The new old thing

Yeah for Yellen! Give us boring!

So, kids, Janet was the Fed head for four years. Yes, a central banker, The first woman in that role. Steady, serene, cautious, predictable. Just like your mother. Only with a PhD from Yale and experience as a professor emeritus, advisor to two presidents, a background of public finance policy, two law doctorates and once named as the second most powerful woman in the world (after your mom).

  So the markets went up like an excited banana on the JY news with the Dow passing thirty thousand for the first time. The euphoria comes as Biden officially moves into his prez-elect role, as a third new vaccine bursts forth and as it become apparent America will, for the first time in four years, be run by adults. Yellen. Kerry. Blinken. Biden. Now the country can get serious about the virus.

There are also high-fives on Wall Street that crazy Liz Warren was not given a cabinet post in charge of the economy. This sends out a giant signal the old guy intends to govern from the centre, not the leftish fringes. It makes smoke of all that fear-mongering Trump rhetoric about Biden being a Trojan Horse for the rad Dems who crave dismantling the economy, killing capitalism and turning Washington into Stockholm.

What does Yellen stand for?

Look at her record.

She was reticent to raise rates during her tenure as bank boss. She continues to say the economy needs “extraordinary fiscal support.” Yellen believes in monetary stimulus, in backstopping financial markets. She’s an advocate of jobs and growth, and it was a surprise to many when Trump dumped her from the CB in 2018.

So, remember all those anti-Fed tweetstorms flooding out of the White House, confusing markets and undermining the authority and gravitas of the central bank? Yup, gone. Now the administration and the Fed will be on the same page, working together, supporting and promoting the post-virus recovery. The Street is a happy place. Uppa she goes. I seriously hope you have stayed invested through all of 2020.

Source: NY Times

Meanwhile, what are we fixating on in virus-addled Canada?

Moving into a glorified tin can, it seems. According to a new study by Point2Homes, Canadians have been Googling up a storm when it comes to mobile homes. Searches online have risen 49% nationally and doubled in a few provinces for manufactured houses – those ugly narrow metal things with vestigial wheels that you see on the news flipped over like dead turtles after storms in Arkansas.

The appeal? They’re cheap compared to currently-ridiculous real estate prices. You can rent a pad to land it, rather than having to buy dirt. You can heat one with a good hair dryer. And they’re mobile. Sort of. But you need an F150 with a hitch, a red ball cap and a satellite link to Cowpoke Radio.

Now, to be fair, almost anything looks good compared to what’s happening in The Big Smoke. Toronto and a fat hunk of the 905 shut down on Monday as the second wave swept over the region. Restaurants, bars, hair salons, malls, most retail stores – they are all shuttered or hobbled for the next 26 days (at least). It’s the most devastating blow ever experienced during the most important shopping period of the year. Meanwhile realtors are idled with open houses forbidden and potential buyers spooked. The per-foot price of downtown condos has dropped by a hundred bucks in the last few weeks.

What next?

This will last a long time, apparently. Ridership on the buses and streetcars is running at 38% of pre-Covid levels, but the real story is with the GO network of commuter trains and buses feeding into the urban core. Patrons here comprise more white-collar dudes with downtown jobs who scuttle through tunnels and underground walkways into the core skyscrapers. The volume of passengers here is sitting at an incredible 7.6% of year-ago levels.

The city of Toronto appears ready to throw in the towel and let most of its 14,600 office employees continue to WFH because (naturally) it’s cheaper not to house them. Of the 55 properties the local government now owns or leases, forty will be dumped over the coming months. That’s a million square feet of space coming to market, which will surely have an impact on commercial rental rates.

By the way, the city surveyed all its thousands of civil servants, asking where they’re prefer to work from. Over 95% said they want to stay home.

Rona 1, work ethic 0.

There’ll be some tasty deals on DT real estate this winter.

146 comments ↓

#1 30,000 plus on 11.24.20 at 3:49 pm

Trump fired her cause she was too short…

#2 TurnerNation on 11.24.20 at 3:51 pm

– I have no need of a ‘guest’ column. All the points I *believe* likely as the Old System is torn down, our forum host already debunked, here: https://www.greaterfool.ca/2020/10/15/virus-porn-2/

Watch those daily changes and new laws being rolled out though. Inter-provincial Berlin walls are being overnight errected. In time for Christmas. Maximum effect.

— No fun allowed in the New System at all. Not even the Gee-Gees. Strict Global CV protocols: cover your face, no serving booze, no patio, no live music, no dancing no weddings, no traditional holidays.
Our Way of Life: Kaput. Get used to living in your WW3 “Red Zone” warzone. We are the weapons in this global WW3. You streets have been economically b0mbed to bits – darkened empty stores and public areas:

“Globe/CP say Great Cdn hears Woodbine racing cancelled
The Globe and Mail reports in its Tuesday, Nov. 24, edition that under the new restrictions, horses can train only without spectators and not run in actual races. A Canadian Press dispatch to The Globe reports that while there has been racing at Woodbine since June, all events have been conducted without fans in the stands.
The revamped 2020 thoroughbred season was slated to end Dec. 13. Woodbine Entertainment said it has about 1,300 employees either temporarily or permanently laid off as a result of COVID-19.”

— Some dare defy the NWO: sorry lads it’s UBI for you in Q1. Get on it. State dependence, mandatory.

https://www.blogto.com/eat_drink/2020/11/toronto-restaurant-reopen-indoor-dining-defy-lockdown/
https://www.blogto.com/eat_drink/2020/11/police-break-up-maskless-indoor-dining-adamson-bbq-toronto/

#3 Captain Uppa on 11.24.20 at 3:52 pm

By the way, the city surveyed all its thousands of civil servants, asking where they’re prefer to work from. Over 95% said they want to stay home.

Rona 1, work ethic 0.
————————————————

I am not surprised as high density is an issue in cities.

Why would anyone want to be crammed onto a train or elevator? Why would anyone want to constantly bump into walking snot rags while flooding up Bay Street like spawning salmon?

As for work ethic, do you think gov’t employee production levels were heavily scrutinized at the office pre-Covid?

If your production lacks, then you should be let go. Whether working in office or from home.

#4 Danger Dan on 11.24.20 at 3:57 pm

It seems only natural people will take an interest in the only affordable housing solution left.

What sane person wants to pay a mortgage for the privilege of living on the 20th floor of a building with dysfunctional elevator service and ghost hoteliers as neighbours?

There may be real, practical reasons to live in Toronto but the high CoL and the stigma of Toronto being a rat & raccoon-infested sh*thole is undoubtedly going to keep many yuppies away for the foreseeable future.

#5 David Pylyp on 11.24.20 at 4:00 pm

Rental Tribunal with Virtual Meetings is backlogged further. Lobby Groups pressing for another EVICTION Moratorium.

14 Months no pay?
HBC is 7 months no pay

Sure you want to be a landlord?
David Pylyp
Toronto, ON

#6 Stan Brooks on 11.24.20 at 4:09 pm

All assets, as inversely correlated to the increasingly worthless currencies (Janet Yellen knows more about the topic), go up without any sign of improvement of economic activity and that is somehow celebrated as a good news?

Sure, pass the booze.

#7 dave on 11.24.20 at 4:14 pm

When is the vaccine approval going to happen? When will the interest rates get an increase?

#8 MF on 11.24.20 at 4:17 pm

“By the way, the city surveyed all its thousands of civil servants, asking where they’re prefer to work from. Over 95% said they want to stay home.

Rona 1, work ethic 0.”

-What does that have to do with work ethic? Many lawyers, software engineers, architects and other professionals have been working from home, enjoying it, and being productive for decades already.

Also, we are in the midst of a pandemic. Of course someone would opt to work from home rather than be exposed to a virus for no reason other than to sit in an office and do the same thing.

MF

Besides, you have to wear pants. Oh, the sacrifice. – Garth

#9 Neil Ferguson - Pandemic Expert on 11.24.20 at 4:23 pm

https://www150.statcan.gc.ca/n1/pub/45-28-0001/2020001/article/00087-eng.htm

Straight from the horse’s mouth, they killed the economy for nothing…the paragraph below is from STATISTICS CANADA THAT DOESN’T SEEM TO FOLLOW THE WAVE OF HYSTERIA OF THE EXPERTS..

There is now clear evidence that people with pre-existing chronic conditions or compromised immune systems are at higher risk of dying of COVID-19Note , especially among those over the age of 80. It is now possible, using provisional results from the Canadian Vital Statistics Death Database (CVSD), to identify the most common chronic conditions among Canadians who have died from COVID-19 during the first wave of the pandemic.

For all the COVID HYSTERICS OUT THERE, IT’S YOUR OWN GOVT THAT SAYS THIS..

STOP THE IDIOCY, CALL YOUR PM AND TELL THEM TO HOLD THE GOVT ACCOUNTABLE FOR THEIR ACTIONS THAT ARE AN ASSAULT ON LIFE!

#10 Brian Ripley on 11.24.20 at 4:28 pm

Two chart updates:

Housing Starts:
http://www.chpc.biz/housing-starts.html

I have added a new table to the page which shows the changes in Starts for Canada, Quebec, Ontario, Alberta and BC. Here are the changes nationwide:

Since last year: -6%
Since 10 years ago: +3%
Since the 1976 Peak in Starts: -28%

Said CMHC this month “Higher single-detached SAAR starts in October drove the overall trend higher, offsetting a second consecutive decline in monthly multi-family SAAR starts. Single-detached starts trended higher in several major centres, including Toronto and Montréal.”

SFDs yes… condos no.

Also, my chart of Canadian Household Debt, GDP, Foreign Direct Investment and Balance of Trade:
http://www.chpc.biz/household-debt.html

Here is the 10 YEAR SPREAD CHANGE

Mortgage Debt: UP 63%
Total Household Debt: UP 53%
Negative FDI: UP 633%
Negative Net Trade: UP 1407%
GDP: UP 14%

Industrial production remains at the 2002 lows.

Statecrafted ZIRP & NIRP since the crash into 2009 has resulted in more consumption debt and less production investment in Canada.​ Net Trade has been negative for 23 out of the last 24 prints.

On a Covid side note, Laurie Garrett (Former Sr Fellow
@CFR_org. Recipient of Pulitzer Prize, Polk (2Xs) and Peabody Awards. Author: IHeard theSirensScream, TheComingPlague, Ebola & BetrayalofTrust.) noted on Twitter today:

“I have just seen a high level confidential report that predicts the DAILY US #COVID19 death toll could top 4,000 by Feb 1st if natl. behavior doesn’t change. Early stages of #vaccine rollout will be insufficient in scope to slow this down.
I hope they are wrong.”

#11 BlogDog123 on 11.24.20 at 4:32 pm

re: GO transit less than 10% capacity

Yeah no express trains anymore… At least the folks who do have to go into downtown can get a seat on the train. It’ll all bounce back by September of 2021…

#12 Eaglebay on 11.24.20 at 4:35 pm

14,600 office employees in Toronto…
That’s a lot of property taxes wasted. Unreal when you think about it.

#13 Timmy on 11.24.20 at 4:36 pm

DELETED

#14 MF on 11.24.20 at 4:39 pm

Danger Dan on 11.24.20 at 3:57 pm

I think you made up that supposed “stigma” to be honest. All the criticims of Toronto i come across sound like lame internet memes more than anything else. Most are even lamer political drivel too (didnt know all 3 million of us voted for the exact same party, as an example). I guess that is what happens when US propaganda seeps northward. The same rural/urban divide does not exist in Canada like it does in the US. I guess when people get frustrated logic goes out the window.

Anyways,

My condo in the gta is nothing like you describe.

Who would want to live in a condo?

-People who enjoy condo life, with no physical maintenance requirements and a lot of amenities close by. This could be an older, retired couple who have downsized. Or, a younger single professional or couple. Children make it hard unless the condo is large, so you see young families moving far away for homes. If they could afford a home, they would stay in Toronto though.

-Could also be someone who can’t afford a house in the gta and has zero desire to move to Gananoque.

Oh yeah. As for stairwells, i use mine for cardio all the time. Cheaper than a treadmill or stairstepper, might even be more effective.

MF

#15 espressobob on 11.24.20 at 4:39 pm

When Trump stands on the podium, admits defeat and is willing to pass the torch with no strings attached, we may see another bump in the markets.

Upside never grows old…

#16 MF on 11.24.20 at 4:42 pm

“Besides, you have to wear pants. Oh, the sacrifice. – Garth”

-You do? No wonder I’ve been getting so many odd looks recently.

MF

#17 Dolce Vita on 11.24.20 at 4:42 pm

I liked it that you used the word and yes, THAT was good:

“vestigial”.

In your characterization of trailer court people, your forgot to mention that housewives there enjoy “I’ve Never Been to Me” chanteuse:

Charlene.

And if American, there is “From New York to L.A.”

Patsy Gallant.

(they are better than Adele)

——————–

Stayed vested in The Lost Year. Glad for it and your advice Garth.

Biden predictable I mean you know, he was not all that convincing on the campaign trail as a Lefty insurrectionist. Doing what is expected of him and he is: a steady hand of experience surrounding himself with same.

At least 1 thing in this The Lost Year has been predictable.

#18 Faron on 11.24.20 at 4:49 pm

Great post Garth. It will be quite interesting to hear the stories of the skeletons Trump staffers crammed in closets before leaving. Lots of lumpy rugs… “Hey, what’s this under here…? Oh!”

Warren crazy? Naw. Trump has that one on lock. Warren leans left by US standards, but her leanings are rooted in solid policy. May not be billionaire CEO friendly, but well-founded.

Finally, your words “…flipped over like dead turtles after storms in Arkansas.”

remind me of Anderson Cooper’s comment after Trump’s insane non-concession lie fest:

That is the President of the United States. That is the most powerful person in the world and we see him like an obese turtle on his back flailing in the hot sun…

Summed up the sentiment of 80 million US voters and I’m sure the vast majority of Canadians…

Oh yeah, WFH sucks.

#19 dogwhistle on 11.24.20 at 4:49 pm

#2 TurnerNation on 11.24.20 at 3:51 pm

blablabla

———————————————————

Your point being?

And, more importantly, what are you going to do about it?
(as you seem to believe in your files alternative reality)

will you get elected? Put on a Guy Fawkes mask?
Or just stop. Please don’t stop, you are one of my go-to source for amusement. lol

#20 Uppa She Goes 2021 on 11.24.20 at 4:51 pm

So while there will be tasty details downtown, every other place in Canada, with the exception of downtown Toronto and Vancouver, have seen 20-30% price gains. Everyone has fled to the surrounding areas, jacking prices up top levels that will never decline in the coming years. And the Spring will see even stronger sales and prices gains because the economic conditions support an increase.

So what happened to the massive job losses arising from the pandemic that would push over-leveraged Canadians onto the streets, freeing up homes for the patient renters? They never materialized. The feds have extended CERB till summer along with corporate subsidies. So no real job pressures save at the low income level who generally rent anyways.

So what happened to the mortgage deferral cliff that was supposed to arise this fall from 700,000 deferrals, heralding a great market correction? It never materialized. Canadians are so cashed up from the free government money they have no problem paying their mortgage. Lots of people simply took a mortgage vacation to pay for renos and new toys. And since the stock market has priced in future economic growth, you can be sure there will be a seamless transition from the end of any government pogey and a rise in jobs. And if there isn’t, the government will simply extend the pogey again – and the banks extend deferrals again.

Rates are even lower than anyone expected, and are going nowhere fast. The fear of rising rates since 2009 has been debunked. Sure they slowly inched up 1000 basis points over two years, and then they went even lower. Canadians are happy to gorge on debt and follow the fear advice of government and pay for their own yard and house. There will be no interest rate pressure.

What is going to happen to all those people that fled the cities, jacked prices up elsewhere, and now live 1.5 hours from their work? Nothing. They will not have to commute. Employers will readily accommodate them because the majority are high income, white collar positions that can afford inflated real estate and can work productively from home. So zero impact on prices going forward for all the places that have seen 20-30% increases.

If you are buyer, you are screwed – there will be no softening of prices. There will be no collapse as this blog has stated for years. At best, prices go down a little bit and even then you will be worse off than if you had bought anytime before 2020. If you waited and heeded the advice of the logical, rational and cautious, you will never own real estate. That shipped sailed long ago…

#21 Russ on 11.24.20 at 4:52 pm

“– those ugly narrow metal things with vestigial wheels that you see on the news flipped over like dead turtles after storms in Arkansas.”

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

What does a hurricane in Florida,
a tornado in Arkansas and
a divorce in Cedar,
have in common?

… somebody is gonna lose a trailer.

VBG

Cheers, R

#22 Oootofthehoos on 11.24.20 at 4:57 pm

Will the stock market go down much if Biden concedes before the US Supreme court rules against him because of the evidence of voter fraud in swing States?

#23 Gees on 11.24.20 at 5:04 pm

LOL, of course giving more drugs is the pimps answer – you just need to figure out how not to kill your chicken.

#24 Faron on 11.24.20 at 5:06 pm

#16 MF on 11.24.20 at 4:42 pm

“Besides, you have to wear pants. Oh, the sacrifice. – Garth”

-You do? No wonder I’ve been getting so many odd looks recently.

MF

Pro tip: If you are on a zoom meeting and have to get up to get some coffee or let the dog out or what have you, turn off your video. No one the wiser. And let us not speak of Toobin.

#25 jess on 11.24.20 at 5:10 pm

Properties of Modern Phillips curve:
https://www.economicsdiscussion.net/phillips-curve/modern-version-of-phillips-curve-with-diagram/2995

=====================
interesting mail box ! why are trumpians not speaking to this?
A dark money mystery in Florida centers on the campaign of a spoiler candidate who appeared to help a Republican win by 32 votes
https://www.cnn.com/2020/11/23/politics/florida-dark-money-mystery-invs/index.html

By Scott Glover, Curt Devine, Drew Griffin and Scott Bronstein, CNN

#26 Regjeg on 11.24.20 at 5:16 pm

Would be interesting to compare how much latitude in setting government tax policy the two new heads of Treasury/Finance, Janet and Chrystia, will be given by their respective bosses and cabinets over the next year.

#27 Pete from St. Cesaire on 11.24.20 at 5:20 pm

How does a desire to work from home = a poor work ethic? BTW: “Work ethic” is a boomer concern; they always get bent out of shape when someone has the audacity to want a work/life balance .

Bruce Cockburn wrote a song about central banks: https://www.youtube.com/watch?v=Gfcfdt0jcWs

#28 Audi on 11.24.20 at 5:26 pm

Canada is returning to record-high immigration levels which will boost demand for real estate in the #1 city in the world.

By next year, 450,000 people need new homes: This means condos, apartments and houses will only go up.

#29 Steve French on 11.24.20 at 5:30 pm

It’s Smoking Man, surely.

He’s got Johhny Cash on the buds and is sending us a message from Nectonite…

“Metal monolith found by helicopter crew in Utah desert”

‘In an interview with local news channel KSLTV, the helicopter pilot, Bret Hutchings, said: ‘That’s been about the strangest thing that I’ve come across out there in all my years of flying.’

https://www.bbc.com/news/world-us-canada-55056570?fbclid=IwAR0gLe-BsUB8mQRNMq9LvehrZcbbXNlj4V560Tci-T-gyQBov4gOS5WDRtU

#30 espressobob on 11.24.20 at 5:31 pm

Oootofthehoos @#22

China is sending Chang’5 to the moon to see if in fact the surface is covered in cream cheese.

Get the drift?

#31 30,000 plus on 11.24.20 at 5:33 pm

Good-bye Trump and hello Canadian weed stocks… 25% gains for Aurora today…

#32 Pete from St. Cesaire on 11.24.20 at 5:36 pm

Who would want to live in a condo?
Certainly not me. What does condo living offer? All your ‘ownership’ offers is the privilege of having to pay for the repairs of the apartment building that you don’t own and any other fees they decide to apply. You don’t own the building, you can’t make any changes to it, you’ll likely have a fascist owner’s association to deal with, you can’t simply leave if you have neighbours that you hate. A condo is just an apartment with none of the advantages yet all of the responsibilities of ‘ownership’.

#33 yorkville renter on 11.24.20 at 5:49 pm

I certainly hope “downtown” means the Toronto-proper suburbs… looking to get into some ground come Spring 2021!

hurrah for market rallies!

#34 Dolce Vita on 11.24.20 at 5:51 pm

#9 Neil

COVID-19 results in ARDS, blood clots, cytokine storm, septic shock, etc.

If your body was weak to begin with, it makes COVID-19’s job all that much more easier to kill you.

The report does not mention how COVID-19 kills, just what made its job easier.

#35 A trailer ... on 11.24.20 at 5:52 pm

I know a guy that got married young and lived in a tent trailer in his parent’s back yard in East Van with his new bride for over a year … see lot’s of junk motorhomes parking in certain parts of the city and Wallymart lots.

#36 Long-Time Lurker on 11.24.20 at 5:53 pm

Zoolander 3. Script update.

Location: The office of Hemlock Roans, detective.

Mr. Wilson comes hurriedly into the office of Roans.

Mr. Wilson: “Roans, have you heard the news? The Opposition members are questioning Prime Minister Zoolander on suspicion of conspiracy!”

Hemlock Roans: “Indeed I have, Wilson. In fact, I’ve watched the video where a reporter is questioning him about this.”

Wilson: “What did you make of it Roans?”

Roans: “Well, he’s certainly angry. He says his usual platitudes but I found his body language to be more revealing.”

Wilson: “How so, Roans?”

Roans: “I watched him speak with the sound off. He first shakes his head then flashes an shocked look then grimaces then smiles. Denial, shock, anger, cover-up.”

Wilson: “Denial of conspiracy, then, Roans?”

Roans: “Let us examine the possibilities, Wilson. When we discount the improbable then we are left with the probable.

“Zoolander is engaged in a conspiracy. Specifically, a previously unrevealed agenda. This was revealed in his statement about a reset, of which he never mentioned before.

“Or Zoolander is not engaged in a formerly secret agenda. This cannot be the case because he just revealed his secret agenda of a reset.”

Wilson: “Egad, Roans.”

Roans: “Yes. He was not shocked and angry of being accused of a conspiracy but rather of being caught.”

Wilson: “To what end, Roans?”

Roans: “He says to what end in his video: The Combined Nations 2031 Agenda and The Global Economic Committee’s Build Back Better – Great Revolutionary Reset. Other national leaders and large business leaders are promoting the same agenda.”

Wilson: “What does this mean, Roans?”

Roans: “Do some research, Wilson. It’s all publicly out there on the internet. We can discuss our findings later if we have the time.”

#37 Flop... on 11.24.20 at 5:55 pm

Here is the true reason Trump decided not to go to Florida for Thanksgiving, and instead stay at the White House.

He was scared they would change the locks while he was gone…

M46BC

#38 yorkville renter on 11.24.20 at 5:56 pm

#22 Grow up. Trump lost. Handily. Most votes EVER against an incumbent.

The silent majority has spoken

#39 George on 11.24.20 at 6:05 pm

https://nationalpost.com/news/politics/trudeau-warns-covid-19-vaccine-will-come-later-to-canada-than-other-countries

Trudeau warns COVID-19 vaccine will come later to Canada than other countries

The Great Failure …one Justin Trudeau

#40 Michael in-north-york on 11.24.20 at 6:11 pm

Not sure why WFH would be an antithesis of work ethic? One’s productivity depends on the motivation and / or on the supervision. The motivation can only improve when the person doesn’t have to commute.

A proper supervision for the office type work is based on surveying the outcomes, rather than standing behind the person’s back and watching their every move. Thus, it can be done in WHF situation.

If some government employees are inclined and allowed to slack while WFH, then they probably slack in the office just as much.

#41 Nonplused on 11.24.20 at 6:14 pm

“The appeal? They’re cheap compared to currently-ridiculous real estate prices. You can rent a pad to land it, rather than having to buy dirt. You can heat one with a good hair dryer. And they’re mobile. Sort of. But you need an F150 with a hitch, a red ball cap and a satellite link to Cowpoke Radio.”

The main appeal of mobile homes is for remote areas where it is expensive to get a crew come and build a house on site. They can build it in a factory and then drop it on site in a couple of days with a relatively small crew.

And I assume the F150 is an accessory? You need something a lot bigger than that to actually move one.

The double wides make decent little bungalows but the single wides feel like living in an RV.

#42 Peter on 11.24.20 at 6:16 pm

A piss poor work ethic comes from within oneself and not a specific location. Either you take pride in what you do or you don’t.

I do not work from home and I see both. If one needs to be in the office to be productive perhaps they lack the work ethic and the home should not be blamed for this.

#43 Ancient Ron on 11.24.20 at 6:20 pm

The TSX is flat for 2020. The S&P is up about 11%. Although it was flat for the year just 3 weeks ago.

Considering the Trillions that the Fed has pumped into equities both directly and indirectly I am not sure that these current valuations are sustainable without continued stimulus. Yellen was a very a market friendly Fed Gov as is the current chair. But how much more air can be pumped into this balloon ?

#44 Joblo on 11.24.20 at 6:22 pm

Ottawa needs grownups.
Oh right Toronto votes in Lieberals.
Lockdown karma?

#45 Sydneysider on 11.24.20 at 6:25 pm

From my wife, a link to the analyses of pre-August covid co-morbidities in Canada.

https://www150.statcan.gc.ca/n1/pub/45-28-0001/2020001/article/00087-eng.htm

“As a point of comparison, the most common influenza comorbidities recorded between 2016 and 2018 were similar to those recorded for COVID-19 during the first wave.”

#46 Catalyst on 11.24.20 at 6:25 pm

Whoa whoa, are you saying I should be selling my Dream office? Don’t scare me like this cuz coop has been buying back stock hand over fist.

#47 Sydneysider on 11.24.20 at 6:28 pm

Sorry, missed post #9. Mine can be deleted or ignored.

#48 Abbotsfordian on 11.24.20 at 6:34 pm

What does Yellen stand for?
Ye
Economics
Lady,
Laudable
Employment
Nuturer

#49 Leo Trollstoy on 11.24.20 at 6:37 pm

DELETED

#50 Faron on 11.24.20 at 6:40 pm

#32 Pete from St. Cesaire on 11.24.20 at 5:36 pm

… a fascist owner’s association…

So, you are AntiFa? I knew it!

#51 Ancient Ron what? on 11.24.20 at 6:42 pm

How much more can be pumped in?

You ain’t seen nothing yet.

2020 was just the rehearsal.

Buy everything. Houses, condos, equities, bonds, gold and most importantly to hedge against the dollar for when the inflation hits – Bitcoin.

In fact, ask your boss to pay you in bitcoin through paypal.

#52 SoggyShorts on 11.24.20 at 6:46 pm

#43 Ancient Ron on 11.24.20 at 6:20 pm
The TSX is flat for 2020. The S&P is up about 11%
******************
XIU is up about 1.3 plus dividends is just shy of 4%

Not terrible for a bad year and a government that… is less than pro-business.

Lots of upside to those top 60 still(I hope), but I’m happy I have a 70% S&P500 weighting instead of more maple.

#53 crowdedelevatorfartz on 11.24.20 at 6:53 pm

@#50 Faron
“#32 Pete from St. Cesaire on 11.24.20 at 5:36 pm
… a fascist owner’s association…

So, you are AntiFa? I knew it!

+++++
Never EVER heard the horror stories of “Condo Association Board Members” running roughshod over the rights of other condo owners……?

I would never buy a condo….easier to rent.

#54 Howard on 11.24.20 at 6:54 pm

There are also high-fives on Wall Street that crazy Liz Warren was not given a cabinet post in charge of the economy. This sends out a giant signal the old guy intends to govern from the centre, not the leftish fringes. It makes smoke of all that fear-mongering Trump rhetoric about Biden being a Trojan Horse for the rad Dems who crave dismantling the economy, killing capitalism and turning Washington into Stockholm.

…….

She was reticent to raise rates during her tenure as bank boss. She continues to say the economy needs “extraordinary fiscal support.” Yellen believes in monetary stimulus, in backstopping financial markets. She’s an advocate of jobs and growth, and it was a surprise to many when Trump dumped her from the CB in 2018.

—————————————

Is backstopping financial markets, capitalism?

#55 Daveboy on 11.24.20 at 6:57 pm

Lived in Arkansas for 4 years. Not once, have I ever seen a flipped over turtle.

#56 Danger Dan on 11.24.20 at 6:58 pm

#14 MF

I appreciate your points and understand your point of view. I have lived in Toronto though, and found that for benefits there is also a lot of friction in day-to-day life.

I’ll simply say that Toronto is the sort of place where a person can have radically different experiences in life depending on which neighbourhood they end up living and working.

For some people Toronto means a hellish, life-sapping commute to a job that barely covers rent and expenses and not enough time left to really enjoy life.

For others it means a nice condo with good views, good neighbours, enjoyable social life at regular haunts (in normal times) and a job within walking distance.

#57 Flop... on 11.24.20 at 6:59 pm

Well there was a rag-tag bunch of people serving in the Trump administration, but I would like to see how different peoples views on personal are than mine.

I won’t bother giving a reason why, but here are 3 people I chose for certain scenarios.

1) If you absolutely had to work will someone from the Trump Administration, who would that person be?

Mike Pompeo.

2) If this person walked through the door at your workplace, as a new hire, you would pack your stuff up and say your goodbyes?

Betsy DeVos.

3) On a Friday night if you were forced to go and have a few after-work beverages, who would you choose?

Anthony Scaramucci.

M46BC

#58 Nonplused on 11.24.20 at 7:00 pm

#12 Eaglebay on 11.24.20 at 4:35 pm
“14,600 office employees in Toronto…
That’s a lot of property taxes wasted. Unreal when you think about it.”

The money doesn’t get “wasted” until after the governments collect it. Governments are notoriously wasteful because it isn’t their money.

Money left in the hands of the people does not “disappear” from the economy. It just shows up somewhere else. Maybe the car dealership. Maybe a local store or pub. Maybe at Costco. Maybe charities see a bit more in donations. Maybe more kids can play soccer or get a Nintendo for Christmas. But raising or lowering taxes does not change the money supply, although it can screw up money velocity.

And remember we all pay the same effective tax rate. Raising property taxes on Amazon fulfillment centers only means higher prices at the online checkout. It is the only place they can get the money.

#59 Figmund Sreud on 11.24.20 at 7:05 pm

Yeah for Yellen! Give us boring!
_______________________________

Yes, … and Federal Reserve Chairman Jerome Powell is just whistling Dixie, in a meantime:

“We’re not going back to the same economy, we’re going back to a different economy,”

We’re never going back to the old economy, Fed Chairman says
https://www.cnn.com/2020/11/17/economy/powell-economy-recovery/index.html

… and why not? Lots of folks these days engage in unrealistic, hopeful fantasizing! Some of those folks are important, some are not so, …

Anyway, … the tune may be “Dixie”, but it does have a whiff of inevitability to it.

Recovering to a differenteconomy? Pity, …

Dixie tune and lyrics: https://youtu.be/h6FaJ9U2bh8

Best,

F.S. – Calgary, Alberta.

#60 MinistryOfTruth on 11.24.20 at 7:07 pm

Well, I learned a lot from Garth and comment section here (excluding some junk) . Now, it is my turn to payback :

if you want to protect your identity while posting to any blog :

1- Make sure you are using a VPN or more
2- Make sure you are NOT using your ISP’s DNS servers
3- Make sure you have kill switch for DNS leak while connected to VPN in case connection is terminated for whatever reason while in action.
4- Make sure you are not leaking either IPv6 or IPv4 depending on your connection @1.

Well, now you may be posting anonymous, however there is always a possibility that the VPN you have connected is a honeypot :).

if you don’t know what I’m talking about make sure you are very good to Garth while posting stuff or in general you don’t want to be tracked by the 3/4 letter agencies AI-bots.

#61 Howard on 11.24.20 at 7:08 pm

#4 Danger Dan on 11.24.20 at 3:57 pm

There may be real, practical reasons to live in Toronto but the high CoL and the stigma of Toronto being a rat & raccoon-infested sh*thole is undoubtedly going to keep many yuppies away for the foreseeable future.

—————————-

I like raccoons.

But Toronto’s current problem is crime. And it looks to get worse due to government inaction and further exacerbated by wealth inequality.

https://torontosun.com/opinion/columnists/goldstein-trudeau-blames-ford-for-torontos-gun-violence

…shootings increased by 178% between 2014 and 2019, from 177 annually to 492. The number of people wounded and killed increased by 176%, from 103 to 284.

#62 COW MAN on 11.24.20 at 7:11 pm

Former Minister of Revenue:

Can you imagine that amount of revenue Municipalities will lose when the Office and Commercial vacancies have their mill rate changed because they are vacant?

Vacant non residential properties revert to the residential mill rate from commercial mill rate when they become vacant.

Residential Mill Rate for Toronto is .44. Commercial is 1.1830. You multiply the mill rate times the assessment to get the tax rate. Add in the education mill rate on top.

So about 75% less tax revenue on vacant commercial/office properties in Toronto.

You know how the losses will be made up.

#63 Faron on 11.24.20 at 7:14 pm

1) If you absolutely had to work will someone from the Trump Administration, who would that person be?

Mnuchen

2) If this person walked through the door at your workplace, as a new hire, you would pack your stuff up and say your goodbyes?

Ben Carson/Pence toss-up

3) On a Friday night if you were forced to go and have a few after-work beverages, who would you choose?

Mcenany

#64 KLNR on 11.24.20 at 7:17 pm

@#39 George on 11.24.20 at 6:05 pm
https://nationalpost.com/news/politics/trudeau-warns-covid-19-vaccine-will-come-later-to-canada-than-other-countries

Trudeau warns COVID-19 vaccine will come later to Canada than other countries

The Great Failure …one Justin Trudeau

LOL, did you at lest read why that is?

#65 Amber Alert on 11.24.20 at 7:23 pm

Kenny in AB has been topping twitter trends as being missing in action.

Alberta has the worst case load now.

But people might also want to pay attention to BC. Another 10 deaths and almost 1,000 infection in the past day?

The markets might not be responding to this but this is going to be taking a toll on humans over the next few months.

The most dangerous months ahead.

#66 Nonplused on 11.24.20 at 7:27 pm

Time for some covid tracking.

New restrictions in Alberta in effect as of today. People were obviously taking my advice ahead of the restrictions because I went to Costco thinking to get some of those cool new wireless earbuds as Christmas presents. Nope. At least 150 people in line to get in at 2pm on a Tuesday. Looked as bad as the original lockdowns.

The new restrictions were weak. They cancelled weddings and funerals, basically, but that’s about it. So no big deal for now. Nobody wants to get married or buried these days anyway. Businesses will stay open based on the current rules.

But they did not address the real problem: The schools. Nobody wants to see the schools closed again, but let’s face it if it is unsafe to Work From Work (WFW) and you can’t have more than 10 people at a wedding or funeral, how is it safe to cram 30 kids into a classroom every single weekday and have 1000 of them wandering the halls? School From School (SFS) can’t be safe if WFW is not. It just doesn’t make any sense. “Well, it doesn’t seem to kill the kids.” Sure but that doesn’t make them less infectious when they get home and give grandma a hug and a kiss.

My son’s school is announcing new cases and positive tests every other day. I have to think with the “contact tracing” it is half empty already but we don’t know because we chose SFH thinking it was going to be a disaster. My initial thinking was the schools would be closed again by the end of November but it looks like they are going to try and stretch it for another 2 weeks, for no good reason, then go to an extended Christmas break. Cost? Probably an exponential rise in cases.

You can see TPTB preparing us for it. “Canada probably gets vaccines in January” says Trudeau. That makes an extended Christmas break starting December 15th seem like no big deal.

#67 Nonplused on 11.24.20 at 7:46 pm

And now for some Trump tracking.

Seems like they are, based on the outcome of some of the important court cases, releasing funds to the Biden transition team and cooperating, despite Trump not conceding and continuing his battle. But just in case.

Trump will continue to exercise every constitutional avenue he has, but it looks like he is admitting at this point that he may not win, so funding for Biden’s transition team should go ahead.

As I have said many times, no constitutional crises, no coup, and no need for force to get Trump to leave the White House and fly back to Mar-a-Lago on his own jet.

It looks like Sidney Powell is on her own now to take down Dominion, but it looks like the Trump team has decided either their isn’t anything there or it won’t be resolved in time.

My belief is that the Dominion machines will be gone next election. The fact that they were called into question by so many people makes the use of them seem disingenuous, especially since there are other ways to skin that cat. We don’t use them here. And deep down inside, face it, you know in your heart of hearts that there is no computer system that cannot be hacked. They get hacked every day. You spend money every year to pay Semantic to try and stop it but your laptop isn’t the computer system the hackers are looking for because you have no money and no useful information.

#68 Diamond Dog on 11.24.20 at 7:52 pm

Yay! Old boring bland Janet to the tedium rescue, Yay!! Now we can work on trying to generate some needed income to support these outrageous real estate, debt and fiscal bubbles blowing up in everyone’s faces everywhere all at once and we can begin to close certain chapters of unwarranted chaos and dysfunction and concentrate on earnings…. ok, something else.

Will this economy heal from the wake of pandemic destruction? Of course. Give it time. As the vaccines roll out, people will become less and less infected and hospitals won’t become overwhelmed and governments can allow businesses to remain open and people will start eating in restaurants without fear again, and travel and hit the stadiums and all will be well.

Can science declare this pandemic dead from vaccines? Far from it! It would be foolish for a money manager to declare this virus dead from vaccines when we don’t know their true long term efficacy and we don’t know the vaccine participation rate among adults. Lets wade for a minute (ok, 5 minutes) as to why and assess the risks.

Lets say the overall average of vaccines approved by the FDA is 80% and its good for 10 years (I think it will be closer to 70, 75 but I’m upbeat today, good old boring Janet is back in the game). If we look at the U.S. population pyramid, what we see is that 40% of the population is between the ages of 0 and 29. Most of these individuals will not see a vaccine. Heck, kids weren’t even used on trials and its assumed to be voluntary participation from 18 on. It’s likely that ages 0 to 18 won’t see a shot and ages 18 to 30 will have a low participation rate because the risk to their health and lives are low, see for yourselves. Up to date by age out of Cali should give us some indication here:

https://www.cdph.ca.gov/Programs/CID/DCDC/Pages/COVID-19/COVID-19-Cases-by-Age-Group.aspx

The ages of 40 to old as dirt will be the ones who sign up for these vaccines. We might expect a participation rate of at least 50 to 60% from this crowd. For easy math, 50% of 50% of the population is 25% vaccinated. With smart messaging and some modicum of grownup behavior from the young, we may see vaccination rates as high as 33% from the gen pop. 80% efficacy (feeling generous today) times 33% participation is? 26.4% herd immunity. But wait! The U.S. has infected that has herd immunity, 13 mil, double it as European scientists think the unreported cases are in their nations and we have 26 mil out of 330 million with herd immunity. Combined, 33% + 8% = 41% in the U.S. . Is it enough for gen pop herd immunity to wipe out this economy crushing bug? It is not.

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

Herd immunity needed to irradicate this bug is estimated at 60 to 75%. With a 33% participation rate used in this example for a vaccine, we will need another 19 to 36 % of the gen pop to get infected for this to happen. Once vaccines are rolled out, this infection rate will get slower and slower and as a consequence, it will take years, at least 4+ more years of significance for Covid19 to be stamped out and that’s just the U.S. and Canada (we might expect marginally higher percentages of inoculation here, but have lower numbers of herd immunity from infection). In terms of economics though, what matters most as money flows through every aspect of our lives, the numbers of infected will slow, hospitals won’t become overwhelmed and economies can remain open even with herd immunity in the 40’s. Yay!!

But there are risks that remain.

We still don’t know the actual longevity of this vaccine. I used 10 years, it could be 2 or 5 or longer than 10. The rest of the world, less developed nations… it will take longer to receive vaccinations if they do plus! There is that risk, a risk already realized in Demark of a new virus with a different Serotype emerging and if that happens, it forces a reset to vaccines as a virus with a new Serotype will reinfect those who have already been infected or inocuated by and for the first strain (original Serotype). They think that this mutated virus in Denmark, which jumped from infected humans to mink farms and back to humans through farm workers is now extinct:

https://www.theguardian.com/environment/2020/nov/19/danish-covid-mink-variant-very-likely-extinct-but-controversial-cull-continues

Can this type of mutation known as antigenic shift occur in other mink farms? Yes, it can and mink farms the world over are getting infected with covid19. France doesn’t like the mutations they are seeing in at least one mink farm in France, and other mink farms in the U.S. have given pause for caution.

https://www.albawaba.com/editors-choice/france-slaughter-1000-minks-after-covid-19-infections-farm-1394500

Outside of animals raised in captivity, there’s a chance that a pet owner infected with covid19 gives it to their cat who then passes on the mixed RNA mutated version to reinfect their owner and the vaccine clock restarts if a new strain proliferates anywhere else in the world. Moral of this story? Get a dog :D

Yes, the risk is not over. There is a risk of Original Antigenic Sin with a mutated strain with a new Serotype, a story hopefully only for Hollywood and one that the world doesn’t realize, but the risk is there. Original Antigenic Sin is no joke. Anyone infected with more than 1 strain of Dengue virus knows why. A virus with a second Serotype can not just reinfect those with past immunity, immune systems are tricked into creating antibodies for the first Serotype and not the second. As a consequence the virus with the new Serotype replicates unchallenged at will and a normally benign virus can turn deadly.

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

We shouldn’t pretend or turn a blind eye to this risk. The greatest downside risk this pandemic has now (outside of the immediate economic damage its doing right now of course), is the emergence of a New strain with a different Serotype because Beta Corona virus’s like MERS and SARS have shown this to be the case and S proteins from Covid19 have shown to promote AGE the process leading to Original Antigenic Sin, so the risk is real.

But for now, we can take solace in the fact that we do have vaccines ready for the market place next year. Plus, the western world, as rag tag and dysfunctional as it may now look, is getting valuable experience on how to handle a future pandemic (or Covid19 2.0). Masks. Social distancing. Washing of hands. The importance of a full cashless, cardless (touchless) system. The importance of cel phone ownership market share. The need to follow working models of success elsewhere. The importance of political leadership, media messaging, better education, working together, of being more psychologically aware, we can’t cheap out on this, on any of it and the lessons we learn from this pandemic will be invaluable because this world. With the global populations we have encroaching on mother nature more and more, we will see another class 4 virus pandemic. Its not if, its when and the next one won’t be after the old and sick and diseased, the next one could go after our kids.

But for now at least, signs of economic hope. Does this mean fill your Christmas stockings with stocks? Buy into new record highs? The markets could continue rally into Christmas, can’t say it won’t but at some point the ugly numbers will come and everyone knows it. Buy low, sell high right? This blog predicted the last bottom to the day, so stay tuned.

#69 Linda on 11.24.20 at 7:56 pm

Mobile homes, prefab or tiny homes, have come a long way. Put them on proper foundations & they can be just as nice, or even nicer, than many conventional builder models. For one thing, they tend to be very well designed to maximize space. I’ve lost track of the number of poorly designed, space wasting show homes I’ve toured over the years. Frankly, many of them have less usable space than many dwelling half their size! We live in a house that is considered a small but not tiny dwelling – 1432 square feet. However it is very well laid out. We’ve had up to 70 guests at a party & not a single issue with crowding. One recent visitor exclaimed ‘this place is huge!’. So kudos to those who look for viable & far less expensive alternatives. My advice to those looking for cost effective yet spacious? Research good design & if you really want to upgrade surfaces do it. The happiness you’ll experience when you use something or look at it on a daily basis (maybe all day if you are now WFH) is worth every cent.

#70 Wrk.dover on 11.24.20 at 7:56 pm

#10 Brian Ripley on 11.24.20 at 4:28 pm

Negative Net Trade: UP 1407%

——————————————

The few that work need to be more productive!

#71 Faron on 11.24.20 at 7:57 pm

#54 Howard on 11.24.20 at 6:54 pm

—————————————

Is backstopping financial markets, capitalism?

Go look at the price history of a bond ETF during March Madness. VGLT for example. If the fed hadn’t stepped in, that ugly price action would have caused serious trouble in credit markets with major ramifications down the line.

Do you want pure a capitalism that would have fluctuated violently from smouldering crater lows to euphoric highs?

#72 Nonplused on 11.24.20 at 8:12 pm

#17 Dolce Vita on 11.24.20 at 4:42 pm
I liked it that you used the word and yes, THAT was good:

“vestigial”.

———————

Been a long time since I have seen a mobile home with its’ own wheels, or even a hitch. They haul them around on “air trailers” now and for some time, 30+ years. (I am not sure I am using the right word “air trailers” but they are semi trailers that can go up and down 6 inches or so based on air pressure in the air shocks. So they back the mobile home onto the piles with the shocks on max, then deflate the shocks to set the mobile home down, then pull out from under it. Very common way of delivering offices in the oil patch and construction industry as well. Once it is there you need another “air trailer” to move it. Also they are “wide loads” so you need a tracer vehicle with the flashy lights.)

(Yes I know it seems I know everything. But I did know a guy who made his living moving mobile homes around the interior of BC and he did it with a tractor trailer unit and the trailer could go up and down. He only needed 6 inches and flat grades. And if the grade wasn’t flat enough they (his team) used hydraulic jacks and blocks. We tried to do it once with a rented forklift at one end (when I was in construction setting an office) but that failed horribly. We dropped the whole office. Luckily it landed right side up so all we had to do was level it with the forklift and block it up. It had no wheels.)

#73 MF on 11.24.20 at 8:13 pm

24 Faron on 11.24.20 at 5:06 pm

Lol i was thinking it. You said it.

MF

#74 steve on 11.24.20 at 8:16 pm

How does a desire to work from home = a poor work ethic? BTW: “Work ethic” is a boomer concern; they always get bent out of shape when someone has the audacity to want a work/life balance .

Bruce Cockburn wrote a song about central banks: https://www.youtube.com/watch?v=Gfcfdt0jcWs

———————————————————–

It’s not so much as a boomer concern as much as boomers want to believe they are directly responsible for training and preparing the next generation.

By seeing people succeed without their wise intervention lessens their influence.

The best part is how much of business is metrics and analytics based. (and yes, Garth knows this).

To suggest an employer can’t monitor their employees productivity is juvenile. It’s just tough for some to understand that their physical influence just isn’t as important as they thought (after all, in many cases, that is all they have left to provide).

Never been a better time to be the forgotten Gen X’er. Taking over from the boomer roles is easy. Increasing productivity (and the resulting successes) isn’t even that difficult.

When all someone can say is “well, you know if you work from home someone from India can take your job”, you know they have nothing left to offer.

#75 TurnerNation on 11.24.20 at 8:18 pm

Remember that famines are man-made. When I talk of the utterly despotic elites. Would they do that to us?
YES. The numbers on the telescreens can do THAT too.
Wait even essential businesses being closed?
Is this a test run or what. Science eh:
For how long can anyone say this is “for our health”.

This weblog completely debunked the crazy internet rumor of military checkpoints in our cities.
Until the food riots, until the “record case #s” they throw at us. We’ll see.

….
New Mexico governor shuts down grocery stores put on COVID-19 “watch list” for two weeks
(The Center Square) – A dozen grocery stores around the state have been forced to close for two weeks because of a public health order issued by Gov.
New Mexico is shutting grocery stores if four of their employees test positive for the virus over two weeks.
The New York Times
2 days ago
Some New Mexico essential business close due to virus spike
ALBUQUERQUE, N.M. (AP) — Some New Mexico essential businesses have been shut down because of a substantial increase in coronavirus cases. A new …

#76 Ustabe on 11.24.20 at 8:20 pm

I think the preferred term now is modular homes.
There is a modular home development in my community, built out over decades and done right. The older areas sure look like the mobile home park you visualize (only with nice yards, etc) but the newer areas have some modular homes that I would gladly live in if so inclined.

@#9, pandemic expert; you do realize that for every death there are 9 or 10 hospitalizations. Some of those requiring extensive and invasive procedures that leave the patient in rough shape for months, maybe years. Some develop neurological, lung and/or heart issues that will follow them the remainder of their lives.

All of which strain both the human capitol and cost of our medical system.

I would expect an expert to know that.

I only know one person who had covid and has “recovered”. He used to play hockey all winter, ball all summer as well as hike, generally enjoy outdoors, etc. Quite fit. He now can hardly walk around the block. He looks ten years older. His life as he knew it is done. Frail before his time, he is both sad and mad. We tried golf a few ago…slow, used carts. By the third hole he was reduced to sitting in the cart. We abandoned the outing shortly thereafter.

How many of his friends will keep looking him up going forward? How long will his girlfriend hang around when he can’t even cook and serve supper never mind make love properly?

#77 Hans on 11.24.20 at 8:26 pm

How does one get in on commercial real estate in a liquid way? REITs?

#78 Howard on 11.24.20 at 8:29 pm

#71 Faron on 11.24.20 at 7:57 pm
#54 Howard on 11.24.20 at 6:54 pm

—————————————

Is backstopping financial markets, capitalism?

Go look at the price history of a bond ETF during March Madness. VGLT for example. If the fed hadn’t stepped in, that ugly price action would have caused serious trouble in credit markets with major ramifications down the line.

Do you want pure a capitalism that would have fluctuated violently from smouldering crater lows to euphoric highs?

———————————-

Faron, you are a pro at strawmen. Everyone else here is a rank amateur in that regard. Rare is a comment of yours that doesn’t contain several of them.

I believe businesses that are not viable should be allowed to fail. I believe that individuals who make poor choices should face the consequences of those choices, within the framework of a welfare state that ensures survival needs to everyone. I believe central banks have a role in smoothing out business and credit cycles but not BLOCK them entirely. I believe in allowing price discovery in the stock and bond markets. You?

What’s your excuse for the Fed buying junk bonds?

Yellen says the Fed should buy stocks. How far away from capitalism must we go, how much propping up of billionaires’ portfolios at the expense of people’s purchasing power, until even you say “enough already”?

https://www.cnbc.com/2020/04/06/yellen-says-the-fed-doesnt-need-to-buy-equities-now-but-congress-should-reconsider-allowing-it.html

#79 zoey on 11.24.20 at 8:34 pm

Downtown will always be better the burbs. Petula Clark knows.

Petula Clark – Downtown ( The Dean Martin Show Episode 50 Jan 26 1967 )

https://youtu.be/k4d_0EJRFIM

#80 meslippery on 11.24.20 at 8:37 pm

Over 95% said they want to stay home.
—–
Me too 8 months at the cottage then 4 months in Florida
when the borders open.
Just need a hi speed internet hook up.
Socializing can be done at the local coffee shop with other work from homers. Study the commute time(Unpaid) for a year, plus cost to commute.
Not every workplace is filled with people you like to be with all day.

#81 Nonplused on 11.24.20 at 8:39 pm

#60 MinistryOfTruth on 11.24.20 at 7:07 pm
Well, I learned a lot from Garth and comment section here (excluding some junk) . Now, it is my turn to payback :

if you want to protect your identity while posting to any blog :

1- Make sure you are using a VPN or more
2- Make sure you are NOT using your ISP’s DNS servers
3- Make sure you have kill switch for DNS leak while connected to VPN in case connection is terminated for whatever reason while in action.
4- Make sure you are not leaking either IPv6 or IPv4 depending on your connection @1.

Well, now you may be posting anonymous, however there is always a possibility that the VPN you have connected is a honeypot :).

if you don’t know what I’m talking about make sure you are very good to Garth while posting stuff or in general you don’t want to be tracked by the 3/4 letter agencies AI-bots.

————————————-

This blog is not anonymous. Garth knows your email. I know, because he sent me one once in response to well something resolved now that wasn’t in his control.

Think about that folks.

There is no such thing as anonymity and there never was. The neighbors always know when you are snoring or smoking weed. More important questions are free speech and the right to associate. But don’t ever think it is anonymous. You have no right to demand somebody stop filming in a public space because those photons and sound waves belong to everybody they hit.

#82 Tron Light on 11.24.20 at 8:46 pm

Work from home, full salary, benefits and pension. Not a bad gig if you can get it.

#83 Dominoes Lining Up on 11.24.20 at 8:47 pm

“There’ll be some tasty deals on DT real estate this winter”

Yep.

Took a walk underground today in the Toronto ‘Path’ system. (I think you mentioned you were there recently, Garth)

It was only a ten minute walk. But along the way, almost all the food places were shut as well as most retailers. I calculated at least about 90%. And I sadly witnessed two stores boarding up for good today, hauling our boxes of merch.

The few places that were open, a Tim’s and a Subway for example, had no customers at the counter and shortened hours.

All happening so close to the TTC subway and beneath dozens of offices towers and new glass condo complexes everywhere up above. Just blocks from the GO train epicentre.

So much for urbanity, it looks like.

Did you forget the part about Toronto being in lockdown? – Garth

#84 Howard on 11.24.20 at 8:48 pm

In case anyone hasn’t noticed, oil broke out today. I think the quality Canadian oil names, many at 20-year lows, will outperform almost anything else over the next 4-6 months. Commodities and associated stocks are the only sector that can be considered cheap in this market.

#85 Tron Light on 11.24.20 at 9:20 pm

By the way, because the new vaccines are mRNA vaccines, any damage caused by them will be genetically irreversible. In other words, you can no longer treat vaccine symptoms in a complimentary way.

#86 Elon Fanboy on 11.24.20 at 9:31 pm

T2 has completely screwed up Canada getting vaccines anytime soon.

We’re back of the line behind North America and the whole of Europe as Canada singularly failed to negotiate manufacturing rights with any of the drug companies.

T2 is also lying when he says we don’t have the manufacturing facilities for the vaccines.

The NRC facilties in Montreal can make them, as confirmed by the current Professor of Law and Medicine at the University of Ottawa, who has repeatedly told T2 of their capabilities.

https://twitter.com/profamirattaran/status/1331316605163245569?s=20

#87 Faron on 11.24.20 at 9:32 pm

#78 Howard on 11.24.20 at 8:29 pm

#71 Faron on 11.24.20 at 7:57 pm
#54 Howard on 11.24.20 at 6:54 pm

I’m a pedant. You took issue with fed interference in markets. It’s trivial to point out that a failure to do so at least twice in the previous 13 years would have caused the kind of hell that was visited upon the planet during the great depression. A hell that lasted a couple decades and that we only pulled out of due to industrial stengthening arising from WWII.

You think weak businesses should have been allowed to go under when a once in a century disturbance to the markets takes place that anyone with a brain could see would be temporary? Really? Or when the financial crisis hit, the fed should have allowed the credit markets to blow up so that large businesses that had no skin in the real estate game should have been allowed to die because they were “weak”. Do you really think it’s more efficient for businesses to keep two years of operating expenses on hand as cash rather than being able to rely on the fed and invest that cash in growing the business? Do you really think it’s more efficient for businesses to fail then rebuild, fail and rebuild, fail and rebuild again and again rather than continuously leverage their markets and their IP to work more and more efficiently?

Yer nuts.

Sure, I hate it when free cash is used for share buybacks and dividends. That money is simply a gift to the rich. But not all free cash goes there. Well run businesses actively reinvest that capital. If they had to keep a two year reserve on hand their ability to do so would be severely restricted and we’d still all be using cathode ray tubes and driving cars with carburetors

#88 Doug in London on 11.24.20 at 9:40 pm

@Hans, post #77:
REITS? You mean the ones that were on sale last month?

As for working at home, I’ve done it on occasion and found that with no commuting and a lot less distractions I was exceptionally productive. Now that’s what I call a good work ethic.

#89 Elon fanboy on 11.24.20 at 9:41 pm

Don’t expect to get vaccinated anytime soon. We’ll be lucky if Canada has any by next Summer thanks to T2.

Canada is back of the line behind the USA and all of Europe, as we apparently failed to negotiate manufacturing rights with any of the drug companies.

Also T2 is lying when he says we don’t have any manufacturing facilities.

The NRC facilities in Montreal can do it, as T2 has been told repeatedly by the current Professor of Law and Medicine at the University of Ottawa.

https://twitter.com/profamirattaran/status/1331316605163245569?s=20

#90 Anonymous on 11.24.20 at 9:43 pm

#77 Hans on 11.24.20 at 8:26 pm

How does one get in on commercial real estate in a liquid way? REITs?
_______________________________________

Come on Hans, that ship has sailed?
Try Carnival Cruises… Most of their ships have not.

#91 Dog Breath on 11.24.20 at 9:43 pm

I knew Janet Yellen when she was an undergraduate at Brown. She was a little know-it-all even back then. Looks like she hasn’t change a bit!

#92 Faron on 11.24.20 at 9:46 pm

US one day COVID-19 deaths may hit a new record this week or next. Ugly. One of Trump’s many gifts to my homeland.

#93 Dick Tater on 11.24.20 at 9:46 pm

DELETED

#94 Gonkman on 11.24.20 at 10:01 pm

Not my quote but I like it.

“All this media chatter of Joe Biden picking his cabinet is like fantasy football. Meaningless in the real game.”

MSM wants you to believe the final score was Biden 1 – Trump 0.

Not so fast.. Its not over yet. Not even close.

Ooops.. Found another 6,000+ vote “Error” in Arizona. Biden lead is slipping.

https://www.indiarightnownews.com/breaking-ballot-count-upload-error-in-arizona-over-6000-false-biden-votes-discovered/

They seem to keep finding these?? Funny….

State Election boards may have Certified but State Legislatures get the final vote for the Electoral College.

https://thepostmillennial.com/state-legislatures-in-pa-az-and-mi-to-hold-public-hearings-on-the-2020-election

I will say it again. DJT isn’t done. My bet is still on 4 more years.

I know Garth seems to like Globalism and thinks its all over and Globalism is back on with Biden but I think this is far from over.

I hope Sidney Powell has what she says she has and burns it all to the ground (Cheaters, MSM and Big Tech).

Should be interesting times until Inauguration Day.

Now only if we could get our PM to release ALL the documents he’s been hiding and may our Deputy PM could work a Budget update?

#95 Jo on 11.24.20 at 10:18 pm

Ustabe
I know 4 people that have had Covid, it was nothing like your friends experience, very mild symptoms, and yes they all tested positive, these are people in their 60’s. All 4, fully recovered, back to life as usual, bike rides and hikes.

#96 kc on 11.24.20 at 10:23 pm

#75 TurnerNation on 11.24.20 at 8:18 pm

New Mexico governor shuts down grocery stores put on COVID-19 “watch list” for two weeks
(The Center Square) – A dozen grocery stores around the state have been forced to close for two weeks because of a public health order issued by Gov.
New Mexico is shutting grocery stores if four of their employees test positive for the virus over two weeks.
The New York Times
2 days ago
Some New Mexico essential business close due to virus spike
ALBUQUERQUE, N.M. (AP) — Some New Mexico essential businesses have been shut down because of a substantial increase in coronavirus cases. A new …

:::::::::::::::::::::::::::::::::::::::::::::::::::

I would love to know what magnitude they are running the PCR test at to conclude this testing number….

In fact, what i sthe number run for across canada?? they to my knowledge have never disclosed that information here in BC….

cheers

#97 Tyberius on 11.24.20 at 10:28 pm

Figures not verified but seem reasonably accurate…

Wealth increase (approx.) in the pandemic for founders/CEOs of:

• Amazon +$91 billion
• Walmart +$38 billion
• Google +$37 billion
• Microsoft +$33 billion
• Facebook +$28 billion
• Nike +$8 billion
• Apple +$8 billion

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

Small businesses :
collectively — lost over $200 billion

We are witnessing a record wealth transfer!

I guess it’s not a ‘new normal’. The rich get richer, and the poor get … poorer!

#98 belly rubs on 11.24.20 at 10:37 pm

#341 Faron on 11.24.20 at 2:22 pm

I know you are kidding around, but if you want to see what machine learning does for decision making have a look at some journalism about software that recommends sentences in use in the US. …


Thanks, you’ve stoked my curiosity. Will do.

#99 Flop... on 11.24.20 at 10:39 pm

Was on BorisWatch, and came across this article…

M46BC

Where the world wants to move to: Map shows how Americans favour Japan as their dream relocation spot – while Russians pick America (and Canada wins outright)

* On the map country names have been supplemented by its residents’ most-yearned-for spot to emigrate to.

* Canada tops 30 wish lists, including for Britain, Mexico and France, while Japan is picked by 13 countries .

* The United States and the United Kingdom are joint ninth and only top the wish lists of two countries each .

https://www.dailymail.co.uk/travel/escape/article-8981213/Map-reveals-nationalities-relocation-destination-choice-Britons-keenest-Canada.html

#100 T-Rev on 11.24.20 at 10:52 pm

Grew up in a 14×72’ trailer and I’m damn glad i did. Single pane windows would frost up as soon as it dipped below minus 5. By the time I was 15 I couldn’t sleep stretched out cause I’d hit both sides of the room. My parents gave me food, shelter, unconditional love, and taught me three important things: How to fend for yourself, how check if it’s got spark and fuel, and how NOT to manage your financial priorities. I couldn’t have asked for more, and I mean that.

#101 kc on 11.24.20 at 10:56 pm

#81 Nonplused on 11.24.20 at 8:39 pm

Garth knows your email.

::::::::::::::::::

ya but that means nothing…. email is not my address…. when I made my email account 1998 i used a USA address… so how can that ever be traced back to my real anything?

isp ok it’s a different ball game….

#102 waltersafety on 11.24.20 at 10:57 pm

There’s always a workaround. Oakville, Burlington stores are packed with GTAers.

#103 Jimmy Zhao on 11.24.20 at 11:15 pm

Cities are selling their properties because they need money to pay for their bloated unionized employees.

Fat Cat developers flush with cash will scoop up city land for pennies on the dollar for sure.

#104 Al on 11.24.20 at 11:17 pm

Liz Warren is the leftish fringe? Only in America I guess (and this blog) lol

#105 Ponzius Pilatus on 11.24.20 at 11:20 pm

#37 Flop… on 11.24.20 at 5:55 pm
Here is the true reason Trump decided not to go to Florida for Thanksgiving, and instead stay at the White House.

He was scared they would change the locks while he was gone…

M46BC
——
Very funny

#106 Ponzius Pilatus on 11.24.20 at 11:25 pm

#39 George on 11.24.20 at 6:05 pm
https://nationalpost.com/news/politics/trudeau-warns-covid-19-vaccine-will-come-later-to-canada-than-other-countries

Trudeau warns COVID-19 vaccine will come later to Canada than other countries

The Great Failure …one Justin Trudeau
————-
Smart move, Justin.
Let others be the Guinea pigs.

#107 Sardonic Lizard on 11.24.20 at 11:30 pm

Garth, why do you automatically assume that people who wish to work from home have no work ethic?

I’ll have you know that our department increased its output by 38% since March, give or take a percentage point.

With no lousy commute, offsite lunches, distracting meetings to hinder your productivity, why wouldn’t someone choose to work from home?

#108 westcdn on 11.25.20 at 12:25 am

Odd, things I have learned. Old style dimmer switches don’t save electricity. They work on a resistance to reduce power to the lights but don’t decrease the load across the switch. Pot lights can be waste of power since the LED lights produce little heat. The small amount of heat will rise up into the attic from a poor installation and draw warm air from the room with it.

My best friend owned used VW beetles for awhile. Since the engine was in the rear and air cooled, in winter the car was cold. His solution was to install a gas heater – worked like a charm.

I am expecting Justin and Chrystia to release a new hoard of debt. The silver lining is that without a budget
I may not get hit with new taxes for a while.

The stock market was on fire for me during November. I think I will crystalize some capital losses and gains come the end of November than I have some cash available for Jan/21 – mainly for my TFSA.

#109 Dick Tater on 11.25.20 at 1:26 am

Re:# 93 Dick Tater Deleted

Unsurprised me. What do Trudeau have in common with a vampire? Neither can stand the light. Garth you’re like the Democratic Party facist who shouts down every speaker they disagree with. The Blackshirts and Brownshirts did the same. Zeig Heil, and good luck with that. These movements always fail when a trickle of truth becomes a tsunami of common sense.

#110 Dave Furstgarden on 11.25.20 at 1:43 am

Ford Motors orders freezers to distribute vaccine. Trudeau? No vaccine for Canadians. Trudeaus plan is to replace you. So, no vaccine.

I live in a country which already ordered the vaccine for December. Trudeau said he’d replace you, here it is, an “opportunity”.

#111 Buy? Curious? on 11.25.20 at 2:25 am

Garth, thank you for publishing my opinion yesterday. I normally can’t squeak in anything about using debt against “The Machine” as Smoking Man would say. I don’t want to trash him too much or else I won’t get published but everything someone does has a ripple effect that goes on until the end of time. There’s nothing wrong with being a loser, heck, there’s more of them then there is of me, but how much booze did the guy consume to think moving to ‘Merica in his 60’s was a good idea? East Coast loser, side note, no one, and I mean no one has kicked my ass. I wish I could collect a quarter for every time someone thought they could bring me physical harm. I probably have enough like that Kevin O’Leary loser.

#112 Jane24 on 11.25.20 at 2:45 am

So Garth are you now wiling to admit that most of our comments, including mine, were right and WFH is here to stay. No firm would pay huge commercial rents and bills for a building if you can eliminate them via WFH. Rent a hotel meeting room when you have too – far cheaper! This was happening anyway. Covid just turbo charged it. The mayor of old London is apparently having nightmares over this.

Plus you are way behind when it comes to mobile homes. The new ones are stunning. Usually called ‘lodges’ they feature double height ceilings, power showers, engineered with full tech capacity and all mod cons. Park home or lodge home sites here are booming in Europe as they allow boomers to travel but keep an address in the home country with little money actually tied up. Plus you have your own front door and no shared facilities for the next virus and usually enough outside space to grow tomatoes and sit in the sun. What’s not to like.

#113 Howard on 11.25.20 at 4:56 am

#87 Faron on 11.24.20 at 9:32 pm

A pedant tends to know a lot of actual facts. You seem to just construct caricatures, i.e. strawmen.

The “once a century” disturbance that has impacted businesses was more to do with the government’s unjust and haphazard lockdowns. As is usually the case, government is the problem. Restaurants and gyms were adapting just fine to social distancing and mask wearing and now government is cutting them off at the knees once more. Not to mention that telling us we must sit at home and get fat rather than go to the gym will create more poor health than it prevents.

Yes, businesses that are poorly planned and poorly run should be allowed to go under. Better, more nimble replacements will arise organically if there’s a market for them. That’s capitalism. Socializing losses onto taxpayers is not capitalism. If that’s the system you want then you are free to argue for it, but do not claim it has anything remotely to do with capitalism.

What incentive is there for companies to innovate and grow their businesses if they know that the government and central bank will swoop in like Santa Claus to bail them out of their mismanagement?

And speaking of the Great Depression, I’m not sure what you believe should have happened. The frenzied mania was driven in large part by bankers essentially paying off reporters to cover a stock favourably to incite interest among the masses. The bankers would then front-run the market, buying massively on margin, and then sell to retail bagholders. Over and over again. This practice was actually legal at the time. Many of those corrupt bankers went bust in 1929. Seems like in your world the then-teenaged Fed should have bailed them out instead?

#114 westcdn on 11.25.20 at 6:20 am

A late entry – my guess for the deficit is 498 billion just because it sounds better than 500+ billion. I am usually a few days behind with perusing this blog.

If win, I will delete all comments except for the 30 odd I like. Sounds fair to me given the time required.

#115 East Coast Life Style on 11.25.20 at 7:57 am

#111 Buy? Curious?

Tell us about some of fights you’ve been in please.

Extra points if you weren’t drunk or older than 18 when the fisticuffs took place.

#116 Jennie Pollack on 11.25.20 at 8:09 am

DELETED

#117 Wrk.dover on 11.25.20 at 8:12 am

If Trump squeaks through on some last minute bs, it will then be too late for the Dems to counter call for re-counts in some of the red states, which may well be the real rigged election ground zero.

Dems, the party of lambs contesting wolves.

#118 Dharma Bum on 11.25.20 at 8:13 am

“By the way, the city surveyed all its thousands of civil servants, asking where they’re prefer to work from. Over 95% said they want to stay home.” – Garth
——————————————————————–

Like I sez before, eh…working from home is the same as effing the dog.

It’s a paid vacation.

#119 David Hawke on 11.25.20 at 8:22 am

Please ban dogwhistle!

#120 Sky on 11.25.20 at 8:27 am

Head of the World Health Organization, Dr. Tedros Adhanom Ghebreyesus :

“Since the beginning of the #COVID19 pandemic, we knew that a vaccine would be essential for bringing the pandemic under control. But it’s important to emphasise that a vaccine will complement the other tools we have, not replace them. #EB147 #ACTogether”

“A vaccine on its own will not end the #COVID19 pandemic. We will still need to continue:
-Surveillance
-Testing, isolating & caring for cases
-Tracing & quarantining contacts
-Engaging communities
-Encouraging individuals to be careful ”

https://twitter.com/DrTedros/status/1328291650372775937

#121 NSNG on 11.25.20 at 9:06 am

I think many of the cantankerous curmudgeons on this board would be a lot less cranky if you brought in an ignore button.

#122 Long-Time Lurker on 11.25.20 at 9:17 am

DELETED

#123 Henry Simms on 11.25.20 at 9:18 am

Janet Yellen really did a terrible job at the fed. She let all bubbles from stocks to real estate to bonds grow much more and more. Cheap interest rates and cheap money. Millions are and going to soon lose their houses in the US because they were never supposed to buy and own their houses in the first place because they could never afford it propped up by artificially high pushed engineered by the fed real estate prices, artificially manipulated below inflation, cheap mortgage rates, interest rates.

If they had to qualify for a minimum 5% to 6% mortgage rate they could never have these houses. They would be renting for years now and thus corona virus has nothing to do with it.

Yellen is highly respected and considered to have been a steady influence and competent manager at the Fed as chair, vice-chair and also as President of the SF Fed. She has the respect of Wall Street, the financial industry and global markets. But, of course, we were all waiting for your approval. Pity. – Garth

#124 Henry Simms on 11.25.20 at 9:40 am

Garth, Yellen did a terrible job I don’t care about her colleagues and what the press, economists, wall street say about her. Just like I have an opinion so do they. The facts and reality is the Fed has along track record of creating many bubbles in markets with low interest rates over the years and financial engineering.

This whole wealth effect garbage theory does not work and they have created more poverty and economic class conflict with their policies and now want to say they will fix it. What a joke. When all the money becomes even more worthless it does not matter what anybody’s opinion, approval, reports etc. are.

Garth, it seems to many on this forum are still not scared enough or think that this is all temporary about the value of your money, value of money for others and the economy in general. We will agree to disagree but they have screwed up for decades now.

I don’t know if you will let me post this on your forum but things will get even more worse not a matter of if but when. The next step they are going for is socialism to communism as they will take everything away day by day and leave no more options, freedom.

Extremist, unsupported fears. Grow up and take control of your own life. Moaning on a pathetic blog will not change anything. Let Biden worry about Yellen. – Garth

#125 KNOW IT ALL on 11.25.20 at 9:58 am

WHAT NO WAY!!

But this is Garth’s OASIS..

https://www.thechronicleherald.ca/business/local-business/halifax-restaurants-forced-to-close-or-scale-down-by-covid-concerns-523511/

#126 FriedEggs on 11.25.20 at 10:45 am

WFH is great! Just ask the

Mental Abuse Hotline

Domestic Abuse Hotline

Child Abuse Hotline

If you can get through…

#127 Linda on 11.25.20 at 11:13 am

#76 ‘Ustabe’ – your comments outline just why this virus is such an issue. Every patient in care means those with other medical issues have less resources to draw on. Unfortunately this virus does seem to have some nasty after effects, which all too often ends with the sidelining of a formerly ‘healthy’ individual becoming a long term patient. There has been criticism over the government response, the shutdown of the economy etc., saying that the death rate doesn’t justify doing this. All those critics miss the point that our health care is being overwhelmed. Which is what we should all of us be concerned about. If this is what a relatively mild pandemic does it doesn’t bode well for how things would go if we got slammed with an outbreak similar to the Spanish Flu.

#128 Henry Simms on 11.25.20 at 11:22 am

Garth, I have a lot of money on the line and have been investing probably longer than you since the 1970’s, this is why I am so concerned and scared never since such disregard from everywhere about real capitalism, economics, money system as recent decades. Once and partly already has the money becomes worthless through high inflation, taxes, confiscatory taxes, policies and socialism, communism we all lose.

Look at the Dow, and don’t me the Dow is not a good measure, it is, they said it would be 30,000 by 2000 and it took to 2020 with all the money printing, bond buying, QE, financial engineering, financial trickery all other false measures that don’t work. In 2000, 30 year treasury bonds were 6.5% to 6.74% at their peak, now 1.57% max 1.75% a few weeks ago.

Stock returns, interest rates were much higher in the 1990’s, early 2000’s and real inflation not this understated inflation they keep quoting us was compensated for. Now it is all falling apart and by anyone trying to deny it is not is just fooling themselves. The next decade will be Canada’s and other western world’s poverty story for sure and all the government, central bank, stimulus etc. false policies will only make it much worse.

Garth I said it again, we agree to disagree but in the end if this post is let through we will all see 2020’s as the decade of not lost but the end of any semblance of freedom, options, life in general for individuals, small to medium size businesses, families, savings, investing, movement between even cities, decent life at all etc. Canada, US, Europe etc. It is done.

#129 belly rubs on 11.25.20 at 11:32 am

“It makes smoke of all that fear-mongering Trump rhetoric about Biden being a Trojan Horse for the rad Dems who crave dismantling the economy, killing capitalism and turning Washington into Stockholm.”

I think the “rad Dems” are finding this out. The common sense constituents already know that top Dems chase the $, and only use social causes as a foot in the door.

Btw, how are Ratheon, General Dynamics, and Lockheed Martin doing? I see positive indicators for their balance sheets, too.

#130 Huh? on 11.25.20 at 12:14 pm

Yellen has earned the respect of Wall Street, the financial industry and global markets. But, of course, we were all waiting for your approval. Pity. – Garth

————————————————–

Well that about sums it up. Recklessly prop up insanely valued stock markets and you have our respect and approval. Maybe Jurassic Joe should think about appointing some younger and progressive blood in these positions instead of more dinosaurs that will just keep pumping non existent trillions where they have no business in a supposedly capitalist system. Then again in her 75th year, old Yeller might seem young to sleepy Joe.

All about money $$$$ NOW regardless of long term consequences, the future of our children and ever gaping wealth division.

#131 Shelly Abbeit on 11.25.20 at 12:22 pm

The US democrat party is the modern socialist, communist party which started mildly with Obama and it will get worse. When US goes down because of socialism, tyranny not capitalism as the media will lie again, it will be too late.

Good luck with your socialism, MMT, QE, bond buying, money printing, digital money, tyrannical medical system, AI and any other tyranny controlling technologies, government overeach etc. I hope you will be very happy being a frightened rat in maze.

#132 Jay on 11.25.20 at 12:22 pm

#110 Dave Furstgarden on 11.25.20 at 1:43 am
Ford Motors orders freezers to distribute vaccine. Trudeau? No vaccine for Canadians. Trudeaus plan is to replace you. So, no vaccine.

I live in a country which already ordered the vaccine for December. Trudeau said he’d replace you, here it is, an “opportunity”.

—————–
Who needs to order freezers when we have the outside.

The real tragedy here is the Trudeau spent more money on the response than any other country. More than the UK (not even per capita) just more, for a country with almost double the population.

What did this buy us? not even first crack at the vaccine. we will get it once the countries that make it vaccinate all their own people. We don’t even have capacity to make Vaccines here, so we must get in line.

What is Trudeau doing during this second wave. That’s right, promising funds he doesn’t have for poor countries to get vaccinated. Were a poor country now!

I don’t think his plan is to replace us, rather we are an afterthought. He’s more concerned with appearances on the world stage.

#133 Faron on 11.25.20 at 12:55 pm

#98 belly rubs on 11.24.20 at 10:37 pm

#341 Faron on 11.24.20 at 2:22 pm


Thanks, you’ve stoked my curiosity. Will do.

Prison sentences I meant. It’s pretty eye opening. We should all be very very critical of tech. If they train the software, the software will reflect their values. Those values probably don’t align with the majority.

#134 Faron on 11.25.20 at 1:00 pm

#113 Howard on 11.25.20 at 4:56 am

#87 Faron on 11.24.20 at 9:32 pm

The “once a century” disturbance that has impacted businesses was more to do with the government’s unjust and haphazard lockdowns.

I, for one, can’t take your arguments seriously when you view our current situation this way. Especially as the situation is worsening by the day and is vastly improved in places that locked down in Oct. Check out Spain for example.

Yes, capitalism demands that everything stay open right now or that free market choices dictate what businesses receive traffic. Take a peek to our southern neighbour to see how that’s playing out.

One example of why I reject the idea that gov’t interference is always a bad thing. This economy has been in place long enough to have learned from it. MMT ain’t perfect by a long shot, but is sure smooths out the bumps.

Where there’s inequality, look to the tax code and the social safety nets.

#135 Pandemic my derriere on 11.25.20 at 1:03 pm

DELETED

#136 Buy? Curious? on 11.25.20 at 1:05 pm

East Coaster Lazy Bones, don’t act like a child.

#137 Francesca on 11.25.20 at 1:12 pm

Pandemic my derriere. The name says it all. I understand.

#138 Buy? Curious? on 11.25.20 at 1:15 pm

Or I’ll spank you like one!

(Sorry, I just thought of that line after I wrote it.)

#139 Calgary on 11.25.20 at 1:27 pm

It mutates, vaccine will not be effective.

#140 Wrk.dover on 11.25.20 at 1:31 pm

#125 KNOW IT ALL on 11.25.20 at 9:58 am
WHAT NO WAY!!

But this is Garth’s OASIS..

https://www.thechronicleherald.ca/business/local-business/halifax-restaurants-forced-to-close-or-scale-down-by-covid-concerns-523511/

——————————————

Garth lives in the next zone to the west. Wide open!

The Bridgewater Mall has no parking spots left today, due to the flood of HRM refugees looking for a place to gift shop.

Not going to end well. Garth’s tranquil zone had it’s 1st case in several months yesterday.

#141 SeeB on 11.25.20 at 1:31 pm

“Now the country can get serious about the virus.”

We basically just swap one neo-liberal regime for another. Yes, this one brings more hope of dealing with the pandemic, but it will be more government debt, rather than having some guts and taxing back these massive corporate profits to help pay for correcting the system they depend on.

“This sends out a giant signal the old guy intends to govern from the centre, not the leftish fringes.”

Progressive policies are not fringe. Florida went Trump but still voted in the $15/hr minimum wage. While 80 Million Democrat votershave to reckon with 73 Million Trump voters, neo-liberal corporate overlords will also need to reckon with people wanting their share.

The Street is a happy place.

Contrasting the massive bread lines with millions of Americans standing in them, or the rows of freezer trucks in El Paso acting as makeshift morgues. So long as the “right/left” divide continues, the corporate robber barons will keep raking it in. If the population suddenly decides they’ve had enough of bread-lines and mass graves, then that sentiment will sour.

“Rona 1, work ethic 0.”

Please stop pushing the false narrative that everyone who wants to work at home somehow doesn’t have a “work ethic”, however you define it. Commuting 2-3 hours a day sucks, and that’s why they want to stay home. More energy and time to have a life outside of work, creating a positive influence on their desire to work overall and do a better job. I’m sure there are plenty people who don’t fit in that category, but painting with such a broad brush is wrong.

#142 willworkforpickles on 11.25.20 at 1:44 pm

#128 Henry Simms
“The next decade will be Canada’s and other western world’s poverty story for sure and all the government, central bank, stimulus etc. false policies will only make it much worse.”
…………………………………………………………………………………………………

Excessive levels of high unemployment related to the conditions borne of this pandemic are expected to be with us throughout the 2020’s – exacerbated from lower demand as a side effect with still further job losses keeping job losses high.
A lower supply of goods as a result would be expected leading to higher prices and especially so with continued massive government support for large numbers of unemployed in this scenario turning inflationary. In a state of massive government spending, little economic growth, high inflation and high unemployment we wind up with stagflation the likes of which you are probably familiar with since as you say, have been heavily invested since the 1970’s .
Stagflation will rear its ugly head again.

#143 KNOW IT ALL on 11.25.20 at 2:00 pm

This is not going to go well!

https://www.cnbc.com/2020/11/23/covid-vaccine-cdc-should-warn-people-the-side-effects-from-shots-wont-be-walk-in-the-park-.html

#144 SeeB on 11.25.20 at 2:23 pm

#14 MF on 11.24.20 at 4:39 pm
The same rural/urban divide does not exist in Canada like it does in the US. I guess when people get frustrated logic goes out the window.

It’s growing, as evidenced by Wexiteers and success of yellow journalism like The Rebel. The propoganda machine of the alt-right will gear up soon enough and then we’ll be in the same mess as the states. Plenty of people in Canada are already lapping up the current drivel. I really hope our reality doesn’t become completely subjective like it is down south.

#20 Uppa She Goes 2021 on 11.24.20 at 4:51 pm
“Lots of people simply took a mortgage vacation to pay for renos and new toys. And since the stock market has priced in future economic growth, you can be sure there will be a seamless transition from the end of any government pogey and a rise in jobs. And if there isn’t, the government will simply extend the pogey again – and the banks extend deferrals again.”

Yeah, the current neo-liberal model is definitely broken and on life-support. Extreme privatizing of profits and socializing of losses seems to be the norm now, and it will eventually break.

If you are buyer, you are screwed – there will be no softening of prices. There will be no collapse as this blog has stated for years. At best, prices go down a little bit and even then you will be worse off than if you had bought anytime before 2020. If you waited and heeded the advice of the logical, rational and cautious, you will never own real estate. That shipped sailed long ago…

I’d of called you crazy 2 years ago. I must admit I was very wrong and now I’ve reconciled with being a life long renter. I think the only buying opportunity I had was 2005 when I was settled into a good job and prices were feasible. I opted against it since I still had plenty of student loans at the time and didn’t want more debt. Fast forward to 2009 and I’m laid off during following the credit crisis. That year of unemployment was the worst year of my life, and a mortgage at the time may have broke me.

Since then I found new work and, following that, this humble blog, and initially found gratification with assuming I’d at least get a last laugh when the whole thing crashed down.

Well, it never happened, but that’s OK. I owe a lot to Garth for putting perspective on what it means to be an owner vs. a renter and the freedom it affords. Yeah, I could lose a place again to a landlord sale, but now there is more than enough money to take something too expensive in the short-term while I continue searching for another place that is perfect value-wise.

#145 East Coast Life Style on 11.25.20 at 2:35 pm

#138 Buy? Curious?

No thanks for the spanks. I’m open
minded but not that kinky.

Tell us about your pugilistic past please.

#146 SeeB on 11.25.20 at 2:42 pm

#67 Nonplused on 11.24.20 at 7:46 pm

As I have said many times, no constitutional crises, no coup, and no need for force to get Trump to leave the White House and fly back to Mar-a-Lago on his own jet.

We got lucky this time, but this was certainly an attempted coup, and should inform us on how much worse the next election will probably be. The genie is out of the bottle, and has exposed some very obvious problems with teh US constitution

– Interregnum period needs to be Abolished
– If not, then the Lame Duck session needs to be and actual Lame Duck, and the president should lose firing and appointment authority.
– Electoral college still producing results that are way out of line of the popular vote – Biden gets 51.1% of the popular vote but got 56% of the electoral college. Also two instances in the past 20 years where a person that lost the popular vote won via the college
– One vote, one candidate elections do not accurately reflect the will of the people.

If the Republicans win a senate seat in Georgia, which it’s most likely they will, Expect more of the same that we got during the Obama years: poison-pill policies and endless deadlock. McConnell has not once had to answer for his deliberate, and often successful, attempts to paralyze the US government. I see no reason why he wouldn’t continue this course in an effort to make Democrats look bad.