Cashing out

Believe it or not, I have a day job. Working out of the wee-bank-by-the-sea plus the giant (currently mostly empty) bronze tower on Bay Street, my colleagues and I look after a mess of money for folks. Average ones. And I enjoy it all.

The practice is unique in the financial world because it’s national. A third of these families are in Van, the Lower Mainland and the rest of BC, for example. An equal number live in Ontario and the rest are all over everywhere. Also different is the demographic mix. The big bank brokerages cater to clients north of 60. Mostly retired. Our folks average early 40s, in the thick of their working lives. That makes everything a whole lot more interesting, plus we’re seven times bigger than the average. That provides a good snapshot of the maple middle class.

And, finally, we ain’t cowboys. It’s B&D all the way, plus lots of advice on saving taxes and improving marriages as well as pet maintenance. My assumption is everyone has the same two goals: (a) don’t lose money and (b) give me a reasonable return. Makes sense.

Here’s the point: never in the past decade have I see so many clients selling houses. It’s been remarkable. And wise. The typical move is to cash in paid-for real estate at what’s obviously a time of peak house, dump a bunch of money in the investment/retirement portfolio then think about buying again in a year of so using a 20% down payment and cheap mortgage funds to finance it. (Others keep the house and HELOC out equity for a tax-deductible borrowing,)

The benefit: unleashing windfall equity bestowed by an insane, amped-up, virus-whipped, house-horny society and investing predictably for the future. Assets start earning a return two or three times higher than the cost of a mortgage. People still have a house, plus the future looks far more financially secure when a job can be replaced  later in life by portfolio cash flow.

The risk: FOMO, crazed buyers and cheap money will keep real estate rocketing higher. Those who sell eventually may have to buy again at a higher price, or adopt a long-term rental strategy. Plus all mothers-in-law think you’re nuts.

How do you weigh the odds?

Let’s look at the facts. First, real estate will be impacted by rates. Yesterday the US Fed said there’ll be two hikes next year, which probably means we’ll see four. Inflation in the States is at 5% – huge – and Canada just had the biggest cost-of-living increase in ten years. If you don’t think mortgage rates can double (or more) by the time your loan renews, you’re not paying attention. There is an inverse relationship between rates and house prices. Factor that in.

Second, FOMO. It’s a major driving force at the moment. And nothing has ever fueled it like Covid did. The slimy little pathogen has mucked up every aspect of life for the past 15 months. Fear of the virus caused a condo exodus and a rush to SFDs. The advent of WFH unshackled people from their workplaces causing a rush into the suburbs and beyond. Quarantines, restrictions, travel bans and lockdowns slashed household spending and diverted serious money into real estate. Government largesse deposited over $100 billion into personal bank accounts which helped finance down payments. And as prices drove higher, human nature was on full display goosing demand. It all worsened thanks to revolting realtor tactics like blind auctions.

So what’s changed?

Only everything. We’re 70% vaccinated. The global leader. Borders are opening. The airlines are rehiring. Bars, restaurants, clubs, concerts and pro games are reviving. The parks and campgrounds are open. Traffic is a thing again. The downtown cores are repopulating. Employers are weighing the return-to-work agenda. Toronto condo sales, concurrently, upped 79% in the last three months.

The world is moving towards normality at a faster clip than was imaginable a few months ago. People will be outside, socializing, dining, shopping, travelling and doing stuff rather than being in domestic captivity. Real estate will go from obsession to diversion. You can be assured the number of new listings will grow, price pressures will dissipate and the market calm. There’s no need for FOMO when buyers have lots of choice and the time to browse, then make rational offers with conditions on financing and inspections.

Yes, and as this pathetic blog has warned you, WFH for many (most, in fact) won’t survive. It may linger for a while or turn into a hybrid model or be embraced by some organizations, but in general it’s a rogue model. Employees who don’t want to go to work will pay the career price. And those on a hybrid schedule will still face commuting. Thus there are compelling reasons why the aberrant surge in house prices in the burbs and the hick hinterlands will be peeled back over time. Those places were always lower for a reason. That reason’s returning.

In conclusion: you (and I and Re/Max) have no lock on where real estate‘s going. But it is irrefutable you’ll get old and need money. Don’t leave it too long.

About the picture: “Recently got turned on to your blog by my brother and my dad,” writes Rose. “Both my partner and I read it daily and appreciate the free advice. Thought I’d share a photo of our kid (no actual kids planned). This is 7-month old Gus; half Rhodesian, half Doberman.”

116 comments ↓

#1 James on 06.17.21 at 1:05 pm

I have a older slavic neighbor who just did the reverse mortgage thing. I kept telling him take your money and go buy something smaller out of the city. Take the balance and invest it. It will pay you. He is retired and doesn’t have much of anything for investments (as far as I know). Poor guy doesn’t know what is in store for him at his age he could live to be 90. He is currently 71.

#2 crowdedelevatorfartz on 06.17.21 at 1:10 pm

Yep.

I talked to a supplier from the States yesterday and he’s about 70 years old.

We were talking about the “end of Covid”, he said,
” I remember the recession of the mid 70’s and the inflation of the mid 80’s…. I have never seen such a shortage of ALL materials everywhere…”

I’m thinking people are gonna go absolutely bonkers when the Covid shutdowns get lifted and they can travel and party again.
Boomers retiring and worker/material shortages….

yikes

Inflation here we come.
Interest rates rises to follow to cool things back down.
next 2-3 years should be a gong show.

#3 Prince Polo on 06.17.21 at 1:11 pm

That loud, obnoxious sucking sound is the banks hoovering up your hard earned cash and blasting it to all shareholders (it’s also the sound of me talking…)

#4 My Body My Choice on 06.17.21 at 1:17 pm

I respectfully disagree and predict real estate prices will continue to rocket higher.

The Feds just dumped $400+ billion into the economy. Much more money chasing the same number of houses/condos. There will probably be a couple hundred billion more stimulus/debt before the electorate in Canada finally wakes up and cancels the reckless Liberals and their socialist distopia.

Trudeau 2.0, the Boy Blunder is promising to ramp up immigration to 400,000 or more per year (to make up for the “slowdown” during COVID). This means many more people trying to climb the property ladder. I’ve even heard talk of increasing Canada’s population to 100 million, seriously.

Buying houses and condos to rent on AirBnB has become a lucrative business for many, and is self-perpetuating.

Off-shore money looking to be laundered or transfered out of despotic regimes has found a safe-haven in Canada’s real estate market.

The hedge-funds and Blackrocks of the world are becoming landlords on a large scale.

Boomers are living longer and hanging onto their homes longer.

The Fed and BoC are still applying stimulus and near-zero rates until at least 2022, then may raise rates by a quarter or a half. Hardly enough to crash this housing market.

Renting can be a friggin’ nightmare of competing to find a place, paying sky-high rents, “No Pets Allowed”, no backyard, no sense of permanency, dealing with landlord rules and regs, rent increases every year, renovictions ….

I’ve been both a landlord and tenant, bought, sold, flipped, reno’d almost a dozen properties in BC, Ontario and NS over a 30 year period, rented dozens of apts since I was a young man. I finally found my dream home in rural Nova Scotia and hopefully will never have to rent/move again. Best move I’ve ever made.

#5 crowdedelevatorfartz on 06.17.21 at 1:34 pm

@#4 Body Choice

“I finally found my dream home in rural Nova Scotia and hopefully will never have to rent/move again. Best move I’ve ever made.”

++++

The coast or the Valley?

#6 Dolce Vita on 06.17.21 at 1:36 pm

Good advice as always. Surprised at how young your clientele is.

Googled the definition of “B&D” and pretty sure that was not the “B&D” you were referring to*.

Added “financial” to the search and a much better result.

*Then again, it’s a pandemic so expect the unexpected even on Bay Street, Lunenburg’s Il Panteo (Garth the new old Marcus Agrippa of Lunenburg)?

————————-

74% first dose Garth. 17.5% 2nd dose. India or Delta variant the worry. Single dose of little help against it, 2 doses much better.

Canada vulnerable to the Delta variant at present.

Mercifully, Provinces/Territories increasing 2nd dose vaxing. Current ratio of 1st to 2nd is:

4.2

Was 5 a couple of days ago, 11 a month or so ago.

Good to see Canada changing gear FAST because of Delta. No longer glacial responses in vaxing. Also, most of Yukon will be celebrating not only Labour Day, August long weekend BUT also Canada Day:

https://yukon.ca/this-is-our-shot#vaccine-progress-in-yukon

——–

Oh and did I forget to mention:

ITALIA 3 – Team Zurich/Geneva Banking 0

#7 Ballingsford on 06.17.21 at 1:37 pm

Handsome dog! What’s on his paws? Treats?

#8 A Borrower Bee on 06.17.21 at 1:39 pm

I am embarrassed to admit that I am on the other side of one of these transactions and just bought a house, knowing full well the bad timing. The past two years broke me.

It is one thing to understand where the market is, but it is another to survive the grind-down of two pre-teen boys fighting in a condo because they are constantly in each other’s face and all activities are closed down. Schools – closed down. YMCA – closed down. Playground – closed down. Community pools – closed down. Public library – closed down. Small gatherings now allowed on outdoor private space – no outdoor private space, so moot point.

Let’s admit that condo and apartment dwellers with kids have been thrown completely under the bus this past year. The compact urban lifestyle relies on access to public space. I frankly think that this was never on anyone’s radar because all decision makers live in houses. Their nice front yard hockey rings and their pandemic puppies were nicely featured in the local newspaper.

For over a decade, I managed to resist the temptation to get a house, refusing to be a Boomer’s retirement plan. I planned to be a lifer in a condo. That plan failed in year two of lockdowns.

They say the market can stay irrational longer than you can stay solvent. I say Boomers can ride the housing wave longer than I could stay sane.

Let’s not congratulate people who got lucky by being in a stage of their life where they can downsize for being smart. Smart has nothing do with it. Had I been 30 in 1995, I would be cashing out right now, too!

#9 IHCTD9 on 06.17.21 at 1:40 pm

And, finally, we ain’t cowboys. It’s B&D all the way, plus lots of advice on saving taxes and improving marriages as well as pet maintenance. My assumption is everyone has the same two goals: (a) don’t lose money and (b) give me a reasonable return. Makes sense.
——-

Yep, a philosophical co-mingling led me TI. Despite my appearance, I ain’t a cowboy when it comes to investing either. The game plan for investing at TI stands on its own. The pet maintenance advice mostly doesn’t apply to our Cat-owned household, and I got the tax avoidance down to a hobby. Might need some help later though…

I’ve found TI to deliver exactly what is advertised, base runs, no Hail Mary’s. Reliable, like an old tractor :).

“steady as she goes number one.”

#10 Millennial 1%er on 06.17.21 at 1:43 pm

>wfh won’t last for many

It will for me baby. Just got a remote job offer for another company for a distributed team spread across North America. And they pay American salaries.

Thanks for the post Garth. I wish everyone a long life full of steady returns and low volatility.

#11 Brian Ripley on 06.17.21 at 1:47 pm

My chart (May data) of the REAL PRICE OF TSX Real Estate & Gold Indexes, ie: Nominal Prices divided by Bank of Canada $CAD Commodity Index is up:
http://www.chpc.biz/real-price-of-gold–re.html

In May 2021, the CAD$ Commodities Index remained above the well defined downtrend channel and continued the rebound rally along with Crude Oil after the bounce off the April 2020 Covid 19 low.

The fly in the ointment for Canadian gold buyers could be a rise in the USD/CAD ratio that will dampen enthusiasm for precious metals and other commodities.

#12 Tbone on 06.17.21 at 1:54 pm

Garth

Do you get more conservative with the 60 / 40 balanced approach as your clients get north of 60 years old or do you stay the course to the very end .

The weightings are based on the world in which we all live. Age is relatively irrelevant, since most people share the two goals I mentioned. Besides folks 60+ need to be solvent for at least 20 or 25 more years. – Garth

#13 Baba Novac on 06.17.21 at 2:02 pm

Hey Garth,

First, a tongue-in-cheek “complaint”/suggestion about the recent irregular/delayed posting of the Turner Investment weekly call to the website. Ever since the web format has changed, the recordings are late to upload (e.g. as of this Thursday afternoon on June 17, the website still has only the recording of June 8). Plus, we have lost the ability to listen to a previous week’s summary we might have missed. You know the priceless insights from you, Doug and Ryan are not to be missed and are still relevant even a few weeks old… Any chance of a return to the old ways? Pretty please…

Aside: Ohhh, the gall of this guy in steerage, with a free ride, complaining about the speed and accessibility of a free resource so kindly made available by Turner & Co. :)

Second, thank you for yet another insightful post. I think your readership would much appreciate (I definitely would) if you were to elaborate in a future post on your expert views on risk/reward/considerations of leveraging home equity by way of HELOC as opposed to selling fully paid off real estate.

I am considering this as one option, hand in hand with the alternative of treating (up to 30-50% of) a HELOC as a shock absorber for a B&D portfolio, INSTEAD of holding some of the lowest-yield/tax-inefficient 10-15% allocation to bonds (the VABs or corporates of the Canadian bond universe). Of course, my B&D that follows your model would continue to hold the allocation to MFT-type loans and the 15-20% dedicated to preferreds. My thinking: in a market downturn, I would be willing to commit to a previously written investment policy to use HELOC funds to buy into the weakness (instead of deploying those lower yield bonds not held): 10% HELOC deployed at 10-15% drop; 20% of HELOC deployed at 20-25% drop; and say another 10% of the HELOC if stocks drop beyond 30%. This could allow one to keep a slightly higher stock allocation in the portfolio, and only keep mostly prefs/floating loans for the fixed portion of the portfolio. This strategy would be underwritten by an ability to pay out the HELOC without selling into the market weakness if the bank decided to call it (though keeping LTV ratio <50% would mitigate the risk of a call). In fact, as Garth wouldn't likely engage with the specificity of this last paragraph (but maybe with the general principles of leveraging some home equity into B&D cautiously and within reason in a future post), I would be happy to hear what blog dogs have to say about the more specific aspect I described re low-yield bonds in portfolio vs keeping HELOC deployable into market downturn based on a rational/pre-determined methodology…

The posting of the call was delayed for internal reasons (the office dog ate the tape). Up shortly. – Garth

#14 Def Lateppard on 06.17.21 at 2:05 pm

#2 crowdedelevatorfartz

I don’t know about this whole inflation thing.

Supply was interrupted by all the outages, stay and home orders, etc. Components and materials shortages have caused interruption on assembly lines. Logistics are compromised with reduced air cargo capacity and limited land/sea capacity taking longer to rebalance supply chains.

Supply not satisfying demand. Suddenly prices don’t have to be as aggressive. No need for promos or sales. No need to lower prices. But eventually that supply will balance out and need for promos, sales, rebates, and reduction of prices will come. I wonder if it will be October when that happens. I think it maybe.

#15 Facts machine on 06.17.21 at 2:13 pm

“Let’s look at the facts. First, real estate will be impacted by rates. Yesterday the US Fed said there’ll be two hikes next year, which probably means we’ll see four.”

———————————————————-
No, they didn’t …. policymakers signalled they expect two increases by the end of 2023.

Please pay attention to the program!

#16 WS on 06.17.21 at 2:19 pm

“There is an inverse relationship between rates and house prices. Factor that in.”

Yes that is understood.
However, low interest rates have been in place in most of the western world for quite some time, yet only a few markets have experienced the level of parabolic rise in RE prices as Canada.

We have to conclude there is something else at play.
Something else that can turn on a dime.

Tik Tok, Tik Tok

#17 604sam on 06.17.21 at 2:22 pm

Let’s all take a moment to appreciate how good of a boy that dog is being, patiently waiting with treats on his paw.

#18 Grunt on 06.17.21 at 2:24 pm

Not WFH produces two carbon-heavy rush hours for practically every city in the world. Factor that in politically Garth. Then re-gaze the crystal ball. The world is changing.

#19 My oh My, so much choice! on 06.17.21 at 2:24 pm

#4 My Body My Choice

All this scare mongering about money dumped, population growth, immigrants…Makes me think about Apple and their human psychology play with iPhone supply – never enough they say, always on backorder – creating panic buying because people think there isn’t enough. MUST BUY! Line up and sleep 2 days by the Apple Store – or you won’t get your precious iPhone! Fools.

I read that Chinese students look at Canada as…well, let’s not use mean words, let’s say they aren’t impressed by Canada or Toronto compared to the cities they have in China, with amazing latest infrastructure, transit, buildings, restaurants, technology, things to do – all new and amazing. We with our aging structures look like a Commodore 64 to their latest slim laptops. As a result most are going back to mainland apparently instead of staying in Canada after their studies are done. Few want to stay, and even if only to get their citizenship and then they mostly want to leave apparently as well.

Also, have we forgotten that Canada is the 2nd biggest country on the planet?

It is fascinating that the 2nd biggest country on the planet has managed to sell this idea that WE’RE OUT OF STOCK when it comes to land. It is stupidly funny to me in fact. Who pulled this “Apple trick” upon the masses? Realtors? There is no shortage of space here!

Ontario is 1,076,395 km2 and has a population of 14,755,211. Germany is 357,022 km2 and has a population of 83,190,556!!!!

According to Germany we should fit SIX TIMES more people in only 33% of Ontario and still have room for roads that let us drive without speed limit! No wonder Chinese students look at Canada as underdeveloped! Have you been to Germany? Any issues about population density there or not enough space for amazing nature and greenery?

Anyone who’d ridden a motorcycle around this country knows how much space there really is. Just ZOOM…OUT and you’ll see it too. Don’t be fooled that there isn’t enough in Canada.

#20 Sail Away on 06.17.21 at 2:25 pm

#8 A Borrower Bee on 06.17.21 at 1:39 pm

I am embarrassed to admit that I am on the other side of one of these transactions and just bought a house, knowing full well the bad timing. The past two years broke me.

For over a decade, I managed to resist the temptation to get a house, refusing to be a Boomer’s retirement plan. I planned to be a lifer in a condo. That plan failed in year two of lockdowns.

They say the market can stay irrational longer than you can stay solvent. I say Boomers can ride the housing wave longer than I could stay sane.

Let’s not congratulate people who got lucky by being in a stage of their life where they can downsize for being smart. Smart has nothing do with it. Had I been 30 in 1995, I would be cashing out right now, too!

——–

Let’s just say for argument’s sake that you are 30 right now, meaning you have a long runway ahead of you and much of your financial future will depend on intelligent actions.

Yes, congratulate the people who recognized an opportunity and sold for big profit. Don’t accuse them of undeserved gains; envy of others is always a losing strategy. You’re going to have plenty of opportunities of your own, so practice patience. Your time will come.

If you make good decisions, the young of the future will hate you too.

#21 ReMax on 06.17.21 at 2:27 pm

You HAVE TO buy a dwelling in Toronto, lest you end up alone and a criminal. It’s the unspoken law among Torontonians.

#22 -=withwings-= on 06.17.21 at 2:35 pm

re Ontario property values for 2021.

If all the real estate in your city doubled in price your property taxes would stay the same. It’s {you/total}. If you double and do does the total nothing changes.

#23 Dave on 06.17.21 at 2:35 pm

Sincere question, what’s the sort of minimal dollar amount you need to cough up in order to have Turner Investments take care of your money for you?

To work with any fee-based advisor (for a cost not exceeding 1% of assets managed, which can be tax-deductible) you should probably have $200k or more to invest. – Garth

#24 The West on 06.17.21 at 2:43 pm

#8 A Borrower Bee

Exactly. So many on this blog yammer about about their “success” and “hard driven hard work” “…bootstraps”

blah blah blah….born into the right time is what they were

#25 jenna on 06.17.21 at 2:52 pm

I respectfully disagree. The real estate market will continue to grow with solid gains. Up she goes…like the past 15+ years.

Also WFH is the new working model. Covid has forced a different way of working with the plus of decreasing overhead costs from small/mid to large business. WFH is most prevalent in white collar/professional occupations.

#26 Linda on 06.17.21 at 3:00 pm

What on earth are those things on Gus’s front paws? They look like they have been inserted between his toes – can’t imagine this is something a dog would choose as an accessory. Was this a way of ensuring Gus would be in the photo position he is in?

About housing. Was talking to a neighbor this morning & we were discussing the prices of supplies – wood, paint, auto parts. He likes to tinker & shared that he literally can’t get some auto parts for a Jeep he is in the process of restoring. Suppliers simply don’t have the parts; don’t know when or even if they will be able to get them in future. So he is cruising the scrapyards looking to score some parts.

As for other goods we speculated that while prices may moderate somewhat as the supply chain is restored, it is highly unlikely to return to pre-pandemic price levels. Further we discussed how ongoing weather events such as tornados, floods, fires etc. may see the demand for supplies continue to outstrip the supplies available despite manufacturers doing their utmost to keep up. Not seeing much chance prices will drop for just about anything any time soon. Should we expect inflation to continue to run relatively ‘hot’ to the end of 2021? Seems likely at this point in time.

#27 theoryAndPractice on 06.17.21 at 3:26 pm

Disclaimer : I do not support any political party.

https://www.youtube.com/watch?v=005CBsgKNPU

#28 Eco Capitalist on 06.17.21 at 3:26 pm

It will be interesting to see what happens here in Barrie when WFH ends. Will Friday summer commutes up the 400 convince them to return to the GTA from whence they fled? Or will it take a few winter adventures on the 400? I determined very early in my working life that commuting wasn’t for me, so I’ve always lived less than 20 minutes from the office.

#29 Abdominal Snowman on 06.17.21 at 3:31 pm

“Recently got turned on to your blog by my brother and my dad,” writes Rose.

_____________________________________________

I get TURNed on by this blog too … what, with all of the talk about ripped abdominal muscles and suspender-flicking he men! What’s not to like!

#30 Dr V on 06.17.21 at 3:37 pm

Mama told me never speculate with the family home.

Do not buy it just because you believe the value will go
up.

Do not sell it because you believe the value will go down.

Buy and sell for the right reasons. Time to
downsize/rightsize? Then move within your market. Need a bigger place for a growing family? Then buy
what you can afford. Tired of the city and sitting on $2M in house equity? Then sell and buy in Hicksville if that’s what you want.

But don’t speculate.

#31 vanreal on 06.17.21 at 3:38 pm

I thought you had to have a financial advisor from the same province where you reside. Is that incorrect info?

Incorrect. We hold registrations in all provinces. – Garth

#32 Ron P on 06.17.21 at 3:41 pm

I definitely agree with Garth. I don’t know why everyone in Canada thinks the detached homes in the suburbs are so great anyway. The exodus to the burbs is reversing with many people moving back to the city. Just look at the recent condo sales in Toronto https://home.ca/toronto-real-estate/sold and you’ll see people are moving back. Once covid restrictions lift a lot of people who will need to start commuting again will realize they maybe made a mistake and would rather have the conveniences and walkability that Toronto offers.

#33 VicPaul on 06.17.21 at 3:45 pm

Garth, my Dad would like to unlock some dough from the (no mortgage) condo to be a benevolent benefactor to his sons (not my idea) – not to worry, his portfolio stays invested til the end.
He doesn’t want to move, so would like me to buy it to fund his gift. Is saving 1.5% probate tax on the property worth it? Are there any concerns CRA might view this as a tax dodge?
I would assume you would suggest the Heloc as the best way to go. If not, a suggestion on best course, if time permits. Thanks )

M57BC

#34 Roger Mellie on 06.17.21 at 3:54 pm

Garth, any thoughts on this insane train-wreck of an opinion piece that appeared in the G&M the other day?

https://www.theglobeandmail.com/opinion/article-profit-mongers-should-have-no-home-in-canadas-housing-market/?utm_campaign=sophi-pop&utm_medium=post&utm_source=facebook&fbclid=IwAR0jh4p8Jw9WOkvx5ljR1aeD2mp0OkcNKzdDeXdpxb5huEaMviY3dG2iwb4

#35 crowdedelevatorfartz on 06.17.21 at 3:55 pm

@#23 The West
” blah blah blah….born into the right time is what they were”
+++

I was born in 61.
The very end of the Baby Boom.
ALL my working life I followed the Bubble.
No jobs, low pay.
Left the Maritimes to arrive in Calgary looking for work in 1980…just as the economy got hammered
Gas, food booze, housing, everything..

Moved to BC a year later. ( might as well be unemployed in a warmer climate).

Same thing, unemployment was rampant
Interest rates were 19% for a car loan.
Thouands walked from their houses.
I rented a room in a house that was assessed at 240k in 82 and was assessed at 80k in 83.

Yeah we had it soooooo easy.

Expo’86 sort of turned the economy around ( Toronto, etc was still hurting.
But interest rates were around 14%.
Didnt get to 10% until about 1990.

#36 Another Deckchair on 06.17.21 at 4:06 pm

Hey #18 Grunt;

Estimate the reduction in airline flights now that almost all did.

What a gift – a reduction in emissions of 4-5% (estimated from what the airline industry as a whole produced)

Easiest thing in the world to NOT ALLOW resumption of the # of flights that were flying 2 years ago.

What will our government do? Absolutely nothing, except a string of apologies and ideologue.

Maybe the world should change, but it’s not going to.

#37 crowdedelevatorfartz on 06.17.21 at 4:09 pm

Gee
NDP’s Singh is polling better than O’Toole when Canadians are asked “who would be a better leader?”

Shoot me now.

https://www.burnabynow.com/opinion/federal-election-prospects-stay-strong-for-liberals-poll-3876466

#38 Another Deckchair on 06.17.21 at 4:13 pm

Hey #18 Grunt:

“Not WFH produces two carbon-heavy rush hours for practically every city in the world… The world is changing.”

Well, if you think the issue is people driving cars rather than taking public transit or walking or cycling, figure out how to get people out of their cars. Like, demolish the highways because they are unused.

No political party (Especially our elected one here in Canada) is going to even try to do that, other than a bit of handwaving and apologies.

I do wish for my grandkids the world would change, but it’s not going to until it is too late.

#39 DON on 06.17.21 at 4:15 pm

on 06.17.21 at 2:52 pm
I respectfully disagree. The real estate market will continue to grow with solid gains. Up she goes…like the past 15+ years.

Also WFH is the new working model. Covid has forced a different way of working with the plus of decreasing overhead costs from small/mid to large business. WFH is most prevalent in white collar/professional occupations.

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

Where is the factual disagreement in light of the new context?

#40 Blacksheep on 06.17.21 at 4:16 pm

Ah yes….the old sell, rent and wait for the market to correct plan.

Most know, but for those who don’t.

Sold primary res in Sept/2008. The states was absolutely shit’in the bed RE wise at the time. I expected the same here, until spring 2009 when local RE started climbing again after the Can gov intervened. I Invested the equity while renting resulting in a decent return (same $ gains as owning RE) until we purchased a new primary res Jan/2014. It has since increased about 900K in market value, based on recent local sales.

Now, I can’t take credit for these gains as this was nothing more than us getting tired of putting our life on hold (mainly my street smart wife) while renting. I think anyone selling now, thinking they will buy back in much cheaper (enough to make the whole exercise worth while) is at risk of a significant financial loss.

I’ve been saying this on here for years now, align your investments with what is in the best interest of the ruling politicos pulling the levers.

With 70 % ownership, A significant RE price correction will not get incumbents, re elected. Remember, T2 has zero concern for national debts, meaning we are truly in uncharted waters.

Inflate or die?

I did not suggest selling and renting would lead to buying cheaper. It might happen, might not. But sitting on windfall equity (like you) that is not positioned to deliver lifelong retirement income is a risk many do not wish to take. Garth

#41 Parksville Prankster on 06.17.21 at 4:27 pm

… thank goodness Alberta has launched the “Open for Delta”, err, I mean “Open for Summer” Lottery to encourage hesitant people to finally get vaxed. It stands to reason that folks that don’t believe in scientific or medical data, would also be the same ones unwilling to calculate the statistical probability of a lottery win.

#42 Ballingsford on 06.17.21 at 4:30 pm

#26 Linda on 06.17.21 at 3:00 pm
What on earth are those things on Gus’s front paws? They look like they have been inserted between his toes – can’t imagine this is something a dog would choose as an accessory.
****

It’s a new fad the millenials started. Puppy Paw piercings.

#43 Sail Away on 06.17.21 at 4:34 pm

#24 The West on 06.17.21 at 2:43 pm

So many on this blog yammer about about their “success” and “hard driven hard work” “…bootstraps”

blah blah blah….born into the right time is what they were

———

yawn… finger-pointing victims of society are tiresome…

One of my uncles had a saying that may apply: ‘life is hard. It’s even harder when you’re stupid.’

#44 Mithan on 06.17.21 at 4:37 pm

Work from home update….

We are all back in the office in August. Work at home may happen again later in the fall, maybe next year. This covers about 175-200 people, maybe another 2000 in the company as well.

My guess? Hybrid models abound but most managers won’t let their staff stay home all day. My guess is the managers did nothing from home the last 16 months and assumed the same is true of the worker bees. Probably is for many. I know one guy who gets payed $40/hour for work, the runs his small business on the side. His coworkers complain they can’t get a hold of him. Kind of funny.

Others are in strict work allotment, so it makes little difference if you’re in or out of the office, because you have to get things done.

I know a lot of baby boomers who are close to retirement, and they still pull the shoot in the next two or three months because they won’t stand being in the office anymore.

Maybe we can expect this finally ends the boomers working in office jobs? New positions for genx and Millennials?

Time will tell.

#45 mike from mtl on 06.17.21 at 4:39 pm

#35 Another Deckchair on 06.17.21 at 4:06 pm
Hey #18 Grunt;

Estimate the reduction in airline flights now that almost all did.

What a gift – a reduction in emissions of 4-5% (estimated from what the airline industry as a whole produced)
////////////////////////////////////////////////////////////

Exactly. The near collapse of Airline and Car traffic barely made a blip in emissions for most of the developed world – and that was a best case drastic reduction.

Of course the greenies don’t say a peep on the real heavy polluters: China and India.

Should we improve here? Yes of course, is taxing ‘carbon emissions’ going to accomplish anything? No, apart from a stealth tax grab.

#46 Tulips on 06.17.21 at 4:46 pm

#39 Blacksheep on 06.17.21 at 4:16 pm

Ah yes….the old sell, rent and wait for the market to correct plan.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Sounds like what I hoped for when I sold in 2014, but I ended up buying back in 2020 after values had doubled. I didn’t gain the same on my portfolio as I would have keeping the house over that time, but the extra cash flow and renting a place we couldn’t afford otherwise was nice. Fortunately we bought back into re last year before another 20% run up in the new hood. There are plenty of reasons it could be wise to cash out now, but plenty of ways that could backfire too. Anyone hear the rumbling of 40 year amorts coming down the tracks?

Always interesting how so many people completely miss the point. And, no, amortizations are not going to forty years. – Garth

#47 Faron on 06.17.21 at 4:47 pm

#37 Another Deckchair on 06.17.21 at 4:13 pm

Hey #18 Grunt:

Obviously we can’t destroy the highway system because it’s critical for the logistics that drive this continent and will continue to be so well into the electrified future.

Buuuuut, you can bump up taxes on fuel (with refunds to commercial truckers and commuters and low income drivers), bump up carbon taxes a lot with an aim toward revenue neutrality, raise CO2 emitting vehicle registration fees a lot. There are all kind of subtle and overt nudges that can be put into effect.

O+G (+- Nonplused) will fight these approaches and spread lies about them every step of the way. But the experience with big tobacco is a good guide to the tactics (they use the exact same PR “thinkers” that denied lung cancer links to the bitter end) so there’s no excuse for poor preparation.

While we’re at it, close the tax loopholes that are used by the most wealthy to avoid paying income tax so that some of this stuff can be afforded. 100% inclusion on cap gains too and a global minimum corp tax to keep offshoring at bay.

None of this will happen because the wealthiest 0.01% hold 99% of the power and will fight tooth and nail against any attempts to yield real democracy from the world. This applies to the middle and lower class left and right. I’d be open to hearing why anybody needs anywhere more than enough assets to live comfortably — even by lavish definitions — and protect against a 4σ life tragedy.

/farons_usual_rant.

Carry on

#48 wallflower on 06.17.21 at 5:02 pm

Do you ever read beyond the headline?
——————————————————–
#4 My Body My Choice on 06.17.21 at 1:17 pm
Trudeau 2.0, the Boy Blunder is promising to ramp up immigration to 400,000 or more per year (to make up for the “slowdown” during COVID). This means many more people trying to climb the property ladder.
——————————————————–

If you ever read beyond the headline, you would know that for 2021, very few new bodies in Canada. The ones transitioning to permanent resident are already housed and, no, won’t be bid-warring in 2021 or 2022.

“In light of its COVID-19 travel restrictions, Canada is prioritizing transitioning temporary residents to permanent residence during the pandemic.”
https://www.cicnews.com/2021/05/canada-is-still-on-pace-to-welcome-401000-new-immigrants-in-2021-0518105.html#gs.3lu7e2

#49 Damifino on 06.17.21 at 5:10 pm

#36 crowdedelevatorfartz

NDP’s Singh is polling better than O’Toole when Canadians are asked “who would be a better leader?”
——————————–

Maybe this is good. The Conservatives have proven so perfectly useless under O’Toole the only real hope is more NDP seats at the expense of the Liberals.

What used to be a joke is now imperative otherwise we really will have a King of Canada and he’s quite likely to destroy the place. It occurs to me the only trait T2 inherited from his dad is an infuriating arrogance without the accompanying smarts.

#50 Blacksheep on 06.17.21 at 5:18 pm

# 39,
“sitting on windfall equity (like you) that is not positioned to deliver lifelong retirement income is a risk many do not wish to take”. Garth
————————-
Food for thought.

Thanks Garth.

#51 I’m stupid on 06.17.21 at 5:20 pm

@ crowdedelevatorfarts

No one knows what will happen when things return to normal. I personally don’t buy the pent up demand theory. What I do know is that people are are unpredictable.

I can speak from experience on this topic. I remember 2002 I was 22 making 100k a year living paycheque to paycheque, thinking the party was going to last forever. Then 2008 happened and I was broke and lost my business. I restarted my business in 2010 and saved 15k by 31. Learning a hard lesson I began to save and save and save.

It could be that this covid shock and the billions that sit in savings accounts never gets spent and those caught completely unprepared begin to prepare for the next shock. Fear is a powerful motivator, Garth has written many articles showing what fear can do. Just like I became fearful and changed my spending habits I bet a lot of people will do the same this time.

But then again who knows, I could be completely wrong. Who knew what Realestate was going to do in the mist of a covid induced recession?

#52 Faron on 06.17.21 at 5:27 pm

#33 Roger Mellie on 06.17.21 at 3:54 pm

Garth, any thoughts on this insane train-wreck of an opinion piece that appeared in the G&M the other day?

I’m going to jump in because this one has been niggling in the back of my mind lately. So, a tome.

Life-essential services such as health care, fire, police, food and residential RE should not be subject to corporate profit wringing full stop.

In fact, residential RE has no business in the investment sphere, or more realistically, investment should be tightly and carefully regulated to benefit citizens while sufficiently rewarding builders and developers so that housing does get built (otherwise lack of supply would keep prices elevated).

Here’s one reason why I think the way I do about this: Investor and corporate landlords, especially if publicly traded, will have a fiduciary responsibility to extract maximum return from the enterprise for shareholders. There’s no denying that. Such extraction will only come at the expense of the well-being of the residents for whom the shelter is a critical element of their basic well-being. A maximum-profit state guarantees that services to customers will be cut to the very bone, that humane treatment in case of job loss or other life interruption will be completely out of the picture (especially if the right continues to erode social safety nets as it has for 40+ years now), that repair and cleanliness will be kept to a bare minimum standard as set by regulation and likely below. That eviction and rigorous eviction record-keeping will prevent people from gaining any kind of housing should they fall behind at any point in their lives (this is already the case in many US states). For private landlords at the house or duplex scale some bare modicum of human interaction and humane treatment is possible (if not likely).

Why wouldn’t a tenant of a corporate landlord fight for better treatment or “shop around”? Well, if supply is constrained, people tend to hang onto their apartment at all costs. That keeps the shopping around low and limited supply puts the power in the hands of the supplier. And, the tenant has next to zero power and will fear risking their apartment by filing any kind of complaint should the corporate landlord slack off on their maintenance or keeping of a basic living standard. Think about it, who do you think would win a law suit? The poor renter who can barely afford a lawyer or the corporate entity with a full legal team? So why would the renter even try to fight for the rights they have on the books let alone for a better than minimal living standard?

Given that investment purchases account for about 5%-11% of sales of residential RE in Victoria, if that demand were to be removed, house prices would quickly scale back to where they should be. That is, they would readjust to be in line with local incomes. The entrant of corporate players will only add to that demand and continue to force prices up and eventually make owning an outright impossibility. Both of these demand elements unnecessarily increase the need for landlord and decrease self-ownership of dwellings.

Last week Garth presented a false dichotomy regarding this issue — that between corporate landlords and private landlords. It’s false because, lacking large scale residential RE investment activity in SFD, prices would moderate so there simply didn’t need to be as many landlords. More people could afford homes and forego renting completely. Certainly not everyone, but the income level for ownership would be substantially lower. The picture is admittedly complicated when discussing high density housing for which capital requirements for construction are very high. Despite that caveat, stating the conditions as a choice between two kinds of landlord neglects what would happen if a more resident-oriented RE market was enforced — less landlords and more people stepping onto the lower rungs of the RE ladder that have benefited many for generations.

And, finally, when the big corporate players slip up and go bankrupt, taxpayers will have to bail them out because the corporations are running an “essential service”. Cornering the market on single item that average people spend a huge portion of their income on is a great racket for profit-making and for shareholders, but horrible for creating good living conditions for residents. The latter is the only thing that should matter.

The biggest profit mongers in residential real estate are the people who own it and come here to brag and pump. You have no case. – Garth

#53 willworkforpickles on 06.17.21 at 5:34 pm

This is the comment section about mostly what each person thinks is going too happen that best suits them.
It has very little to do with what will actually come.
The Fed thinks like this too.

#54 NOSTRADAMUS on 06.17.21 at 5:41 pm

BAD HAIRCUT!
A lot of of Real Estate speculators, and lets be honest, if we own Real Estate we are all speculators to one degree or another. It will come to pass, that many will be experiencing the humiliation of a bad haircut. For the overindebted the hair will not grow back. Real Estate has been a double down 4 aces bet for 12 long years. What could possibly go wrong on this bet? Try a Royal Flush you never saw coming. The seasons will shortly be reversing, the winter is fast approaching and people will be hunkering down. Many will be found piled up, frozen solid on the steps at the entrance to their once friendly bankers locked doors. They never took the time to read the mouse print in their mortgage documents. Others will look and act like zombies, stumbling along to a predator lenders welcoming embrace. A well worn trail of tears. In closing, a quote from Benjamin Franklin, “There are three faithful friends, an old wife, an old dog and ready money.” That’s all I have to say on that for now.

#55 Penny Henny on 06.17.21 at 5:43 pm

#41 Ballingsford on 06.17.21 at 4:30 pm
#26 Linda on 06.17.21 at 3:00 pm
What on earth are those things on Gus’s front paws? They look like they have been inserted between his toes – can’t imagine this is something a dog would choose as an accessory.
****

It’s a new fad the millenials started. Puppy Paw piercings.
///////////

They’re whole wheat Cheerios

#56 tkid on 06.17.21 at 5:43 pm

#47 willworkforpickles, please give us your forecast and reasons thereof. I am genuinely interested in your answers.

#57 IHCTD9 on 06.17.21 at 5:46 pm

#52 willworkforpickles on 06.17.21 at 5:34 pm
This is the comment section about mostly what each person thinks is going too happen that best suits them.
It has very little to do with what will actually come.
The Fed thinks like this too.
——

Lots of folks here who own RE that hope it’ll crash. I’m one.

#58 willworkforpickles on 06.17.21 at 5:51 pm

“Always interesting how so many people completely miss the point. And, no, amortizations are not going to forty years. – Garth”
……………………………………………………………………………………………………….
I couldn’t agree more…especially with…
Always interesting how so many people completely miss the point.

#59 Bozeman on 06.17.21 at 5:54 pm

Fed dot plots show 2 hikes in 2023, not 2022 as you stated. The night is young, Garth!

#60 Sail Away on 06.17.21 at 5:55 pm

#46 Faron on 06.17.21 at 4:47 pm

I’d be open to hearing why anybody needs anywhere more than enough assets to live comfortably — even by lavish definitions — and protect against a 4σ life tragedy.

——–

Sure, I’ll bite.

People intuitively operate on a risk/reward basis. The great advances are made by those who stand to benefit greatly, hugely out of proportion to the general populace. Musk, Gates, Bezos of course. Where are they all located? The US, the country that places the most value on independence and allows massive personal gain for extraordinary achievement.

People running massive companies need a massive pool of capital to keep their operations going. No company anywhere structures business on a ‘break-even’ budget, obviously because missing the projection leads to ‘go out of business’. When a company has millions of employees, tiny percentages of profit create huge pay for the few people at the top of the pyramid… while also benefitting everyone else in addition to the jobs.

Then, when the leaders die, this concentration quickly returns to society. Often before- look at the Bezos divorce- his ex-wife just donated $2.7B and has signed a pledge to donate 90% of her $60B wealth. Many of the US’s richest have pledged the same.

Vilifying the rich is a foolish position, but one that gains a lot of support due to its simplicity. But, really, who would want to lead a bunch of simpletons with pitchforks?

Critical thinking, pal. Try to avoid that first-order knee jerk reaction.

#61 IHCTD9 on 06.17.21 at 5:57 pm

#48 Damifino on 06.17.21 at 5:10 pm
#36 crowdedelevatorfartz

NDP’s Singh is polling better than O’Toole when Canadians are asked “who would be a better leader?”
——————————–

Maybe this is good. The Conservatives have proven so perfectly useless under O’Toole the only real hope is more NDP seats at the expense of the Liberals.

What used to be a joke is now imperative otherwise we really will have a King of Canada and he’s quite likely to destroy the place. It occurs to me the only trait T2 inherited from his dad is an infuriating arrogance without the accompanying smarts.
————

Tool is trying to win. He sees the trend. Old school Conservatism in Canada is dead. It’ll come back some day, but only after some SHTF event. Until then, it’s party time.

Frankly, I’d rather see the mud plastered on Trudeau’s face anyway – that’s exactly where it belongs…

#62 IHCTD9 on 06.17.21 at 6:03 pm

#44 mike from mtl on 06.17.21 at 4:39 pm

Exactly. The near collapse of Airline and Car traffic barely made a blip in emissions for most of the developed world – and that was a best case drastic reduction.

Of course the greenies don’t say a peep on the real heavy polluters: China and India.
—— —

Yep, but the greenies wouldn’t get any traction looking for disciples over there would they? So they peddle their doctrines here, where we have stupid governments…

#63 willworkforpickles on 06.17.21 at 6:22 pm

As with those who recently bought RE or have owned for a few years who come here and say there will be no problems with RE as in time RE always goes up. These individuals (most of them anyway) generally share one thing in common…that is they have yet to put in the many many gruelling years of ownership with the mountains of pitfalls that come with it (home ownership) work and expense and endless (nowadays) payments with those only to go ever higher over time now.
They just omit the gruelling years…years of sacrifice and pain ahead from the equation (from a lack of experience) as if having just bought is the same no different than already being there as arrived at the finish line.
…but, …caught in a dream…and still got a long way to go.
So what ?
…better love it … love it to death.

#64 Wrk.dover on 06.17.21 at 6:23 pm

Lots of widows selling out for 1/4 mil in my SW NS ‘hood.

They are exiting $1500 property tax homes with $2500 heat bills and $1000 insurance bills to get on waiting lists for modern $18,000/year apartments in town, owned by successful local builders, so they won’t have to pay for house upkeep.

Seems short sighted to me.

#65 WTF on 06.17.21 at 6:40 pm

Oh yea they are coming back. The monthly paid parking lot in my DT Van building just popped to half full from 1/10 this week.

Had to move (as mentioned a few weeks ago). Place sold in 2 weeks for 900k . Our San Francisco Landlord bailed at peak price methinks.

Looked at about 20 rentals all over DT Van mainly because we had lots of time and are able to be picky. Old Place 850 Sq Ft, central, view of BC Place, parking, no amenities, $2440 per.

New Place 10 blocks away, water View, park, 1100 Sq Ft Gym, Pool, storage, parking, $3200 per.

Price to rent/income for both places was/is stoopid

The forced move due to the sale allowed us to find something a lot nicer . Yes Looking for a new place was a small imposition but ultimately rewarding and a bit fun checking out whatever intrigued us.

Good luck to anyone who chooses this path.

#66 crowdedelevatorfartz on 06.17.21 at 6:46 pm

@#50 I’m Stupid
“It could be that this covid shock and the billions that sit in savings accounts never gets spent and those caught completely unprepared begin to prepare for the next shock. Fear is a powerful motivator, Garth has written many articles showing what fear can do. Just like I became fearful and changed my spending habits I bet a lot of people will do the same this time”

+++
Unfortunately.
The people sucking the CERB teat have realized that if they continue to vote for the Socialist donkeys ( insert the Liberals and NDP here) in power that will spend and spend and spend our once great nation into the “Greece of the North”…. they have nothing to worry about.

#67 PBrasseur on 06.17.21 at 6:47 pm

Sold a boat today, for more money than i paid for it brand new 8 years ago! Insane you say?

#68 crowdedelevatorfartz on 06.17.21 at 6:51 pm

@#48 Damfino
“What used to be a joke is now imperative otherwise we really will have a King of Canada…”

++++

Well.
Apparently we have a new “Queen of Canada”.

https://www.vice.com/en/article/3aqvkw/qanons-are-harassing-people-at-the-whim-of-a-woman-they-say-is-canadas-queen-romana-didulo

Canada shouldnt be too superior in their attitude towards the US with loons like this wandering our land…

#69 Entrepreneur on 06.17.21 at 7:04 pm

What is going to happen next?

#27 theoryAndPractice on the sent-in video about Max Bernier and Dr. Hodkinson, pathologist.

I like Max Bernier, PPC. I do not belong to any political party, bwts, good for Max Bernier for allowing a discussion on covid, thumbs up.

Many questions were answered, truthfully.

Isn’t this what democracy is all about?

#70 joe on 06.17.21 at 7:16 pm

Message to Richard Tiffany Macklem:

I hope you have kids looking for a house to live in.

#71 crowdedelevatorfartz on 06.17.21 at 7:23 pm

@#63 Wrk.dvr
“Seems short sighted to me.”
+++

More like desperation.
Probably minimal pensions
A house bleeding them dry through repairs, taxes and fees.
Sell.
Tax free $250k and no headaches.

Hopefully the kids dont start sniffing around the bank account.

#72 Sherry Quintal on 06.17.21 at 7:33 pm

If the Federal Liberals Trudeau, Freeland should put a 25% federal borrowing levy when any new borrowing is made in Canada from helocs to mortgages to credit cards etc.

This would stop this rampant speculation and debt binge fast in it’s tracks. If his bankers and Bank of Canada had kept all mortgage rates and other borrowing interest rates at minimum 5% and raise minimum down payments to 20% they would not need to do this.

#73 -=withwings=- on 06.17.21 at 8:03 pm

@#59 sail away

People intuitively operate on a risk/reward basis. The great advances are made by those who stand to benefit greatly, hugely out of proportion to the general populace. Musk, Gates, Bezos of course. Where are they all located?

Slim is in Mexico and China is minting a billionaire a month. So they are located everywhere. And your point was?

The US, the country that places the most value on independence and allows massive personal gain for extraordinary achievement.

The US has a system allowing monopolies to grow without restraint, if that is what you mean. Not sure how that helps your case any.

People running massive companies need a massive pool of capital to keep their operations going.

False. They need cashflow for operations. Capital for expansion, sure, if needed but cash flow is what keeps the lights on. How would you define massive? 5% of revenues? 10%?

No company anywhere structures business on a ‘break-even’ budget,

Also false. Every company everywhere runs budgets on a break even basis. Zero based budgeting anyone?


obviously because missing the projection leads to ‘go out of business’.

Do you know what a line of credit is for?


When a company has millions of employees, tiny percentages of profit create huge pay for the few people at the top of the pyramid… while also benefitting everyone else in addition to the jobs.

Ah yes, trickle down economics! A favorite of people who don’t understand anything about business as you have so aptly demonstrated above. Every time Bezo’s yacht leaves the dock we all get a nickel, somehow, right? We should be lucky to have jobs that these billionaires so generously provided. The don’t need to pay taxes, we already pay taxes with the jobs they have blessed us with.


Then, when the leaders die, this concentration quickly returns to society.

Wow. just. Wow. I think there was something stronger than koolaid in your glass.


Often before- look at the Bezos divorce- his ex-wife just donated $2.7B and has signed a pledge to donate 90% of her $60B wealth. Many of the US’s richest have pledged the same.

It’s nice they return a small percent of our own money back to us. So kind!


Vilifying the rich is a foolish position, but one that gains a lot of support due to its simplicity. But, really, who would want to lead a bunch of simpletons with pitchforks?

Critical thinking, pal. Try to avoid that first-order knee jerk reaction.

Sure thing, pal. When are you going to start?

#74 Faron on 06.17.21 at 8:14 pm

#59 Sail Away on 06.17.21 at 5:55 pm

#46 Faron on 06.17.21 at 4:47 pm

“Vilifying the rich is a foolish position” and “Critical thinking, pal. ”

Ah, respectful dialogue. I guess I don’t have a monopoly on disrespect now. A question of degrees, true. As they say in Hawaii with regard to surfing — respect gets respect.

“People intuitively operate on a risk/reward basis.”

Sure, this is true at the small and medium enterprise level. But, this is an old saw that doesn’t hold water at extreme levels. The dose response for risk reward reaches a plateau asymptotically or may be something more hyperbolic. At zero, any risk yields effectively infinite reward. But here we are talking at the levels where a marginal hundred million has zero effective impetus. If the tax code were modified to begin to cut into wealth at extreme levels, do you really think people like Bezos would miss his next 50 billion? Elon his next 5 billion?

This isn’t about the rich which, in my mind, are those in the 10% and above bracket. This is about obscenely rich people.

“The US, the country that places the most value on independence and allows massive personal gain for extraordinary achievement.”

This has been true in the US for a very long time through many iterations of the tax code, all of which were much more punitive to wealth than they are now. Laying the innovative characteristics of Americans and American society at the feet of the tax code does a horrible disservice to everything else that drives innovation in the US. These features existed before the tax code was gutted by Regan when the topmost marginal tax bracket was cut to stupidly low levels and further under Newt/Clinton when cap gains rates were knee-capped. It’s no coincidence that wealth inequality began to skyrocket in precisely the Regan era while earnings stagnated for lower earners.

“People running massive companies need a massive pool of capital to keep their operations going.”

Sure, but we aren’t talking about the corps, we are talking about the Bezos’s.

“No company anywhere structures business on a ‘break-even’ budget”

Then why didn’t you have sufficient capital to not draw a CEWS? Why have hundreds of thousands of small businesses folded during the pandemic while the mega corps thrived and fuelled the explosion of wealth that are at issue here?

“Then, when the leaders die, this concentration quickly returns to society.”

I think that’s another old saw, but in reality, I don’t think we’ve seen many of these multi billionaires die. And, the uber rich that have passed leave behind generational wealth that is very slow to return to society. Sure, it may only last a few generations, but that’s many decades before the capital is re-blended in.

“his ex-wife just donated $2.7B and has signed a pledge to donate 90% of her $60B wealth.”

Yeah, Mackenzie Scott is awesome. She also utterly puts to shame Nonplused’s ridiculous claim that personal wealth measured in liquid assets is purely “on paper”. She’s also super hot IMO, but that’s another discussion :-).

Having said all that, why should society have to rely on the off-chance that a charitable person comes along and capriciously decides where the dollars should flow, if at all? And if even in the nation the dollars were earned in the first place (note that the Amazon fortune represents stripping of cash from national and local economies thus reducing the tax income in those locations to their detrement). Essentially, Mackenzie is stepping in and paying “tax” voluntarily and using other nation’s money to do so. That’s not at all reliable. It benefits those who land a grant from her, but even that power lies in the hands of a handful of people rather than the will of the nation as a whole (or half given polarization) as to where tax dollars should flow.

I want to be very clear that there needs to be a distinction along the lines of size here. I fully agree that some enticement to security and happiness through wealth is good for innovation, but I think there should be a limit. Human impulses need to be checked by society at large and here the impulse is to simply win at making number big despite massive detractions to society in doing so.

How this is implemented is an open question that I don’t have answers to. I don’t think taxing liquid assets like held equities would work because of the mega distortions in the stock market that would result. But, for the folks in question here, a means of taxing money borrowed for income when personal net worth is high would be a good start. Or a luxury tax. Any other way of upping the net-tax on those who report almost no income despite their billionaire status.

#75 Nonplused on 06.17.21 at 8:27 pm

#19 My oh My, so much choice! on 06.17.21 at 2:24 pm

“Also, have we forgotten that Canada is the 2nd biggest country on the planet?”

Canada is really big but it is also largely uninhabitable. That’s why almost everybody lives with 100 miles of the US border.

Comparing Ontario to Germany is disingenuous at best because most of Ontario is a frozen rock and the climate is completely different.

Canada is actually pretty full. We can’t fit more houses in without paving over farm land.

#76 Faron on 06.17.21 at 8:30 pm

#62 IHCTD9 on 06.17.21 at 6:03 pm

#44 mike from mtl on 06.17.21 at 4:39 pm

COVID lockdowns saw emissions down by about 20% at peak and resulted in a 4-7% annual drop. Small, but helpful.

“Of course the greenies don’t say a peep on the real heavy polluters: China and India.”

C’mon maaaan. Anyone who actually works in and with policy and climate science fully addresses the problems built into India and China’s emissions including development of those nations. In China there is growing awareness of the problem and some policy movement if only for show. But saying “greenies don’t say a peep” is completely wrong.

Sorry for the epic tomes today.

#77 Sail Away on 06.17.21 at 8:34 pm

#73 -=withwings=- on 06.17.21 at 8:03 pm

#74 Faron on 06.17.21 at 8:14 pm

——–

Just eat your cucumbers and quit complaining.

https://youtu.be/meiU6TxysCg

#78 Nonplused on 06.17.21 at 8:36 pm

#38 Another Deckchair on 06.17.21 at 4:13 pm

“Like, demolish the highways because they are unused.”

How then shall they get the groceries to the store?

#79 crowdedelevatorfartz on 06.17.21 at 8:40 pm

@#3 Prince Polo
“That loud, obnoxious sucking sound is the banks hoovering up your hard earned cash and blasting it to all shareholders…”

++++

It’s not so bad……when you’re bank customer and……also a shareholder.

:)

#80 willworkforpickles on 06.17.21 at 8:46 pm

#57 IHCTD9
“Lots of folks here who own RE that hope it’ll crash. I’m one.”
…………………………………………………………………………………………………..

I own RE also…US and Canadian – expensive and not so expensive. High prices have nixed my plans for buying land in South Central Ontario. ,….for now.

#81 crowdedelevatorfartz on 06.17.21 at 8:47 pm

@#73 ==withwings==
“But, really, who would want to lead a bunch of simpletons with pitchforks?”

++++
Oh I dont know.
Robespierre?
Jefferson?
Mao?
Trump….in 2022?
With the exception of the Orange Tanned man…
Seemed to work out for them.

#82 crowdedelevatorfartz on 06.17.21 at 8:51 pm

@#77 Sail Away

That was awesome.
:)

#83 DLT INC on 06.17.21 at 9:08 pm

All this discussion about what to do with the super rich and their wealth misses a key point that I challenge anyone to argue that I am wrong. The biggest problem is that we have a democracy of money not people. Those who have the most money have the biggest say in what decisions are made by government. If we had a real democracy and the people’s representatives served the interests of their constituents first and foremost, governments would soon sort things out to the benefit of the masses. So how do we get real democracy? I think I’ve figured it out but it’s up readers to do the same but just remember the truth that he who pays the piper gets to name the tune. Governments already finance a significant portion of the expenditures of the political system. So why not let us all individually decide who gets what. Make everyone’s choices equal whether one is rich or poor. Will the masses redistribute(steal) all the wealth of the rich? Is that what would happen if everybody were indeed equal in deciding how the world should be run? Can the world really stand true democracy? People say they believe in democracy but do they really?

#84 Shawn Peters on 06.17.21 at 9:19 pm

I will never be a bank shareholder. I only believe in the credit union model. Deposits with banks, trust companies, credit unions okay but never a shareholder of banks.

We need more credit unions in Canada. The last time I checked only 18% of Canada’s deposits is why credit unions. Canada’s population of 38 million is big enough to support more credit unions and competition. The big 6 banks are probably 65% f all deposits and financial wealth in Canada. It is too much. It is a monopoly. It is not real capitalism.

#85 Billy Buoy on 06.17.21 at 9:41 pm

What is your OBSESSION with rates rising anytime in the future of ANY significance?

They can’t or everything blows up.

Or was that the plan all along? For the big boys to come and buy everything up at a huge discount and further cement the greed of the 1% to won everything and hve us serfs rent forever and be controlled?

Rates rising? My god, please knock it off….You know it, the FED knows it, everyone knows it…even the dogs you feature here daily.

#86 TurnerNation on 06.17.21 at 9:43 pm

Will this be going away? Not until 2022-23, minimum. I’m not saying there’s a plan…but I have already planned my breakfast for tomorrow.

— Hamilton, Halton, Edmonton, Calgary and others extended their ‘mask law’ until December. How’d they’d know. No smiles in Kanada!! Toronto is until Sept….but we know it will be Two More Weeks.

.No June reopening planned for Canada-U.S. border (thestar.com)

.Moscow mayor warns of possible ‘limited but HARSH’ Covid-19 lockdown, citing worsening health situation in Europe’s largest city

.Canadians who got the AstraZeneca vaccine can’t see ‘Springsteen on Broadway’ (thestar.com)

.UK got a “leaked memo” also
https://www.dailymail.co.uk/news/article-9692209/Leaked-Step-4-Whitehall-document-hints-new-normal-July-19.htm

*****SMOKING MAN’S beloved Duke Devon is no longer. He passed in their year of their last opening. Fitting tribute.

https://www.blogto.com/eat_drink/2021/06/toronto-largest-pub-chains-permanently-closed-multiple-restaurants/
Duke of Devon and Duke of Somerset are no longer operating and are not listed as locations on the official Duke Pubs website

#87 Kibbles on 06.17.21 at 10:07 pm

#54 Penny Henny on 06.17.21 at 5:43 pm
#41 Ballingsford on 06.17.21 at 4:30 pm
#26 Linda on 06.17.21 at 3:00 pm
What on earth are those things on Gus’s front paws? They look like they have been inserted between his toes – can’t imagine this is something a dog would choose as an accessory.
****

It’s a new fad the millenials started. Puppy Paw piercings.
///////////

They’re whole wheat Cheerios
————————
Kibbles/treats. My dog would get so offended when I tried that trick.

#88 cowtown cowboy on 06.17.21 at 10:28 pm

#41 Parksville Prankster on 06.17.21 at 4:27 pm

… thank goodness Alberta has launched the “Open for Delta”, err, I mean “Open for Summer” Lottery to encourage hesitant people to finally get vaxed. It stands to reason that folks that don’t believe in scientific or medical data, would also be the same ones unwilling to calculate the statistical probability of a lottery win.
———————————————–
I’m sure everyone that got the AZ shot is sleeping soundly these days, especially since they’ve now banned it…

There’s a sucker born every minute, and the majority seem to be either on the left coast or Toronah

#89 Faron on 06.17.21 at 10:51 pm

#82 crowdedelevatorfartz on 06.17.21 at 8:51 pm

@#77 Sail Away

Good arm on that one.

To extend the example to how society works, the monkey who through sheer chance, receives grapes, then gets to dictate grape distribution despite being indistinguishable in brains, ability or any other measure of worth from the cuke eaters. The differentialtion arises from no moral or ethically defensible distinction yet the grape eater then gets to moralize about laziness, stupidity or pitch fork weilding. Yeah, you are right. That’s about how it works.

#90 nutty squirrel on 06.17.21 at 10:57 pm

Speaking of HELOC – what percentage of your house value do you recommend borrowing against. Lets go on the assumption that you are very comfortable with the risks.

#91 IM in C on 06.17.21 at 11:14 pm

Garth . You wrote : Employees who don’t want to go to work will pay the career price.
Here’s the reality, for most of us here in the 21st century, there is no career path, or even a career. That is why so many of us embraced the WFH.

#92 The man from U. N. C. L. E. on 06.17.21 at 11:30 pm

#43 Sail Away on 06.17.21 at 4:34 pm
#24 The West on 06.17.21 at 2:43 pm

So many on this blog yammer about about their “success” and “hard driven hard work” “…bootstraps”

blah blah blah….born into the right time is what they were

———

yawn… finger-pointing victims of society are tiresome…

One of my uncles had a saying that may apply: ‘life is hard. It’s even harder when you’re stupid.’#43 Sail Away on 06.17.21 at 4:34 pm
#24 The West on 06.17.21 at 2:43 pm

So many on this blog yammer about about their “success” and “hard driven hard work” “…bootstraps”

blah blah blah….born into the right time is what they were

———

yawn… finger-pointing victims of society are tiresome…

One of my uncles had a saying that may apply: ‘life is hard. It’s even harder when you’re stupid.’

__________

Your uncle sounds like a smart man. Did you ever stop to think he was trying to tell you something?

#93 Longterm on 06.18.21 at 12:59 am

World leader in vaccinations [well at least first does].

Remember only a few months ago when blokes like this were going on at me and others about how mediocre we were in our vaccine efforts? It seems that events did not unfold according to his preferred political narrative.

#133 truefacts on 02.04.21 at 9:29 pm

@124 Longterm…

“Are Canadians so much more important in your mind than people from other countries?”

__________________________________

I expect competence. We’re a G7 country…ranked behind such juggernauts as Poland, Serbia, Bahrain, Romania…

You seriously don’t see anything wrong with that?

Let’s all strive for mediocrity and line up for our participation medals then…

#94 Ustabe on 06.18.21 at 2:04 am

Some players think the bank is bankrupt if it runs out of money. The bank never goes bankrupt. To continue playing, use slips of paper to keep track of each player’s banking transactions until the bank has enough paper money to operate again. The banker may also issue “new” money on slips of ordinary paper.

Rule #11, Monopoly.

#95 Wrk.dover on 06.18.21 at 6:31 am

#94 Ustabe on 06.18.21 at 2:04 am
Some players think the bank is bankrupt if it runs out of money. The bank never goes bankrupt. To continue playing, use slips of paper to keep track of each player’s banking transactions until the bank has enough paper money to operate again. The banker may also issue “new” money on slips of ordinary paper.

Rule #11, Monopoly.

_________________________________

I want to drink what you were drinking when you came up with that succinct ironic synopsis!

Well done!

Tie for first place with;

#73 -=withwings=- on 06.17.21 at 8:03 pm

A+ for effort!

#96 crowdedelevatorfartz on 06.18.21 at 8:15 am

@#89 Faron
“To extend the example to how society works, the monkey who through sheer chance, receives grapes, then gets to dictate grape distribution despite being indistinguishable in brains, ability or any other measure of worth from the cuke eaters.”
+++

You interpreted the video from a socialists view.
For example:

Substitute the Grape eating monkey with “Government Workers”.
Then add in a pension paid for by the Cuke eaters….and you begin to understand where the angry mob(shaking the cage) torches and pitchforks come in.

OR
View the scientists as the uber rich Billionaires.
Paying some people ( the monkeys) either very well ( with grapes) or with enough food (cukes) to survive.

After a while the cuke monkey ( insert angry, whining, Trump mob mentality knuckdraggers) realizes that they “deserve” the same grapes as the other monkeys.

Silly monkey. Its not up to you.
“Fair” has nothing to do with it.
Its up to the billionaire how much you get paid…and all the torches and pitch forks wont change that…

#97 Sail Away on 06.18.21 at 8:40 am

#89 Faron on 06.17.21 at 10:51 pm
#82 crowdedelevatorfartz on 06.17.21 at 8:51 pm

@#77 Sail Away

Good arm on that one.

To extend the example to how society works, the monkey who through sheer chance, receives grapes, then gets to dictate grape distribution despite being indistinguishable in brains, ability or any other measure of worth from the cuke eaters. The differentialtion arises from no moral or ethically defensible distinction yet the grape eater then gets to moralize about laziness, stupidity or pitch fork weilding. Yeah, you are right. That’s about how it works.

———–

Monkeys don’t moralize, silly.

She just wants grapes.

#98 TurnerNation on 06.18.21 at 9:13 am

No this will not be going away. It is in its infancy. One day this all will be in the Blockchain.
Global control over our Breeding, Feeding and of course…Movements/Travel.

In Kanada I wonder who got the fat contracts for the CV tests, and technology development

https://ca.news.yahoo.com/first-phase-vaccine-certification-going-232721179.html
The Toronto Star reported Thursday that this phase — which would allow Canadians to digitally verify their vaccination status with the federal government — won’t be ready until the fall and will only accept proof of vaccination with one of Canada’s four accredited vaccines: Pfizer, Moderna, AstraZeneca and Johnson and Johnson.

According to the source, the second phase of the vaccination certificate project depends on buy-in from the provinces and territories. The federal government would need permission to connect with each jurisdiction’s database to track who has received first and second doses. Immigration, Refugees and Citizenship Canada, the Public Health Agency of Canada, Transport Canada and Public Safety Canada are all working on the project.”

—–
—— Ramping it up – A BAT did this??
Let’s take bets. Which ‘variant’ will be used to lock down Kanada this winter. My bet is Sigma variant,

. Wales at start of third coronavirus wave, warns first minister (bbc.co.uk)

.’Like a sledgehammer’: Calls for Sydney restrictions to stop spread of ‘problematic’ Delta strain(abc.net.au)

#99 Dharma Bum on 06.18.21 at 9:43 am

The wildcard out there is the boomer cohort that doesn’t need to sell when they’re in their 70’s because they own their houses free and clear AND they have massive craploads of liquid investments to boot. There are more of them than you think. Thus, there will be no mass listings of homes to suddenly or significantly drop the market price.

This is one of the realities widening the “wealth gap” in society. Those boomers, even in retirement, are getting exponentially richer through the relentless appreciation of residential real estate PLUS the astonishing appreciation of their B&D portfolios.

Simultaneously, the worker bees are getting hammered by low wages that do not keep pace to the true cost of living and high (and getting higher) taxation on those crappy salaries, while the prospect of saving to invest or purchase real estate increasingly eludes them.

The rich are getting richer. The poor are getting poorer. The chasm is yawning bigly. It’s an abyss that is swallowing up the masses.

it’s a problem that has creating, and continues to foment extreme jealousy and resentment. A class war is looming. We are very quickly becoming (some would say we are already there) a society of haves and have nots. It’s unstoppable.

Boomers have discovered that they can have their cake and eat it too. Keep the paid off house. Fund your life through the dividend churning portfolio. Win -Win.

Except for the fact that the natives are getting restless. Frustration among the masses abounds.

Time to invest in solid steel panels between the brick veneer and drywall, bullet proof windows, barbed wire fences, and state of the art security systems with cameras and motion sensors.

They’re fed up, and they’re coming for you.

Stand your ground.

#100 willworkforpickles on 06.18.21 at 10:32 am

Taking the Fed for their word on interest rates and tapering is like taking the shoeshine boy on his word he has a bridge to sell you.
The effect the words of the Fed are having now will themselves be tapered by the next quarter when they modify their latest direction interest rates and tapering will be taking..

#101 Ponzius Pilatus on 06.18.21 at 10:32 am

#97
Youse talking about “The Grapes of Wrath”?
Good book.
I’m sure Faron has read it.
How about CEF and Sailo?

#102 Ponzius Pilatus on 06.18.21 at 10:46 am

#98 TN
—–
—— Ramping it up – A BAT did this??
Let’s take bets. Which ‘variant’ will be used to lock down Kanada this winter. My bet is Sigma variant,
————————-
Omega for sure.
Doomsday.

#103 Sail Away on 06.18.21 at 11:04 am

If any blogdogs adhere to the principle of monthly dollar cost averaging regardless of market level, it may be worth considering deviating from that at larger than normal dips. Like, you know, today.

Not telling anyone how to live their life… just putting it out there. Grow your own grapes.

#104 Sail Away on 06.18.21 at 11:21 am

#101 Ponzius Pilatus on 06.18.21 at 10:32 am

Re: John Steinbeck

——–

Steinbeck is one of my heroes. His overriding theme was the power of the individual against the oppression of the collective. As follows, from his pseudo-biography ‘East of Eden’. His philosophy is diametrically opposed to today’s SJW cancel culture media:

“At such a time it seems natural and good to me to ask myself these questions. What do I believe in? What must I fight for and what must I fight against?

Our species is the only creative species, and it has only one creative instrument, the individual mind and spirit of a man. Nothing was ever created by two men. There are no good collaborations, whether in music, in art, in poetry, in mathematics, in philosophy. Once the miracle of creation has taken place, the group can build and extend it, but the group never invents anything. The preciousness lies in the lonely mind of a man.

And now the forces marshaled around the concept of the group have declared a war of extermination on the preciousness, the mind of man. By disparagement, by starvation, by repressions, forced direction, and the stunning hammerblows of conditioning, the free, roving mind is being pursued, roped, blunted, drugged. It is a sad suicidal course our species seems to have taken.

And this I believe: that the free, exploring mind of the individual human is the most valuable thing in the world. And this I would fight for: the freedom of the mind to take any direction it wishes, undirected. And this I must fight against: any idea, religion, or government which limits or destroys the individual. This is what I am and what I am about. I can understand why a system built on a pattern must try to destroy the free mind, for this is one thing which can by inspection destroy such a system. Surely I can understand this, and I hate it and I will fight against it to preserve the one thing that separates us from the uncreative beasts. If the glory can be killed, we are lost.”

#105 JMM on 06.18.21 at 11:42 am

“Employees who don’t want to go to work will pay the career price.”

You have it backwards. Employers who don’t want to offer WFH will pay the talent price.

The current status quo is WFH. Want to change that? Now it’s less disruptive for me to switch jobs than before the pandemic.

#106 Faron on 06.18.21 at 11:45 am

#101 Ponzius Pilatus on 06.18.21 at 10:32 am

You need to give those guys more credit. CEF and Sail Away are a lot of things, but poorly read doesn’t seem to be one of those things.

#107 Faron on 06.18.21 at 11:55 am

#103 Sail Away on 06.18.21 at 11:04 am

Maybe you should be more clear here. Do you mean folks should skip a buy in on days like today or buy in with more fervor? Or do you mean to be vague so that there isn’t a record to measure your suggestions by?

#97 Sail Away on 06.18.21 at 8:40 am

Ah, the usual Sail Away ink cloud as he darts away to slither into a crevice for safety.

#108 KLNR on 06.18.21 at 11:59 am

@#73 -=withwings=- on 06.17.21 at 8:03 pm
@#59 sail away

People intuitively operate on a risk/reward basis. The great advances are made by those who stand to benefit greatly, hugely out of proportion to the general populace. Musk, Gates, Bezos of course. Where are they all located?

Slim is in Mexico and China is minting a billionaire a month. So they are located everywhere. And your point was?

The US, the country that places the most value on independence and allows massive personal gain for extraordinary achievement.

The US has a system allowing monopolies to grow without restraint, if that is what you mean. Not sure how that helps your case any.

People running massive companies need a massive pool of capital to keep their operations going.

False. They need cashflow for operations. Capital for expansion, sure, if needed but cash flow is what keeps the lights on. How would you define massive? 5% of revenues? 10%?

No company anywhere structures business on a ‘break-even’ budget,

Also false. Every company everywhere runs budgets on a break even basis. Zero based budgeting anyone?

obviously because missing the projection leads to ‘go out of business’.

Do you know what a line of credit is for?

When a company has millions of employees, tiny percentages of profit create huge pay for the few people at the top of the pyramid… while also benefitting everyone else in addition to the jobs.

Ah yes, trickle down economics! A favorite of people who don’t understand anything about business as you have so aptly demonstrated above. Every time Bezo’s yacht leaves the dock we all get a nickel, somehow, right? We should be lucky to have jobs that these billionaires so generously provided. The don’t need to pay taxes, we already pay taxes with the jobs they have blessed us with.

Then, when the leaders die, this concentration quickly returns to society.

Wow. just. Wow. I think there was something stronger than koolaid in your glass.

Often before- look at the Bezos divorce- his ex-wife just donated $2.7B and has signed a pledge to donate 90% of her $60B wealth. Many of the US’s richest have pledged the same.

It’s nice they return a small percent of our own money back to us. So kind!

Vilifying the rich is a foolish position, but one that gains a lot of support due to its simplicity. But, really, who would want to lead a bunch of simpletons with pitchforks?

Critical thinking, pal. Try to avoid that first-order knee jerk reaction.

Sure thing, pal. When are you going to start?

LMAO

#109 By the numbers on 06.18.21 at 12:01 pm

We’re up to 10,809 in the UK today.

2000 jump from yesterday.

They are ramping up.

It’s going to be a SHORT SUMMER!

#110 Doug in London on 06.18.21 at 12:13 pm

Here’s the point: never in the past decade have I see so many clients selling houses. It’s been remarkable. And wise.
—————————————————————–
looks to me like a lot of smart people are cashing in their once in a lifetime winning lottery tickets.

#111 G on 06.18.21 at 12:48 pm

Some might be interested, with several Dr and scientist speaking also. cpac via YouTube 39min.

MP Derek Sloan raises concerns about censorship of doctors and scientists – June 17, 2021
https://www.youtube.com/watch?v=vUrp5PlnBwQ

#112 NSNG on 06.18.21 at 1:05 pm

It appears it is not just the Teslas that burst into flames. Now you can get your own burning satellite dish too!

https://www.zerohedge.com/technology/thermal-shutdown-heat-wave-knocks-beta-starlink-users-offline

#113 Faron on 06.18.21 at 2:15 pm

#104 Sail Away on 06.18.21 at 11:21 am

So, in quoting a very nice passage from one of the greatest pieces of American literature — a passage imploring the reader to engage in expansive mindedness and unbounded creativity — you are copping to the small minded, trite, Tucker Carlson Ⓡ™ approved summarization of all that you disapprove of:

…today’s SJW cancel culture media

.

LOL. You can do better, I hope for your ilk as I take you to be one of the clearer thinking regurgitators of that stuff. Mercy…

#114 Toronto_CA on 06.18.21 at 2:19 pm

https://www.telegraph.co.uk/business/2021/06/18/deloitte-tells-staff-work-home-forever/

Maybe WFH is here to stay, huh?
If Deloitte does it, any accountant worth their salt that wants to WFH whenever they want will go to Deloitte, who will have their pick of top talent.

#115 Entrepreneur on 06.18.21 at 3:08 pm

#111 G Someone sent me that youtube video this morning, professionals are speaking up.

A person thinks we have a free society to a certain extent until one speaks out then their life and career are threatened, omg.

If more professionals speak up and stand together, what, fire them all.

This is Canada, Freedom of Speech!!

#116 Moses71 on 06.19.21 at 11:54 pm

Amazing blog again.
Looking forward to your associate’s services in the future.
I’m different in person, promise lol
My daughter will be needing some hefty help.
Some day soon hope to enlist your services.
Life brings many surprises ha
Happy Father’s Day