Le pain

Crazy times? You bet. Remember them.

This week Le Chateau went bust. Over 120 stores will close and 1,400 more people lose their jobs. Also in the last few days the airlines are making a final desperate case for federal aid before the hammer falls. Westjet bailed out of Atlantic Canada and is trying to deal with a flood of refund requests. Europe just closed the door to travel from Canada. The US border will stay shut for a long time yet. Air Canada has chopped routes. More coming in a few days. We could end up with one carrier and prohibitive pricing.

In the country’s largest city tenants have fled, condos crashed, landlords are throwing incentives at renters and apartment prices are falling daily. And yet September saw the biggest price increase for houses in 22 years.

By the way, Toronto has an unemployment rate of 12.8%, with about half a million people jobless. That beats Calgary (12.6%) and is way above the national average of 9%. In Vancouver there are 11% of citizens without a job. These are grim numbers. We’re in the grip of a recession, clearly. But the media keeps telling us everybody is happy working from home, as bidding wars escalate real estate values. It’s like this virus is giving us a big, national pajama day that lasts for eight months.

Here’s some reality.

Covid, says a new bank poll, is killing personal finances and the confidence of many. Four in 10 think this has whacked their retirement plans. A quarter of us can’t make RRSP contributions – no money to do so. A third of people now think they’ll have to work more years to make up for this virus and 40% who thought about downsizing real estate to raise retirement cash are unsure. Why? Because they see rising prices and fear they’ll just end up paying more.

Meanwhile yet another survey (also sponsored by a bank, the green one) says TV-watching is up 63% and people are cooking at home 54% more of the time, instead of spending money on traveling or entertainment (or working). So this is why airlines have laid off or terminated thousands of employees, why hotel occupancy has gone from 78% (seasonal norm) to 30% and six in ten restaurants are headed for the grease bin.

Now we have this damn second wave. Big hits in Quebec and Ontario. Even BC, NB and the flatlanders are surprised at how the bug has crawled back. In the US – just 11 days before the vote – new infections top 70,000 and are inching up to record levels. Just imagine how much fun January will be.

The pandemic is doing what this blog predicted when it first hit. People with wealth, assets, balanced portfolios and no debt, are getting wealthier. Financial markets have been supping at the trough of government and CB stimulus – with more coming. But people who really need their jobs, don’t have enough saved or are slaves to fat mortgages are way more at risk than they were in February. The only saving grace for them has been a bump in housing values. But that’s not going to last.

Here’s yet another bank survey (the blue guys) which underscores the goofiness of society. It found 56% of first-time buyers intend on hitting up their families for the down payment. The average ask among Millennials is (seriously) $100,000.

Of course money shoveled off to junior so she can buy real estate means a smaller nestegg left in the Bank of Mom to finance retirement. Mix in a protracted recession, an enduring pandemic, structural unemployment and the post-Covid certainty of higher middle-class taxes, and you can see where this thing is going.

The conditions which created today’s housing prices cannot be sustained. Runaway public debt will increase bond yields and mortgage costs in the years ahead. The current collapse of entire industries (bricks-&-mortar real estate, vacations, business events, live entertainment, pro sports, hospitality, food service) will require a decade of rebuilding. On Friday StatsCan reported that the travel crash alone will cost 400,000 to 500,000 jobs this year. Long-lived unemployment and the disruption the bug’s had on personal saving mean less disposable income.

So is buying a house in a pandemic and during a recession with 10x or 20x leverage when prices and emotions have never been higher a rational act? Duh.

Covid is bad. FOMO is worse. Everybody chill. There’s a long road ahead.

154 comments ↓

#1 T-Rev on 10.23.20 at 2:10 pm

“Everybody chill”- Gartho

Amen brother. Enjoy your weekend dogs. Put your phones down, go for a walk, and do as the wizened one says.

#2 Captain Uppa on 10.23.20 at 2:10 pm

At least there’s always dear old Lunenberg to downsize to. I expect a full lobster dinner upon my arrival.

Oh and it’s ok, I’m only half a hipster.

#3 Bill on 10.23.20 at 2:14 pm

From prior blog
#180 Brett in Calgary on 10.23.20 at 10:15 am
Please tell me this is fake…
https://buyandsell.gc.ca/procurement-data/tender-notice/PW-ZL-105-38463
————–
Yup its a fact. The totalitarian state is here. Democracy is near dead. Im feeling the next 10 years will be dark ones.
Look a Truduea hes not accountable for anything. Lie and line you pockets $$. Wish i knew where his offshore account is.

#4 TurnerNation on 10.23.20 at 2:16 pm

Chorus Aviation – Air Canada’s feeder airline – stock is currently halted….stand by. CHR.TO

#5 KNOW IT ALL on 10.23.20 at 2:18 pm

Whatever the case I woke up today.
….So I’m going to thank the LORD.

https://www.youtube.com/watch?v=mRgReXR25ls

#6 Mosey on 10.23.20 at 2:20 pm

“I can’t shake the feeling that monetary policymakers overlooked the fact that higher stock prices must be justified by higher profits, which in environments of uncertainty prioritizes job cuts.” -Peter Atwater

#7 dogwhistle on 10.23.20 at 2:20 pm

Was on a business zoom call yesterday with partners in the USA, highly educated top 10% earners, all told me (didn’t ask anything) that they fully expect le caca to hit the fan at full speed in November and for a wonky few months, whoever is elected. Followed by of course stimulus etc.

Not sure we are looking at a decade of trouble, I never set foot in a ‘le chateau’ or a Reitman’s or any of those outdated shops, I was alive in the ’80s and don’t need the nostalgic clothes sold there. At my local mall, certain brands are holding up very nicely thank you. They don’t sell outdated garbage.

The unattractive toss sold at la vie en rose is the single, simple explanation of Canada’s low birth rate.

Next, Air Canada is going to be more expensive? Lol.
Just drive south when the border reopens, America will still have plenty of low-cost planes up in the air.

The Canadian nanny state has protected bad businesses for far, far too long. Competition is the name of the game.
Greed IS good. Protection is bad. Simple.

We need to fully open to foreign banks, services etc. That will be a well-deserved jolt in the cojones instead of having Canada post say they won’t be able to do their job delivering the goodies at Christmas. Seriously? Did you not in the last 10 years see e-commerce coming? Who should be fired? And why oh why aren’t a thousand delivery businesses (creating, ya know, jobs) gearing up?

Even Sobeys managed to miss the pandemic and launch ‘Voila’ grocery deliveries AFTER first wave. Jeez. Online deliveries have existed in Europe for 10-15 years! Don’t give me the size of the country bla bla bla pathetic excuses. 99% of the population is in urban areas.

Bad businesses will die, new ones will emerge. Same as it ever was and ever will be.

#8 So sad ... on 10.23.20 at 2:23 pm

that those of us getting richer (no debt etc.) are getting that way on the backs of the less fortunate. Not going to be good for society. Easy to see already.

#9 Dolce Vita on 10.23.20 at 2:26 pm

“Europe just closed the door to travel from Canada.”

I will probably have the Carabinieri knocking on my door tomorrow morning BUT still seething and foaming from yesterday, I let Ursula & Charles know what my thoughts were on Twitter about their HEINOUS act:

https://i.imgur.com/7vnJVwM.jpg

…of course, I made sure THEIR home country was represented on the chart, you know, for juxtaposition purposes.

“Bella Ciao” CANADA from Italia!

#10 Axehead on 10.23.20 at 2:26 pm

The road gets longer as the Feds spend like drunk sailors and devour generations of debt.

#11 dave on 10.23.20 at 2:28 pm

Biden is pushing for a green economy….Oil is done and renewables and job loss is the future.

He’s drank one too many Ensures – he told the truth about further job destruction…He will lose the election.

Why are the elite pushing for Green and massive job loss? Canada desperately needs a second pipeline but no the effect on climate change are too great. Give me a break!!

What is really going on?

#12 TurnerNation on 10.23.20 at 2:35 pm

The Old System must be dismantled. Learn how the game is played, the Long Game.

As noted months ago what is this planned ECONOMIC SHUTDOWN is about. Not out health that’s for sure.

-March 12th:

#130 TurnerNation on 03.12.20 at 8:37 pm
One things our elites love is taking away our travel rights, always overnight, no questions asked

Amazing to me. This AM news said Canada has 118 cases (not a typo), Ontario 42.
Yet so many celebs apparently got it (but not their jet flight attendants, masseuse, trainers, and forth). Gleefully they tweet. Best health care, too.

-April:

#50 TurnerNation on 04.30.20 at 5:42 pm
I always thought that the carbon taxes would be used to restrict our travel; now it will be airline seat prices.
Westjet blocking off 1 seat per row.
If you doubt they wish our travel rights removed, just look at the programming message: “Stay home”

#13 Triplenet on 10.23.20 at 2:39 pm

The Maritimes – 1867
Atlantic Provinces – 1949
….read a history book

#14 Tripp on 10.23.20 at 2:39 pm

Who won the debate last night, and why?

#15 Diplomat on 10.23.20 at 2:44 pm

When mortgage rates are low, prices are high and vice versa. But, from a cash flow perspective does it really make a difference? I.e maybe I’m overpaying for the house but my monthly payments would be no different than if i waited for prices to come down (because by then mortgage rates would go up). I get that come renewal you will pay more per month but by then principle is reduced and will offset higher monthly payments so we end up with the same predicament. I’ve been reading the blog for years now and perhaps I missed the logic behind this. Am I over simplifying?

#16 Dogman01 on 10.23.20 at 2:52 pm

#108 Nonplused on 10.22.20 at 7:49 pm

I would characterize who your referring to as the 0.1%, I use the 1% term just as a marker for “the wealthy”.

To the voters that 0.1 % is simply a very prominent symbol, I argue they are going to vote Left going forward, the prominence of the 0.1%’s wealth being incomprehensible to most. I agree that somewhere between $10 Million and $100 Million, wealth becomes very different than “money”.

The new left voters see the following:
– “pick your parents carefully”
– Most people in Canada got “rich” buy buying a house in the right place at the right time, and that opportunity no longer exists
– Working for wages, for most, offers little upward mobility. (contributing to how many now simply “hate their job”)
– That a small percentage of the population have benefited immensely over the last 30 years (the 1%) and they have not.

It is the death of the Canadian Dream (I will be better off than my parents) and displays how capitalism’s connection to merit = success is breaking down. We are back to old testament dynamics:
“For to everyone who has will more be given, and he will have abundance; but from him who has not, even what he has will be taken away. — Matthew 25:29, RSV.

The K shaped recovery. “Just winners and loser and don’t get caught on the wrong side of that line”

I would argue the economic “deal” of capitalism after WWII, that of creating an upwardly mobile worker middle class, has been abandoned:
• Competing against more labour supply, via Globalization & Immigration
• Less global demand for “workers” – via Technology
• The “Red Queen” problem of wages up against Inflation

A few good links:
https://getpocket.com/explore/item/economists-on-the-run?utm_source=pocket-newtab
“The economists pushed efficiency at all costs at the expense of social welfare and “subsumed the interests of Americans as producers to the interests of Americans as consumers, trading well-paid jobs for low-cost electronics.”
“After a quarter century in which multinationals have turned the whole globe into their economic turf (while workers usually have to stay in their home countries), globalized capital—manifesting itself as multinational supply chains—has the upper hand over domestic labor.”

This guy nails it in 1994: http://www.youtube.com/watch?v=4PQrz8F0dBI

Also this a mature economic landscape https://markmanson.net/american-dream

The old myths of a social contract based on capitalism and a rising middle class no longer hold up for the Western world’s voter\working class. (The 80%)

The US Got Trump (as their Left choice the Democrats are Status Quo) and Canada I think is in for 10 years of NDP\Left Liberal times.

#17 Overheardyou on 10.23.20 at 2:52 pm

You know what they say, a slap to the face isn’t felt until contact is made. This sounds like the wind up, a big one at that.

#18 David McDonald on 10.23.20 at 2:54 pm

In the spring of 2018 you said it was as good a time as any to buy a house so we sold our condo and bought a bungalow (that’s what retirees do, right). With Covid we sure are happy we did, you were right.
I bought US stocks at the at the bottom when Covid hit but sold in late July because I thought a second wave would cause a crash. Well it hasn’t happened even though more stimulus in the US looks doubtful until at least February. I can’t understand it but it seems you are right again.

#19 akashic record on 10.23.20 at 2:55 pm

Come on, man.

#20 Armpit on 10.23.20 at 3:00 pm

Boomers that can… will be leaving the workplace in droves. They had enough of this turmoil and unsettlement at work

When the first wave of Boomers left the workplace 10 years ago, they say they miss their co-workers, but not the job.

Today… they leave and say they miss the job…but not the co-workers attitudes.

Even you, Garth… have physically have detached yourself from the office (blaming the Vid). After a while… you will come to the realization, (if you haven’t already) say – It’s time to let go and let the Millennials take over. (Dorothy did not nudge me to say this)

This “Reset” is the beginning of the new Roaring 20’s – new inventions, high employment and higher salaries, – then followed by a catastrophic GREAT DEPRESSION.

It’s what comes afterwards that worries me more.

History says so.

#21 Lee on 10.23.20 at 3:01 pm

If TV watching is up 63% why is nobody watching sports (except the NFL)? You people better start watching or they’ll start blacking out games, and then you’ll be sorry. What does it take to turn on Fox Sports and have a few beers.

#22 Bill zufelt on 10.23.20 at 3:02 pm

Trump has provided a very big smokescreen for the disaster unfolding right here in Canada.No surprise the Liberals wouldn’t mind an election sooner than later.Come springtime the anger with Justin will be approaching fever pitch.I wouldn’t want his job for NOOOOOOO money!

#23 Peter on 10.23.20 at 3:03 pm

As a highly-indebted millenial, I never had enough money to go out to eat anyways, let alone take a plane somewhere, so it’s pretty business as usual. To save money I started making my own sliced bread because the kids eat so much of it…. That’s the only real difference I can think of.

#24 Captain Uppa on 10.23.20 at 3:07 pm

Le Chateau was close to closing, Covid or not. Many closed before it and many will after it. These types of stores are outdated.

#25 Dolce Vita on 10.23.20 at 3:10 pm

“Everybody chill. There’s a long road ahead.”

Yet again, no truer words.

————————–

PS:

Getting ugly here in Europe. This morning’s new cases, Nordic Noir map style (and they had the NERVE to BAN Cdn. tourists from visiting there…oops, here):

https://i.imgur.com/Ey2te7T.png

Update for Italia: 19143 new cases as of this evening. Means the rest of them will also increase, it’s been proportional you know.

…meanwhile in Deutschland they are trying to Science the DUNG out of the surge in cases there (Der Spiegel):

https://www.bild.de/ratgeber/2020/ratgeber/corona-aktuelle-daten-technik-panne-beim-rki-73511706.bild.html

…someone has to tell them they are not at 11,500 anymore, they’re at 12,500 and probably more right about now 2100 h CET.

They seem to have a tough time moving on in Deutschland, preferring to dwell a day or so behind instead. NOT intrepid Italia, onwards and upwards!

————-

You’re are correct Garth to recommend: CHILL.

What else is there left to do? Grin and bare it?

Not me, I’m with a chill DYLAN THOMAS.

#26 Drinking on 10.23.20 at 3:13 pm

It will be a very long road and this winter will test us all.

Poor Felix, Canines rule, look at the pathetic cat feeling sorry for itself; good dog!

#27 WFH Worriers on 10.23.20 at 3:16 pm

Listen up you work from home worriers (and warriors). Do yourselves a favor and learn the difference between introverts and extroverts. To get the most out of an employee or to be honest to yourself, one needs to know. A business will do best with both types of people.

Open offices, long desks and bright lights don’t work for introverts; and dark offices with few people and no interaction don’t work for extroverts.

Neither is an illness. Both can be productive. Either can uncomfortably pretend to be the other for short periods for the purpose of social acceptance. Most people think they are extroverts rather than the other way around.

Here’s the litmus test. If you are an invited to a party …

The extrovert can’t wait to get and stay there until someone tells them to leave.

The introvert is thinking about how they can get out of going or how they can get home early.

In summary. Schools and business both have it wrong when they think they can treat everyone one way or the other. WFH won’t work for everyone. Your DNA will decide.

https://tinyurl.com/yxmax4s8

#28 jess on 10.23.20 at 3:17 pm

Last week the court ruled that Golden Dawn lawmakers had operated a criminal organisation under the guise of being a democratically elected party.
Golden Dawn guilty verdicts celebrated across Greece

Ex-leader and MPs found guilty after biggest trial of fascists since Nuremberg
after judges ruled the neo-fascist Golden Dawn was a criminal organisation in disguise.

#29 Inequity on 10.23.20 at 3:18 pm

The mantra has always been the same… yet there are still blogdogs who keep asking if RE hit bottom yet, because they wanna buy. :P

#30 Upenuff on 10.23.20 at 3:19 pm

Great topic to start the weekend off on!

Thanks Garth.

#31 SunShowers on 10.23.20 at 3:23 pm

“The pandemic is doing what this blog predicted when it first hit. People with wealth, assets, balanced portfolios and no debt, are getting wealthier. Financial markets have been supping at the trough of government and CB stimulus – with more coming. But people who really need their jobs, don’t have enough saved or are slaves to fat mortgages are way more at risk than they were in February.”

Ah, so the people who don’t actually need the help have been benefitting, while the people who need it most have not. Maybe we should be looking to correct that. Paying down the CERB deficit with a new wealth tax comes to mind.

#32 Bezengy on 10.23.20 at 3:23 pm

I wonder how Bill Morneau is doing. It’s gotta be tough sitting on the sidelines watching the wheels come off the bus in Ottawa. I bet he doesn’t talk finances anymore with anyone, who would take him seriously? Wifey probably knows he knows the credit card limits have been reduced as a security precaution, but no words need to be spoken. Living with a reputation as the worst finance minister in history can’t be fun. He must wake up every morning in a cold sweat thinking he had a nightmare, then reality sets in. Why did I want to get into politics again?

#33 CLIFF on 10.23.20 at 3:24 pm

Garth, the media only reports the infections detected by the day’s testing. It isn’t “new infections”. The testing is a sample of the general populace. Getting a 1% (or whatever) means that 1% of the population is infected. In BC with 4 million people this means 40,000 of us have the infection at any one time. Yet media blare out ” 250 new cases today” , every day. It makes no sense and distorts the true picture of the so called pandemic.

#34 FreeBird on 10.23.20 at 3:26 pm

Buying a house with 10x or 20x leverage? We bought in 2011 with budget of 3-4x gross income and less then max pre-approved mortgage. I guess we’d now be seen as crazy? LOL! I’m happy top up investments when markets go low but that kind of leveraging keeps me awake.

That cat in pic today…NOT happy with sharing.

#35 Dan in Vancouver on 10.23.20 at 3:30 pm

In the end, it’s all about confidence. Once lost, confidence is a real challenge to regain. When the wave of insolvencies increase next year, along with rising SARS-Cov-2 infections, expect even more massive expansion of the balance sheet by the BoC. That will be our fiscal/monetary vaccine which will have long-lasting consequences for consumers and taxpayers, which we all are. There is no doubt that 2021 – and going forward – will be interesting and challenging. The take away from this will be to maintain sanity, health, and if possible, a reduction or elimination personal debt if at all possible. It’s time to go all-in paleo like Garth might say.

#36 WTF on 10.23.20 at 3:31 pm

Right..
I can hit the beach with a rock from both my places. Ye interior gets cold period. We certainly get storms but they get STORMS in the east.
Whistlers a dry cold. Much easier to take.
Didn’t Halifax get 100 ft of snow last year?

Close, 6ft total, 2019
—————————————————————-
Snow warning in parts of the Lower Mainland today Oct 23
14c in Halifax

Maybe your confusing Halifax with some other place “east”

https://www.currentresults.com/Weather/Canada/Nova-Scotia/Places/halifax-snowfall-totals-snow-accumulation-averages.php

Carry On…

#37 Nicolas G on 10.23.20 at 3:32 pm

Couldn’t agree more. Thanks Garth!

#38 Bill Grable on 10.23.20 at 3:33 pm

Mr. Turner – your line “there’s a long road ahead”, gave me a shiver.
Let’s face facts = unemployment – brutal, politics, a mess, a huge swath of the population of Canada and in a lot of other Countries are BROKE, unemployed, in debt up to their ears – and the cliff is approaching.
Add Covid, China and Russia issues.
Mr. Socks is probably not sleeping very well, and sadly, with good reason.
Oy, gevalt!

#39 Eric on 10.23.20 at 3:36 pm

Hey Garth – what is likelihood of a civil war (or at least an escalation of violence) in the US in the event that Trump loses the election?

Should we continue to invest in balance portfolio or wait until the dust settles after the election?

#40 Ponzius Pilatus on 10.23.20 at 3:43 pm

Covid is public enemy no. 1.
Until we get that fixed there will be no economy.
Forget herd immunity.
Everybody needs to chip in.
Bite the bullet now, and in 4 to 5 month this will all be over.

#41 Prince Polo on 10.23.20 at 3:44 pm

https://m.youtube.com/watch?v=R39e30FL37U

Garth man – I checked 1 bdrm resale condos in downtown ‘Sauga and they are generally being listed for $450K – $500K. Pure madness! I recall these same units were going for high $300s, circa 2017/2018!

#42 Randy LeBeau on 10.23.20 at 3:45 pm

The only saving grace has been a bump in housing values. Yes but the real saving grace for them and major disgrace for many others has been this attack on real capitalism called crashed, lower to lower to ridiculously low interest rates now.

IF it was not for the last 27 years of dramatically lower to lower ridiculous interest rates in Canada plus Europe, US, Britain, 10% to 11% mortgage rates back in 1993 to today 1.7% to 2.1% mortgage rates in Canada they would have on average for each home $500,000 to $700,000 less in equity here in Toronto, GTA, Vancouver, Victoria and many other regions, cities in Canada.

This is what propped up and keeps propping up big time artificially Canadian and many worldwide housing, real estate prices for decades.

#43 Sam on 10.23.20 at 3:58 pm

Sell now & rent?

Is there a such thing as a 5 year fixed-rent lease for residential rents to lock in current rents?

In Ontario, will the rental boards allow rent to rise when the economy recovers?

Landlords could be in a world of hurt for many, many years.

#44 Petulant on 10.23.20 at 4:01 pm

I’m sad there was no commentary on the debate.

Biden all but admitted his “green future” is a priority. While this will gleefully activate full leftist delight – the long game is depopulation. There is no other way to see it.

Job losses, dwellings turned into kennels, and cramped up ghettos to allow our mother earth to “generate”.

The plan comes together. I don’t see how this gets back to normal – I don’t think the end of this tunnel is going to yield normalcy.

#45 Timmy on 10.23.20 at 4:10 pm

It doesn’t seem to matter what macro economic events happen, real estate just keeps going up on the West Coast, except for a few bumps along the road. The government keeps encouraging this by lowering rates and making mortages so easy to get. Arguably Poloz created the housing bubble, and Trust Fund boy Trudeau continues to allow foreign speculation and money laundering through real estate and only enacting half baked measures to stop it, so prices will continue to go up.

#46 Linda on 10.23.20 at 4:13 pm

In most parts of Canada, chilling is inevitable:)

I for one would be willing to travel, but most of the places I’d like to travel to are 1) not letting anyone but citizens/permanent residents in & 2) requiring isolation upon arrival. If I’m going to pay to look at 4 walls, I can do that at home. Most people have limited vacation time, so spending even a couple of days in isolation isn’t something they want to spend their precious time off doing. Add in the need to do the same thing upon returning home & one can see why most are choosing to do a staycation.

#47 Calgary Rip Off on 10.23.20 at 4:18 pm

Things that make me happy:

Cold weather. Breathing exercises. Cold showers. All available now and at little cost. Thank you Wim Hof.

Nothing better than an ice cold shower after dealing with covid patients. Cold showers stop massive frustration and rage.

Learning of breathing exercises and cold showers is like winning the lotto.

#48 yvr_lurker on 10.23.20 at 4:19 pm

Very good, but sobering, post today that accurately describes the mess that we are in and foreshadowing what will come in this upcoming dark gloomly winter with COVID combined with epic job loses. For those who have jobs that have not been affected, work hard to keep them and be very grateful (I am for sure) and just hunker down. I can’t see, however, how the stock market seems to be so disconnected to the grim reality around us.

#49 Doug t on 10.23.20 at 4:20 pm

#12 TurnerNation

Your starting to sound more and more right as time goes bye

#50 FreeBird on 10.23.20 at 4:20 pm

PS we’re chilling. In prob Ontario’s last sunny breezy 20+ temps today. Most windows open with tree colours as back drop. Good thing we’re on a hill and leaves happen to blow onto neighbour’s yards. ; ) Last lawn cut of season this weekend plus trimming and hauling stuff inside. Enjoying before as Garth says (and I agree) it gets much worse. We’re caught in a marathon not a sprint. And the hoarding of toilet paper started here locally again…seriously.

#51 Coho on 10.23.20 at 4:25 pm

The pursuit and acquisition of affordable shelter/housing and the fear of lack of funds to meet monthly expenses dominates peoples’ lives. And for those in a position to save, the focus is on having enough to live on for 20 – 30 years after retiring. No small feat.

Haven’t fact checked it but surely the number one reason for divorces is about financial issues. Ironically divorce pushes many people into a poverty situation.

FOMO drives people to buy because house prices “will always go up”. It’s like buying your personal ATM when your house value increases 10% every year. This is what drives the economy, people spending illusory wealth. However we come by it, food on the table, clothes on the back, and a roof over the head is not illusory.

Canada is a wealthy country compared to most, yet we have become so obsessed with acquiring and maintaining life’s basic needs in being secure in our home and in old age. Is lack of funds real or contrived? Are surpluses real or contrived? Where did all the money for covid relief come from? Where has it been
over the past decades for our elderly, sick and disabled, and for our veterans? Where has it been for the third world countries where charity organizations continue to show starving sick children and ask for peoples’ monthly contribution? The suffering remains for billions of people even when trillions are conjured up by a few keystrokes. In this respect the concept of money (and means) is an illusion. However, the suffering and energy loss of those that suffer is not.

#52 jal on 10.23.20 at 4:30 pm

We could end up with one carrier and prohibitive pricing.

The airlines have been taking the wage subsidy program.
Now, they want more money.
If “we” don’t fly then it throwing good money after bad money.
On the other hand, giving a travel voucher to needy retiree would work.

#53 ADudePlayingADude on 10.23.20 at 4:37 pm

#20 Armpit

Imagine believing this is going to be the roaring twenties. It’s going to be a decade of economic stagnation and eventual war with China to look forward to.

#54 Felix on 10.23.20 at 4:57 pm

That dogawful mutt got up there the same way Trump did, lifted only by his father, not his own IQ or ability.

When the shelf collapses in a few moments, the cat will take over.

“As usual.”

#55 Damifino on 10.23.20 at 5:02 pm

#27 WFH Worriers

Further to your lesson on introverts/extroverts: The introvert understands the extrovert well. The reverse is seldom true.

#56 Ace Goodheart on 10.23.20 at 5:03 pm

There always seems to be a lag between the onset of a significant recessionary event, and the public acceptance of the event.

The lag seems to relate to the typical human response to a change in the underlying contract with our surroundings. We go through a bit of an adjustment phase. We live in denial for a bit.

Take our current estimation of debt and deficit to GDP for Canada.

They are using old GDP figures.

I mean, why wouldn’t they? The pandemic is temporary, right? There will be a vaccine, everyone will get vaccinated, and within a few weeks things will completely return to normal. The giant locomotive that is our economy, that recently underwent what can only be described as a train wreck, that jumped the rails, fell over the bridge, down into the valley, through the trees and into the swamp, will just magically heave itself back up onto the now broken tracks, and continue on as if nothing ever happened.

What if it doesn’t?

What does Canada’s debt to GDP, and deficit to GDP look like, with current pandemic figures?

Anyone want to do the math?

We look sorta like the DRC (Democratic republic of the Congo) after one of the Kabila brothers decided to feed someone important to his pet lion.

What if a number of our industries are permanently broken?

In Toronto, Ontario, there are no nightclubs or bars. There are no indoor restaurants. There is no tourism industry, at all. We have a down town full of empty office towers. Our underground commercial district, “The Path” is headed towards a spectacular bankruptcy as hard hit tenants slowly bail out, having exhausted their Federal CEBA money. The city can no longer pay its bills. We rely on Federal bail out money to keep things moving. Money that Justin Trudeau freely admits, he is just having his friend Tiff print out on an “as needed” basis.

We used to be a country where the largest employer was the government, and the largest revenue generator for GDP was residential real estate, fueled by endless interest rate decreases and cheap, freely available financing.

Now our government has turned into a money printing operation, with no purpose other than to print out and hand out cash to anyone who claims they need it.

Our real estate industry has become a debt fueled nightmare, with people now able to borrow more than ever before, to “bid up” the prices of houses that they will never, ever be able to pay for.

If you take a snap shot, right now, of how things are in Canada, and you say “this is normal, this is Canada, this is how it is going to be for the foreseeable future”, what information does that give you?

Can you do that, without losing it? Can you actually accept this mess, and the numbers it generates, and still sleep at night?

I thought not.

#57 Steven Nicolle on 10.23.20 at 5:04 pm

How about some bad news? This was the good news post, was it not? You forgot to mention the pandemic will end, no?

#58 TurnerNation on 10.23.20 at 5:06 pm

What will Q1 next year bring? Probably the UBI. They began selling us on it in Q1 this year I saw in the papers.
Every First and Second world country is locked down, local economies shuttered. Lockstep. For our health of course.

This might be what we get, UBI of about $3000 a month.
Minimum wage = Maximum wage in the New System.
Every time you hear ‘covid’ replace it with new world order. Here’s the plan, scroll down for the new UBI payments.

https://www.gov.ie/en/press-release/66269-ireland-placed-on-level-5-of-the-plan-for-living-with-covid/
Prior Weekly Earnings (Gross) PUP Payment
less than €200 €203
€200 – €299.99 €250
€300 – €399.99 €300
more than €400 €350

#59 joblo on 10.23.20 at 5:18 pm

“an enduring pandemic, structural unemployment and the post-Covid certainty of higher middle-class taxes, and you can see where this thing is going.”

So I guess we can let this one go (Save us taxpayers a few $):
The Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance.

Also, re yesterday, I still laugh (HA!) when I read PEI is a province.

159,625
On September 29, 2020 Statistics Canada published its provincial population estimates for the second quarter of 2020. The data shows Prince Edward Island’s population is estimated to be 159,625 as of July 1, 2020. This represents a yearly increase of 2,363 persons or a 1.5 per cent annual growth rate.Sep 29, 2020

PEI Population Report Quarterly | Government of Prince …

#60 Drinking on 10.23.20 at 5:27 pm

#54 Felix

Yeah the shelf will fall unto the pathetic feline and pooch will walk away proud! I almost feel sorry for you. :)

#61 Tina on 10.23.20 at 5:30 pm

Don’t worry Justin Trudeau will print more money to help the empowered people who don’t need no man. Remember that Toronto is the world to Canada. They don’t need no man except Justin Trudeau to give free $2,000 CERB cheques.

#62 Dolce Vita on 10.23.20 at 5:38 pm

Le Journal de Québec:

“Des millions pour un ex-député”

OR in Western Standard:

“Trudeau gave $237-million contract benefiting Liberal buddy’s company”

Buddy overpays by $100 million of your tax dollars. His buddy smiling, you would too with $100 million of graft in your pocket.

——————

Original (news commentator cannot believe it – worth the watch):

https://www.journaldemontreal.com/2020/10/21/des-millions-pour-un-ex-depute

Anglais Version – just a read AND in typical Western Canada fashion, they got the name of the Québec Journal wrong in the link to the original news story above:

https://www.westernstandardonline.com/2020/10/trudeau-gave-237-million-contract-benefiting-liberal-buddys-company/

#63 Trojan House on 10.23.20 at 5:44 pm

Yes, Covid is contagious but it’s really not that bad. Unfortunately, it was bad for the aged and boomers when it first came out but now deaths have dropped like a stone compared to the number of cases. Some experts peg the IFR at 0.15% or as bad as the flu.

Yet, governments continue to kill the economy with their continued restrictions and lockdowns. It may have been okay to do this at the beginning but surely now they have to realize that the cure is definitely going to be worse, much worse than the disease.

#64 SOMETHINGS UP! on 10.23.20 at 5:49 pm

That’s a bunch of MALARKEY!!!

#65 Dolce Vita on 10.23.20 at 5:51 pm

#59 joblo

Speaking about PEI, #2 in Canada in 2018 “Underground Activity” per StatCan*.

Guess who #1 and #3 are?

https://www150.statcan.gc.ca/n1/daily-quotidien/201023/dq201023a-eng.htm?HPA=1

*Biggest chunk of Underground Activity is Residential Construction, quelle surprise in Canada and I always wondered what they were doing on that other side of the Span of Green Cables, now I know.

————————

How does StatCan know this down to the $0.1 billion and %’s to a 1/10th accuracy?

…Grand frère is watching you Canada.

You’re SO not getting away with it like you think you are.

#66 theoryAndPractice on 10.23.20 at 5:53 pm

This is from 1976, and it is so true.
https://www.youtube.com/watch?v=fw1ylU61tfQ

#67 dogwhistle on 10.23.20 at 5:55 pm

#41 Prince Polo on 10.23.20 at 3:44 pm

Garth man – I checked 1 bdrm resale condos in downtown ‘Sauga and they are generally being listed for $450K – $500K. Pure madness! I recall these same units were going for high $300s, circa 2017/2018!

—————————————————

And high $300 k for Canada’s version of New Jersey was already overpriced. lol

#68 crowdedelevatorfartz on 10.23.20 at 5:56 pm

Well, if the Canuck govt wont bail out Westjet….maybe Delta will?

https://ca.reuters.com/article/businessNews/idCAKBN2782R3

#69 dogwhistle on 10.23.20 at 5:59 pm

#44 Petulant on 10.23.20 at 4:01 pm
I’m sad there was no commentary on the debate.

——————————————-

Very few of us vote in the USA, and what we think/don’t think like/dislike about their politicians has zero influence on a nation that can barely tell you where Canada is on a map.

Plus we have enough problems with the states of politics and democracy in Ottawa, it’s layered beneath fake politeness and manners instead of openly brash. lol

#70 Spiro Trklja on 10.23.20 at 6:03 pm

Wow great post

#71 Nonplused on 10.23.20 at 6:15 pm

Well, I suppose we should have expected a rise in cases as things reopen, but the point was always to “flatten the curve” so the hospitals don’t get overrun. They aren’t overrun so it is time to open some things up again. It’s probably going to be one step forward and two steps back for a long time but we can’t just hide in the basement with uncle Joe for another year.

$100,000??? What are these millennials smoking? I remember how much I got from my parents for a downpayment: $0. My sister faired better but there were special circumstances. It looked like a far better idea before covid knocked the legs out from under my dad’s business interests. His income is down by half.

Oh wait, I remember what they are smoking. The Trudeau strain, which is grown all over Ontario.

A third of people think they will have to work longer to save for retirement? In what job, do tell? There are a lot of people that got punted by the covid that may never work in their old job again. Economies are very tricky things, all interconnected and such. You don’t just turn them off and on like a light. Wherever the economy ends up after it’s done crashing is the new starting point for future growth. That growth may be accelerated, but it won’t be at the same rate it went down. It could take years just to get back where we were. All the while competing with the continuing wave of AI, which isn’t slowing down due to the virus.

#72 Piano_Man87 on 10.23.20 at 6:17 pm

Thank you for the sobering words, Garth.

Now where’s my bourbon…

#73 Faron on 10.23.20 at 6:18 pm

#43 Sam on 10.23.20 at 3:58 pm

Sell now & rent?

Is there a such thing as a 5 year fixed-rent lease for residential rents to lock in current rents?

I’ve wondered about this too and have thought about constructing a 5 year rental contract to ensure us stable housing and ensure the renter stable tenancy in what may be tough times. Seems like a way to circumvent the insanity of RE and still get to stay in one spot for a good while.

#74 Nonplused on 10.23.20 at 6:24 pm

#1 T-Rev on 10.23.20 at 2:10 pm
“Everybody chill”- Gartho

Amen brother. Enjoy your weekend dogs. Put your phones down, go for a walk, and do as the wizened one says.

——————————–

Not in Calgary. It’s cold and it’s been snowing for 5 days straight! Must be that global warming.

#75 Dolce Vita on 10.23.20 at 6:32 pm

Last thing. FEEL GOOD story by DW.

“108-year old Italian [woman] has survived the Spanish flu, two world wars, and now also COVID-19.”

Nice but you know, you have to wonder if at her age she got all her past facts straight, still, hope for all of us that the DAMN VIRUS is going to do us all in.

Seemed lucid to me and a grateful woman – you lose some of her passion in the translation but mostly correct.

https://twitter.com/dwnews/status/1319723013705785344

(grazie Deutsche Welle)

#76 Nonplused on 10.23.20 at 6:32 pm

#14 Tripp on 10.23.20 at 2:39 pm

“Who won the debate last night, and why?”

Probably Trump. Turns out not having Biden interrupt him every 3 words gave Trump the clear advantage.

https://thehayride.com/2020/10/joe-biden-told-32-lies-in-96-minutes-last-night-here-they-are/?utm_source=rss&utm_medium=rss&utm_campaign=joe-biden-told-32-lies-in-96-minutes-last-night-here-they-are

But as always with these things, there was only one screen but two different movies playing. Everyone will see what they want to see.

#77 SeeB on 10.23.20 at 6:32 pm

#142 n1tro on 10.22.20 at 9:45 pm

#81 SeeB on 10.22.20 at 5:38 pm
#68 n1tro on 10.22.20 at 4:59 pm

So we are in agreement, the actions taken whether it be in April or now were/are an over-reaction. Made by clueless, spineless politicians justifying their decisions as “lean on the side of caution” without any real science backing things up at the time. I guess these people can make these willy nilly decisions since their jobs/salaries were/are 100% secured while the masses suffer and businesses shutter down.

Mandatory masks indoors? Sure, I’m down with that. The general public was already starting to do that in April until they were told point blank that masks were ineffective. We later find out, we were lied to because they wanted to save the masks for first responders. Some lives matter more than others I guess.

Lying makes baby Jesus cry I’ve been told. Shame on these people who tell us one thing while doing the opposite.

————————————————————-

Ehn, mostly in agreement. I think we agree about what we should be doing moving forward which is probably the most important part. Personally I’m still heaping plenty of blame on the public and misinformation crowd as well as the politicians. Politicians are going to overreact to cover their butts since the backlash from too many deaths is overwhelming. Trump’s Covid response is hurting his campaign, for example, largely due to the raw number of fatalities. I honestly don’t know if the lockdown was a good or bad, but do agree that it definitely should have been gone by summer and replaced by saner guidelines.

#78 Reality is stark on 10.23.20 at 6:36 pm

Home invasions.
No one really understands what is coming.
We are lax with security here but you will soon find out what 15% unemployment actually means.
If all they steal is just your food and some booze their likely won’t be any charges in the future. After all we are a humanitarian culture.
Unlike the USA. If you steal from them, they shoot you and ask questions later.
We just give them everything we have as that is the responsible thing to do.

#79 Bill on 10.23.20 at 6:37 pm

#8 So sad … on 10.23.20 at 2:23 pm
that those of us getting richer (no debt etc.) are getting that way on the backs of the less fortunate. Not going to be good for society. Easy to see already.
———————————————-
I agree those that get hit with economic black swans, stagnating wages and never ending inflation in goods and services are forced to go into more debt to keep afloat.
I cant feel guilty though I spent 35 year working 12 hrs 7 days a week accumulating and paying off everything.
I think the SHTF at some point…5-10 years?

#80 espressobob on 10.23.20 at 6:41 pm

Plan B, the saviour of what’s going on right now….

Being in the foodservice industry, well let’s just say its pooched.

Having a solid portfolio is proving quite advantageous under the circumstances. Not sure where current events are going?

Just sitting on asset classes that pay out monthly or quarterly that pay the bills. No complaints.

#81 Adios on 10.23.20 at 6:43 pm

If you wanna see what we have become watch the video
of some douchebag throwing a woman out of a B.C. bus
with 3 males just sitting by watching.Mr Canada in his
hockey jersey ignoring the whole episode.

#82 Lawnboy on 10.23.20 at 6:45 pm

Hamilton Flop.

1953 2 bedroom detached small lot, side drive, off the Red Hill in the east end. Asking $499.00 ish…..17 offers….sold 110K over asking!!!

#83 yorkville renter on 10.23.20 at 6:46 pm

#15 – Id rather have $500k mortgage at a higher rate tp the equivalent of $1mm mortgage at a low rate… any extra money does a LOT more damage on a smaller principal.

#84 Nonplused on 10.23.20 at 6:50 pm

#16 Dogman01 on 10.23.20 at 2:52 pm
#108 Nonplused on 10.22.20 at 7:49 pm

The new left voters see the following:
– “pick your parents carefully”
– Most people in Canada got “rich” buy buying a house in the right place at the right time, and that opportunity no longer exists
– Working for wages, for most, offers little upward mobility. (contributing to how many now simply “hate their job”)
– That a small percentage of the population have benefited immensely over the last 30 years (the 1%) and they have not.

—————————

There seems to be, in my opinion, a strong meme circulating among the millennials that their parents and grandparents were born on the finish line. That is simply not so. My grandfather arrived here after WWII with nothing more than he could carry and a wife and 4 kids in tow. Buying a house back then was not easier than it is now. My dad became a carpenter and we lived on the poverty line. Later in life he made good in real estate development but not until I was out of the house. I also started out with nothing but a ten year old car and a big student loan.

Are times different now? Yes, a lot. But are all the opportunities really gone? I’m not sure about that. It is the millennial fixation on owning a house that gets them so downtrodden. I didn’t own a house until I was 30, and I got it with the CMHC 5% deal or it wouldn’t have happened for a while. Until then I rented and it didn’t bother me. Everyone was renting.

There have always been the incredibly rich like the Rockefellers, Fords, and Goldmans. But what has happened today is that the Robinhoods have skyrocketed the notional wealth of a few names to the stratosphere. I do not believe any of that “wealth” will stand the test of time. Sure, Amazon is a great company and it would have made Bezos incredibly wealthy either way, but I see no reason why it should have gone up so far so fast. It is going up simply because it is going up. Tesla too. How can Tesla be worth more than Toyota, Volkswagen, and Honda combined? The numbers smell funny.

#85 Nonplused on 10.23.20 at 6:58 pm

#31 SunShowers on 10.23.20 at 3:23 pm

“Paying down the CERB deficit with a new wealth tax comes to mind.”

You can’t tax wealth because wealth is not money. You can only tax the income that the wealth generates. They already do that.

#86 S.Bby on 10.23.20 at 7:00 pm

Canadian companies that have filed for creditor protection since COVID-19 pandemic:

https://www.citynews1130.com/2020/10/23/canadian-companies-that-have-filed-for-creditor-protection-since-covid-19-pandemic/

#87 crowdedelevatorfartz on 10.23.20 at 7:04 pm

@#59 MyJobBlows
“The data shows Prince Edward Island’s population is estimated to be 159,625 as of July 1, 2020. This represents a yearly increase of 2,363 persons or a 1.5 per cent annual growth rate.Sep 29, 2020”

++++
Im thinking that increase is all the laid off Alberta oil patch workers returning home to draw EI and eat lobster.
And , yes…..P.E.I. is getting harder and harder to justify as a province.
They should amalgamate MB, PEI and NS into “Acadia” and save some money…..

#88 an investor on 10.23.20 at 7:05 pm

Most times when I read this blog I feel the need for a drink afterwards. I agree that Canada is obviously finished but don’t bet against America.

#89 crowdedelevatorfartz on 10.23.20 at 7:07 pm

@#82 Adios
“If you wanna see what we have become watch the video
of some douchebag throwing a woman out of a B.C. bus
with 3 males just sitting by watching.”
+++

Sorry, but if someone spit in my face…..being thrown off a bus would be the least of their worries after they woke up.

#90 Handsome Ned on 10.23.20 at 7:12 pm

#17 overheardyou

At this point I would happily take just a slap. Even a slap from Mike Tyson would only smart for 30 seconds. Instead of a slap it will probably be a hobnailed boot on your face forever. I sometimes think Orwell was a time traveler who came back to warn us.

#91 Bill on 10.23.20 at 7:15 pm

#90 crowdedelevatorfartz on 10.23.20 at 7:07 pm
@#82 Adios
“If you wanna see what we have become watch the video
of some douchebag throwing a woman out of a B.C. bus
with 3 males just sitting by watching.
+++
Sorry, but if someone spit in my face…..being thrown off a bus would be the least of their worries after they woke up.
———————————————
Yes given the state of what mouth moisture can transfer these daz… I recon a punch in the face would be safer and more polite. I’d kick some a$$ either way.

#92 AM in MN on 10.23.20 at 7:34 pm

If you have a factory or restaurant in Vancouver, try to hire workers…

I know of several that can’t.

No one wants to work in the land of CERB

#93 Chris Schitzer on 10.23.20 at 7:41 pm

Yorkville renter, I agree and the math agrees too. Also, most forget too that eventually when you pay down your principal faster because you are not on the hook for $500,000 more principal, all the extra money you can save will be compounded on much higher interest rates.

Another major factor many people don’t take into account is all the higher CMHC premiums, home insurance, utilities, HST, GST, lawyer fees, property taxes assessment values, land transfer taxes, other closing costs like municipal development fees etc. etc.

The extra money left due to not paying much more principal upfront due to high, artificial real estate prices is multiplied many times with TFSA’s and to a much lesser extent for RRSP’s, RRIF’s, RDSP’s, RESP’s, LRIA’s, LRIF’s.

People are so oblivious when it comes to personal finances and even the concept of compound interest, our income tax system, simple concepts such as TFSA’s, RRSP’s, mortgage, credit card, other debt how it works and impacts longer term everyone and themselves.

#94 Elon fanboy on 10.23.20 at 7:41 pm

Can’t help but think we are watching a slow motion implosion across many industries over the next year or so.

Friend of mine used to be a manager at ToysRUs. Reckons the Bay might be next. They are already being sued for rental non payment at several locations apparently.

2021 is shaping up to be maybe just as bad as 2020 with no end in sight. Just endless semi lockdown as governments flail around with no endgame, apart from a hoped vaccine.

Even with a vaccine, how fast can that be deployed?

What else at threat of extinction?

Anything related to large groups of people or international tourism; Cruise ships, Cinemas, Arenas, Stadiums, Conference Centres, all the associated support industries, e.g. Concerts gig staff, Event planners. Anything relying on international tourism. Already seeing massive foodlines in Hawaii.

#95 Stone on 10.23.20 at 7:50 pm

#90 crowdedelevatorfartz on 10.23.20 at 7:07 pm
@#82 Adios
“If you wanna see what we have become watch the video
of some douchebag throwing a woman out of a B.C. bus
with 3 males just sitting by watching.”
+++

Sorry, but if someone spit in my face…..being thrown off a bus would be the least of their worries after they woke up.

———

Agreed. She had it coming.

I like how the police in the news report kept saying to avoid conflict and confrontation. Uhmm, no. If someone spits on me, I’m not going to avoid conflict and confrontation. That’s just going to embolden someone like this spitter not wearing a mask on the bus to do something even more stupid in the future.

That video will tell others who thought doing something similar to the spitter to think twice. There are consequences to stupid, uncivilized behaviour.

#96 Under the radar on 10.23.20 at 8:06 pm

Got on the zero turn today and did the orchard and another 10 acres . Glorious warm day in Mono let me paint some banisters and then take the Kubota through my forest . So lucky to be so far removed from the grim news .

#97 Ronaldo on 10.23.20 at 8:19 pm

In BC as of today there have been a total of 256 deaths attibuted to Covid. Apparently 81 percent of total deaths in Canada are in LTC homes. The death rate per population in BC is .00512%. Roughly 1 person per day die in BC attributed to Covid. There were 127 overdose deaths in BC in September. That is 4.2 per day. How many of these were as a result of the Covid lockdowns? And the media keeps pounding away with cases, cases, cases and mask, masks, masks. Something does not add up. One does not have to be a genius or expert to see that the consequences of these lockdowns are going to be far worse than the disease itself. Pure craziness.

That was your last repetitive post diminishing the deaths oF virus victims. Got it? – Garth

#98 CalgaryCarGuy on 10.23.20 at 8:22 pm

So I wonder how many other companies are doing this….

I was laid off last January from a historically very successful car dealership here in Calgary. January was before the virus hit but fall and the first part of winter had been slow. The owner of the dealership basically panicked when there was another new dealership of the same brand open just down the road. Since I was a long-termer (but still a top producer) I was still drawing a decent salary although it had been the exact same money since 2007 !!!! Anyways, to my point and question…When Covid hit and then CERB and the help for affected businesses came into effect of course the dealership signed up. There were more massive layoffs to almost a skeleton crew in all departments in the early spring. Those jobs have not been replaced. Now like I said this is a major, well entrenched historically very successful store. Even with Covid a lot of business was coming back in the spring and summer BUT , and this is my point, the owner has been playing the numbers hard and been actually restricting the number of car sales per month and telling the service and parts departments to restrict their parts and labor sales. All in order to stay under the federal government’s guidelines of a big enough drop in business due to Covid so that they can continue qualifying for government assistance. Car salespeople are often strictly told that if they are near the limit for the month there had better not be any sales unless at full retail. Nice, eh? I have had this told to me from several different sources who are still working at the dealership. How many other companies in Canada are playing the numbers like this? And yes, if somebody from that store reads this column they will know who I am. I really don’t care.

#99 Ronaldo on 10.23.20 at 8:29 pm

#33 CLIFF on 10.23.20 at 3:24 pm
Garth, the media only reports the infections detected by the day’s testing. It isn’t “new infections”. The testing is a sample of the general populace. Getting a 1% (or whatever) means that 1% of the population is infected. In BC with 4 million people this means 40,000 of us have the infection at any one time. Yet media blare out ” 250 new cases today” , every day. It makes no sense and distorts the true picture of the so called pandemic.
————————————————————–
Absolutely correct.

#100 Flop... on 10.23.20 at 8:31 pm

Unfortunately I’m not going to vote tomorrow in the provincial election.

Spent all my gas money I had earmarked to get me to the polls on a t-shirt that had Vote written on it…

M46BC

#101 Doug t on 10.23.20 at 8:33 pm

#97 under radar

So why are you reading all this ?

#102 Spectacle on 10.23.20 at 8:34 pm

#47 Calgary Rip Off on 10.23.20 at 4:18 pm
Things that make me happy:

Cold weather. Breathing exercises. Cold showers. All available now and at little cost. Thank you
——————–

Yes, another thing that Win brings is life changing. You know that He is a part of 3rd year doctoral textbooks. I am living on his research, now.

DOLCE Vita. Pal, finish the bottle and go to sleep already my friend. : )

And crowded elevator. Fully agree with You. Wife & I discussed this episode, it does need some back story. But if someone pulled that on my family..its throat hit and neck snapped, the curb was just a courtesy clean up for the first responders, and sanitation department. New found attutude blogches! Going to richmond costco is an efort in many things…one of which is letting a lot of trash people get away to.enjoy another day. It’s that bad here.

#103 Doug t on 10.23.20 at 8:37 pm

#96 stone –

Throat punch or head butt – and fine for cops saying that but spit on them and find out what happens

#104 CalgaryCarGuy on 10.23.20 at 8:46 pm

Re #39 by Eric
Hey Garth – what is likelihood of a civil war (or at least an escalation of violence) in the US in the event that Trump loses the election?
——————————————————————-
Hi Eric. I am complete news junkie and have been following everything to a ridiculous degree since I was laid off in January. Multiple sites and all the comments. In my opinion there is going to be a huge unprecedented leap in armed violence in the U.S. after the election no matter who wins. People paying attention for the last few months have probably noticed that most of the protesting, looting and violence have come from Antifa on the left with very little response from the republican right. Those guys have been talking to each other and holding back. They know that if they retaliate against Antifa the left slanted media will pin the blame on them. They are all waiting until after November 3rd and then it’s going to come completely unhinged. It’s going to be bad I think. Snowbirds be warned…Covid should be your secondary concern at this time.

#105 Faron on 10.23.20 at 9:07 pm

75 Nonplused on 10.23.20 at 6:24 pm

#1 T-Rev on 10.23.20 at 2:10 pm
“Everybody chill”- Gartho

Amen brother. Enjoy your weekend dogs. Put your phones down, go for a walk, and do as the wizened one says.

——————————–

Not in Calgary

Last I checked, walking in the snow was above board. But YDY.

#106 45north on 10.23.20 at 9:14 pm

le pain ?

le pain is bread en français

but it’s not meant as bread, it’s meant as the English word pain.

the message is pain is coming

#107 crowdedelevatorfartz on 10.23.20 at 9:14 pm

@#101 Flop
“Spent all my gas money I had earmarked to get me to the polls on a t-shirt that had Vote written on it…”

+++++

Two thumbs up!

#108 45north on 10.23.20 at 9:17 pm

overheardyou

a slap to the face isn’t felt until contact is made. This sounds like the wind up, a big one at that.

that’s what it sounds like

#109 Elon Fanboy on 10.23.20 at 9:23 pm

#99 calgarycarguy

Have you noticed increasingly empty car sale lots or is just me? Quite a few of our local dealers have noticeably less cars for sale with big gaps in their lots. Not all of them, but enough that I noticed? Is that related to keeping under government subsidies limits, or just a backlog with the manufacturers I wonder?

#110 John in Mtl on 10.23.20 at 9:31 pm

#107 45north on 10.23.20 at 9:14 pm

le pain ?
le pain is bread en français
but it’s not meant as bread, it’s meant as the English word pain.
the message is pain is coming.

hehe, reminds me of the bread packet in Canadian Armed Forces rations (IMP’s), the packet is bilingual and states in big letters, one under the other:
“Pain Bread”
LOL

#111 Ponzius Pilatus on 10.23.20 at 9:40 pm

#86 Nonplused on 10.23.20 at 6:58 pm
#31 SunShowers on 10.23.20 at 3:23 pm

“Paying down the CERB deficit with a new wealth tax comes to mind.”

You can’t tax wealth because wealth is not money. You can only tax the income that the wealth generates. They already do that.
————-
Wealth is not money?

#112 Ustabe on 10.23.20 at 9:52 pm

People paying attention for the last few months have probably noticed that most of the protesting, looting and violence have come from Antifa on the left with very little response from the republican right.

Anitfa is an ideology, not a movement…Bob Wray, Trump appointee, head of the FBI.

Dept of Homeland Security Chief, another Trump appointee: Our largest concern is far right violence.

Today’s headlines; A member of the Boogaloo Bois, a far right violence group charged with burning and shooting up the Minneapolis police station. Sure, others followed but he was first man in.

Last week’s headlines: 90% of those charged in the Portland activities have had their charges dropped and bail conditions revoked. Of the 10% remaining fully 40% of those are affiliated with the far right.

On a personal note, I have friends in both Seattle and Portland. They tell me or my wife that life in those cities is no where close to how the media is portraying things. Significant resident support and almost zero violence until the police show up. The ACLU is compiling tons of video of unmarked vans spilling out plainclothes, lardy white men in unmarked police issue gas masks and flak vests, etc just prior to violence erupting. That comes from a friend of 30+ years who has never once lied or exaggerated anything to me who knows long term the ACLU lawyer who told him that.

This week alone two plots to cause harm to Joe Biden and general mayhem thwarted by arresting the far right proponent. Plus that kid who gets juvenile probation because he apologized for wanting to kill Black churchgoers.

https://www.theguardian.com/world/2020/oct/22/white-supremacists-rightwing-domestic-terror-2020

“Experts on extremism said this was the first killing linked to an anti-fascist in the United States in 25 years.

Violent rightwing actors were responsible for 41 politically motivated attacks and plots this year, while “far-left” actors were responsible for 12, according to analysts at the Center for Strategic and International Studies (CSIS), who have assembled a database of domestic terror attacks going back to 1994.”
~~~~
“But Jones said it was noteworthy “how much domestic terrorism in the US shifted over the summer of 2020 into cities”, with a noticeable increase in the number of car attacks on protesters, and in street violence.”

Need I go on?

#113 crowdedelevatorfartz on 10.23.20 at 10:03 pm

https://www.vancouverisawesome.com/vancouver-news/unmasked-translink-passenger-seen-spitting-on-male-passenger-who-calls-her-disgusting-video-2814512

Bus spitting video last night …..4 million views.

7pm Vancouver time 24hrs later …… 7.1 million views

#114 CalgaryCarGuy on 10.23.20 at 10:10 pm

Re #110 by Elon Fanboy
Have you noticed increasingly empty car sale lots or is just me? Quite a few of our local dealers have noticeably less cars for sale with big gaps in their lots. Not all of them, but enough that I noticed? Is that related to keeping under government subsidies limits, or just a backlog with the manufacturers I wonder?
———————————————————–
You are correct. The dealership I am referencing has severely cut back on the stock of cars for sale. Historically dealers stock cars interest free for about 90 days I believe. That’s why you can get a better deal on stale stock. I am the guy that lives on a wilderness property out near Bragg Creek. I don’t drive around town much. Having said that I was at a local Ford dealer a couple of weeks back getting a recall done. I was chatting with the receptionist there who said that sales have been really good. They had one salesperson alone who sold 32 cars in September. That is a very good number.

#115 Doug in London on 10.23.20 at 10:22 pm

Europe just closed the door to travel from Canada.
———————————————————–
It looks like the only Paris, Vienna, Dublin, or Zurich I’ll be going to any time soon are the ones in Ontario.

#116 Mark on 10.23.20 at 10:24 pm

Buying vs renting. Down and dirty 5%rule.
Ex. $250,000 house price .(example).
$250,000 x5% / 12 = $1041.
If rent is above that figure consider buying. If not rent.

#117 Doug in London on 10.23.20 at 10:28 pm

@CalgaryCarGuy, post #105:
It looks like we should keep the border closed to all non essential traffic as long as possible. Say, is there any maintenance due on the Blue Water Bridge? Now would be an ideal time.

#118 Faron on 10.23.20 at 10:37 pm

#110 Elon Fanboy on 10.23.20 at 9:23 pm

#99 calgarycarguy

Car sales are up right along side home sales. There are reports of low inventories of the 2020 model years. You need a car if you live in the burbs. Bidding war!

#119 Terry on 10.23.20 at 10:39 pm

“We’re in the grip of a recession, clearly.”

Not even close. It’s called a DEPRESSION and it’s just getting started.

“Now we have this damn second wave.”

Wrong again. It’s a continuation of the first wave that we deferred from the mistakes of locking/shutting everything down in the spring. Everyone will get this virus. Just wait for it………it’s still coming. Told ya masks don’t work………it just makes the virus spread more.

“Financial markets have been supping at the trough of government and CB stimulus – with more coming.”

Trump wins again in November………..then all the free money stops! Markets catch up to reality and then it’s down the abyss society goes. We should have collapsed last winter but it was deferred to this Autumn. The repo crisis from September of 2019 was the pivot point. A bunch of derivative bombs detonated and someone had to pay. The music stopped a year ago Mr. Garth. We are all just living off the rest of our credit lines………….and the limits are being hit. It will get worse and worse as each year progresses.

#120 Canuck on 10.23.20 at 11:12 pm

In the US – just 11 days before the vote – new infections top 70,000 and are inching up to record levels.
_______________________________________________

Record levels?? There were 60 million American infections with H1N1. Have they hit 10 million yet with COVID19?

Economies weren’t shut down with the Spanish flu, the Hong Kong flu, the Asian flu, SARS, MERS, H1N1… so what is different this time around?

#121 Charlie Cheese on 10.23.20 at 11:21 pm

And now the good news, ‘I’ve got mine Jack’. But if you aren’t guys like us, living fat And vacationing like a Trudeau, you’re screwed.

Because guess what? Ta Da, Drum roll please ‘ Interest Rates Are Going Up’. As predicted, the IMF has given Canada a slap down and the BOC/Trudeau Team can’t afford to any more of its own bonds !!! The BOC has to stop buying its own debt on October 26.

https://moneywise.ca/a/mortgage-rates-may-rise-as-bank-of-canada-ends-pandemic-program?utm_source=pm&utm_medium=syndication&utm_campaign=13810&utm_content=direct

So, you guys on variables get a raise, no, your payments go up, the bank gets a raise, no Trudeau got a raise because he suckered you into supporting his debt blaster ‘economy’.

Righty, things are getting worse. What will this do to stuff like Preferred shares? They’re steady, no guarantee but the do carry inverse risk to interest rates and will likely appreciate. No surprises, they still pay you a sweet divvie. And that’s good for us Sunshine Cowboys.

What else? Oh yeah. Did you guys own any RCI.b ? Up 11% on the news of how having lots of Covid strained eyes on the screen has positively affected cash in. A nice $6 bucks a share . Ditto on CP Rail, O M Effing G !! $413 per!!! My cost $89. Can I get an Amen?

OK, gorgeous day, pools calling. Clinky Clinky.

#122 Gary C on 10.23.20 at 11:23 pm

My son in law is a long haul truck driver in the US.
Last year he said there would be a civil war, I did not believe him.
As of yesterday he is warning of severe violence, truck drivers are not allowed to carry arms, but they are now arming themselves, as the police can’t protect them
in cities like Portland, Chicago etc.
He indicated it starts after the election no matter who wins, and martial law will be declared.

#123 Terence on 10.23.20 at 11:26 pm

The downtown Toronto Condo market reminds me of this movie called “Trading Places” where the Mortimer brothers purchase futures contracts of Frozen Concentrated Orange Juice based on a phony USDA report of low orange crop yields, and how other traders (speculators) followed their lead and inflated the price of orange juice (condos). And that’s when the similarities start to change because unlike the movie where some people (Valentine and Winthorpe) started to short sell futures contracts of frozen orange juice (frozen condos), some of those bull trading speculators started to sell the moment they began to realize orange juice yields were actually normal, and thereby causing the price of futures contracts to plummet just like those toronto condo’s. So this begs the question Garth? How and what best defines market value in a completely bear market for downtown Toronto Condo’s?

#124 ppsez on 10.23.20 at 11:29 pm

Who needs Bank of mom? It’s there in Ottawa.
I heard, 4 in a family claimed CERB. (who asks?)
Collected 50k so far, using as down payment, free money for whatever the house costs.

#125 Linda on 10.23.20 at 11:32 pm

#79 ‘Reality’ – who needs guns? All you have to do these days is cough/sneeze & people back away.

#126 Cowtown Cowboy on 10.23.20 at 11:38 pm

82 Adios on 10.23.20 at 6:43 pm
If you wanna see what we have become watch the video
of some douchebag throwing a woman out of a B.C. bus
with 3 males just sitting by watching.Mr Canada in his
hockey jersey ignoring the whole episode.

You mean the nutjob that spit on him?, you play those games, you win those prizes..equal rights and all

#127 Steerage Steward on 10.23.20 at 11:58 pm

Been reading this pathetic blog for years, but only post occasionally, when there may be something meaningful to say.

This pandemic has been the biggest disruption most of us have ever experienced. It’s during a crisis you find out what people are really about.

It’s interesting that throughout all this Garth has continued a simple message of personal and financial responsibility.

Many others have used these unprecedented times as an excuse to let the mask of rationality and reasonableness slip.

It is very much to Garth’s credit that he repeatedly articulates that common sense, and common courtesy are needed now more then ever.

#128 JPN on 10.24.20 at 12:17 am

As a homeowner and a landlord.. houses are to crash so “sell now.”.. landlords are going to lose our shirts as “rentals tank”. For Pete’s sake what does one suggest ? We all live in tents ? Geeze people still need a roof in some form or another. I’m holding onto both, I don’t care. I’m not panicking.

#129 Fortune500 on 10.24.20 at 12:34 am

What about is Millennials whose parents never had enough to give us any money for a down payment and instead are likely going to need us to support them in old age. Where’s our special interest group? Trudeau should be fawning all over us. Nah we’ll just take it in the chin. As usual.

#130 Leo Trollstoy on 10.24.20 at 12:38 am

#112 Ponzius Pilatus on 10.23.20 at 9:40 pm
Wealth is not money?

No

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts

Wealth is the combination of the words Wellness and Health

#131 MDQ on 10.24.20 at 1:28 am

Went to see a condo in Marpole today, a friend needing support.

My friend came to the realization that:
a. he can’t afford to buy a place
b. That he is renting a similar place for a 1/4 of what it would cost to carry the mortgage

Prices would have to half to make sense financially..

#132 steerage steward on 10.24.20 at 1:49 am

Been reading this pathetic blog for years, but only post occasionally, when there may be something meaningful to say.

The pandemic has been the biggest disruption most of us have ever experienced. It’s during a crisis you find out what people are really about.

It’s interesting that throughout all this Garth has continued a simple message of personal and financial responsibility. Many others have used these unprecedented times as an excuse to let the mask of rationality and reasonableness slip.

It is very much to Garth’s credit that he repeatedly articulates that common sense, and common courtesy are needed now more then ever.

On a side WFW note, Brooks Brothers reopened in Toronto, the only one now open in Canada;
1 Bass Pro Mills Drive
Vaughan, L4K 5W4
T.905.738.6029

Get your suit on.

#133 Diplomat on 10.24.20 at 2:11 am

@#60 smart alec

“ Sure, your monthly carrying charge is lower for now ..but at some point the “piper” needs to be paid and the house of cards will come crashing down.” – is that a fancy way of saying you don’t understand the concept of cash flows?

PS I AM the Piper.

#134 Steve French on 10.24.20 at 4:25 am

Yo garth: so I’m ow how you like to say you called it all a long… but the truth is you underestimated coved from the start.

You and your lambo driving advisors kept repeating two mantras. Epidemics are temporary shocks and a vaccine is imminent. You now need to acknowledge that these were errors.

First- it is very clear now that structural damage to the global economy is occurring. And second, there is no imminent prospect of a workable vaccine that makes everything go away.

You are entirely correct in your broad approach to diversification and balance and your call to not panic was and is entirely reasonable. But the fact is you misread this whole pandemic from the start.

It’s ok .. everyone is wrong sometimes. Except me of course.

#135 BillyBob on 10.24.20 at 4:29 am

Beautiful day here in central Europe. Sunny, 13C, should get up to about 17C. Enjoying a lazy weekend morning and the squeeze making me breakfast.

Some good comments about introverts/extroverts and their differing styles and needs of working. WFH is truly the revenge of the former for having horrendous open-space offices and schools forced on them by the loudmouth know-it-all latter majority. But that’s also why WFH is doomed to not last beyond the pandemic. Extroverts are just too needy to function alone.

As a hardcore introvert who’s learned to function well in a world that rewards volume over intelligence, here’s a couple of resources for further insights:

https://www.amazon.com/Quiet-Power-Introverts-World-Talking/dp/0307352153

https://www.amazon.com/Secret-Lives-Introverts-Inside-Hidden/dp/1510721029

Although, as was astutely noted, most extroverts are far too self-absorbed to take the time to learn about those quiet folk who actually do the productive work in society. :-)

Airlines and air travel.

I was more concerned earlier on in the pandemic when I at first truly believed people would forever be too afraid to fly again. But when I see the pent-up demand, I realize that this is not the case whatsoever. Here in Czech Republic vacation air travel is already completely sold out for next summer (who would have thought the dour Czechs would be such optimists?!) I see them selling full “flights to nowhere” all over the world. They sell airplane food in grocery stores, for dog’s sake. There are apparently a lot of people who still want a little more out of life than the experience of their plastic screens.

The true death blow to air travel currently is uncertainty with access: quarantines, border closures, and the like. But it’s important to remember that demand is dormant, not extinct. When Covid recedes (whatever that looks like: treatment, immune adaptation, vaccine, not the point) that demand will explode. It’s there now and prolonged restrictions only exacerbate it.

Sadly, before that happens many of the incumbent industry players will most definitely go “extinct”. But the industry will adapt and move on. There are opportunistic carriers jockeying for position here in Europe already.

But it won’t be soon. I am hunkered down financially for the long, indefinite haul.

#136 Jane24 on 10.24.20 at 4:53 am

But how does a couple of kids qualify for a mortgage at 10 to 20 x income? Who is policing this?

Do they lie about their income?
Do their parents lie about theirs?
Do their parents go onto the mortgage and house title as co-signers?
Do they all go to a non-prime mortgage provider and pay about normal rates?
Do they go to a private mortgage provider and pay eye popping rates?

… and how do these houses at these prices possibly appraise?

Garth there is a column here as something is not smelling right.

Plus in the Western world is you add onto the numbers who are officially unemployed with the number who are under-employed vs their qualifications plus the people who would love to work but have given up finding something, anything, unemployment numbers I am sure would be closer to 20%. That is one in 5 of the work force. This is structural unemployment and is the next big challenge we all face.

#137 CalgaryCarGuy on 10.24.20 at 5:22 am

Re #79 by Reality is stark
Home invasions.
No one really understands what is coming.
We are lax with security here but you will soon find out what 15% unemployment actually means.
If all they steal is just your food and some booze their likely won’t be any charges in the future. After all we are a humanitarian culture.
Unlike the USA. If you steal from them, they shoot you and ask questions later.
We just give them everything we have as that is the responsible thing to do.
—————————————————————
Great post and spot on! There is no question there is a lot more gun violence in the U.S. however, home invasion robberies are way less. If you poke your uninvited nose into someone’s house down there you are at an extreme risk of being shot. I agree that people here are unprepared and susceptible.

#138 Garth's Son Drake on 10.24.20 at 5:55 am

Yo Garth. Where my happy birthday wishes?

#139 TurnerNation on 10.24.20 at 5:56 am

Wondering why the Former Kanadian Union (FK-U) is not see the harshest lockdowns (for our health Comrade) as elsewhere?
This chart is why – they got us good:

https://www.greaterfool.ca/wp-content/uploads/2020/10/DEFICITS.png?x70502

‘They’ll stone you just like they said they would. Everybody must get stoned’

— But how to pay for all of that, we’ll need more taxation. These bankers and financeers on this website also agree:
https://www.centuryinitiative.ca/team/
Century Initiative envisions a Canada at scale, with 100 million people in 2100 working together to achieve our shared potential.

….

At this moment the economies of all (formerly) First World countries have seen shut down. Their central banks being looted by criminals. Kanada has handed hundreds of millions overseas , down the UN sink hole. How many new hospitals did they build this year again?
This is the New Green Deal AOC told us about last year. Remember the Predictive Programming and all? Last year was the hint. This year is the hammer. All continuing at warp speed, on schedule, into 2021. Everything must change. How you work, shop, school, socialize, assemble, even breathe and walk. No travel or tourism. Locked down at home.
A new underclass, for UBI. The New System is a technocracy.

Public Protests are being allowed. Why, it’s a necessary Safety Valve in the system. The A.I. and cameras map out yours and everyone’s mood in real-time. Your Apple or Smart watch is transmitting your heart rate, blood pressure, temp, and movement all into the central A.I. They must allow protests to blow off steam. Then full speed ahead.

#140 Cocktail Karma on 10.24.20 at 6:11 am

You gonna weigh in G?

https://www.marketwatch.com/story/the-standard-balanced-portfolio-has-never-looked-worse-11603289224?link=sfmw_fb

What do you expect from a site that pumps stocks? Never has this blog suggested a balanced portfolio include 40% government bonds. Be more careful about what you read. – Garth

#141 TurnerNation on 10.24.20 at 7:28 am

Le Chateau is le 80-90s .
Aritza and Zara are the new Chateau from what the Malls are stocking.
Stock doubled this year
T:ATZ – ARITZIA INC. SV

#142 Juve101 on 10.24.20 at 8:46 am

“That was your last repetitive post diminishing the deaths of virus victims. Got it? – Garth”

Garth,
Respectfully, you always preach for rational analysis, your comment however is emotional. Without taking away from the pain families experience when a loved one passes away due to Covid, it is worth asking whether we as a society have overreacted and have set ourselves for decades of misery due to a decimated economy.

No comment here will change political decisions or public health mandates. But with every assertion made that this virus is over-stated, hoax-like or inconsequential we undermine public confidence in actions, such as mandatory masks, which are now clearly required. Worse, we diminish those who get sick or whose loved ones die. That includes almost 10,000 Canadian families. Let’s try to stay constructive. – Garth

#143 AM in MN on 10.24.20 at 9:33 am

#113 Ustabe on 10.23.20 at 9:52 pm
People paying attention for the last few months have probably noticed that most of the protesting, looting and violence have come from Antifa on the left with very little response from the republican right.

Anitfa is an ideology, not a movement…Bob Wray, Trump appointee, head of the FBI.

————————————————

No one trusts a thing Bob Wray has to say. He’s another corrupt deep state careerist who withheld information in his custody during the impeachment hearings last year…. all you need to know.

Take a look at what’s going on in Minneapolis today with police reductions of 40% or so. Not just at night, check car jackings and home invasions during the day!

Check out the collapse in real estate prices in the city and the surge in the outer suburbs. Try and buy ammunition in the gun stores, empty shelves all over the place, and not for fear of some mythical Boogaloo Boys.

Almost everyone arrested (and then released without charge) in the MN riots was a local. Just because the State AG has ties to all these far left activist groups and won’t do anything about them or the ongoing crime spree, doesn’t mean the people on the ground don’t feel it.

The big Minneapolis Dem machine will still turn out a 70% vote result across the ballot, so either accept it as a “new normal” or move, as so many are doing.

News reports indicate the Minneapolis police department budget was cut by $1.5 million, or 1%. Exaggerate much? – Garth

#144 Stone on 10.24.20 at 9:57 am

#123 Gary C on 10.23.20 at 11:23 pm
My son in law is a long haul truck driver in the US.
Last year he said there would be a civil war, I did not believe him.
As of yesterday he is warning of severe violence, truck drivers are not allowed to carry arms, but they are now arming themselves, as the police can’t protect them
in cities like Portland, Chicago etc.
He indicated it starts after the election no matter who wins, and martial law will be declared.

———

Said one person with an uneducated opinion.

Hey, I’m a truck driver who drives a truck and I spend almost my whole time driving. It’s a lonely life and I don’t actually speak much to others because, you know…highway. When I arrive at destination, I drop off my load, maybe, if I’m unlucky, speak to someone for a minute and then get back on the you know…highway. At truck stops, I might speak to an occasional you know…trucker. Rinse and repeat.

Lastly, because I’m so well integrated with society in general, I can accurately predict that this same society will fall into rioting, civil war and martial law.

Do you take us all for stupid. Really? I’m really asking.

#145 Penny Henny on 10.24.20 at 10:16 am

Re Covid deaths.
Sweden’s death rate is 586/million.
The list of countries that have suffered more deaths per million than Sweden keeps growing and growing.

#146 the Jaguar on 10.24.20 at 10:27 am

“We’re just phasing out the extraordinary capital treatment because it’s no longer necessary,” OSFI Superintendent Jeremy Rudin said Friday.
Meanwhile, loan and premium payment deferrals granted after Sept. 30 are no longer subject to OSFI’S special capital treatment.
Still, OSFI said in August that the decision to wind down the special treatment reflected that the measures were meant to be temporary, and that the financial institutions were still free to grant deferrals on a case-bycase basis if they so chose. According to the Canadian Bankers Association, more than 778,000 people had been allowed to defer or skip their mortgage payments as of the end of August, with approximately 32 per cent of those people having resumed repayment.
” Good morning Mr. & Mrs. Peep. Hope you had a pleasant weekend. Has your house been listed for sale yet, and if so what is the list price?”

#147 Dharma Bum on 10.24.20 at 10:46 am

#20 Armpit

When the first wave of Boomers left the workplace 10 years ago, they say they miss their co-workers, but not the job.
——————————————————————–

Yah, I bailed about 3 years ago.

Never looked back.

Miss the job or the co-workers?

Hahahahahaha!

Trust me….you’ll get over it.

#148 Dharma Bum on 10.24.20 at 11:30 am

#93 AM in MN

No one wants to work in the land of CERB.
——————————————————————–

Oh the Land of CERB is a very funny place
Where every one wears a funny funny face
And the streets are paved with gold
And no one ever grows old…

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

#149 Yuus bin Haad on 10.24.20 at 11:36 am

“[Government’s response to] Covid, says a new bank poll, is killing personal finances …”

#150 Doug in London on 10.24.20 at 11:46 am

@Eric, post#39:
Wait until the dust settles? That’s never a good strategy. The uncertainty now, like any other time of uncertainty, creates buying opportunities. Right now there are some really good deals on oil companies, pipelines, REITs and telecom companies. All of these companies sell goods and services everyone needs.

#151 David Greene on 10.24.20 at 12:58 pm

Yeah. There’s not much point in arguing if you’re going to post from an admittedly right-wing website:

From their About Page:

Since its founding in December 2009, The Hayride has been Louisiana’s premier conservative political commentary site. We’re a group blog covering Louisiana and national politics and current affairs. Our work has been referenced by such national sites as Big Government, The American Spectator, Michelle Malkin, Hot Air, RedState and Townhall.com, among others.

The “fact-checking” is a joke. I can disprove many of the their so-called facts with much more objective, non-partisan or bi-partisan info. But it’s not worth my time.

Nonplused on 10.23.20 at 6:32 pm

#14 Tripp on 10.23.20 at 2:39 pm

“Who won the debate last night, and why?”

Probably Trump. Turns out not having Biden interrupt him every 3 words gave Trump the clear advantage.

https://thehayride.com/2020/10/joe-biden-told-32-lies-in-96-minutes-last-night-here-they-are/?utm_source=rss&utm_medium=rss&utm_campaign=joe-biden-told-32-lies-in-96-minutes-last-night-here-they-are

But as always with these things, there was only one screen but two different movies playing. Everyone will see what they want to see.

#152 Faron on 10.24.20 at 2:29 pm

#145 Stone on 10.24.20 at 9:57 am

You forgot the part where said trucker listens to nutjob AM or sirius xm talk radio alllll damnnn daaaay.

#153 zoey on 10.24.20 at 6:41 pm

Agree 100% Garth …everybody chill.

It will take a few more months before reality hits RE I think.

#154 Dan on 10.24.20 at 11:23 pm

1 Bloor… $4800/month rented in 2019, on market in 2020 for $3300. Times are a changing’.