me wonder if this is a disingenuous argument by a conservative who generally wants government policy to transfer wealth upwards? Surely that’s not it, right?”

If you get an answer from anyone here it will be along the lines of trickle down economics…

***************************
Seems a little judgy… I think loads of people here are capable of disliking both the purchase of F35s AND unlimited CERB.
Basically government overspending in any form.

#23 the Jaguar on 06.17.20 at 4:50 pm

‘ “What we really want to avoid,” he said, “is a non-recovery.” No sh_t Sherlock. Is that the best ya got, Tiff?
Something about him reminds me of Michael Ignattief or John Kerry. That same look of Muskokan entitlement. Definitely a member of the “Club”. Carolyn Wilkins should have been appointed for the job and everybody knows it, but our Prime Minister likes to surround himself with his cronies. We know how that worked out in the the tale of the Emperor’s New Clothes.

Not surprised listings have surged given many who thought about selling would likely have put their properties on the market in March or April. Then Mr. Covid arrived on the scene. Seems like the numbers might be pent up listing demand mixed with that sinking feeling that it might be smart to ‘get out’ while the ‘getting out is good’. The anxiety level out there among the indebted is palpable.
Another Border Collie pic today. What a handsome devil. A black and white life that not only matters but resonates to my soul.

#24 Dolce Vita on 06.17.20 at 4:51 pm

It seems everyone’s in a pissy mood in Canada nowadays.

Even Statcan have taken that mood on, here is their Drama Queen chart on Real GDP:

https://www150.statcan.gc.ca/n1/pub/71-607-x/71-607-x2020009-eng.htm?HPA=1

They’ve been probably waiting to do that since 1971. Finally.

————————-

Clearly not many movie goers here on the Blog…

TIFF.

Everytime I read his name I think film festival and not bank.

#25 Wally Wingnut on 06.17.20 at 4:52 pm

Kondratiev Winter

#26 Sail away on 06.17.20 at 4:52 pm

#11 In the end … on 06.17.20 at 4:02 pm

it always comes back to jobs. Always has. Always will.

————-

I have to disagree with the ‘always’

With Cain and Abel, it came down to jealousy. Vegetarian Cain won a Pyrrhic victory before the term was invented.

20,000 years ago, it came down to food. If you had it, good. If you didn’t have it, bad.

In Uruk, it came down to legacy vs. living for naught

With Spartans, it came down to glory

In Mad Max, it came down to control

In the end, jobs as such are just a very recent invention.

#27 Mike in Cowtown on 06.17.20 at 4:55 pm

Given how this federal government feels no guilt in meddling with markets…if there are millions still surviving on CERB money when the mortgage deferrals end the Liberals are bound to dream up some reason the banks won’t be able to resume collections on debt.

Que T2: “We stand for the workers and will not allow the (evil) banks to force you from your homes”.

Think it won’t happen? Good luck with that. We all knew CERB would be extended. More of the same.

#28 Praveen Bharat on 06.17.20 at 4:56 pm

Toronto has always been the #1 destinations for wealthy investors, international students and immigrants. You must be delusional to believe that price levels will revert back to 2013 levels. Toronto is a growing city, and the economy is robust. Toronto is the destination for finance, banking, tourism and entertainment. Toronto is best city in the world. Demand will stabilize prices.
I know hundreds of upper class Indians who dream of moving to Canada and they have the money. Price is not an issue for many aspiring Canadians.

#29 jal on 06.17.20 at 4:58 pm

If the gov. had not given $2,000, what kind of trouble would we be having?
How can the lenders collect from the borrowers when the borrow has no money, (+60%), and no source of income to meet the demands of our obligations.

Opppps!

Xmas is coming with a bag of coal.

#30 Flop... on 06.17.20 at 4:59 pm

I saw Captain Showbag talk about following “best international practices.”

What I heard was; We’re gonna let some other countries muff it, and then tell you guys, hey look, we wrecked the economy, but look over there, it could have been so much worse…

M45BC

#31 willworkforpickles on 06.17.20 at 5:01 pm

The – it can’t happen to me…not to me – crowd of greater fools holding out for higher still prices that won’t transform much longer in this economic climate, will experience the devaluation of panic and panic selling before this cycle ends. Sure, it’s true with some here saying (jncluding the author of this blog) that immediate sales for the next little while will see some price increases (inflating the bubble all the more) as likely. This will only serve as a false buffer of security for those holding on to overpriced real estate they really cannot afford going forward lulled into a false sense of security thanks to even greater fools than themselves. When the relatively few that are left who still qualify to buy pool of buyers dries up, then the bubble could/should burst as a result and the panic ensues. What with millions likely still jobless at about the time the government jn the not too distant future has been rendered unable to help. By then least able to intervene and save the greatest of all fools fools.
The – it can’t happen to me – not to me it can’t crowd of greater fools will for the most part hold out until it’s too late. All other angles around this and thinklng to dismiss this very potentially real and likely fallout are delusional.

#32 Apocalypse2020 on 06.17.20 at 5:06 pm

Beijing is shutting down air travel.

COVID Round 2 is there.

“Extremely severe”

https://www.theguardian.com/world/live/2020/jun/16/coronavirus-live-news-covid-19-update-global-cases-pass-8-million-beijing-china-partial-lockdown-latest-updates

https://globalnews.ca/news/7074929/coronavirus-beijing-flights-cancelled/

We ain’t seen nothin’ yet.

#33 Dolce Vita on 06.17.20 at 5:09 pm

It goes back to the Leger Poll result that Cdns. want the damn virus to be:

“gone, gone.”

When that happens they’ll emerge from their warrens (rodents are not the only burrowers Garth), start spending again, dreaming, borrowing (as usual) to fund the lives they believe they so richly deserve and THEN and ONLY THEN, will jobs and the economy get back to normal.

The thing is and after “gone, gone”, Gov will have to find a way to get all that money back or join the threadbare Gov Italia club.

When that happens and for a lot of the Blog Dogs here:

Brace & Burrow.

For years. And years. And…

#34 Sail away on 06.17.20 at 5:13 pm

The new bird dog pup is now around 15 weeks and a whole lot of fun.

Lots of happy-timing in the field- a good daily excursion in challenging terrain with water, logs, cliffs, steep slopes and spiky vegetation. He’s got to know the country.

Dog, child and employee training tip: To foster independence, lead them into challenging situations and never, ever, help them figure it out. Give them time, let them whine, and ignore.. ignore.. ignore. The only time to help is if they’re actually in danger.

Eventually they’ll make it over the root, through the water, down the slope, across the log. Come back tomorrow and it’ll be old news.

If you help, they’ll always need help. If you don’t help, it activates their brain.

#35 Freedom First on 06.17.20 at 5:15 pm

Tough times are ahead for Canadians, and the world. Hopefully we will not have World War III. Sad times.

I am in a good place, geographically, and financially, like Garth, but it is not pleasant to see what is happening all around the world.

Freedom First

#36 baloney Sandwitch on 06.17.20 at 5:16 pm

Amazing post today. One niggle: The thing is if we are going into the great recession 2.0 or depression 2.0 (note: I did not say “great” for the latter), stocks are also gonna crash – right now they are like Wile E. Coyote walking on air. https://www.youtube.com/watch?v=L1d4AVC24D8

There is no reason stocks will ‘crash’ (we’re already in a recession). – Garth

#37 TurnerNation on 06.17.20 at 5:18 pm

Here comes the debt. For the War Effort. This CV will be milked for years, until all the goals are in place.

Commie Bonds

Translates into: working people will be taxed to death.

https://www.toronto.ca/news/city-of-toronto-issues-inaugural-social-bond-a-first-in-canadas-public-sector/
“Quotes:

“In the midst of a global pandemic, this $100 million issuance ensures the City can continue investing in essential social services, affordable housing and critical infrastructure. The first of its kind in Canada, the Social Debenture program demonstrates our commitment to equitable social advancements for all Torontonians.”

#38 Sail away on 06.17.20 at 5:20 pm

#19 Faron on 06.17.20 at 4:36 pm
#155 Sail away on 06.17.20 at 3:40 pm

I hope if/when your son falls into some kind of substance abuse problem…

————-

Hope not. Leave my son out of this.

#39 Dolce Vita on 06.17.20 at 5:23 pm

I know it looks pretty bad now and it does.

But it must of looked just as bad if not worse in 1918 or from 1331 to 1353.

If we got thru that, we’ll get thru COVID-19. Sure, they’ll be upheavals as there were back then. A few years from now, it will be a distant memory, a bad one, still a memory.

So, chin up Canada. Andrà tutto bene.

#40 Barb on 06.17.20 at 5:26 pm

While at the dentist this morning, a woman said her 20 year old daughter had better move out soon because there are “parcels” delivered daily to the house…buying clothes etc on CERB money.
She and husband are fed up with their lazy self-absorbed child.

Has apparently been occurring for 5 or 6 weeks.
Daily parcel deliveries!!!!

#41 Faron on 06.17.20 at 5:28 pm

#37 Sail away on 06.17.20 at 5:20 pm

“Hope not. Leave my son out of this.”

—–

Will do. My apologies for making it personal in that way.

#42 Faron on 06.17.20 at 5:31 pm

#37 Sail away on 06.17.20 at 5:20 pm

I’ll further clarify that I don’t wish addiction of any kind on you, your son or anyone. I have close relationships with addicts former and present and there’s nothing fun about it.

#43 BlogDog123 on 06.17.20 at 5:39 pm

JT is now having a temper tantrum about losing the vote for his coveted security council seat:

“Why me? I have nice hair, I’m a feminist when not groping, I’m not a racist when I forget to wear my blackface, I spend and spend while I shut down revenue generating oil projects, why, oh why me?? Gosh, darn, people like me!?! ”

He spent all that time in Africa bribing folks there with money he does not have (pile on more debt), trying to secure a vote for Canada. Zilch.

Oh, I bet China was pulling the strings, telling everyone to not vote for Canada, sticking it to Justin for the whole Huawei / extradition / 2 guys rotting in a Chinese jail thing.

#44 TurnerNation on 06.17.20 at 5:41 pm

Found the Stay Home Cottagers guy.

You see how this New System has already driving people stark raving mad.
They ask to see a Passport?
Kanadians are primed to Communism. Bring it on, our new Prefecture Kommandant is ready to drag people away to the Kamps
Papers please!!

https://toronto.ctvnews.ca/toronto-area-drivers-americans-being-threatened-in-ontario-s-cottage-country-1.4986572

“He says those people are now being targeted while they go about their everyday errands, including one man, with Florida licence plates, who was verbally assaulted at a gas station by a person who demanded he show him his passport. “

#45 fishman on 06.17.20 at 5:42 pm

So the Tiff figures the biggest risk for insolvency is not having a job. Better git down to downtown Vancouver town. Lawyers are working double shift sending out real carefully worded dismissal letters. For those educated liberal voting inner city entitled elites that like to sue because, you know, their like a victim.

#46 willworkforpickles on 06.17.20 at 5:44 pm

Back a few months I was actually reading all the comments daily for quite some time, no one posted an immediate response to this . The question was first asked by a poster here…What’s driving the markets…I responded with – A government infusion of funds in conjunction with using the platform of support payments to the unemployed. And as a result of this, speculative FOMO by joe investor with some cash to invest. It took a while for that bit to sink in. Now that everybody and his brother would-be investor (bad-very bad) is aware of that (or should be) a real bubble is getting bigger in the markets. It’s truly becoming a house of cards world for the number one topic and concern in the world. Money.

#47 Sail away on 06.17.20 at 5:46 pm

Faron- apology accepted

#48 Dolce Vita on 06.17.20 at 5:46 pm

#32 Apocalypse2020

We ain’t seen nothin’ yet.

——————————————–

Ya we have.

Here’s the list. It’s a long list. Sort it by “Death Toll”.

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

Scroll WAY down to find the damn virus. Just starting to bump up agagainst the well known:

1896–1906 Congo Basin African trypanosomiasis epidemic.

——————————————–

We’ve seen plenty already.

And, we’re still here.

That pesky species called Humanity, peskier yet than the bugs and viruses Mother Nature throws at it.

#49 TurnerNation on 06.17.20 at 5:47 pm

By the way if you doubt this WW3 is for your minds, notice every day the slow drip they fire at us.
Statues torn down. Product labels changed. More to come they got a big list to go. A little mind prison they got laid out for us. Always teaching us new phrases too.

Reactions are monitored on social media for the next one. After all, “marketing without metrics is madness” as the saying goes. These are the pros.
You must both intimidate and demoralize your enemy. Which is us. Wait for tomorrow’s change or piece of Old System being dismantled.

#50 fishman on 06.17.20 at 5:48 pm

The good news just keeps coming this aft. “Lil potato” just got bounced on the first round. I mean there’s sucking up. Then there’s sucking up too much.

#51 whiplash on 06.17.20 at 5:55 pm

All of the hundreds of million wasted by Trudeau to inflate his pathetic ego for a seat on the UN security council–gone. He got his ass kicked and so did every taxpayer for the waste of our money while he plays the role of Mr. Global leader. And get a haircut too, maybe dip into the trust fund that daddy left you and get a hairstylist to come to your bunker. Drama class is over!!

#52 Friedman's Ghost on 06.17.20 at 5:59 pm

Although monetary policy is rather unlimited in resources, its efficacy is certainly limited. What effects has the lockdown had on those willing to risk capital for entrepreneurial gain? How willing will one be to accept risk when the government can terminate your ability to conduct business on the advise of ‘experts’ with hippocratic oaths to uphold?

The effects we have seen from this will be culturally shifting. The entrepreneurial spirit of the western world will continue to decline; risk will become the new virus; government employment will become the vaccine; taxes the cure.

To credit Ludwig von Mises, the Country has now become a giant post office and every citizen a subordinate clerk.

#53 Prairieboy43 on 06.17.20 at 6:02 pm

Alberta Stage 1. Equalization Referendum Coming. Stamp it!! Don’t report this freedom loving alberta language to CBC or to mommy boys, someone might be terminated.

https://calgarysun.com/news/politics/kenney-says-alberta-will-hold-referendum-on-equalization-in-2021-as-fair-deal-panel-offers-25-recommendations/wcm/95772fef-10f1-4548-a6fe-d987942a2bc3

#54 Nick on 06.17.20 at 6:05 pm

.
Traditional theories fail in Lower Brainland BC

Stress test = RE prices up
Higher down = RE prices up
Siddall CMHC changes = RE prices more up

Upa up here in BC. Forever.

#55 Bobby Bittman on 06.17.20 at 6:08 pm

#19 Faron

“I hope if/when your son falls into some kind of substance abuse problem your response is “Something would have probably killed you, anyway. Seems like it happens to almost everyone.” That would be fitting of your classiness.”

Your recent posts here seem rather desperate. Have you considered changing your handle to “foot stamper”?

#56 Bytor the Snow Dog on 06.17.20 at 6:12 pm

Canada third of three in voting for UN Security Council seat.

High fives for Participation Ribbon abound!

#57 Craig on 06.17.20 at 6:13 pm

It has been so easy to give out the dollars that there is no reason not to continue. I think JT will keep the money flowing to maintain RE prices especially in eastern Canada. It’s just too big a part of the economy.

#58 TurnerNation on 06.17.20 at 6:14 pm

#39 Dolce Vita how many people did you know infected during this pandemic and their status now? You seem informed.

#59 Democracy Is Mob Rule on 06.17.20 at 6:17 pm

where else is money going to go?
——————————————————
#5 flyallthings on 06.17.20 at 3:51 pm
I found myself wondering if the record stock prices we see are actually hyper-inflation in disguise.
————————————————————–
All that money from quantitative easing has to go somewhere. It already drove up bond and real estate prices. If bond and real estate prices drop, the money has nowhere else to go besides equities.

In a sense it is inflationary, but in assets instead of consumer goods.

#60 conan on 06.17.20 at 6:21 pm

Here comes the Bolton book ….. another railway spike driven deep into the big wooden door that is Donald J Trump’s casket.

#61 joblo on 06.17.20 at 6:22 pm

So, that’s it?
THE BEST the BOC can do is ….
Lower interest rates and Kanadians will get jobs and not go bankrupt? From the job fairies?
Thanks for coming out Tiff.

Kanada is a joke

#62 Shirl Clarts on 06.17.20 at 6:24 pm

…it all comes down to jobs. If they come back fast, then the market holds…

^^^^^^^^^^^^^^

I will wager the market will definitely hold, but not because of a turnaround in jobs, but rather the CERB will be extended into 2021.

Isn’t that just the same type of diddling that governments have done for the last decade to keep housing inflated, while renters have sat on the sidelines “waiting” for houses to “crash”?

You see, we are not dealing with SARS – that one, we stamped back into the dirt, easy. No no. This is SARS-COV2. The sequel. Like Empire Strikes Back. Dark, nasty, and didn’t end well.

Even if housing tanked 30% overall (doubtful), you will likely not see the same discount in the lower price points. That is where the demand will be highest. Maybe 5-7% if you are lucky. “Sticky, prices will be.”, says Yoda.

So, if you are waiting for that small of a correction to take place in a year from now, you are just paying for that discount in the form of Rent.

#63 Oracle of Ottawa on 06.17.20 at 6:25 pm

Agreed. Stocks will do well for the foreseeable future. This is why the Fed is keeping the rate at 0%. All you have to do is look at the Nikkei (Japan’s index). Since 2010, Japan has kept interest rates at or below 0%, and just look at what the Nikkei has done from then until now.

So many jealous people here. – Garth

#64 Paul on 06.17.20 at 6:28 pm

Garth,

“…From the virus-infused low on March 23rd, US stocks have gained 42%. Bay Street is ahead 38%. The S&P 500 has given investors who ignored the pandemic an 11% year/year return. … So even with a pesky virus nibbling the planet, diversified and balanced portfolios of financial assets seem more secure – and have performed admirably.”

——————————————————————————-
What are you spewing here? The ONLY AND ONLY REASON this market has gone up is the Injections of Billions of Dollars of Govt. monies. If it wasn’t for this, your “Balanced” portofolio would of mounted to nothing. Where were your “Diversified and Balanced” portfolio’s prior to March 23?

Simply Ridiculous.

They were doing fine. Thanks. – Garth

#65 Wrk.dover on 06.17.20 at 6:31 pm

Canada won’t be somebody’s proxy at UN Sec. Coun.

Good! For everybody on all sides!

#66 AM in MN on 06.17.20 at 6:40 pm

The question for Tiff is weather or not he wants to follow the model of Argentina or Switzerland?

At least Canada only borrows in currency it can print, and it seems that the only way to pay the debt and things like underfunded pensions and health care costs is through a devalued currency, but that isn’t the same as creating wealth.

Biblical law states that commerce needs to be conducted using units of honest weight and measure, and the C$ fails on that half of the transaction.

You can’t print your way to prosperity. At some point the wealthy white liberals, once they become less wealthy, will have to stop saying NO to every wealth creating industrial project that gets proposed?

#67 Don Guillermo on 06.17.20 at 6:43 pm

#11 In the end … on 06.17.20 at 4:02 pm
it always comes back to jobs. Always has. Always will.
****************************************
It should always come back to jobs but I guess if you pay everyone to stay home it just doesn’t matter. I don’t know why Canada didn’t think of this years ago. T2 really is a genius!

#68 Ponzius Pilatus on 06.17.20 at 6:45 pm

#42 Faron on 06.17.20 at 5:31 pm
#37 Sail away on 06.17.20 at 5:20 pm

I’ll further clarify that I don’t wish addiction of any kind on you, your son or anyone. I have close relationships with addicts former and present and there’s nothing fun about it.
——————
I’d worry more about Sailo.
He’s drinking moonshine Slivovitz, which is East Europian plum schnapps.
Lots of people killed by that nasty stuff during Communism. Probably still are.
And then, what is a Latino doing drinking Slivovitz?
Or may be he is a fake Venezuelan.

#69 Howard on 06.17.20 at 6:53 pm

So for all of Justin’s foreign bribing with our money, he got 4 fewer votes for Canada at the UN than in 2010, when Harper couldn’t care less about that stupid seat.

Go Norway and Ireland!

#70 DrC on 06.17.20 at 6:53 pm

Canadians are not ‘struggling’ or confronting ‘financial stress.’ Instead they risk “going insolvent”, thanks to excessive debt-snorfling… In other words, interest costs must be plunged or else many will drown in their own payments.

Pardon my subjectivity on that matter, but if the population is over-indebdted, wouldn’t it be logical to somehow lock-in the rates (or lower and lock in) for the ones on the verge of bancrupcy and raise the borrowing rates for the new borrowers? Because if you lower the rates now, what’s gonna stop the new borrowers to borrow more? Let’s look from the perspective of someone who wants to enter the housing market and has a perfect credit score. The banks will be more than happy to lend them money. We cannot longer rely on the logic and sanity of the borrowers and objectivity of the lenders… What’s gonna stop the population to be more indebded?

#71 Don Guillermo on 06.17.20 at 7:06 pm

#68 Ponzius Pilatus on 06.17.20 at 6:45 pm
#42 Faron on 06.17.20 at 5:31 pm
#37 Sail away on 06.17.20 at 5:20 pm
I’ll further clarify that I don’t wish addiction of any kind on you, your son or anyone. I have close relationships with addicts former and present and there’s nothing fun about it.
——————
I’d worry more about Sailo.
He’s drinking moonshine Slivovitz, which is East Europian plum schnapps.
Lots of people killed by that nasty stuff during Communism. Probably still are.
And then, what is a Latino doing drinking Slivovitz?
Or may be he is a fake Venezuelan.
************************************
Had to do a search on Slivovitz. Sounds good.

Venes have some great rum and small cans of beer (they make your hands look big). No one knows how to chill down a caja of beer like a Vene. Sadly I haven’t seen Polar beer or Cacique rum in Calgary for years.

#72 Billion Dollar Whale on 06.17.20 at 7:13 pm

The BC government just lost their 13- year case against the HA clubhouse battle. Nanaimo and Kelowna the big winners. Rising house prices are back!

Also, if house prices do not decline in another month within BC, the BS Assessment Authority Stamp is going to show increasing prices for the tax assessment letters that are sent out in January to all BC residents. Okanagan is on fire and fire season hasn’t even started. The last of the hardcore Vancouverites holding out hope in the Lower Mainland have given up. And with nil active COVID cases in the area it is a great time to hit the beaches. In fact, I am going over to Gyro beach right now on my hog. This place is like the Kitslano of 2003.

#73 Adele on 06.17.20 at 7:15 pm

*Warning: Anecdotal evidence*

Left Flop city 20 yrs ago to live in Nova Scotia where, like rest of Canada, CERB has been extended.

1) Drove to Home Hardware to pick up wood chips for the smoker and they have a sign on the door “Delivery Driver needed”.
2) Get in car, advert on local radio station for the local roof truss plant “Labourers needed, carpentry experience desirable but not necessary”.
3) Arrive at government liquor store (NSLC), sign in counter says they are looking for cashiers.
4) Go home and check email. Unsolicited email from local grocery distribution warehouse looking for employees.

I’m guessing that all jobs going begging are less than full time. However, when sitting at home is better than 20 hours per week at $20 per, then the economy is pooched.

So my advice is still to avoid sports memorabilia.

#74 Neo on 06.17.20 at 7:16 pm

There is no reason stocks will ‘crash’ (we’re already in a recession). – Garth

That’s cute. We are in the massive intervention stage of fire hose stimulus from all forms of government and Central Banks.

We haven’t entered the actually recession part yet.

In others words, Canadians are still on the Trudeau ventilator. Once we get off it if ever we will find out who can breathe on their own and it won’t be pretty.

Experience tells me you are wildly incorrect. – Garth

#75 Straight Talk with Prominent BC Realtor on 06.17.20 at 7:22 pm

It doesn’t take a genius to figure out that low rates will continue goosing housing. This is going to go on for a long time. The call in 2009 was for 10 years of low rates. Well, we have exceeded that call and 20 more years of low rates is not out of the question.

With change there is always opportunity. And the #1 opportunity right now is work/study from home – now proven – no going back. Massive ramifications for economic development around metros. This is a big disruptor for city hubs.

And if you can take your income on the road, you know towns like Oliver, Nelson, Kalso, Salmon Arm – all these little gems around BC with amazing beaches and lifestyle are going to fill up with millennials fleeing expensive locations like Vancouver and joining retiring boomers who have for years scouted these places and moved in for retirement. And when you move to these areas you can afford a nice house with a yard. The kids will love the organic grass and fresh water lakes that are crystal clean.

#76 conman on 06.17.20 at 7:48 pm

you guys would do well with a combination of Zoloft, Paxil and Lexapro.

#77 NoName on 06.17.20 at 7:50 pm

@ponzy

Dude you guys are putting sliced pine cones in a brandy, plz stop maligning sljivovica.

#78 no blog for old men on 06.17.20 at 7:55 pm

@#60 conan on 06.17.20 at 6:21 pm
Here comes the Bolton book ….. another railway spike driven deep into the big wooden door that is Donald J Trump’s casket.
____________________

wonder when the book on bolton comes out.
guys just as bad as trump.

#79 WIN not lose on 06.17.20 at 7:59 pm

Two guys in a bar discussing the economy:

Pessimist: “It can’t get worse.”

Optimist: “Yes it can.”

#80 Democracy Is Mob Rule on 06.17.20 at 8:17 pm

Why does everyone assume that the stock market is over valued because it is hitting new highs? Throughout history it is usually hitting new highs. It grows due to inflation, just like house prices. It grows due to population growth and the ensuing economic activity. Unless we become like Japan with low inflation and a declining population, it will continue to go up most of the time.

In the short run though it is overbought and will likely have a pullback of half the recent gains from the sell-off lows. That will be a buying opportunity.

#81 the Jaguar on 06.17.20 at 8:21 pm

@#50 fishman on 06.17.20 at 5:48 pm

It’s all your fault for not springing Telephone Girl from her mansion in West Van. You were supposed to back up the armour plated 1972 Dodge Charger, pop the trunk and throw her in and then make a bee-line for the US border. Tuck and roll onto the US side.

#82 cto on 06.17.20 at 8:23 pm

Garth.
Why was Tiff asked about a 2% rise in interest rate?
Is the Government concerned that they may have to raise rates?

#83 Sail Away on 06.17.20 at 8:24 pm

#60 conan on 06.17.20 at 6:21 pm

Here comes the Bolton book ….. another railway spike driven deep into the big wooden door that is Donald J Trump’s casket.

—————–

But, but… none of them seem to stick.

Two possibilities:

1. DJT is an absolute evil genius who can commit crimes at will and somehow puppet-master the entire legislative system so he escapes unscathed, or
2. None of the accusations have substance.

Hmmm…

#84 SimplyPut7 on 06.17.20 at 8:26 pm

As for real estate, the soma of the masses, it all comes down to jobs. If they come back fast, then the market holds (after the current boomlet). If millions are still collecting CERB in October, expect rampant poochedness. The non-recovery.

——————————

I work from home and have been told by my employer I will not be allowed back in the office until AT LEAST September.

No coffee breaks, no lunch or dinner with co-workers, no transit or taxi/uber rides, no food truck desserts and snacks, no impulse shopping trips at the retail stores downtown Toronto. And I didn’t spend as much as some of my co-workers who are also at home.

I also spend less money now as I don’t need new business clothes for work and can have cheap smelly lunches like eggs or fish.

I doubt I will be in the office in September and if I do come back to work full-time it will probably be in 2021 if the second wave forming in the States doesn’t impact us too badly.

#85 Do we have all the facts on 06.17.20 at 8:28 pm

Canadian GDP is declining. What this means is that the revenues generated by economic activity within Canada are also declining. Declining revenue results in a decline in employment and a decline in employment reduces disposable income and consumer spending. As consumer spending contracts many businesses will find it difficult to continue without scaling back operations.

As unemployment increases credit tightens and many Canadians will find it necessary to seek assistance to avoid insolvency. The fact that CERB has been extended is not a sign of a healthy economy.

All this optimistic chatter about the pent up demand for housing driven by millennials seems to overlook the simple fact that most millennial households with total household incomes excess of $70,000 already own a home. Prior to 2020 millennial households generated an average of 230,000 home purchases per year. The reality in 2020 is that the 50% of millennial households with total household incomes below $70,000 have been hit hard by the Covid 19 lockdown and many will find it difficult to purchase any form of accommodation in Toronto or Vancouver.

It is far too early to determine the full impact that the Covid 19 lockdown will have on the Canadian housing market in 2020. However the current state of the Canadian economy provides all the evidence needed to
conclude that a significant number of Canadian households are no longer in a position to consider home ownership for the first time.

CMHC based their predictions on an analysis of facts not on inculcations from the real estate industry.

Buyers beware!

#86 Flop... on 06.17.20 at 8:33 pm

Straight Talk with Prominent BC Realtor on 06.17.20 at 7:22 pm

“And if you can take your income on the road, you know towns like Oliver, Nelson, Kalso, Salmon Arm – all these little gems around BC with amazing beaches and lifestyle are going to fill up with millennials fleeing expensive locations like Vancouver and joining retiring boomers who have for years scouted these places and moved in for retirement. And when you move to these areas you can afford a nice house with a yard. The kids will love the organic grass and fresh water lakes that are crystal clean.”

///////////////////

I really like the area around Nakusp, Rosebery, New Denver.

Don’t know if I could live there full time, maybe in 20 years my tune will change.

I looked to see the first decent one that could be updated in downtown Nakusp, where you could walk to shops and restaurants.

350k, spat out the machine.

Doesn’t sound bad when compared to Vancouver, but if I did some research to see what it was when I first visited, I would probably blackout.

I was camping in the Rosebery campground once and walked across the road to a beach with a private dock.

I didn’t go on the dock, but was near it, a guy came out and I thought he was going to to me to hit the road.

Wrong, he was super friendly, I guess talking to new people in a small village keeps you ticking over.

We got to talking over a beer and he said he’d been looking over near Fernie and some of the other more renowned places and said he couldn’t believe he could have lakefront in between Nakusp and Nelson for so cheap.

Another bit that stuck in my head was, he said he did a lot of research and couldn’t find why the area wasn’t more popular, and thought that something was wrong.

Solid access road, hospital nearby, shops and restaurants nearby, yada, yada.

The cherry on top, and this is important if you want to enjoy the water, not just ogle it, temperature.

The temperature of Slocan Lake in the summer is spot-on.

Arrow Lakes, for that matter too.

The guy was right, nothing wrong with that area…

M45BC

https://www.royallepage.ca/en/property/british-columbia/nakusp/417-9th-avenue-nw/12212755/mls2452293/

#87 Drill Baby Drill on 06.17.20 at 8:35 pm

#75 Straight Talk
Your assumption that Vancouverites will love living in Salmon Arm and Kaslo etc. Is way off the mark. They will not appreciate the lower health care options, consumer options and the plentyfull knuckle dragging locals.

#88 Don Guillermo on 06.17.20 at 8:35 pm

#75 Straight Talk with Prominent BC Realtor on 06.17.20 at 7:22 pm

And if you can take your income on the road, you know towns like Oliver, Nelson, Kalso, Salmon Arm – all these little gems around BC …
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Kaslo little gem? yikes Zzzzzzzzzzzzzzzzzzzz

#89 DON on 06.17.20 at 8:37 pm

Garth, is it time to revisit the idea of filling all political offices with independent candidates?

#90 45north on 06.17.20 at 8:42 pm

DELETED

#91 Tim123 on 06.17.20 at 8:47 pm

I read Tiff Macklen’s biography when he was first appointed. It is very impressive indeed. He has spent most of his career in the federal government so he knows the language of the position so when he uses the term “insolvent” that is about as bad as you get in economist terms so that indicates to me that he thinks the housing market is going to crash badly. Economists in his position know when to hit the panic button in terms of the language that they use and the terms he is using indicates that he is worried about the real estate market.
Judging by the surveys last year that 58% of people are living cheque to cheque tells me that a real estate crash is coming very soon.
There are too many jobs that are just not going to come back until a vaccine is found for coronavirus in a couple years at the earliest.

The stock markets are running really good right now, almost too good. It has been a good year in the equity markets so far this year, so some profit taking is warranted and I figure we are in a trading range and probably at the top end of the range right now.
The irony of it all is that the majority of people in Canada will tell you that real estate is a safe investment and the stock market is a risky investment.
Anyways if there were more people who trade the equity markets and go long or short, then money would not be a problem for those people.

#92 DON on 06.17.20 at 8:48 pm

Meanwhile via Bloomberg, Banks resuming with pre-COVID layoffs.

Hopism is strong…but the widow for results is short until more and more people take notice as more and more people are affected by the downturn.

Instead of rolling down a hill of the end of a business cycle with heavy pack full of debt, Covid came out of no where and kicked our economy off a high cliff, hopefully there is water below.

BC opened up…but the restaurants don’t seem to be in high demand yet. People still working from home, no outside tourists, maybe they are doing more take out, who knows. Maybe more people learned to cook and realized it is cheaper?

#93 Ponzius Pilatus on 06.17.20 at 8:49 pm

#77 NoName on 06.17.20 at 7:50 pm
@ponzy

Dude you guys are putting sliced pine cones in a brandy, plz stop maligning sljivovica.
————-
Nothing wrong with branded Slivovitz.
Had lots of it when I wore a younger Man’s clothes.
I’m talking about the bootlegged ones.

#94 45north on 06.17.20 at 9:04 pm

deleted

first time

in 10 years

why?

Routine policy when a leader’s proper name is mocked. – Garth

#95 Drinking on 06.17.20 at 9:08 pm

It is a break down!
I hate talking about it because we are all so tired of it; I very much hope that people prepare for what is coming. Today Beijing cancels most of it flights due to a new surge , huge outbreaks everywhere, even New Zealand is coming down with new cases. It is not over for the long shot!

Cash is King!

#96 Ponzius Pilatus on 06.17.20 at 9:15 pm

Another civil war could be coming to the US.
What a mess.
Even when the borders open, stay home.

#97 Ponzius Pilatus on 06.17.20 at 9:19 pm

Apparently, Norway which is a much smaller country, spends twice as much on foreign aid than Canada.

#98 Terry on 06.17.20 at 9:49 pm

“Tiff Macklem is all about creds, not surprises. Economist. Banker. PhD. His father was CFO at Birks. Nurtured in Montreal’s tony Westmount. He’s worked in the Department of Finance, headed a major business school, repped us at the G7 and has served as deputy governor of the central bank.”

Great……….that’s all we need is another academic making policy decisions that will turn out to be wrong the vast majority of the time like they all do and yet still being perceived as experts…and still being employed; pathetic.

#99 AisA on 06.17.20 at 10:05 pm

Is it too early to trademark “Vultchgasm?”

oh my, I think I just did. Thanks, internet.

#100 Reality is stark on 06.17.20 at 10:15 pm

Interest rate increases by 2022 are a fantasy.
Perpetual deflation is unlikely to bring higher interest rates.
If we want to compete with the rest of the world wages must fall. Remember the rest of the world has a plethora of productive people willing to work for less and technology allows work to be exported.
Taxes are the only way out for a government that refuses to lower public service costs.
Root, hog or die folks.
CERB is a short term fantasy.
When the Tiffster uses the word insolvency he recognizes the truth about his own citizenry.
Caught between the longing for love and the struggle for the legal tender the leap of faith appears no longer to be worth it.
No need to be a pretender. The jig is up.
It’s only servitude for someone else’s unrealistic expectations.
Face reality and make better choices.

#101 DON on 06.17.20 at 10:17 pm

#34 Sail away on 06.17.20 at 5:13 pm

Dog, child and employee training tip: To foster independence, lead them into challenging situations and never, ever, help them figure it out. Give them time, let them whine, and ignore.. ignore.. ignore. The only time to help is if they’re actually in danger.

Eventually they’ll make it over the root, through the water, down the slope, across the log. Come back tomorrow and it’ll be old news.

If you help, they’ll always need help. If you don’t help, it activates their brain.

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

Good point! Especially on the child front.

#102 DON on 06.17.20 at 10:20 pm

#26 Sail away on 06.17.20 at 4:52 pm

#11 In the end … on 06.17.20 at 4:02 pm

it always comes back to jobs. Always has. Always will.

————-

I have to disagree with the ‘always’

With Cain and Abel, it came down to jealousy. Vegetarian Cain won a Pyrrhic victory before the term was invented.

20,000 years ago, it came down to food. If you had it, good. If you didn’t have it, bad.

In Uruk, it came down to legacy vs. living for naught

With Spartans, it came down to glory

In Mad Max, it came down to control

In the end, jobs as such are just a very recent invention.
*************
A job can give you control, glory, legacy, living for naught, food.

#103 NoName on 06.17.20 at 10:21 pm

@ ponzi

now that you mention bootleggers here is an interesting read

https://www.npr.org/sections/thesalt/2018/01/02/574367086/from-hooch-to-haute-cuisine-a-nearly-extinct-bootleggers-corn-gets-a-second-shot

#104 DON on 06.17.20 at 10:32 pm

#23 the Jaguar on 06.17.20 at 4:50 pm

Another Border Collie pic today. What a handsome devil. A black and white life that not only matters but resonates to my soul.
***************
Yup, I have one of those handsome… devils (Dennis the Menace’s Dog).

#105 Smartalox on 06.17.20 at 11:03 pm

I had a roommate in University whose father made bootleg ‘Slivowicz’ based on the family recipe from the old country. I had the pleasure of taking a shot with him once, wherein he explained (through his grandson, translating): In Slovenia, it is very cold, and when it is cold the tractor won’t start. So (holds up bottle) you pour this into the tractor’s engine.

“One shot for you, one for tractor! “

#106 Faron on 06.17.20 at 11:12 pm

#48 Dolce Vita on 06.17.20 at 5:46 pm

#32 Apocalypse2020

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

~26th after 4 months of pandemic status ain’t too shabby.

Sometimes I wonder if #14 — Encephalitis lethargica — isn’t running rampant among posters to this blog’s comment section

#107 TRON on 06.17.20 at 11:20 pm

The best lesson I learned growing up was to watch out for the quiet guys if you’re going into a fight. They say little and save it for the fight.

All the protesting, riots, social shaming is being noticed by a silent majority. They are watching everything they value get burned. These are the people I worry about the most because they bring it and back it up.

The right is quiet, armed and committed. When they decide they’ve seen enough is when the serious life altering problems will begin for all those ingnoring them.

I hope I’m wrong. Turns out defunding the police may be a very bad idea.

FUN FACT: There are 21 million veterans and 1.4 gang members in the US.

#108 paulo on 06.17.20 at 11:24 pm

Time to put the call out to the steerage section for some of our classic blog dogs 1) the mayor of Milton….2)
happy housing crash dude . how about some comments or are you making to much on the CERB to comment?

#109 Sail Away on 06.17.20 at 11:31 pm

Tesla secures massive California Megapack project. Just a car company, you say? Pretty damn diversified car company…

https://www.google.com/amp/s/electrek.co/2020/06/17/tesla-massive-megapack-projec-replaces-gas-peaker-plant/amp/

#110 Sail Away on 06.17.20 at 11:32 pm

#96 Ponzius Pilatus on 06.17.20 at 9:15 pm

Another civil war could be coming to the US.
What a mess.

——————-

Um, PP… Why would you say that?

#111 Ronh on 06.17.20 at 11:35 pm

STOP all this talk about the Okanagan right now!

#112 Shirl Clarts on 06.18.20 at 12:10 am

DELETED

#113 Don Guillermo on 06.18.20 at 12:35 am

#86 Flop… on 06.17.20 at 8:33 pm
Straight Talk with Prominent BC Realtor on 06.17.20 at 7:22 pm
“And if you can take your income on the road, you know towns like Oliver, Nelson, Kalso, Salmon Arm – all these little gems around BC with amazing beaches and lifestyle are going to fill up with millennials fleeing expensive locations like Vancouver and joining retiring boomers who have for years scouted these places and moved in for retirement. And when you move to these areas you can afford a nice house with a yard. The kids will love the organic grass and fresh water lakes that are crystal clean.”
///////////////////
I really like the area around Nakusp, Rosebery, New Denver.
Don’t know if I could live there full time, maybe in 20 years my tune will change.
******************************************
The Kootenays are nice and Nelson is the prettiest town in BC IMHO. Slocan valley is also beautiful but you have to like a very small town lifestyle and Kaslo is just a dead-end. That’s why people will run out to chat when they see fresh blood. The biggest issue for me is if/when you want to escape winter YYC or YVR are the only sure ways out. The little W Kootenay airport in Castlegar is totally unreliable in winter and driving to YYC or YVR that time of year can be nasty. Each to their own.

#114 SoggyShorts on 06.18.20 at 2:09 am

#83 Sail Away on 06.17.20 at 8:24 pm
#60 conan on 06.17.20 at 6:21 pm

Here comes the Bolton book ….. another railway spike driven deep into the big wooden door that is Donald J Trump’s casket.

—————–

But, but… none of them seem to stick.

Two possibilities:

1. DJT is an absolute evil genius who can commit crimes at will and somehow puppet-master the entire legislative system so he escapes unscathed, or
2. None of the accusations have substance.

Hmmm…
****************************
Or
3. The system’s a little broken.

I mean the impeachment as I understood it was insane.
The phone call as far as I could tell was dirty.
But for the impeachment, the republicans got to decide who was allowed to testify(no one) and ultimately they were the jury?
That’s neither evil genius nor lack of substance, that’s a failure of the system.

And when it’s not part of a messed up system Teflon Don doesn’t get away with stuff because he’s innocent, he just gets to play by different rules.
e.g. the bus “grab them by the p___” incident would have disqualified anyone else from even running.

The very first article of impeachment against Nixon accused him of “making or causing to be made false or misleading public statements for the purpose of deceiving the people of the United States.”

…Now we can’t even keep track of the deliberate falsehoods spewing from him without the help of a website.

#115 Janice Merkel on 06.18.20 at 2:46 am

DELETED

#116 Jay Currie on 06.18.20 at 3:55 am

You can’t push on a rope.

#117 Howard on 06.18.20 at 5:06 am

Bachelor apartment in a newer condo at Yonge & Eglinton going for $1450. Can’t recall seeing a rent this low in a newer unit in a prime central area in many years.

https://www.bungol.ca/map/43.698500&-79.396940&15?listing=1-belsize-drive-toronto-c4757688-4108262

#118 neo on 06.18.20 at 7:08 am

Experience tells me you are wildly incorrect. – Garth

Quite the opposite. Experience tells me this policy response is wildly an outlier from any “recession”. This is a Great Depression Central Bank and government response.

PS. I understand that it didn’t occur during the actual Great Depression for a number of reasons but this is why they are providing this extreme level of stimulus during THIS Depression.

This is self evident Garth. You understand this. Don’t be coy.

The issues are not structural, but created by policy-makers. The market has this one correctly identified. You are being the wuss you always have been. – Garth

#119 Elcheapo on 06.18.20 at 7:22 am

118- Howard: did you even look at the listing?! It’s a closet, at best a hallway! You literally sleep in the kitchen.

#120 Sail Away on 06.18.20 at 7:34 am

#51 whiplash on 06.17.20 at 5:55 pm

All of the hundreds of million wasted by Trudeau to inflate his pathetic ego for a seat on the UN security council–gone. He got his ass kicked and so did every taxpayer for the waste of our money while he plays the role of Mr. Global leader.

—————-

Yeah, but all that money is recoverable, right? Now that the bid failed, Africa will be happy to return the ‘gender-equity’ $ and all others will follow suit. Right? Right?

Whaaat?!?!!

#121 Spectacle on 06.18.20 at 7:40 am

#117 Jay Currie on 06.18.20 at 3:55 am
You can’t push on a rope.

——————————–

Hi Jay,

Nice blog you write, in BC. What the heck are you doing up at 3:55 am?

My addition to your rope push example calls out for an asterisk *. Of sorts.

I once spoke to a group about motivating a standard quality of their contractors. The idea was, likensd to “herding cats” . My comment was related to the difficulty ( pre Covid ) of motivating the modern working contractors to simply do their damned job.

In simple, I said that to herd said cats, take the rope and run through the room, so to speak. Self motivated cats will chase the rope, and be lead into operation. Those that don’t ( thanks CERB, pot etc) take up he chase, the task, are removed from the group.

Herding cats with a pull, not a push. Motivating.
Ps: You write very well.

#122 Howard on 06.18.20 at 7:57 am

#120 Elcheapo on 06.18.20 at 7:22 am
118- Howard: did you even look at the listing?! It’s a closet, at best a hallway! You literally sleep in the kitchen.

————————————–

Yes I know. Horrible, narrow layout. I presume that cabinet facing the “kitchen” is a murphy bed? But even garbage like that was going for several $hundred higher this time last year. At $1450 it’s competing with basement apartments.

#123 Dharma Bum on 06.18.20 at 9:13 am

#42 Faron

I have close relationships with addicts former and present and there’s nothing fun about it.
——————————————————————–

I’m addicted to this blog.

Does that mean we can’t be friends?

#124 TurnerNation on 06.18.20 at 9:25 am

The last BofC governor cut rates so much, he had a ‘Sliver’ Spoon in his mouth…

See guys every single day now, into 2021 the war-time media is launching attacks on the Old System. This is war. For our minds. They have tons more planned, stand by. We’ve been taken over from within.

I totally support renaming of this country to Kanada.
Might as well let a Bank own/sponsor each province.
ON can be TD Prefecture. QC will be Laurentian Prefecture. NS? BNS of course.
AB can be Western Bank State.
BC Coast Capital State.

Parliment Hill will be renamed HotBox Hill, by our atoner-in-chief

LOOK this paper even invokes the war term “Shock and Awe” from Gulf war 1. They’re no longer trying to hide what’s going on. They want you traumatised by war. Ready to accept..the New System

https://thetyee.ca/Analysis/2020/06/16/Changing-British-Columbias-Name/?

“Is it time to change the name of Canada’s westernmost province to something other than British Columbia?

The name fails to acknowledge the Indigenous Peoples here before Europeans arrived, implicitly honours England’s racist colonizers, and explicitly lionizes Christopher Columbus. If ever there was a moment to rebrand, it is now.

Part of the shock and awe since the death of George Floyd has been the toppling of statues by crowds of”

#125 Mr. Clean on 06.18.20 at 9:39 am

With my aunt and uncle out of the way, it is time to expand operations. I’m really going clean up!

#126 the Jaguar on 06.18.20 at 9:41 am

Bravo! This person got deleted!

#112 Shirl Clarts on 06.18.20 at 12:10 am
DELETED

#127 IHCTD9 on 06.18.20 at 9:42 am

Oh dear, Jagmeet doesn’t get his way and plays the race card…

https://www.cbc.ca/news/politics/ndp-jagmeet-singh-rota-racist-therrien-1.5616661

It’s too bad, I kinda liked Jag. I guess he got tired of honest debate.

Glad they booted him.

#128 JB on 06.18.20 at 9:44 am

#118 Howard on 06.18.20 at 5:06 am

Bachelor apartment in a newer condo at Yonge & Eglinton going for $1450. Can’t recall seeing a rent this low in a newer unit in a prime central area in many years.
……………………………………………………
The rutting has begun. Nobody in their right mind wants a CONDO. Especially in the GTA. Students have left, investors are scrambling now. Its funny how no few real rental buildings have actually been built but the purchased CONDO market had exploded of the last twenty years. That is due to the fact that most CONDOS are rental high-rises but they are not owned by a corporation but by small individual investors. Airbnb rentals off, student rentals off, regular long tern rentals off, owners now in negative cashflow. All due to the COVID shutdown. Many people have lost their jobs and they are not returning for many years if ever. This virus is extremely contagious and high-rise petri dishes are not conducive to high density cohabitation. I could only imagine riding a lift every day several times with limits on how many people can get in at one time and wearing masks, gloves and why not a hazmat suit just for fun. I do feel for those over age 65 that are most at rise and those with underlying conditions stuck in these festering cubicals.

https://www.bungol.ca/map/43.698500&-79.396940&15?listing=1-belsize-drive-toronto-c4757688-4108262

https://nowtoronto.com/lifestyle/real-estate/toronto-rents-drop-for-third-consecutive-month/

#129 JB on 06.18.20 at 9:49 am

#121 Sail Away on 06.18.20 at 7:34 am

#51 whiplash on 06.17.20 at 5:55 pm

All of the hundreds of million wasted by Trudeau to inflate his pathetic ego for a seat on the UN security council–gone. He got his ass kicked and so did every taxpayer for the waste of our money while he plays the role of Mr. Global leader.

—————-

Yeah, but all that money is recoverable, right? Now that the bid failed, Africa will be happy to return the ‘gender-equity’ $ and all others will follow suit. Right? Right?

Whaaat?!?!!
……………………………………………………………..
Pathetic is right T2 is a nobody on the world stage. He is never going to amount to anything worthwhile.
No like his father at all. His father almost destroyed the country with his flamboyancy.T2 has succeeded in killing Canada with his peoplekindness. Good job Trudeau family! Thanks for nothing!

#130 Ponzius Pilatus on 06.18.20 at 9:55 am

#110 Sail Away on 06.17.20 at 11:32 pm
#96 Ponzius Pilatus on 06.17.20 at 9:15 pm

Another civil war could be coming to the US.
What a mess.

——————-

Um, PP… Why would you say that?
————-
Just wait and see.

#131 jess on 06.18.20 at 10:04 am

saviors vs savior?

mr. trumps patterns with authoritarians interesting
….why give free pills to Brazil that don’t seem to work ? or
More Publication By Press Release, This Time From Sinovac On A Covid Vaccine

https://www.williamhaseltine.com/more-publication-by-press-release-this-time-from-sinovac-on-a-covid-vaccine/

Dexamethasone Reduces Mortality In Seriously Ill Covid-19 Patients—And So Do Other Treatments

https://www.williamhaseltine.com/dexamethasone-reduces-mortality-in-seriously-ill-covid-19-patients-and-so-do-other-treatments/

==============
social media

US stockpile stuck with 63 million doses of hydroxychloroquine
=======================
tit for tat

President Donald Trump asked the FCC to consider revoking Section 230 protections from Facebook, Twitter, and YouTube last month, claiming that the sites are biased against him.

Mark Zuckerberg announces Facebook will now allow users to turn off political ads Facebook will begin implementing the feature for some users Wednesday and will make it available to all users over the next several weeks, a company representative told CNBC.
Users will be able to turn off ads about political, social, and electoral issues from political candidates, super PACs, and other organizations that have a political disclaimer indicating an ad is “paid for by” a certain entity, CNBC reported.

An Army of Volunteers Is Taking On Vaccine Disinformation Online
Anti-vaccine messages on social media have tripled since the pandemic began. One public health group wants to teach pro-vaccine Americans to fight fire with fire.

…” bad actors can create fake profiles or personas tailored to the interests of the audiences they intend to infiltrate. This allows them to seed their own content in a group and also to repurpose its content for use on other platforms.”

health disinformation, racking up millions of engagements on posts that rail against vaccinations, claim Anthony Fauci is a member of the “deep state,” and instruct followers to point blow dryers down their throats to kill coronavirus.”

https://www.businessinsider.com/joe-scarborough-mark-zuckerberg-sheryl-sandberg-facebook-video-2020-6
https://www.wired.com/story/facebook-groups-are-destroying-america/

#132 rand on 06.18.20 at 10:04 am

@#114 NFN_NLN on 06.18.20 at 1:44 am
#60 conan on 06.17.20 at 6:21 pm
Here comes the Bolton book ….. another railway spike driven deep into the big wooden door that is Donald J Trump’s casket.

The Democrats were hounding “Trump/Bolton” for their PRO-WAR policies, which were really just John Bolton’s policies.

Trump isn’t pro-war, he’d rather fire one missile directly up the ***hole of the right Iranian General and avoid a full on war. So he sent Bolton packing and did just that. Now but-hurt Bolton uses his ample free time to write a fictional novel, and you think this is ground breaking news?

https://www.youtube.com/watch?v=1uz-tf9kqWo

Make sure you spend your hard earned CERB money on a signed copy of his new book.
___________

two equally loathsome individuals the world would be better off without. same kind of fool buys both their books.

#133 IHCTD9 on 06.18.20 at 10:08 am

#84 SimplyPut7 on 06.17.20 at 8:26 pm
As for real estate, the soma of the masses, it all comes down to jobs. If they come back fast, then the market holds (after the current boomlet). If millions are still collecting CERB in October, expect rampant poochedness. The non-recovery.

——————————

I work from home and have been told by my employer I will not be allowed back in the office until AT LEAST September.

——-

I got laid off end of March. Back on the payroll this month, but working from home. The plan was to return to the office after Canada Day.

But it is DEAD. Slower than during the GFC. I suspect I’ll be laid off and back on CERB again come July, and frankly I’ll probably be on it till it runs out.

#134 cortez the on 06.18.20 at 10:08 am

@#108 paulo on 06.17.20 at 11:24 pm
Time to put the call out to the steerage section for some of our classic blog dogs 1) the mayor of Milton….2)
happy housing crash dude . how about some comments or are you making to much on the CERB to comment?
—-

happy housing crash is busy telling cottagers to stay the hell away and the mayor of milton goes by ‘oakville sucks’ these days. and yes, both are probably rolling in their cerb.

#135 conan on 06.18.20 at 10:22 am

#114 NFN_NLN on 06.18.20 at 1:44 am

Your argument is based on the premise that Trump’s policy on Iran is correct. When in fact breaking the nuclear deal with Iran was one of the dumbest things Trump has done. Right up there with murdering
Qasem Soleimani, which you also seem to think was a good idea.

As far as I know we are getting the boot out of Iraq. US forces have abandoned most of their bases in that country. They did not do that out of choice, they were forced to.

The “wake up and smell the coffee moment” is how the USA’s allies reacted to Trump’s reneging of the nuclear deal with Iran. They also think it was a bad decision.

So, bad decisions, pissing off allies, and he is not fit to be POTUS. Trump has hurt the USA and he has taken the Republican Party out of major decision making for decades.

#136 neo on 06.18.20 at 10:39 am

The issues are not structural, but created by policy-makers. The market has this one correctly identified. You are being the wuss you always have been. – Garth

Of course the issues are structural Garth. Every ten years or so since the turn of the century the amount of stimulus needed has expanded exponentially and the underlying recovery is weaker in real terms.

Just look at the 2000 dot.com crash….followed by the 2009 financial crash….and now this.

You should have just stopped after you said “created by policy makers”. That is the point here.

“The market”. That’s cute…

The necessity for name calling doesn’t do anything but strengthen my position and weaken yours.

Actually ‘wuss’ is a condition, not a name. – Garth

#137 Squire on 06.18.20 at 10:46 am

Excellent article

https://globalnews.ca/news/7078045/canada-loses-security-council-vote/

Canadians have become ignorant and feel they have moral superiority over Americans. I’m not a big fan of everything that happens in the USA but, at least they know their history and have b.a.l.l.s. We have a man-child as PM. How utterly pathetic. The UN vote defeat solidifies what the world thinks of the virtue signalling PM.
Ugh… someone save us please

#138 Oh dear... on 06.18.20 at 10:48 am

#128 IHCTD9 on 06.18.20 at 9:42 am
Oh dear, Jagmeet doesn’t get his way and plays the race card…

https://www.cbc.ca/news/politics/ndp-jagmeet-singh-rota-racist-therrien-1.5616661

It’s too bad, I kinda liked Jag. I guess he got tired of honest debate.

Glad they booted him.

///////////////

…a racist outs himself when a brown person won’t conform to his idea of how a ‘good’ minority should behave. And no one is surprised.

#139 IHCTD9 on 06.18.20 at 10:50 am

#20 Grunt on 06.17.20 at 4:36 pm
Not looking good for Ford in Oakville. Dias had better get a new hair-do. Taking Oshawa into account what a contrast from the Ontario of the 80s. All those well-paying jobs lost and the associated industries. What a shambles.
——-

All of them are gonna go eventually. I remember projects we did for GM Oshawa not so long ago, they had over 10,000 employees then. You can’t pay guys 35.00/hr to bolt on fenders when Mexicans will do the same for 3.00/hr.

Private sector Unions in Canada are going to die along with the industry.

#140 Sail Away on 06.18.20 at 10:53 am

#136 conan on 06.18.20 at 10:22 am

…bad decisions, pissing off allies, and he is not fit to be POTUS.

—————–

Yes! And he also used a gigantic wad of national cash to chase a seat on a frankly irrelevant international body. And then failed to clinch it, anyway. Poor sap.

He’s not the president of the US, though. He’s the president of Canada.

#141 Faron on 06.18.20 at 10:58 am

109 Sail Away

those projects are the key to making renewables viable which is the futre. Elon certainly doesn’t lack vision. Find a good lithium mining stock.

#142 A Dollar is a Dollar is a Dollar on 06.18.20 at 11:06 am

The PBO just revealed that the richest 1% in Canada have been under-reporting their wealth.

In fact, the top 1% own 25% of all Canadian wealth.

We need wealth taxes, inheritance taxes and transaction taxes, right now.

We need fairness and economic justice.

A dollar is a dollar is a dollar.

If a dollar is a dollar, why should those of wealthy people be taxed more than yours? – Garth

#143 unbalanced on 06.18.20 at 11:15 am

To Neo——-Just remember Garth’s blog. He has absolute power. Yaaaaa

#144 Stan Brooks on 06.18.20 at 11:50 am

It seems second wave of non-symptomatic covid-19 cases is coming, while we are still in the middle of phase 1.

Europe’s and US’s experience is that any relaxation in the strict isolation measures immediately drives the number of cases up and that in the late spring/summer.
It seems the strategy would be to fight clusters and this is the biggest problems for our few large cities where the vast majority of the population lives: You can’t technically define sub-cluster in GTA or Montreal for example.

The fall and winter will be very interesting in those areas and short of quick miraculous vaccine/cure or mutation that makes the virus less dangerous it seems we could be in for a very long (at least 2-5 years) nightmare economy shut down for all practical intends and purposes.

We can’t sustain reasonable economy under current conditions given the level of debt and the lack of savings, so expect very radical expropriation/confiscation policies.

When the dust settles we would be living in a very different world from before the crisis.

Instant jump 15-20 years into the jobless automation self-sustaining (whoever can) future.

Are you ready?

Cheers,

#145 kingston boy on 06.18.20 at 11:58 am

@#140 IHCTD9 on 06.18.20 at 10:50 am
#20 Grunt on 06.17.20 at 4:36 pm
Not looking good for Ford in Oakville. Dias had better get a new hair-do. Taking Oshawa into account what a contrast from the Ontario of the 80s. All those well-paying jobs lost and the associated industries. What a shambles.
——-

All of them are gonna go eventually. I remember projects we did for GM Oshawa not so long ago, they had over 10,000 employees then. You can’t pay guys 35.00/hr to bolt on fenders when Mexicans will do the same for 3.00/hr.

Private sector Unions in Canada are going to die along with the industry.

the lifers at all the auto plants should have seen the writing on the wall a decade ago. Could say the same for all gen labour manufacturing jobs.

#146 SoggyShorts on 06.18.20 at 12:03 pm

#131 Ponzius Pilatus on 06.18.20 at 9:55 am
#110 Sail Away on 06.17.20 at 11:32 pm
#96 Ponzius Pilatus on 06.17.20 at 9:15 pm
Another civil war could be coming to the US.
What a mess.
——————-
Um, PP… Why would you say that?
————-
Just wait and see.

***************************
Seriously PP?
If you are going to make bold predictions like that and then not explain them, then what’s the point?

It’s obviously fine for you to believe what you do, but what is the point in sharing it here if not to get a response, and how can anyone respond if you won’t expand on your statement?

#147 indeed on 06.18.20 at 12:04 pm

@#139 Oh dear… on 06.18.20 at 10:48 am
#128 IHCTD9 on 06.18.20 at 9:42 am
Oh dear, Jagmeet doesn’t get his way and plays the race card…

https://www.cbc.ca/news/politics/ndp-jagmeet-singh-rota-racist-therrien-1.5616661

It’s too bad, I kinda liked Jag. I guess he got tired of honest debate.

Glad they booted him.

///////////////

…a racist outs himself when a brown person won’t conform to his idea of how a ‘good’ minority should behave. And no one is surprised.
______________________________________

guy is more a bigot than racist.
definitely ignorant at the very least.

#148 jess on 06.18.20 at 12:19 pm

The United States Supreme Court on Thursday rejected President Donald Trump’s effort to end legal protections for 650,000 young immigrants,

Chief Justice John Roberts sided with the liberal wing of the court in a 5-4 decision. Roberts, citing the Administrative Procedure Act, called the administration’s reasoning for ending the protections “arbitrary and capricious.”

The justices rejected administration arguments that the eight-year-old Deferred Action for Childhood Arrivals program (DACA) is illegal and that courts have no role to play in reviewing the decision to end it.

#149 IHCTD9 on 06.18.20 at 12:28 pm

#149 indeed on 06.18.20 at 12:04 pm
@#139 Oh dear… on 06.18.20 at 10:48 am
#128 IHCTD9 on 06.18.20 at 9:42 am
Oh dear, Jagmeet doesn’t get his way and plays the race card…

https://www.cbc.ca/news/politics/ndp-jagmeet-singh-rota-racist-therrien-1.5616661

It’s too bad, I kinda liked Jag. I guess he got tired of honest debate.

Glad they booted him.

///////////////

…a racist outs himself when a brown person won’t conform to his idea of how a ‘good’ minority should behave. And no one is surprised.
______________________________________

guy is more a bigot than racist.
definitely ignorant at the very least.
— –

I really had high hopes for Jag, he seemed like he might be above the old standby when faced with dissenting opinion, you know?

He really did good for a while, I’ll give him credit for that. Too bad he had to blow it, he could have been bigger than Layton if he had hung in there.

Oh well, another NDP PM hopeful bites the dust, and he sure earned it.

#150 Mattl on 06.18.20 at 12:33 pm

Looking entirely possible that I will be able to pay off our house at interest rates barely above inflation.

There are lots of reasons to avoid RE but my experience over the past decade has been free money, strong appreciation and mortgage payments below local rents. Overall cost of ownership slightly higher but I haven’t experienced all the nightmare scenarios I hear about home ownership. Maybe just lucky or am buying the right properties.

If anyone is curious as to why RE is so revered, it is because outcomes for the large majority of people over the past 20 years have been very favorable. A 10% drop in price for most is a popcorn fart. Who cares when you can carry a 600K mortgage for 2500 a month? Rent on a 1MM house in my area would be 3500-4k.

#151 Wrk.dover on 06.18.20 at 12:34 pm

Addicted comment readers always;

https://www.youtube.com/watch?v=u2CsUYAP6AU&list=RDu2CsUYAP6AU&start_radio=1

#152 Jinder on 06.18.20 at 12:37 pm

Jasmeet used to be a CRIMINAL DEFENCE lawyer.
I will just leave it at that.

(Sure explains why he doesn’t want those committing CERB fraud to be punished.)

#153 IHCTD9 on 06.18.20 at 12:38 pm

#147 kingston boy on 06.18.20 at 11:58 am
@#140 IHCTD9 on 06.18.20 at 10:50 am
#20 Grunt on 06.17.20 at 4:36 pm
Not looking good for Ford in Oakville. Dias had better get a new hair-do. Taking Oshawa into account what a contrast from the Ontario of the 80s. All those well-paying jobs lost and the associated industries. What a shambles.
——-

All of them are gonna go eventually. I remember projects we did for GM Oshawa not so long ago, they had over 10,000 employees then. You can’t pay guys 35.00/hr to bolt on fenders when Mexicans will do the same for 3.00/hr.

Private sector Unions in Canada are going to die along with the industry.

the lifers at all the auto plants should have seen the writing on the wall a decade ago. Could say the same for all gen labour manufacturing jobs.
——

Yep, but more like 20 years ago.

The lifers will be alright if they played their hand right, it’s those young folks that got hired on after the GFC that will be cut down in their thirties, and likely will never seen as good a job ever again.

Big question yet to be answered is how all these folks make out after the fact with their pensions…

#154 Ace Goodheart on 06.18.20 at 12:41 pm

Well the numbers are out folks.

We officially have spent $256 billion dollars more than we have this year (Federal government anyway, the financial basket cases that are our Provinces have also spent themselves far into deep financial holes as well).

If we add that $256 billion dollars to our existing Federal debt, we are officially over the one trillion dollar mark (I believe it is one trillion, twenty four million dollars to be exact).

The Liberals now have until Christmas to spend more money. Who says they will be able to get rid of another 600 billion or so by then? We may well get close to a two trillion dollar national debt by this time next year.

I know Canadians are complacent, polite people but we seriously have to understand what this means.

100,000 people in Canada have contracted COVID-19 since it came about in March of this year. Of that 100,000 people, about 98% of them are fine. Of those who have died or gotten ill, most of them (more than 80%) were in long term care homes, and nearing the end of their lives anyway.

So really, how much per COVID infection, did all of this cost?

Anyone who does not understand that Canada is now in serious financial do-do does not have or know how to use a calculator.

The Federal government (and most of the Provinces) were already in structural deficit situations, before this massive wave of Liberal “cash for free to anyone who has internet” mass give away took place.

We now are in an unsustainable debt crisis.

Likely, as Canada’s dollar is not a reserve currency, we are going to enter into a currency crisis. We have already printed a ton of money and we are going to have to print a ton more.

Think it could not happen to us? Ask the Argentinians.

We are in a lot of trouble here.

I hope that rational heads prevail soon. There is too much fear out there, and whatever insane decision is made, it is covered up by the same idiotic reasoning “we have to do this because of the virus”.

#155 IHCTD9 on 06.18.20 at 12:59 pm

#139 Oh dear… on 06.18.20 at 10:48 am
#128 IHCTD9 on 06.18.20 at 9:42 am
Oh dear, Jagmeet doesn’t get his way and plays the race card…

https://www.cbc.ca/news/politics/ndp-jagmeet-singh-rota-racist-therrien-1.5616661

It’s too bad, I kinda liked Jag. I guess he got tired of honest debate.

Glad they booted him.

///////////////

…a racist outs himself when a brown person won’t conform to his idea of how a ‘good’ minority should behave. And no one is surprised.
—-

Surely I am not nearly as racist as Claude DeBellefeuille of the Bloc who had the gall to scold Jag for his accusation.

There’s no way I can be such a colossal racist as Deputy Speaker Carol Hughes who made the unbelievably racist request that Jag apologize for his assertions.

I have to be LIGHTYEARS better than the Speaker of the House of Commons of Canada, who had the sheer audacity to offer a boot to Jag’s @ss sending him straight out the front door for refusing to apologize.

Right?

Good.

I still feel bad for Jag though. He’s probably regretting his little tantrum right about now. So much promise vanquished for nothing. He should probably just apologize and try to salvage what is probably a fairly wounded career.

#156 maxx on 06.18.20 at 1:46 pm

@ #30

That’s exactly what I heard too. It could also be much, much better and we’d be even more grateful for that.

All of this government fire-hosing of cash is proof positive that the low-rate policies of the past 2+ decades is an abject failure.

What is deeply discouraging is to see how easy it’s been to suck in the greatest part of the electorate with low rates and manufacture of FOMO.

Once upon a time, people had stable jobs, saved and had an excellent chance to craft a retirement lived in comfort. I’m sooooo grateful to have lived my youth outside of today’s nasty, desperate and precarious work climate.

The enduring, old school basics of money are still the solid foundation for wealth-building.

COVID-19 didn’t cause any of this mess. It simply exposed the deep cracks in the fiscal foundations of all countries that did the G-7 series huddle-stomp.

Maklem’s words are sort of correct: absent money printing, we are already insolvent.

#157 Stan Brooks on 06.18.20 at 2:00 pm

#158 maxx on 06.18.20 at 1:46 pm

The chances of brainwashed (with artificially invented narratives), intellectually limited group of individuals who reject reality and live in a fairy tales fantasy world of surviving, reproducing and prospering in the today’s open world with limited resources is practically null.

Cheers,

#158 Tater on 06.18.20 at 2:22 pm

#156 Ace Goodheart on 06.18.20 at 12:41 pm
Well the numbers are out folks.

We officially have spent $256 billion dollars more than we have this year (Federal government anyway, the financial basket cases that are our Provinces have also spent themselves far into deep financial holes as well).
————————————————————

Congratulations to Canadians on amassing savings of nearly 1 trillion dollars! An amazing achievement!

#159 MicroGX on 06.18.20 at 8:09 pm

I so look forward to the post on this blog / site everyday, but wow some of these comments make me sad more than mad…..oufffff.

#160 Jennifer on 06.19.20 at 12:49 pm

How come landlording is a death wish right now?