Is this it?

Memo to self: never, ever again (ever) write about Trump. Juices and prejudices have made debate or analysis impossible. The deplorables win. Pass the ammo.

         

Last week we parsed the mortgage deferral thingy. Do not, this pathetic blog warned you, stop making payments and think there’ll be no consequences. That’s not a rational position and there’s zero chance lenders being stiffed on $180 billion worth of loans will just turn the other cheek. Ditto for credit cards. You’re being watched. Scored. Monitored. Recorded.

Astonishingly, three-quarters of a million households (as of Friday) had stopped paying their home loans. Another 450,000 people have deferred payments on cards. Never before has such a mass delinquency happened, which is the result of a once-in-a-century global pandemic.

If you’re truly pooched and must decide between food and the mortgage, then choose to feed your family instead of the bank. When the crisis ends and normalcy returns, sell the house. Obviously you can’t afford it. Trash the debt, rent, and focus on building up liquid assets. Never again let yourself be wooed into an asset beyond your means.

But the evidence suggests many are deferring because they think this ‘saves’ them money or that it’s essentially a payment ‘holiday.’ Un-huh. You still owe every cent deferred, which is added to the outstanding debt, and it’s highly unlikely (probably impossible) the grace period will be extended. This is the ‘deferral cliff’ CMHC’s badass boss, evil Evan Siddall, warned the nation about a few weeks ago. It’s coming. Many believe it will result in a flood of new listings in, say, October. That could have a lasting market impact.

Let’s review.

Credit agencies (we have but two of them) are 100% automated with few actual humans wandering around and there’s a decent chance deferred payments will be classified as missed. Bad news for your credit score. Even if they’re correctly marked as deferred, your lender knows what you did – claiming a payment reprieve because of financial distress. Do you seriously think this will not go on your record and have some bearing in the future? Then I have some great magic beans for you, back at the ice cream truck with the unicorn.

Mortgage renewals could be less automatic as you are asked for additional employment verification and details. Maybe a new net worth statement. The lender may want to know if you took the CERB, and why. Renewal rates could be adjusted if you’re judged to be in a higher-risk profession or (horrors) self-employed or paid via commissions. You might be refused. You might pay more. As we have no clear idea what the future holds, nor how banks may be re-assessing their risk tolerances, why would you create potential credit issues if you don’t have to?

Meanwhile, property listings continue to mushroom – up about 70% last month. They’re significantly outpacing sales, suggesting the current situation (multiple bids, rising prices in many urban hoods) cannot last. This could reflect people selling due to job loss, of course. Tweeted CMHC’s Siddall a day or two ago: “House prices lag economic events. Current price resilience proves nothing: don’t take comfort from low-volume price action. Multiple offers are consistent with a huge decline in new listings. Government support programs have deferred (& reduced) an inevitable economic adjustment.”

There are alternatives to deferring your mortgage, in essence abrogating your contract (and irritating the bank). For example, make your amortization period longer. A $400,000 loan with a 2.6% rate will cost $1,820 a month amortized over 25 years and $1,600 when the period is extended to 30 years. That helps. If you have a HELOC in place, take money from it to help make mortgage payments. Those funds don’t need to be repaid into the line of credit, requiring interest-only servicing until you’re back on your feet and can pay it off. No messing around with your credit score or unblemished payment record.

Most of all, reconsider your fixation with property. Is this really the best place to put the bulk of your net worth, leveraged up the wazoo?

The proportion of households with mortgage debt who have deferred is staggering – 20%. If they’re all in trouble, ouch. It took but 8% of US property owners who were over-extended and in distress to topple that market, creating a 32% plunge in overall values (it was 70% in some areas, like Phoenix and Florida’s Gulf coast).

By the way, in its most recent report the Bank of Canada said this: About 20 percent of all mortgage borrowers do not have enough liquid assets to cover two months of mortgage payments.

And what percentage are currently not paying? Yup, 20%.

The folks who loaned them billions, now collecting nothing, have some ‘splaining to do.

  Hey, a whole post and I didn’t say ‘Trump.’ This is progress.

154 comments ↓

#1 First on 06.22.20 at 3:40 pm

FIRST!!! (and Trump rules)

#2 Lost...but not leased on 06.22.20 at 3:45 pm

MAGA:

Make America Garth-esque Agreed

#3 Jeff on 06.22.20 at 3:45 pm

Housing value in big going to fall. Why staying in big cities if you can work from home in a green location ?

BTW, Garth, any opinion on IMF reset. New currency created ? Inflation on the way ?

#4 tbone on 06.22.20 at 3:47 pm

Stage 2 in effect on wednesday .
Great , i need a haircut , lol

#5 FOrmer Navy Chief on 06.22.20 at 3:53 pm

I would begin by liquidating everything that isn’t necessary. Sell the ATVs, the dirt bikes and the huge expensive motor homes.

Next, live within your means for a few years, and then think about toys.

Sometimes managing your debts feels like a kick in the pants, but the long-term benefits are immeasurable…as long as you learn from your mistakes.

If you still can’t make ends meet, perhaps look into a consumer proposal. That’s “bankruptcy lite” where you get to keep the house. Sure, your credit will suck for a while, but it can be easily rebuilt.

#6 Faron on 06.22.20 at 3:54 pm

“Memo to self: never, ever again (ever) write about Trump. Juices and prejudices have made debate or analysis impossible. The deplorables win. Pass the ammo”

Noooooooo. Unleashing the trolls is how they have dominated the social media space. Don’t let it happen to you. I can’t imagine what you had to read through yesterday. Argh.

#7 Attrition on 06.22.20 at 3:57 pm

So anyway, about Trump and the November election…

#8 El Presidente on 06.22.20 at 3:58 pm

Donald J. Trump
@realDonaldTrump

PRESIDENTIAL HARASSMENT!

#9 SunShowers on 06.22.20 at 4:07 pm

“Credit agencies (we have but two of them) are 100% automated with few actual humans wandering around and there’s a decent chance deferred payments will be classified as missed. Bad news for your credit score.”

I can verify that this is not the case (with Equifax, anyway). My buddy got his personal information compromised a few years ago when MGM Resorts had a security breach. MGM gave everyone affected a 1 year free subscription for Equifax credit monitoring services.

I asked him to look into it the first time you mentioned this possibility, and he tells me that his last 2 mortgage payments that he deferred have not been reported as missed on his credit report.

Tell him to wait. It takes months. – Garth

#10 Trumpocalypse2020 on 06.22.20 at 4:12 pm

It’s coming.

#11 The West on 06.22.20 at 4:15 pm

Oh, how The Han love this!

Make
America
Go
Away

#12 JB on 06.22.20 at 4:15 pm

#1 First on 06.22.20 at 3:40 pm

FIRST!!! (and Trump rules)
…………………………………………….
Yes but ruling Hades is no big deal.

#13 earthboundmisfit on 06.22.20 at 4:19 pm

DELETED

#14 Alberta Ed on 06.22.20 at 4:23 pm

Keep the Harley, though.

#15 Dead Cat Bounce on 06.22.20 at 4:29 pm

Trump will win in November !
Ask the cat with 9 lives

MBC57

#16 Dolce Vita on 06.22.20 at 4:29 pm

I mean, you have to admire the commitment Canadians have to seeing their homes as the one and only way towards retirement.

It’s maniacal.

20% of them can’t afford it. Time to throw the towel in people.

———————-

I like vintage words like wazoo.

Reminded my of Elementary School and kazoo.

Of course, there were intimations during those times of a kazoo up the wazoo.

Whistling was a part of that intimation.

…yes I know Garth but I could not resist.

#17 FreeBird on 06.22.20 at 4:29 pm

Off topic but Charlie Chaplin’s final speech from Great Dictator. From 1940 but still seems relevant. I’ll leave it to those who watch to decide.

https://youtu.be/w8HdOHrc3OQ

#18 Freedom First on 06.22.20 at 4:32 pm

Yes, I won’t be mentioning Trump either. That is like whacking a hornets nest. Of ———, ———-, or, democrats.

Great post Garth!

Freedom First

#19 DownToFinance on 06.22.20 at 4:34 pm

Garth, looks like the MAGA crowd is doing to you what the TikTok teens did to Trump.

#20 Zed on 06.22.20 at 4:42 pm

My great timing at work again? Tomorrow i have to bring to the notary the cheque to pay for the house that i bought mid-May.

Bought high? Time will tell if i was a greater fool.

At least that house is only 15% of my net worth, paid cash. I need a place to live!

#21 Dolce Vita on 06.22.20 at 4:42 pm

…almost forgot, StatCan today, the Cornucopia of uplifting economic news:

“Investment in building construction plunged 45.9% to $8.4 billion in April compared with the previous month. Previously, the largest national decline on record for the current series (which dates back to 2010).”

“Both the residential (-49.2%) and non-residential (-38.8%) sectors reported record declines.”

“Investment decreased in all provinces and territories, with Ontario (-$3.2 billion) and Quebec (-$2.5 billion) reporting the largest declines.”

——————-

That got rolled back 10 years in $ terms.

Probably more had they started recording earlier than Jan 2010.

#22 Linda on 06.22.20 at 4:49 pm

The mortgage ‘holiday’. I’m not happy to think that 20% of mortgage holders are deferring payments because they simply haven’t got the money, but if it does turn out that many or most of those who deferred did so because they thought it would be a good choice from a financial/credit history perspective, gadzooks. What were they thinking? Are they thinking that the government will step in to allow them to get to take that mortgage holiday & prevent the banks from collecting additional payments/interest down the road? Are they equating their mortgage payments to rental payments? After all, if governments have moved to ensure renters can’t be evicted for non-payment of rent during the crisis & further that landlords can’t penalize their tenants monetarily for doing so via late payment charges/interest why wouldn’t mortgage holders not think they too would be protected? I have read that some lenders have stated they wouldn’t apply penalties, but the fact the missed payments will stretch out the length of the mortgage means that the mortgage holder should still get their pound of flesh down the line. Or am I missing something?

#23 BlogDog123 on 06.22.20 at 4:49 pm

Donald Trump is “winning” or so he thinks…

Until his base turns on him, or the swing voters say “Heard it all before Donald, enough of your B.S.”.

Joe Biden seems soft and harmless and many will migrate to him because they don’t see the Donald as the right way forward for another 4 years.

#24 Patrick Hardy on 06.22.20 at 4:57 pm

Are you sure about this Garth:

“the result of a once-in-a-century global pandemic.”

It’s possible this debt mess would’ve happened anyway, and since we’re only in 2020 and I can think of multiple ways this whole virus situation could replay itself in the coming decades given our global economic situation (another virus, an event like a solar flare that affects global electronics, war in Asia), this may not be a once-in-a-century event after all.

#25 Stealth on 06.22.20 at 4:59 pm

Very entertaining post. Thank you for making us laugh at the end of the post.
I did not say trump either :)

#26 Yukon Elvis on 06.22.20 at 5:01 pm

If the banks start holding a grudge over mortgage deferrals because of the Covid shutdown they will potentially be losing a lot of business and clients. I can see the banks cutting people some slack on this one. The banks are not stupid, they get it.

Nothing to do with a ‘grudge’. It’s all about risk assessment. People who don’t make payments because of financial stress pose greater future risk. – Garth

#27 Camille on 06.22.20 at 5:04 pm

It’s okay. I now everything hasn’t been quite right for a while. but I feel assured you now, very confidently, that it’s going to be all right again. I feel its much better now. I really do.

#28 conan on 06.22.20 at 5:11 pm

General Cheetos is toasty oaties.
The Dems could run a barber pole against him and win.

#29 Prairieboy43 on 06.22.20 at 5:16 pm

More “ Bigly Meat “ please. Sharks are hungry.
PB43

#30 Kevin on 06.22.20 at 5:17 pm

Garth, why do you think you attract the MAGA crowd? It’s quite peculiar…

Also, would suggest a better commenting system to fight against disinformation campaign and foreign actors. No blog or social media platform is left untouched.
https://en.wikipedia.org/wiki/Internet_Research_Agency

#31 Toronto that is where dreams are destroyed on 06.22.20 at 5:18 pm

The cheapest apartment one can get in Toronto from a REIT is located at San Romano Way, Jane & Finch for a whooping $1,695 a month for a one-bedroom. Better buy some earmuffs and bullet proof vests.

#32 Penny Henny on 06.22.20 at 5:24 pm

#117 aW on 06.21.20 at 10:10 pm
Sounds like a great time to place a wager on Trump. He’s got it in the bag, but until November we’ll only hear about how he’s finished, caput, un-electable, not what the people want, blah blah blah.

Anyone with a working brain should see he’s already won. Hopefully the bookies take their cues from MSM too! :) Going to check the odds now
///////////////

The bookies goal is to have even money on each side of the bet and they will adjust the odds in order to maintain this equilibrium. They’ll take their 10 points from the winner rinse and repeat.

#33 Lost...but not leased on 06.22.20 at 5:32 pm

Trump…blah blah blah

More than likely USA will be under Martial Law by the Nov.2020 election.

Regardless , even if there is an election…WHO wins is irrelevant..USA lines up as NEXT in another failed empire in history.

Don’t agree?
Do some research

#34 WIN not lose on 06.22.20 at 5:32 pm

Thanks for your perspectives and wisdom.

When I look at the political situation in Canada (and the US) it’s as if one movie is being shown but it is being watched through two different filters:
Pro Trudeau vs anti-Trudeau and pro-Trump vs anti-Trump.

Which flavour are you?

Often that perspective is tempered by age, education, location, family history and your choice of media (dis)information.

I attended a Canadian Uni in the late 60’s and we had protests in our open areas as we supported (did not support) the Vietnam war. The rallies were confrontational.

Even then, most of our professors were closet Marxists. On top of that we were encouraged not to believe anyone over 30.

Kent State was an eye-opener. The vivid,classic, black and white image of a girl kneeling over her friend still haunts me to this day, even though I am a Canadian.

PET was proposing Canada as a mosaic in the late sixties and early seventies.

My family was a refugee family from western Europe and we were constantly derided as DP’s (displaced persons).

I stood tall in the face of this derision, as my saintly mother reminded me that I was a descendant of Europeans with a long cultural history in science, music, poetry and literature.

We maintained our European history, but I saw many fellow immigrants attempt to slink into the Canadian mosaic.

My mom also taught me to see life from another’s point of view.

For example: A neighbour boy insulted her to my face. I mustered all my resolve and beat him up soundly.

His response? To run to my house and complain to my mother. I can still see the event so many years later.

Gracious woman that she was, she asked him what his response would be if someone insulted his mother (he came from a single parent family). His initial silence and then agreement resolved the situation.

We became good friends.

Forgive the digression but it speaks to the current political situation.

We carry in our heart-of-hearts a political perspective.

Sometimes that perspective is our choice, but mostly it is the result of our family, our education, our environment, our choice of news outlets, etc.

As I look at the current political landscape, we pick our sides based on a wide range of biases. Then, using confirmation bias, we find all the information that supports our bias and then parrot it, as if it’s OUR view.

The current media landscape (TV, Radio, Newspaper, Internet) will provide us with all the information we need to support our biases.

In my case, I did not get my information about the weekend rally in Tulsa from CBC, Global, CTV, CITV, CNN, or Fox. I watched it live on CSPAN.

I can’t deride Trump, because he has demonstrated in so many ways that he is not the typical pandering politician but a strategist in the art of Sun Tzu.

I marvel at his skill set as he does battle.

In contrast, I despair over our current Canadian leader who has none of the fortitude or smarts of his “father.”

Justin doesn’t seem to care for his fellow Canadians.

Why not provide support and care for our indigenous families who have suffered in silent despair for years.

Why pander and fund Canadian and international billionaires? Galen Weston anyone?

And modelling his foundation after the corrupt C linton Foundation? Taking advice from the globalists and George Soros. NO THANKS.

And really? Does giving millions to corrupt foreign dictators make life in Canada better for his fellow citizens?

Can I see the political landscape from both sides? I sure can.

Please let me go back to the many summers at Victoria Beach in Manitoba, when I could fish for perch off the dock in the morning and then spend the afternoon frolicking on the beach.

Or sit on a bench outside the bakery as I listened to “Cara Mia Mine” by Jay and the Americans.

#35 Nick on 06.22.20 at 5:39 pm

.UPDATE.

Lower Brainland BC home sales for June 2020 have exceeded June 2019 number for first 3 weeks of the months.

Good luck Siddall!!
Don’t mess with lower Brainland‘a honest realtors.

#36 BC Renovator on 06.22.20 at 5:42 pm

Still cant believe what i am witnessing today in our town of 24,000, 40 min outside YVR. Multiple offers and lots of them. A realtor I know has sold 4 homes in the last 7 days all over asking with multiple offers. Who are these people!!??
These homes all sell over $1million too, and the medium local income per household- $90,000
The Real Estate obsession among the masses will be hard to change in my opinion.

#37 Drinking on 06.22.20 at 5:45 pm

Ha, just wait until this flu season; all hell will break loose!

#38 jess on 06.22.20 at 5:54 pm

recommended by not required (masks)

Iceland testing program has produced crucial data about the coronavirus – that half of those who were tested positive have no coronavirus symptoms.

This confirms multiple pieces of scientific research that have shown that coronavirus is spread more through people with the virus who show no sign of being sick. Researchers from The University of Texas at Austin had found out that more than 10 percent of patients were infected by somebody who has the virus but does not yet have symptoms.

“Early results from deCode Genetics indicate that a low proportion of the general population has contracted the virus and that about half of those who tested positive are non-symptomatic,” Thorolfur Guðnason, Iceland’s chief epidemiologist, was quoted as saying BuzzFeed News. “The other half displays very moderate cold-like symptoms.”

Iceland’s high-volume testing also involves genetic sequencing of the different samples of the virus, which helps researchers to investigate the various mutations of the virus.
Icelandic scientists say testing has already revealed that there are at least 40 mutations of coronavirus in Iceland, and the virus might develop to become more contagious, but less dangerous. These variants can also act as the fingerprints of the virus to trace its origin. Seven of the infected people were traced to an undisclosed football match in England, the team said.

Study suggests 80% of Covid-19 cases went undetected in March in the US

103 Houston police officers are quarantined with Covid-19

RAPIDLY WORSENING | #HarrisCounty hospitals:

– 177% increase in #COVID positive patients in gen/ISO beds since 5/31
– 64% increase in COVID positive patients in ICU beds since 5/31

WE MUST ACT NOW. Wear a mask, social distance & wash hands. #hounews #StopTheSPread #ProtectTheH pic.twitter.com/z9xJ5KhZH1
— Houston Health Dept (@HoustonHealth) June 22, 2020

WASHINGTON — The Trump administration has been sitting on nearly $14 billion in funding that Congress passed for coronavirus testing and contact tracing, “still failed” to distribute more than $8 billion out of $25 billion appropriated by Congress to expand testing and contact tracing. The letter indicated that Congress passed these funds as part of a coronavirus relief bill in April.
june 22, 2020, 11:01 AM EDT
By Shannon Pettypiece and Monica Alba
WASHINGTON — The White House has stopped conducting mandatory temperature checks for all staffers and visitors entering the grounds, removing another layer of safeguards put in place after two officials became ill with the coronavirus last month.While those who come in close contact with the president and vice president are still having their temperature checked and being questioned about symptoms, the steps are no longer being taken for others who enter the White House campus, said spokesman Judd Deere. Tents that had been manned for the past month by staffers with thermometers were being taken down on Monday.

“In conjunction with Washington, D.C., entering Phase Two today, the White House is scaling back complex-wide temperature checks,” Deere said in a statement. “In addition to social distancing, hand sanitizer, regular deep cleaning of all work spaces, and voluntary facial coverings, every staff member and guest in close proximity to the president and vice president is still being temperature checked, asked symptom histories, and tested for COVID-19.”
The White House had already stopped requiring all staffers in the West Wing to wear masks, a measure put in place in May when the president’s personal valet and the vice president’s spokesperson tested positive for COVID-19. Press secretary Kayleigh McEnany said last week that masks were recommended by not required in the West Wing, despite its narrow corridors and desks packed closely together, making it difficult for staffers to remain 6 feet apart.

#39 Reality is stark on 06.22.20 at 5:56 pm

Time to close Ford Oakville.
Let’s bankrupt Bombardier.
Biden will take care of Keystone.
As the socialists say “The deficit will take care of itself, we don’t need jobs especially if there’s any kind of pollution involved.
When the young men are no longer working they don’t marry. That means you don’t get to influence 70% of their earnings. You can forget children.
When this CERB party ends the municipality still needs money. Your money and lots of it.
Your taxes are going to skyrocket.
It’s great being a socialist SJW liberal warrior until you realize you have no money and that you’ll never be able to accumulate any because you are being taxed to death.
It’s a slippery slope. CEO’s are mean and corporations are bad. Wait until you see how a socialist state curtails your prospects. There is a reason why young Swedes pine to come to America.
It’s not a source of pride for Canada to tax at an equivalent rate to Sweden.

#40 KNOW IT ALL on 06.22.20 at 6:01 pm

WONDER WHAT the Banksters got up their SLIMEY sleeves when the 6 months is up.

Know way their letting 20% of their revenue go belly-up.

Thats the MONSTER the banks created.

#41 Faron on 06.22.20 at 6:01 pm

#24 Patrick Hardy on 06.22.20 at 4:57 pm

Garth: “the result of a once-in-a-century global pandemic.”

Patrick: “…I can think of multiple ways this whole virus situation could replay itself in the coming decades…”

You are both right. The probability of any given event is not contingent on when the previous such event happened. It’s possible to get 100 year events in back-to-back years in stationary statistics. And return intervals become upper bounds in non-stationary statistical environments. Our odds of getting a 1 in 100 flu bug this year is the same as it is every year. Just because we already have COVID, doesn’t prevent anything if such events are random. In all likelihood, flu will remain subdued this year due to social distancing and the like.

#26 Yukon Elvis on 06.22.20 at 5:01 pm

“…losing a lot of business and clients…”

Nothing to do with a ‘grudge’. It’s all about risk assessment. People who don’t make payments because of financial stress pose greater future risk. – Garth

I don’t think the banks will care much about losing lossy clients Yukon! Their boards and share-holders will applaud any such move as prudent. And, although the banks are only slightly less oligolopolistic than other canadian business spaces, there are still few options out there. The customers will come back and be met with higher fees and interest rates as penance paid for their sins.

#42 Grm on 06.22.20 at 6:08 pm

My brother in kaw just bought a house in midtiwn TO. Said there wwre crazy bidding wars on all the properties they were looking at. Mortgages are dirt cheap. 2% basically free. Lots of $ in Toronto. The people you are talkin about defaulting are in places like Scarborough and Jane and Finch.

#43 kingston boy on 06.22.20 at 6:08 pm

@#40 Reality is stark on 06.22.20 at 5:56 pm
Time to close Ford Oakville.
Let’s bankrupt Bombardier.
Biden will take care of Keystone.
As the socialists say “The deficit will take care of itself, we don’t need jobs especially if there’s any kind of pollution involved.
When the young men are no longer working they don’t marry. That means you don’t get to influence 70% of their earnings. You can forget children.
When this CERB party ends the municipality still needs money. Your money and lots of it.
Your taxes are going to skyrocket.
It’s great being a socialist SJW liberal warrior until you realize you have no money and that you’ll never be able to accumulate any because you are being taxed to death.
It’s a slippery slope. CEO’s are mean and corporations are bad. Wait until you see how a socialist state curtails your prospects. There is a reason why young Swedes pine to come to America.
It’s not a source of pride for Canada to tax at an equivalent rate to Sweden.

you’re pretty ignorant eh.

#44 Not Just One Stupid But Two Stupid on 06.22.20 at 6:08 pm

Buy a house – it only goes up in value. WRONG!

#45 kingston boy on 06.22.20 at 6:12 pm

@#37 BC Renovator on 06.22.20 at 5:42 pm
Still cant believe what i am witnessing today in our town of 24,000, 40 min outside YVR. Multiple offers and lots of them. A realtor I know has sold 4 homes in the last 7 days all over asking with multiple offers. Who are these people!!??
These homes all sell over $1million too, and the medium local income per household- $90,000
The Real Estate obsession among the masses will be hard to change in my opinion.

been witnessing this i n ontario for years now.
anything within 4hrs of Toronto is getting top $$

#46 sailedaway on 06.22.20 at 6:17 pm

“Juices and prejudices have made debate or analysis impossible. The deplorables win.”

Well, you did leave comments on.

Drama brings recurring eyeballs.

#47 Handsome Ned on 06.22.20 at 6:18 pm

Of the two beasts in the picture, the one most likely to attack me, hump my leg or keep me up all night yapping is the wiener dog. Although if the lion was to hump my leg, I would think of England and let him finish.

#48 baloney Sandwitch on 06.22.20 at 6:23 pm

If you are from a low income family its much easier to become a millionaire in Canada than the US. All these ranting MAGA loving deplorable dogs should look at the literature on social mobility.
https://milescorak.com/2019/04/15/intergenerational-mobility-between-and-within-canada-and-the-united-states/#:~:text=A%20growing%20consensus%20in%20the,income%20families%20than%20for%20Americans.

#49 Trojan House on 06.22.20 at 6:24 pm

“…which is the result of a once-in-a-century global pandemic.”

Was it because of the pandemic or the government’s (over) reaction to it?

#50 aW on 06.22.20 at 6:25 pm

#31 – It could be because the MAGA crowd is a statistically significant portion of the population. 45 is a lot more popular than the news lets on.

#51 Wrk.dover on 06.22.20 at 6:26 pm

That picture reminds me of the one taken the day Smoking Man made his pilgrimage to Belfontaine, somehow.

#52 sailedaway on 06.22.20 at 6:27 pm

Ah, so a non-amusing comment from me doesn’t get published. Can’t say I’m surprised. Let me think of something funny to add to the cesspool

#53 yorkville renter on 06.22.20 at 6:33 pm

Trump, and his supporters, are the biggest snowflakes around… they cant believe they are in the minority…

#54 devore on 06.22.20 at 6:37 pm

“Political speech”, huh? You know if the other side did something like this, the media would have labeled it “targetted harassment campaign”, and probably worse.

#55 John in mtl on 06.22.20 at 6:37 pm

10 Trumpocalypse2020 on 06.22.20 at 4:12 pm
It’s coming

Care to enlighten us about what is coming?

#56 Jimers on 06.22.20 at 6:38 pm

Awesome speech Trump gave in Tulsa. No wonder ‘Hiden Biden’ refuses to leave his basement. No way Slow Joe can handle a debate with Trump, unless of course CNN gives him the question in advance like they did with Hilliary.

#57 The Totally Unbiased, Highly Intelligent, Rational Observer on 06.22.20 at 6:39 pm

“Memo to self: never, ever again (ever) write about Trump.” — Garth

Remember, if you cannot write anything good about President Donald J. Trump, then you should not write anything at all about him. That is just good old fashion common sense and decency.

If you want to write anything against anyone, say something about all those really, really, really bad people who are trying to prevent President Trump from Making America Great Again and Keeping America Great.

That would be so much more fitting and appropriate than trying to crank out daily articles against someone as pure and sweet and innocent and not at fault as The Donald.

#58 Ballingsford on 06.22.20 at 6:40 pm

Garth,
You try to educate and some of us listen and appreciate your advice and benefit from it.
The rest it seems like you are preaching to a bag of hammers.
Not us bolg dogs though. We’re smarter, from your guidance, than the dullest knife in the shed!

#59 Penny Henny on 06.22.20 at 6:43 pm

#29 conan on 06.22.20 at 5:11 pm
General Cheetos is toasty oaties.
The Dems could run a barber pole against him and win.
//////////////

But instead they ran a 2×4

#60 Jimers on 06.22.20 at 6:45 pm

#31 Kevin – NO its just Trump supporters make up the silent majority, just like in Canada where most people voted for Andrew Scheer, and we know its pointless addressing the logical fallacies put forth by Chi-Com funded fake news an the Pantfia crowd.

#61 Nonplused on 06.22.20 at 6:47 pm

I wonder what percent of the people who read this blog actually have a mortgage or are in a position where they have to defer their mortgage payments. If the maths Garth posted a few days ago were correct 57% of the people of this fine land who own their own residence do not have a mortgage, and I get the sense from the comment section that the majority of readers tend to be from the top quartile of income earners or retirees who have money to manage.

That said I still enjoyed the post mostly because it helps fuel my sense of self-righteous outrage at people who scam the system. There is no CERB for me because I took most of my income as dividends last year. That turns out to have been a mistake because if I had instead paid myself a salary, yes I would have paid more taxes but not $8,000 more or whatever the number will be by December, perhaps $16,000. Oh well these are not large numbers in the scheme of things.

But it does indicate the problem with these discretionary give-aways. Why do the guys who work at EB Games get a 4 month paid for stay-cation while the guys who bag groceries have to work? If you ask my son EB Games is an essential service.

But I am pretty sure the CERB will be enough to get Trudeau a majority government if there is an election before it runs out. He’s got the trifecta going for him if he calls a snap election for September-October; the CERB, Trump derangement syndrome (the news will be insane by then), and the Torries won’t be ready to possibly improve their numbers.

#62 CL on 06.22.20 at 6:54 pm

Sorry, Garth. As much as your commentary is logical and makes sense, the feds will save everyone. It is very apparent they will do it at any cost even at risk of bankrupting the country.

But, bankruptcy is good, apparently. Many oil and gas producers on the verge of bankruptcy are receiving massive bonuses for doing so. Not only that, they are being retained for their “expertise” through bankruptcy.
Imagine that.

https://oilprice.com/Energy/Energy-General/CEOs-Bank-Big-Bonuses-As-Oil-Companies-Go-Bankrupt.html

Moral hazard. The companies are worth more dead than alive….to these very smart execs.

Here is a tip for your investment advisory biz. Whatever makes sense and should happen, do the opposite. It works!

#63 Sail away on 06.22.20 at 6:57 pm

#47 sailedaway on 06.22.20 at 6:27 pm

Ah, so a non-amusing comment from me doesn’t get published. Can’t say I’m surprised. Let me think of something funny to add to the cesspool

————-

Hmm… I’ve been through the archives and it doesn’t appear you have ever posted a comment that could be in any way considered amusing. Sometimes the truth hurts, Yugo-soldier.

Maybe all the funny ones were deleted?

#64 Ace Goodheart on 06.22.20 at 7:01 pm

RE: #9 SunShowers on 06.22.20 at 4:07 pm

I had a friend who had her identity stolen. Basically, the perps managed to use her credit rating to purchase things with loans. Racked up quite the debt load. They were registered as living in an apartment in Montreal. Quebec police wouldn’t touch it. Really sad situation (Quebec is far more lawless than you think).

At any rate, after having to hire a lawyer to fix the situation and being unable to use a credit card or a bank account for a number of years, she finally got it all cleared up.

She then was advised to contact equifax and transunion to put in place a mechanism whereby if anyone asked to verify her credit, she would have to be contacted first.

So, this was a disaster. Things were actually worse than before the identity theft. No one would deal with her. They would get back a negative message from the credit rating agencies, to the effect that a verification process had to take place. Anyone whom she applied to for credit, would automatically refuse her based on that negative verification required response.

So she then had to try to remove this requirement, that she put in place for her own safety, from both of those credit reporting agencies.

This took another six months or so.

She is now able to get a credit card again.

Anyone who wants to know how difficult transunion and equifax are to deal with, I just get them to talk to her.

#65 Drew on 06.22.20 at 7:07 pm

“When the crisis ends and normalcy returns, sell the house. Obviously you can’t afford it.”

This is exactly the lesson few people are going to learn.

Let the cliff come. I can see the headlines now: “[Big5Bank] won’t give this family a mortgage because they were on the CERB” whinge, whinge.

#66 Bytor the Snow Dog on 06.22.20 at 7:09 pm

@60 Nonplused:

The Tories are still too busy trying to elect a Liberal as party leader. They’re lost in the wilderness.

#67 Ace Goodheart on 06.22.20 at 7:10 pm

RE: #6 Faron on 06.22.20 at 3:54 pm

“Noooooooo. Unleashing the trolls is how they have dominated the social media space. Don’t let it happen to you. I can’t imagine what you had to read through yesterday. Argh.”

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

The Trump campaign just got PUNKED by a bunch of 13 year old tweens on TikTok.

Yeah, we all have to be afraid of their social media skills.

#68 Nonplused on 06.22.20 at 7:11 pm

#5 FOrmer Navy Chief on 06.22.20 at 3:53 pm
I would begin by liquidating everything that isn’t necessary. Sell the ATVs, the dirt bikes and the huge expensive motor homes.

——————————

How do you conclude that ATV’s, dirt bikes, and motor homes aren’t “necessary”? They should be on every proper preppers list of things to have on hand when the SHTF. When the looters get to your neighborhood you have 3 choices: Stand and defend it (which will take guns and the willingness to use them), watch it burn, or get the heck out of Dodge.

I have 2 “dirt bikes” right now and I wouldn’t dream of selling them. The are both street legal (so more a “dual sport”) and get outstanding gas mileage. Not a bad thing to have “just in case” and tons of fun in the meantime.

Anyway now is not a great time to be selling anything. You ain’t going to get what you thought it was worth this time last year. Have you noticed the distinct lack of garage sales this year? They are about as popular as home viewings. Normally this time of year there should be traffic jams in back alleys all across the land every Saturday at 9 am but it just isn’t happening this year.

#69 WEXIT on 06.22.20 at 7:25 pm

Your comments “ creating a 32% plunge in overall values (it was 70% in some areas, like Phoenix and Florida’s Gulf coast).”

Yup, down 55% in El Mirage, just west of Phoenix. I brought 8, all sold by now. It was good times.

God Bless the Americans, great people to work with.

#70 Drinking on 06.22.20 at 7:27 pm

#39 jess

Great info! Most people are just becoming numb to all this but not I. Average of 125k infections per day in June is not looking well for what is going to happen this winter season. I even had a poster, I think it was NEO or something like that telling me to sober up (I laughed since a barely drink) where many posters who post have had a few. Anyways I posted this live chart yesterday:

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

There is even an article on the Globe from the W.H.O.; i know most people have lost any type of trust in these idiots but they are even saying wise up.

https://www.theglobeandmail.com/world/article-coronavirus-cases-soaring-in-several-major-countries-at-the-same-time/

If we even help one person to prepare for this winter season then at least we did good; the rest it is up to you dawgs!

#71 I’m stupid on 06.22.20 at 7:31 pm

Hello everyone I had something I hope you could all help me out with.

I just got my auto insurance renewal. I live in Ontario (Toronto). My policy increased 70%. From 1600 to 2800.
Nothing changed from last year to this year. No tickets, accidents address change etc etc. It’s all the exact same except Covid happened. I called around and every insurance company I call is in the same range. I’ve used a broker and it’s the same. Is anyone else seeing the same thing?

Thank you all

Garth if you can look into this I’d appreciate it. You obviously have more contacts than I do. Thank you

#72 Garth's Unclaimed Son on 06.22.20 at 7:34 pm

Garth: BC has multiple bids on places right now in Vancouver.

Feeding frenzy.

Buddy in Kelowna said two houses sold (one in January and one just last week). Same type of house 1 block apart. The one that just sold was $98,000 higher than the pre-pandemic place.

5-year fixed rates just hit the record lows of 2017 and are going to make new record lows.

While 20% of people are screwed, 80% have never had it better and the money is flowing hot.

I am seeing cash deals on 30-40k boats privately listed, block lineups some days at home depot. We are talking this past month.

You’re welcome for some real time information in BC. A 100 bill does not sit around for long.

#73 Nonplused on 06.22.20 at 7:37 pm

#37 BC Renovator on 06.22.20 at 5:42 pm
Still cant believe what i am witnessing today in our town of 24,000, 40 min outside YVR. Multiple offers and lots of them. A realtor I know has sold 4 homes in the last 7 days all over asking with multiple offers. Who are these people!!??

————————–

Well, Vancouver is not very far, either in distance or in ideology, from Seattle. Remember this is a town that rioted because they lost the Stanley cup in game 7, which is not a bad performance. If it was a little league team and you were coach you would tell all the kids to be proud of such a performance, and accept that the winners just had a better game. But that is not how they do things in Vancouver. Winning seems to be a right there, along with all the other new rights. If I was a resident of Vancouver, I’d be bugging out about now too before something sets the riots off.

Technology has been bringing about many changes, some of which the futurists have been predicting for years. It was a built up wave of water held back by a beaver dam of tradition and inertia. Covid made the beaver sick so he couldn’t work on the dam for a few weeks and it broke. Now, any place that has cable internet or even microwave is looking pretty good if your job mostly involves facing a computer. And as the computer jockies move out to the suburbs, the trades will follow them. The world is going to get a lot more flat over the next ten years.

#74 Jimers on 06.22.20 at 7:40 pm

#60 Nonplused – One thing Liberals need to learn, is paying your taxes is not only the right thing to do, it has its benefits.

#75 the Jaguar on 06.22.20 at 7:45 pm

A Tale of Two Cities.
Friend of the Jaguar recently listed a high end condo in a very desirable area of Vancouver after finding a new place with appealing characteristics. This cat toyed with the idea of renting out the high end condo, but with concern about the militant attitudes of the ‘don’t pay your rent’ crowd and limited ability to enforce his property rights decided to list to avoid any problems. Smart move.
Another close friend of the Jag has been camped out in his future retirement home in a prestige area of Ontario cottage country. Not fully retired yet and able to complete all work related comittments from that location. Continues to maintains a high end residence in the GTA, but confessed the idea of returning there even periodically after adjusting to lockdown in the cottage has become akin to contracting the measles. There are some other property assets in GTA as well, but this friend has begun to pick up some other real estate in the cottage area, and while the properties in the GTA have not yet been dumped the tea leaves seem compelling.
I tell these two tales to illustrate that while the concerns of people like Evan Siddall and others have been primarily focused on first time buyers, the over-leveraged and indebted, and those who have suffered job loss with no prospects of their previous position surfacing, it seems to me that other troubling trends might emerge such as “those who can vote with their feet will do so”.
If those with means slowly and surreptiously exit along with their taxes and other tangible contributions to everything from transit, parks and recreation, roads and infrastructure, and society in general, how will those mega cities not just survive, but thrive?
Who will live in there or want to? Those who are able to vote with their feet and channel opportunities in their favour will always do so. Why hang back with the brutes? Just ask Ben Mulroney. Now let’s see if the trolls take the bait.

#76 IM in C on 06.22.20 at 7:49 pm

Garth…do you really think that Trudeau will allow the situation to reach the ‘deferral cliff’. Do you think that for one moment, the NDP, who are politically propping him up, will allow that to happen. Nope, the pol who allows a houseageddon to occur on his watch will be pooched, and so will his party. The largess will continue indefinitely

#77 jess on 06.22.20 at 7:55 pm

J. David McSwane
Ryan Gabrielson

…”Since May, the Trump administration has paid a fledgling Texas company $7.3 million for test tubes needed in tracking the spread of the coronavirus nationwide. But, instead of the standard vials, Fillakit LLC has supplied plastic tubes made for bottling soda, which state health officials say are unusable.

The state officials say that these “preforms,” which are designed to be expanded with heat and pressure into 2-liter soda bottles, don’t fit the racks used in laboratory analysis of test samples. Even if the bottles were the right size, experts say, the company’s process likely contaminated the tubes and could yield false test results. Fillakit employees, some not wearing masks, gathered the miniature soda bottles with snow shovels and dumped them into plastic bins before squirting saline into them, all in the open air, according to former employees and ProPublica’s observation of the company’s operations.

“It wasn’t even clean, let alone sterile,” said Teresa Green, a retired science teacher who worked at Fillakit’s makeshift warehouse outside of Houston for two weeks before leaving out of frustration.

==========
Barr was to look into it
Tuesday, October 15, 2019
Turkish Bank Charged In Manhattan Federal Court For Its Participation In A Multibillion-Dollar Iranian

Sanctions Evasion Scheme
Mr. Berman praised the outstanding investigative work of the FBI and its New York Field Office, Counterintelligence Division, and the Department of Justice, National Security Division, Counterintelligence and Export Control Section.

https://www.motherjones.com/politics/2020/02/report-barr-protected-turkish-bank-from-prosecution-to-appease-erdogan/
==============

February 15, 2020
Turkish Bank Prosecution
https://www.motherjones.com/politics/2020/02/report-barr-protected-turkish-bank-from-prosecution-to-appease-erdogan/

#78 conan on 06.22.20 at 7:55 pm

#72 I’m stupid on 06.22.20 at 7:31 pm

insurance fraud is driving up prices.

#79 Islander on 06.22.20 at 7:56 pm

“When the crisis ends and normalcy returns, sell the house. Obviously you can’t afford it. Trash the debt, rent, and focus on building up liquid assets. Never again let yourself be wooed into an asset beyond your means.”

Thank you Garth for these wise words.

In Europe, housing costs, whether for owners or renters, are: France (average) 18.3% /UK (average) 25.1% %. Only the Italians spend less (17.1 percent of income). The big spenders are the Dutch, “where a whopping 29.4 percent of people’s salaries goes directly into their living arrangements”.

https://www.thelocal.fr/20161114/france-housing-britain-germany-europe-study-house-prices

https://creditfoncier.com/

Check out this chart to see the European country that spends almost 40% on housing costs. And yes the vast majority are home owners.

https://ec.europa.eu/eurostat/statistics-explained/index.php/Housing_statistics

Think it can’t happen here? Well it already has.

To be spending more than 33% of your income on housing and utilities is insane. Yet Canadians living in Toronto and Vancouver regularly spend up to 80% of their income on housing and utilities.
The cost of owning a home in Vancouver is expected to remain at 88 per cent of the median income of $77,410 in the fourth quarter of 2019, similar to 2018.
Of course no one with a secure family income of less than $150,000 would even consider buying, would they?

Believe me, we are way beyond, “You’re richer than you think.”

#80 Jimers on 06.22.20 at 8:02 pm

#68 Ace Goodheart -“The Trump campaign just got PUNKED by a bunch of 13 year old tweens on TikTok.”

Not really, Trump got punked by a bunch of 13 year old tweens under direction from management at Tik Tok, a company owned by the Red Army Chi-Coms, and confirmed by AOC that the Dems are colluding with CCP to interfere in the 2020 elections. Do a smell another Mueller type investigation coming, this time investigating the Dems colluding with the CCP to interfere in the 2020 elections.

American teenyboppers controlled by Chinese communists. You guys never cease to amaze. – Garth

#81 Jimers on 06.22.20 at 8:22 pm

“American teenyboppers controlled by Chinese communists. You guys never cease to amaze. – Garth”

If Never-Trumpers can spend $40 Million and 3 and half years investigating the fully debunked wild eyed conspiracy theory that Trump colluded with Russia, then this certainly justifies some investigation too. Whats good for the goose…?

#82 Drinking on 06.22.20 at 8:27 pm

#72 I’m stupid

I can concur; I live in a different Province, clean driving record, very good condition older vehicle; been driving 40 plus years and my insurance has gone up 60% in the past two years. Reason given, we are paying for all the people who have purchased high priced vehicles that claim for everything to basically pay off the vehicle or pay their next lease payment. Hit and run is becoming a huge issue; raise mine again and I will just take the chance of driving with no insurance. Being a respectable citizen or a good driver means nothing nowadays, it is a broken down society.

#83 Tim123 on 06.22.20 at 8:31 pm

I have a theory that the financial knowledge of Canadians is very limited based on anecdotal information, such as 58% of Canadians are living cheque to cheque. I guess we will find out soon whether I was correct. The fact that people spent beyond their abilities is another telltale sign that people do not know what they are doing when it comes to finances.
Those same people who bought real estate beyond their means are also the same people who will tell you that equity investing is too risky and real estate can never go down. They will tell you there is limited land (Canada is the second largest country in the world). Anyways, it was a good run in real estate while it lasts, and there are still people buying now so they might be able to cash out at the top.

#84 TurnerNation on 06.22.20 at 8:38 pm

For the Hertz doomers. Thrifty just switched over to a new computer system – under Hertz.
Emailed Thrifty receipts come from a Hertz email account. Very likely a strategic bankruptcy only.

#85 John on 06.22.20 at 8:43 pm

“Ditto for credit cards. You’re being watched. Scored. Monitored. Recorded.”

This is not necessarily true. My bank rep at Vancity said that payment deferral for Visa will not be recorded at Transunion. I confirmed this by getting a credit report. As a bonus, they have also waived interest for 6 months. Not deferred– waived.

#86 Flop... on 06.22.20 at 8:48 pm

Hey Islander, your post reminds me of a tweet I saw the other day regarding Westside condos.

To paraphrase Allen Iverson.

We talkin’ about condos.

Not the house.

Not the house.

We talkin’ about condos…

M46BC

“To be able to afford a condo at $8,571, a household must have a before-tax monthy income of $28,570, where 30 percent is for housing costs. Households earning this much money have an average annual income of $342,840.”

#87 NFN NLN on 06.22.20 at 9:00 pm

#81 Jimers on 06.22.20 at 8:02 pm

American teenyboppers controlled by Chinese communists. You guys never cease to amaze. – Garth

The elites have been programming generations of children to believe capitalism works and that if you work “just” hard enough you’ll be successful. It’s the Western scam. Unfortunately, you are part of that programmed generation Garth. Your ideas of economics are antiquated and not relevant in the “new normal”. Jobs will be replaced with automation and AI.

COVID-19 has proven that no one “has” to work anymore, we can just print money. Everything is fine, look around. People are happy, and the elites can’t force anyone to work dead end jobs with no future. This utopia can continue with a universal basic income. It is the logical next step, you just aren’t ready for it. Forced labor, mortgages… they are all unnecessary.

Once everyone’s needs are fulfilled and people can relax, we won’t need police anymore. No one will need to fight or steal – everything will be provided. Naturally we will defund the police which will free up even more resources.

Sadly, boomers like you are out of touch with the changing world today. You cling to out dated concepts like saving, investing and working to pay a mortgage. Communist China can provide all of this once they have access to our resources.

:)

#88 Terry on 06.22.20 at 9:08 pm

Remember Canada…………..you only have what you all have because of America. If America fails, unlikely, Canada vanishes. As an aside, it looks like Ford Motor Company will be exiting Canada. Contract talks this Fall for the big three will include plant closure announcements, (Oakville Assembly Complex), huge concessions and benefit cuts for everyone else. The pain of the Covid-19 economic destruction is still just getting started. We are still in the 1st inning, 3rd batter up.

#89 Democracy Is Mob Rule on 06.22.20 at 9:10 pm

I like this blog better when it avoids politics, except for government policy changes that affect real estate, taxes or investments.

#90 crowdedelevatorfartz on 06.22.20 at 9:16 pm

I talked to a 26 year old neighbor today.
He was changing the battery in his car…it was dead.
Hasnt worked since March 15th.
On EI, car insurance cancelled, hasnt paid rent.
He’s crapping his pants about his growing debt.
I told him of a few good work options and he seemed interested.
He’s very worried about whats going to happen in the near future.
Is thinking about moving from the Lower Brainland because…..”its unaffordable….”

Lets talk about the BC and Canadian economy in 12 months.

#91 IHCTD9 on 06.22.20 at 9:19 pm

Talked with the boss today, looks like I’m staying home for July too. Month number 4.

I need some more projects around the house…

#92 Democracy Is Mob Rule on 06.22.20 at 9:31 pm

RBC GAM has some nice free investment analysis. Here is the latest:

https://www.rbcgam.com/documents/en/articles/global-investment-outlook-2020-summer.pdf

On page 40 they show Exhibit 3: S&P 500 Index Supercycle price momentum. This illustrates the 35 year cycle in the US stock index. According to that the next big top is due in 2032.

On page 43 they show Exhibit 12: Standardized S&P 500 fair-value bands. It shows the US index in neither over nor under valued relative to earnings and interest rates. However, at the next market top in 2032 it will likely be overvalued.

Page 51 shows normalized earnings and valuations for stock indexes in the US, Canada, Japan and Europe. It looks like Europe’s markets are only going sideways like Japan’s have been doing for years. This may be due to declining populations.

Looking at the data for Canada you can see that the best periods of performance were in the late 1970s and 2000s during the 30 year commodity cycle. The next boom in commodities should be during the decade of the 2030s.

https://economyandmarkets.com/wp-content/uploads/2017/11/Economy_Markets_11-28.png

#93 no blog for old men on 06.22.20 at 9:35 pm

@#91 crowdedelevatorfartz on 06.22.20 at 9:16 pm
I talked to a 26 year old neighbor today.
He was changing the battery in his car…it was dead.
Hasnt worked since March 15th.
On EI, car insurance cancelled, hasnt paid rent.
He’s crapping his pants about his growing debt.
I told him of a few good work options and he seemed interested.
He’s very worried about whats going to happen in the near future.
Is thinking about moving from the Lower Brainland because…..”its unaffordable….”

Lets talk about the BC and Canadian economy in 12 months.

//////////

well, at least he’s only 26. Got that going for him.
would really suck being in that position at 46+

#94 Stan Brooks on 06.22.20 at 9:39 pm

#80 Islander on 06.22.20 at 7:56 pm

Europe has much better safety net on education, government services, health care, retirement/pensions.

With the above much inferior here (despite what the propaganda sells you as a ‘social’ country) the housing costs here a truly insane + we have much higher property taxes, maintenance etc.

When the true dollar declines (expected up to 25 or even 35 % depreciation) watch out for the loonie in an environment of inflationary economic depressions due to job losses from the virus and peak debt combined with rock bottom rates leading to severe stagflation.

The middle class will be obliterated and the housing – our only economy engine for the last decade or two will prove to be a lame horse.

Cheers,

#95 Rural Rick on 06.22.20 at 9:42 pm

“American teenyboppers controlled by Chinese communists. You guys never cease to amaze. – Garth”

Excuses, excuses. That’s all Trump and his supporters have.

#96 crowdedelevatorfartz on 06.22.20 at 9:43 pm

@#88 NFL NLN

You and Turner Nation should get some rubber gloves, alcohol wipes, lube, and a hotel room without internet access…… it make take a while but……..
I’m sure you’ll fall in love.

#97 crowdedelevatorfartz on 06.22.20 at 9:47 pm

@#94 no country…old man
“well, at least he’s only 26…..”

+++++
Yep.
Better late than never to start saving.
I had zero savings until i turned 30.
Read the Wealthy Barber.
Kick in the head time.
29 years later…… I can retire now but I choose to keep working….because I enjoy it.

M59BC ( my shout out to Flop)

#98 Damifino on 06.22.20 at 9:49 pm

#77 IM in C

…the pol who allows a houseageddon to occur on his watch will be pooched, and so will his party. The largess will continue indefinitely
———————————–

So what you’re saying is, it’s within the power of a political party to defy economic gravity. The Weimar Republic could certainly have befitted from that news in the 1920’s.

Got a nasty problem with hyperinflation? Just pass legislation that says it isn’t so. Simple. Why didn’t they think of that?

#99 Shawn on 06.22.20 at 9:54 pm

Mr Market prefers Trump alright. He just ended the rally 4 months before his own re election.

He blew up the China trade deal.

Again the market certainly does not prefer Trump. Hopefully it begins to look forward to a BUYden presidency. But not without a volatile Q3 first.

#100 Shawn on 06.22.20 at 9:59 pm

4 more months of this clown. He will certainly go down as the worst president in US history. He simply wasn’t capable both intellectually and in character. The end can’t come soon enough.

#101 Democracy Is Mob Rule on 06.22.20 at 10:10 pm

I invite the gold bugs to look at the following chart.

https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart

The chart defaults to inflation adjusted, but you can change that by clicking on the check box.

Notice how in 1987 when the stock market crashed, gold prices rallied to just below the previous high, as they are doing now. Then for the next 13 years they went down.

#102 45north on 06.22.20 at 10:20 pm

The proportion of households with mortgage debt who have deferred is staggering – 20%. If they’re all in trouble, ouch. It took but 8% of US property owners who were over-extended and in distress to topple that market, creating a 32% plunge in overall values (it was 70% in some areas, like Phoenix and Florida’s Gulf coast).

I thought that Canada would immediately follow the US but it didn’t.

Take Evan Siddall’s words Government support programs have deferred (& reduced) an inevitable economic adjustment.” So I think there’s going to be a economic adjustment. More severe than the US because Canadian debt levels are higher than they were in the US. That’s the main thing and it’s what Garth has been warning us about.

The severe economic adjustment is going to come at a time of huge government debt and increased taxes. Governments are going to have few options to develop new programs. Let’s say no options. Higher taxes will remove individual discretionary income. This is really a grim picture.

I cannot see politics making much difference. So what if Liberals, Conservatives or whoever forms the government. They will be in charge where the government imposes so much tax that nobody can do anything and the government will have so much debt that it cannot do anything.

#103 cramar on 06.22.20 at 10:21 pm

Adding to all the COVID woes, CBS carried the news today that now a lot of young people in the hotspot states are getting the virus. They are the ones who largely snubbed social distancing and masks. The chickens are coming home to roost!

#104 Linda M Youell on 06.22.20 at 10:22 pm

Will “deferred” property taxes be an unintended consequence in this atmosphere of deferred payments for rent, mortgages, credit cards, etc?
In the olden days, some mortgages were PIT – principal, interest, taxes. The financial institution which held the mortgage forwarded the property taxes to the municipality/ county, etc.
To protect the value of the property, will financial institutions pay the property taxes even tho’ they have not received payments from their customer? Most local governments are screaming for financial assistance and screaming from the pain of shattered revenues. Are the local governments going to take another hit from folks who can’t/ won’t pay property taxes?

#105 Shawn on 06.22.20 at 10:33 pm

https://www.cnbc.com/2020/06/22/stock-market-futures-open-to-close-news.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Message

Ahhhhhhahahahaha

#106 Sail away on 06.22.20 at 10:42 pm

Huh. Violence, sexual assaults, physical assaults, arson and shootings break out within a week of declaring a non-policed autonomous zone. Who would’ve guessed?

Oh, that’s right… everybody with a brain.

The mayor previously called this autonomous experiment, ‘a summer of love’. I guess it was.. along with a little death and some thumping, vandalism, looting and arson. A summer of a lot of things.

Let’s call it a failed experiment.

Defund the police, you say?

#107 Diversified in Oakville on 06.22.20 at 10:50 pm

Hey #72, “I’m Stupid”

EXACT same price gouging happened to me when I moved from Oakville to Mississauga.
I called CAA Insurance and got my old rate. 36% less than the broker who was “working hard for me”.

#108 Fortune500 on 06.22.20 at 11:44 pm

Did you see what Siddall posted on Twitter yesterday? The real estate ‘professionals’ went ballistic in the comments. This is the head of the CMHC people!

“Bleak forecasts by WorldBank now project highest global unemployment in 55 years. I am imploring real estate agents and mortgage brokers to please promote financial prudence, moderate borrowing and ensure Cdn homebuyers can weather the coming storm.”

#109 DON on 06.23.20 at 12:23 am

#97 crowdedelevatorfartz on 06.22.20 at 9:43 pm

@#88 NFL NLN

You and Turner Nation should get some rubber gloves, alcohol wipes, lube, and a hotel room without internet access…… it make take a while but……..
I’m sure you’ll fall in love.
**************

LOL – the Virus is making people go bat shit crazy.

Too soon?

#110 Unashamed Patriot on 06.23.20 at 12:40 am

DELETED

#111 DON on 06.23.20 at 12:43 am

#77 IM in C on 06.22.20 at 7:49 pm

Garth…do you really think that Trudeau will allow the situation to reach the ‘deferral cliff’. Do you think that for one moment, the NDP, who are politically propping him up, will allow that to happen. Nope, the pol who allows a houseageddon to occur on his watch will be pooched, and so will his party. The largess will continue indefinitely
*************

How about Trudeau is told that the perfect storm is on the horizon and he chooses to take advantage of his current increase in ratings and CERB desert and calls an election and gets that majority while the going is good. I thought the prospect of an early election would sink him, but now the VIRUS can be the fall guy for the economy, for real estate and the lack of viable conservative momentum. The NDP got the spotlight and Trudeau get’s a third chance.

I can see an October election. July/August will tell.

‘I say..I say pay attention to what people do not say and what they do’

But I will take an order of that Cotton Candy Flavoured Unicorn waffle ice cream.

#112 SoggyShorts on 06.23.20 at 1:16 am

#62 Nonplused on 06.22.20 at 6:47 pm
…. There is no CERB for me because I took most of my income as dividends last year. That turns out to have been a mistake because if I had instead paid myself a salary, yes I would have paid more taxes but not $8,000 more or whatever the number will be by December, perhaps $16,000. Oh well these are not large numbers in the scheme of things.
*****************
Ummm… you can totally collect CERB even if you are self-employed and pay yourself via dividends.

#113 jane24 on 06.23.20 at 1:50 am

Having lived in 4 countries in my life – England, UAE, Italy and Canada, I can conform that Canadian car insurance rates are very very expensive compared with the rest of the world. Some Canadian car insurance rates are even provincial controlled and still huge. Why?

Here in England we currently have 3 cars. All are insured for everything except stock car racing with for-profit companies. The Grand Connect Ford 7 seater van has a yearly insurance cost of £350 ($612), the Kia Soul is £325 ($552) per year and the Yaris Hybrid is about the same as the Kia. We are in our 60s, hubby still commuting to work in one of these cars and have clean driving records. We live in town. Still. Cars parked outside.

Why is Canada 3 or 4 times the UK insurance rates?

All I can think of is that your court system must support scams, making loads of high awards. Here neck impact injuries were going up due to Eastern European scams so the govt mostly outlawed them. Not the Eastern Europeans but neck injury claims. Their thinking was that if the NHS handles all the legit health issue and since neck injury is hard to prove, then you cannot take up court time over it. Must be other factors though to explain the huge difference in car insurance costs.

#114 fishman on 06.23.20 at 2:09 am

We partially staked gunman back to the Yukon. Topped up the free money. He’s experienced running hoe in the pay dirt up there; good operator. Couldn’t get past Watson Lake. Only one road from here on in. Just Yukoners, confirmed jobs & essential passes gets past that roadblock. He’s winging it. Those guys know he’s got his portable sluice box & pan somewhere in his camping gear. Weather is late, cold & wet. Massive bug bloom.
Thats the country where grandpa Trumpster made the family fortune. At the golden gate (singular) to the gold fields. Gotta like that gold. One of the big five in my 5G portfolio.

#115 Where's My Money Gweedeau? Lost at Harrington Lake remodel! on 06.23.20 at 2:36 am

Re:#182 kingston boy on 06.22.20 at 1:22 pm
@#158 MF on 06.22.20 at 10:32 am
What a sad state we’re in, when so many fervently believe so much crap. – Garth

-Indeed.
++++++++++++++++++++++++++++++
A Washington Insider of 28 years begs to differ:

https://www.pbs.org/video/moyers-company-deep-state-hiding-plain-sight/

https://www.mikelofgren.net/introduction-to-the-deep-state/

#116 Tater on 06.23.20 at 7:53 am

#40 Reality is stark on 06.22.20 at 5:56 pm
There is a reason why young Swedes pine to come to America.
—————————————————————–

Pining seems to be all they do though, in 2019 less than 2700 Swedes moved to the US.

The US was 6th after Denmark, UK, Norway, Finland and Germany.

47K emigrated from Sweden and 116k immigrated to Sweden in the year.

Reality is Starkly against your ideas.

#117 Dharma Bum on 06.23.20 at 8:05 am

I just watched LA92 on Netflix.

Worst riots and property damage in U.S. history. Ever.

Rodney King. Reginald Denny. Latasha Harlins. Soon Ja Du. Daryl Gates.

Slimebag white cops beating on unarmed minorities. Koreans killing blacks. Blacks killing whites. Looting. Arson. Mayhem. Raw ugliness. Blatant hatred.

That was 1992.

It’s now 2020.

What has changed?

Nothing.

Systemic racism is built in to the very fabric of American society. It’s how things work in the USA. They created it.

It’s like watching a rerun on a perpetually endless loop.

#118 AnotherGuy on 06.23.20 at 8:14 am

Directly from one of the big 6 banks websites: “Deferred payments are not noted as missed payments on your credit report. They may, however, affect your credit rating slightly downward with credit-reporting agencies. Because your mortgage balance will increase with payment deferrals, and it partly determines your credit rating, your rating may change. You must make sure to resume your payments after the deferral. Note that interest on your loan balance continues to accumulate. ”

So no “missed payment” but larger debt due to deferral = worse score as always.

If there is a negative impact to credit rating purely because of the deferral (rather than a slightly increased amount of debt), I’m guessing there would be some kind of legal recourse against these lenders who claim the opposite.

Of course not. You consent to the dissemination of personal information when you take any kind of credit. Agencies are not liable for mistakes (read the fine print). In any case, the damage is with your lender, not the credit guys. And the bank knows everything. – Garth

#119 Howard on 06.23.20 at 8:14 am

#109 Fortune500 on 06.22.20 at 11:44 pm
Did you see what Siddall posted on Twitter yesterday? The real estate ‘professionals’ went ballistic in the comments. This is the head of the CMHC people!

“Bleak forecasts by WorldBank now project highest global unemployment in 55 years. I am imploring real estate agents and mortgage brokers to please promote financial prudence, moderate borrowing and ensure Cdn homebuyers can weather the coming storm.”

—————————————-

Who cares? That ridiculous moral hazard organization should have been abolished years ago.

I don’t know why everyone is cheering on Siddall. So he’s giving some “straight talk” on his way out. Big deal. What concrete changes are being made? He couldn’t even secure an increase of the DP requirement to 10%. If he had any guts he’d admit that his organization is a big part of the problem. Who better than the current president to oversee its dismantling? His term is almost over anyway. He can set it on fire and toss the keys to Justin.

#120 Howard on 06.23.20 at 8:23 am

Meanwhile, property listings continue to mushroom – up about 70% last month.

———————————–

Rental listings too. 5200 condos on the ask in downtown Toronto right now according to Condos. ca. Not sure if that’s a lot relative to last year, but it’s an increase from 3900 (same area, same source) in late May.

#121 crowdedelevatorfartz on 06.23.20 at 8:26 am

@#115 jane24
“Must be other factors though to explain the huge difference in car insurance costs.”

++++

Perhaps there arent as many injuries due to airbags saving the inflated Brit heads?
It would, however, explain the inordinate amount of soft tissue neck injuries…..

#122 crowdedelevatorfartz on 06.23.20 at 8:37 am

@#117 Where’s my money?

Why does everyone call corruption “The Deep State”?
its been going on for years….

Ban the multi billion dollar industry called Lobbying and Lobbyists and the rest of the dominoes will fall.

The 1939 movie “Mr Smith Goes to Washington” was little, honest Jimmy Stewart battling against big, bad, corrupt Washington interests.

https://en.wikipedia.org/wiki/Mr._Smith_Goes_to_Washington

Corruption in politics is hardly a new idea and Trump is the penultimate result.
How we finally deal with it may be the interesting question of the next decade or two.

#123 JB on 06.23.20 at 8:52 am

#52 Wrk.dover on 06.22.20 at 6:26 pm

That picture reminds me of the one taken the day Smoking Man made his pilgrimage to Belfontaine, somehow.
………………………………………………………………….
Has anyone seen Smoking guy around lately? He has been very quiet.

#124 JB on 06.23.20 at 9:03 am

#123 crowdedelevatorfartz on 06.23.20 at 8:26 am

@#115 jane24
“Must be other factors though to explain the huge difference in car insurance costs.”

++++

Perhaps there arent as many injuries due to airbags saving the inflated Brit heads?
It would, however, explain the inordinate amount of soft tissue neck injuries…..
……………………………………………………………..
Could also be the fact that we are second largest country on the planet. It is not uncommon for many of us to traverse 240 KM per day back and forth just for work. In the UK that would be a major full day trip.

#125 NoName on 06.23.20 at 9:12 am

#123 crowdedelevatorfartz on 06.23.20 at 8:26 am
@#115 jane24
“Must be other factors though to explain the huge difference in car insurance costs.”

++++

Perhaps there arent as many injuries due to airbags saving the inflated Brit heads?

Actually airbags in europe are lot smaller than one in NA, car safety standards are a way better here, its more likely to have head injury in car mae for eu than one for NA. But its funny how jane is flexing lately, iv been here iv done that…

and on a side note i am paying 505 CAD a month for 2 cars 3 drivers…

https://www.npr.org/2015/10/16/449090584/why-arent-auto-safety-standards-universal

#126 jess on 06.23.20 at 9:18 am

parts of a whole the
three P’s – privilege power policy rinse lather repeat

Systematic’

“Systematic” is the much older of the two words and the more common word. It arose in English in the 1670s, and it describes something that is thorough and intentional, methodical, or implemented according to a plan.

Doctors began a systematic treatment plan.

Ending systematic discrimination is a worthy goal.

Systematic’ Versus ‘Systemic’

There can be some overlap. A problem can be both systemic and systematic.

If you want to say something is methodical, organized, and intentional, call it systematic.

If you want to say something is widespread and affects many parts of something, call it systemic.

https://www.quickanddirtytips.com/education/grammar/systemic-or-systematic

https://www.evictedbook.com/books/evicted-tr/evicted-hc

Most people think that eviction is the result of poverty, but you say above that eviction can actually cause poverty. Can you elaborate?

Eviction causes loss. Families lose their homes, schools, and neighborhoods—but also their possessions: furniture, clothes, books. It takes a good amount of money and time to establish a home. Eviction can erase all that. It also comes with a court record. Many landlords won’t rent to recently evicted families, and housing authorities treat eviction as a strike against those applying for public housing. The result is that evicted families often relocate to worse housing in more distressed neighborhoods. Eviction can cause workers to lose their jobs, because the stress and consuming nature of being forced from their homes wreaks havoc on people’s work performance.

Then there is the toll eviction takes on a person’s spirit. The violence of displacement can drive people to depression and, in extreme cases, even suicide. One study I published found that two years after their eviction, mothers still reported higher rates of depression than their peers. When you add all this up, the evidence is overwhelming. The lack of affordable housing the gap between the need and the amount of housing aid offered, and the resulting common occurrence of eviction in struggling communities—these are main causes of poverty in America. We can’t fix poverty without fixing housing.”
https://www.evictedbook.com/books/evicted-tr/evicted-hc
=============
P cubed- privileged power policy

Jared Kushner’s Real Estate Company Filing Eviction Lawsuits
theintercept.com › 2020/04/04 › jared-kushner-real-est…
Apr 4, 2020 – Residential landlords should not exist. The whole system is based on fraud, no one created the land so no one should own it and charge rent/ ..

The Most Shocking Discoveries About ‘Slumlord’ Jared Kushner in Netflix’s ‘Dirty Money’
The president’s son-in-law is the subject of Alex Gibney’s docuseries, in an episode titled “Slumlord Millionaire.”

Kushner’s rental properties have received hundreds of health code violations, including the presence of lead paint, lung carcinogens, and fire safety hazards.

In many cases, the New York City Housing Authority issued violations but never followed up on collecting fine payments, much less to check whether or not Kushner Companies fixed the dangerous living conditions. In one case, a woman’s ceiling collapsed directly over her bed, leaving brick and cement debris. She was not home at the time, but had she been in bed, she could have been severely injured or killed.
Kushner Companies sued a single mother for breaking her lease three years after she had received written permission to do so.

Kushner Companies did not have Certificates of Occupancy for many of its New York City rental buildings, and the government looked the other way.

A Certificate of Occupancy, or CO, must be obtained by the New York City Health Department proving that a building is safe to live in. In many cases, Kushner Companies was renting units to people to live in without obtaining CO’s, and the city looked the other way. It hasn’t been proven why the city is so loose with Kushner Companies, but Charles Kushner has donated to Governor Andrew Cuomo, and there are known emails between Kushner and New York City Mayor Bill DeBlasio.

https://www.indiewire.com/2020/03/dirty-money-jared-kushner-slumlord-netflix-1202216998/

#127 crowdedelevatorfartz on 06.23.20 at 9:24 am

@#127 Noname
” But its funny how jane is flexing lately…”

+++

“Palazzo Jane” never wastes an opportunity to brag about her rich lifestyle…. the neighbors must have tired of it long ago.

As for expensive car insurance in Canada.
I’d say the plethora of ambulance chasing lawyers in this country might have a bit to do with it.
Perhaps we should force them to wear woolen wigs and dub them “barristers” to bring a bit more decorum back into the judicial system.
Pip pip and all that tommy rot eh wot?

#128 Lee on 06.23.20 at 9:46 am

Its funny seeing white kids in the USA role playing the communist revolution they have been dreaming of in school the last twenty years by tearing down statues, like a summer play in the park. And then seeing Tucker Carlson pretend its the end of the world. Bravo to both of them.

#129 Do we have all the facts on 06.23.20 at 10:09 am

In mid 2000 the overnight rate set by the Bank of Canada was 5.75% and the prime rate recognized by the Bank of Canada was 7.25%.

Then out of the blue a recession began to roll across North America in mid 2001 and the Bank of Canada responded by slashing their overnight rate to just 2.0% in mid 2002 and the prime rate recognized by the Bank of Canada was adjusted to 3.25%.

Canadian GDP increased by an average of 4.53%/annum between 2002 and 2007. In response to this economic growth the Bank of Canada gradually raised their overnight rate to 4.5% in July 2007. The prime rate recognized by the Bank of Canada in 2007 increased to 6.0%.

Then the financial crisis of 2007 -2009 hit like a ton of bricks and by the end of 2009 the overnight rate set by the Bank of Canada was slashed to 0.25% and the recognized prime rate fell to 2.25%.

In 2017 Canadian GDP increased by 2.98 % and the Bank of Canada began to gradually increase the overnight rate until it reached 1.75% in October 2018. By the end of 2018 the prime rate recognized by the Bank of Canada had increased to 3.95%.

Then the Covid 19 crisis arrived and the Bank of Canada immediately slashed their overnight rate to the bare minimum of 0.25%. As we sit today the recognized prime interest rate is 2.45%.

Now many pundits seem to be convinced that most Central banks have been painted into a corner where any increase in the overnight rate will have an impact on the ability of all governments to cover increased debt servicing costs.

In my mind this raises an obvious question as to why Gerald Bouey as the Governor of the Bank of Canada had to adjust the overnight rate to 17.93% in 1981. What was so different in 1981 that created a 17.68% spread in the overnight rate that exists in June 2020?

Historically economic growth has resulted in increases in the overnight rate charged by Central banks and the increased revenue from financial institutions was applied to government debt. Now we are being told that economic growth will not necessarily result in increases in the overnight rate set by Central banks.

I am very confused about why my mortgage rate increased to 18.5% per annum in 1981 if it could have been avoided. I am also confused why unprecedented increases in money supply by Central banks has no impact on inflation these days. What hidden forces exist that control such things? One inquiring mind would like to know.

overnight rate cannot will What was The conclusion is that thBased on history it is probable that any substantial increase in Canadian GDP will be followed by gradual increases in

As economic growth improved the Bank of Canads began to increase the prime rate

#130 Sail Away on 06.23.20 at 10:09 am

It’s here!

Sign up for Starlink beta testing at: https://www.starlink.com/

Am I signed up, you ask? Is the Pope catholic?

Looking at you, NoName

#131 Sail Away on 06.23.20 at 10:40 am

#130 Lee on 06.23.20 at 9:46 am

Its funny seeing white kids in the USA role playing the communist revolution they have been dreaming of in school the last twenty years by tearing down statues, like a summer play in the park. And then seeing Tucker Carlson pretend its the end of the world. Bravo to both of them.

—————-

Time to trash art and burn books in the name of inclusivity.

#132 Mike G on 06.23.20 at 10:55 am

Once a century Pandemic… 8400 deaths

2018 Corona Virus… 8500 deaths without a single worry (cause >75% die of pneumonia and most would really be in the natural cause class… but that wouldn’t heard them into taking the vaccines we all pay through the nose for)

* Data from Health Canada

#133 no blog for old men on 06.23.20 at 11:31 am

@#129 crowdedelevatorfartz on 06.23.20 at 9:24 am
@#127 Noname
” But its funny how jane is flexing lately…”

+++

“Palazzo Jane” never wastes an opportunity to brag about her rich lifestyle…. the neighbors must have tired of it long ago.

As for expensive car insurance in Canada.
I’d say the plethora of ambulance chasing lawyers in this country might have a bit to do with it.
Perhaps we should force them to wear woolen wigs and dub them “barristers” to bring a bit more decorum back into the judicial system.
Pip pip and all that tommy rot eh wot?
————–

palazzo jane is likely just a braggart and flipping burgers somewhere in Hamilton.

#134 Snuffiledsmith on 06.23.20 at 11:35 am

Garth,

With Trump’s new visa laws, you may be prevented from setting up a branch office, or getting a work visa in the US of A, especially if he finds you done been sassin him

#135 Frostty on 06.23.20 at 12:04 pm

Please less focus on the people down south and stick to Canada please…. seems your running out of stuff to talk about … what about the trust you were going to tell us to set up…?

Would you like your money back? – Garth

#136 UmiouiuS on 06.23.20 at 12:07 pm

For us shut-ins looking for an exciting event to follow, check out Bert terHart’s journey sailing non-stop and single-handed around the world via the 5 great capes using only a sextant, pen-and-paper, and log tables for navigation .. and if/when completed, Bert will be the 1st North American to ever do so.

A terrific site, do check it out. Enjoy:

https://www.the5capes.com/blog/

#137 NoName on 06.23.20 at 12:44 pm

#139 UmiouiuS on 06.23.20 at 12:07 pm
For us shut-ins looking for an exciting event to follow, check out Bert terHart’s journey sailing non-stop and single-handed around the world via the 5 great capes using only a sextant, pen-and-paper, and log tables for navigation .. and if/when completed, Bert will be the 1st North American to ever do so.

A terrific site, do check it out. Enjoy:

https://www.the5capes.com/blog/

Nothing wrong with sextant but i would prefer gps…

There was a dude who worked “here”, that built his own sailboat and went sailing to australia and back 2010-ish, i was told.

#138 Faron on 06.23.20 at 12:49 pm

#115 jane24 on 06.23.20 at 1:50 am

Why is Canada 3 or 4 times the UK insurance rates

Litigious
Long distances
Bad weather
Higher healthcare costs
Monopolistic agencies (all of BC under one insurer)
Poor performing assetts of late
Worse drivers?

#139 Sail away on 06.23.20 at 12:55 pm

#139 UmiouiuS on 06.23.20 at 12:07 pm

For us shut-ins looking for an exciting event to follow, check out Bert terHart’s journey sailing non-stop and single-handed around the world via the 5 great capes using only a sextant, pen-and-paper, and log tables for navigation .. and if/when completed, Bert will be the 1st North American to ever do so.

A terrific site, do check it out. Enjoy:
https://www.the5capes.com/blog/

—————–

Great journey!

I singlehanded Hawaii to BC in 2014 after sailing there with a friend. It’s very relaxing being all alone for weeks on end. Good time for introspection. Definitely not for everyone.

#140 Faron on 06.23.20 at 12:58 pm

#107 Sail away on 06.22.20 at 10:42 pm
Huh. Violence, sexual assaults, physical assaults, arson and shootings break out within a week of declaring a non-policed autonomous zone. Who would’ve guessed?

Oh, things happened in a city that always happen in cities regardless of police presence? Who’d a thunk? Are you disappointed that no one was there to bust the skulls of any “suspects” (i.e. any black or brown persons who happened to be nearby) to make you feel safer in your Tesla?

#141 Stan Brooks on 06.23.20 at 1:04 pm

#131 Do we have all the facts on 06.23.20 at 10:09 am

Oh, there is real impact from money printing and over-crediting on inflation. Every time money supply increases more than the actual growth, inflation increases.

It is just that inflation is hidden in prices of necessities these days where is probably in double digits while inflation of non-necessities is low or even non existent, the problem is that you consume very little of that ‘deflating’ stuff.

In short – inflation is here, it will most likely increase significantly as there is no real economy at the moment and probably won’t be in real future to compensate through production of goods and services for the spending spree of new money issued by the government.

How do you see that: we just print money, nobody does anything to provide goods and services and all is good and we have deflation?

The reason that you saw higher rates in 1980-es was because we were earlier in the long credit cycle (that lasts 70-100 years) and there was dependency on local labor, now we at the end of the long credit cycle at zero rates and peak debt and most likely experiencing the last stretches of major currencies. And if/when they break…

Cheers,

#142 IHCTD9 on 06.23.20 at 1:20 pm

#141 Faron on 06.23.20 at 12:49 pm
#115 jane24 on 06.23.20 at 1:50 am

Why is Canada 3 or 4 times the UK insurance rates

Litigious
Long distances
Bad weather
Higher healthcare costs
Monopolistic agencies (all of BC under one insurer)
Poor performing assetts of late
Worse drivers?
——

Depends where you live mostly. My truck is 650.00/yr in small town Ontario. I’d probably pay 4x that if I lived in Brampton or BC.

Vehicle type plays a role too. The UK is filled with cheap tiny cars with no horsepower or utility. My truck weighs 7500 lbs, has a 496 cubic inch V8, and can tow over 13,000 lbs. I’ll bet a truck like this in the UK would cost a lot more than 650.00 CAD equivalent to insure.

#143 TurnerNation on 06.23.20 at 1:21 pm

Watch your food supply folks. ONLY Meat plants get affected. Not liquor or weed plants.

As I said the numbers on the telescreen will be used to move toward every goal they have for the New System.
Our lives will be rules for years by those magic numbers.

Some cheer is on. Happy that people “got what was coming to them”. Look around and everyone you see is healthy. Some Plandemic eh? It’s mind control.

………
German COVID-19 infection rate jumps to 2.88 after meat plant outbreak
CBS News
Coronavirus in Germany: Meat packing plant COVID-19 outbreak 1000 cases drives R reproduction rate back up today
The giant meatpacking company at the heart of Germany’s new coronavirus hotspot
infections

#144 Sail away on 06.23.20 at 1:40 pm

#143 Faron on 06.23.20 at 12:58 pm
#107 Sail away on 06.22.20 at 10:42 pm
Huh. Violence, sexual assaults, physical assaults, arson and shootings break out within a week of declaring a non-policed autonomous zone. Who would’ve guessed?

—————

Oh, things happened in a city that always happen in cities regardless of police presence? Who’d a thunk? Are you disappointed that no one was there to bust the skulls of any “suspects” (i.e. any black or brown persons who happened to be nearby) to make you feel safer in your Tesla?

—————

Well, yes, obviously.

And also to defend/protect all the residents and businesses in the area who did not expect their concerns and rights would be subordinated to a disorganized rabble.

I mean, heck, all they’ve done is pay their taxes and live according to the rules. Why should their city worry about protecting them?

#145 UmiouiuS on 06.23.20 at 1:55 pm

#140 NoName on 06.23.20 at 12:44 pm
Nothing wrong with sextant but i would prefer gps…
There was a dude who worked “here”, that built his own sailboat and went sailing to australia and back 2010-ish, i was told.
****************
To Australia & back? That’s a mighty fine conquest too. I’m sure you’ll like following Bert’s journey, NN.

No use of modern equipment whatsoever and he’s going fully around the globe from Victoria, BC and back. Alone.

I am certainly no sailor but like many folks, I am fond of following this epic journey, Bert’s diary postings and all the terrific pics. I’ll miss it when it ends.
Enjoy ..!!

#146 NoName on 06.23.20 at 1:57 pm

#132 Sail Away on 06.23.20 at 10:09 am
It’s here!

Sign up for Starlink beta testing at: https://www.starlink.com/

Am I signed up, you ask? Is the Pope catholic?

Looking at you, NoName

Why you are looking at me, because i had haircut and shaved yesterday?

Those dome antenna will look goofy on a house. Wife will kill me, but we’ll deall with that later…

#147 Do we have all the facts on 06.23.20 at 2:05 pm

#144 Stan Brooks

Thanks for your explanation. I am still trying understand the forces that drove the overnight rate from 4.75% in 1972 and up to 17.93% in 1981 and back down to 0.25% today. How do these mysterious cycles start, who triggers the start and the finish of each cycle and how will governments ever repay their debts if the overnight rate charged for the supply of money to financial institutions stays at 0.25%?

#148 SeeB on 06.23.20 at 2:12 pm

Does the right acknowledge the far-right? Stop falling for the online media click-bait news. Most people are moderate and many are horrified at both the Defund-the-cops advocates and the dinks who carry weapons to state legislature protests. – Garth

————————————————————–

I think you mean most people are horrified with abolishing the police entirely. Once it’s explained that Defunding means putting more resources into offering more mental health services to intervene with disaffected individuals rather than buying even more armoured cars and “killology” lessons, it begins to make sense. (Unfortunately, “killology” is a real thing, and many law enforcement agencies pay big money for it’s crackpot inventor to speak…).

The concept of a well-trained and armed force dedicated to dealing with immediate violent threats is largely accepted as something we can’t dispose of. Drug rings and other organized criminals would still be handled by a federal agency. What Defunders want is to stop having local police be a “catch-all” service for mental health issues, routine traffic stops, providing security at schools…

https://fortune.com/2020/06/08/defund-the-police-what-does-it-mean-protests-george-floyd/

Considering all the 2A folks in America with their “Guns don’t kill people, people do” argument, you’d think more mental health services available to help folks before they become shooters would be something they could support.

So, “Defunding” is actually a complex argument, but because all these points don’t fit well into a slogan, folks tend to fill in the gaps on their own with no effort to examine it.

#149 Mehdi on 06.23.20 at 2:12 pm

“If you’re truly pooched and must decide between food and the mortgage, then choose to feed your family instead of the bank. When the crisis ends and normalcy returns, sell the house. Obviously you can’t afford it. Trash the debt, rent, and focus on building up liquid assets. Never again let yourself be wooed into an asset beyond your means.”

He said it all, nothing to add further.

#150 Grendel on 06.23.20 at 2:19 pm

I think the root cause of a lot of the grief some are experiencing is that they were not prepared for a loss of income, no emergency funds, and in the time before this plague they sought only to pursue their wants. We are all going to pay for this.

#151 UmiouiuS on 06.23.20 at 3:02 pm

#140 NoName on 06.23.20 at 12:44 pm
Nothing wrong with a sextant but i would prefer gps…
There was a dude who worked “here”, that built his own sailboat and went sailing to australia and back 2010-ish, i was told.
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To Australia & back? That’s a fine conquest too. So I’m sure you’ll like following Bert’s journey, NN.

His no use of modern equipment whatsoever and he’s going fully around the globe from Victoria, BC and back. Alone.

I am certainly no sailor but like many folks, I am fond of following this epic journey, Bert’s diary postings and all the terrific pics. I’ll miss it when it ends.
Enjoy ..!!

#152 Do we have all the facts on 06.24.20 at 7:31 am

I would like to remind the many fans of UBI that Canada was created as a Confederation where the powers to be exercised by the Government of Canada were set out under Section 91 of the British North America Act 1867.

Under Section 92 of our Constitution the provision of social assistance to Canadian citizens is the sole responsibility of each Provincial or Territorial government.

In 1966 the Government of Canada offered to share the cost of providing Canadian citizens with health care and social assistance subject to a number of universal conditions. This financial support to Provincial and Territorial governments has continued in various forms and totalled about $55 billion in 2019/20.

To their credit all Provincial and Territorial governments have focussed their social assistance programs on economic /employment development and training initiatives. Expansion of their economies through employment is a priority and any attempt by the Government if Canada to undermine this priority will be strongly resisted.

Pierre Elliot Trudeau believed that increasing powers of the central government would improve the quality of life of all Canadians citizens. It would appear that Justin Trudeau holds many of the same beliefs.

Providing financial transfers to Provincial and Territorial governments to support their initiatives is one thing but the transfer of assistance directly to Canadian citizens would require an amendment to our Constitution.

The Introduction of UBI would require an amendment similar to the amendment giving the Government of Canada control over unemployment insurance passed in 1940 and the amendment supporting creation of the Canada Pension Plan passed in 1964.

I have difficulty believing that Provincial and Territorial governments, particularly the Province of Quebec, would agree to relinquish control over more than $360 billion in transfers to the Government of Canada.

From my perspective UBI is a concept that will drown in a Constitutional whirlpool.

#153 DON on 06.24.20 at 9:39 am

@ JB

i believe Smoking Man is dealing with an illness. hasn’t commented for a couple of weeks.

Hope you are doing better Smoking Man.

#154 Felix on 06.24.20 at 1:06 pm

Magnificent feline in the photo, like all of us.