2007

Once upon a time there was no blog. People drove around, sad and lost. They believed the government, realtors and [email protected] They bought mutual funds, speculated on penny stocks and thought mortgages at 7.5% were a decent deal. It was pre-credit crisis, pre-Trump, pre-Trudeau, pre-pandemic, pre-Putin, pre-truckers. Inflation was 1.2% and GICs paid 3%. Houses were homes, not flips. The federal budget gave $5.7 billion in tax cuts and reduced the debt by $9 billion.

In short, it was not today. In the last fifteen years society has transformed. The biggest cohort is now Mills, not Boomers. At least four financial crises have rocked markets. Canadian real estate’s become one of the frothiest assets on the planet. A single virus cost governments $20 trillion globally, and made people shun going back to work. Government has bloated, public finances have disintegrated, society’s shifted left and we’re becoming as polarized as Americans. Oh yes, and row houses cost $1.5 million.

War, inflation, rising rates, unaffordable props and mistrust of fake news are now the daily diet. Throughout this astonishing time, a pathetic blog has ground out 4,451 original articles. That’s 3.4 million words (55 books) as a chronicle of daily history. And, below decks, the steerage section has churned out 777,100 comments (which were publishable).

Throughout this time, there have been some things that defy change.

People have an incredible recency bias. What’s taking place now, or has recently occurred, will be what happens in the future, they think. Maybe forever. So they believe a stock market correction proves equities are going to zero. Or that low interest rates mean they can never rise again. That real estate will double every five years. Always.

People hold extreme views. They continually fear the worst. Fed by sleazy financial sources on social media, too many believe the economy will collapse if their daughters can’t afford a condo. That we’re becoming a commie country or the US$ will be trashed. A constant drumbeat is that stock markets will crash or some Great Reset will suck off all private assets. This is the age of conspiracy theories. So far, all wrong.

People misunderstand risk. Canada’s become a place where folks think nothing of taking a $1 million mortgage because (a) the bank will give me that much and (b) everybody else is doing it. Our savings rate spiked during Covid, when we couldn’t leave the house, and has cratered again. Contributions to retirement savings plans have tanked. Debt has exploded. Net worth is being concentrated in one inflated asset, now challenged by rising rates. A third of people can’t pay monthly bills while 49% have less than $200 left each month and yet 70% own real estate. Canadians fear losing money, yet gamble with leverage and debt and believe in retirement unicorns.

People are vacating the middle. Trump came to Canada on a Peterbilt. The trucker convoy spawned the defeat of a more centrist Conservative leader, led to the ascent of Donald-wannabe Pierre P, while pushing the T2 Libs into extreme authoritarianism, followed by a marriage with the Dippers. The left-right divide that’s come to paralyze America is suddenly alive here. Yet most Canadians live in the middle, forced to choose in the next election between woke or wacky.

Such are the realities of 2022. In many ways, society’s taken the easy way out of everything. The government has doubled debt and shunned budgeting while removing millions of voters from the tax rolls. Good politics, bad economics. Families have stretched epically to afford houses using outsized leverage to borrow from the future, rather than live within their means. Homes are more unattainable as a result. As always, we vote for people who gloss, fib and promise extra. More than ever, it seems, we blame others for… everything. Chinese dudes. Boomers. Central bankers. Immigration. Real estate agents or Jeff Bezos.

Perhaps it’s vanity to say. But that’s why this blog is useful. To tell you to smarten up.

Asking politicians to make houses cheaper or thinking the government will support you when you’re 72 is ridiculous. Throwing your vote away on angry, iconoclastic candidates will only elect the other guys. Not understanding your first obligation is to your children, not a mortgage, or that running out of money is a bigger risk than losing some is hubris. You will regret. And the greatest lesson around is that time’s the only asset you can never get more of.

Spend it wisely. So never start a blog.

About the picture: “This is Penny, a four year-old Golden Retriever from North Vancouver,” writes Jamie. “She is an orange ball lover and doesn’t know what to do on a walk without it. Her people have been following your blog since moving to North Van from the Island 10 years ago. Thought the market was over-priced so we decided to rent until things settled and we got a better lay of the land. Ten renting years later and we are about to be evicted by the new house owner which has put us at a crossroads. Most likely headed for a more affordable place to buy a house – ie. The Island.  We wish it was a year later with what is coming down the pipe. Ironically, we owned three houses previously over twenty years and never made a dime from them. Times changed. Thanks for all your work on the blog Garth.”

172 comments ↓

#1 Ustabe on 04.21.22 at 1:50 pm

It all started to go south when we switched from the uniform stubby beer bottle to the wild west, free for all beer bottles come in today.

#2 crowdedelevatorfartz on 04.21.22 at 1:50 pm

I’m voting AnyonebutTrudeau….
If that is a wasted vote.
So be it.
The Mills won’t be able to blame me for what’s coming.
:)

#3 Joe Lalonde on 04.21.22 at 1:53 pm

You missed the quiet contemplation of your whiz…wisdom in snow snake country.

One thought though.
Who’s qualified for these mortgages?
Wouldn’t many need co-signers to qualify?
So if you’ve been trying to dump your child off into their own place, they wouldn’t exactly qualify.

Just makes you wonder if this is an even bigger problem than being realized.

#4 TurnerNation on 04.21.22 at 2:07 pm

Why I call us the Republic of Fizer.
Yep as of March 2020 the curtain was dropped. Total global control via handful of global corps.
Our governments exist only to fulfil their will (“Mandates”)

https://www.pfizer.co.uk/news-and-featured-stories/blueprint-for-uk-adoption-of-cell-and-gene-therapies
“PFIZER UK LAUNCH BLUEPRINT FOR THE UK ADOPTION OF CELL AND GENE THERAPIES
‘From Promise to Reality: A blueprint for building a mission-led partnership approach to make the UK a world-leader in the adoption of gene therapies’ explores how the UK can tackle some of the challenges it currently faces which could prevent it from fully embracing gene therapy in the future.”



Your hint what all this is about. When the reset began that cold winter week March 2020 the only thing not shut down was the new condo construction. When our rulers tell us “Livable cities” flip their words 180 degrees, to make sense. Unlivable cities. Crowded, fetid UN Smart Cities.

“Ford has been called out for his heavy-handed use of MZOs to fast-track developments, going over the heads of citizens when public forums are usually required, as well as of municipalities themselves.
https://www.blogto.com/real-estate-toronto/2022/04/ontario-fast-tracking-developments-pissing-people-off/
“Other GTA cities are seeing a similar push from the government to get things built, including Richmond Hill and Markham, where enhanced MZOs have been approved for new projects that residents are saying will render the areas completely unlivable.”


Smart Cities.

https://www.calgary.ca/general/smartcity/calgarysmartcity.html?redirect=/smartcity
https://www.un.org/sustainabledevelopment/cities/
Smart Cities Challenge
https://www.infrastructure.gc.ca/cities-villes/index-eng.html

#5 Ponzius Pilatus on 04.21.22 at 2:11 pm

#148 crowdedelevatorfartz on 04.21.22 at 11:52 am
@#147 Ponzie’s Perfect Prose
“You sure, it was not a message……in
Mandarin?”
++++

Possibly both, since the Chinese govt seems to have arrested a ton of people in HK and sent them to prisons on the Mainland.
—————————
Chinese prisoners are allowed to have phones?
You are sure?
Not a privilege that they granted the 2 Michaels.

#6 Mark on 04.21.22 at 2:12 pm

Pierre isn’t Trump, and it’s disingenuous of you to say so. He advocates for less government meddling, spending, and inflation. He advocates for personal freedom. And he isn’t woke. That isn’t Trump. Those are conservative positions.

The push-over O’Tooles and the likes just keep getting steam rolled in elections because they try to triangulate and be everything to everyone.

Cheers.

#7 Faron on 04.21.22 at 2:13 pm

#107 DON on 04.20.22 at 10:31 pm

#37 Faron on 04.20.22 at 5:27 pm
Yo kiddos! Betcha missed me!

********
I think Sail Away missed you…a lot. Gotta be a yin yang thing.

Good to have you back…what’s going on with the weather? If you don’t mind.

Thanks for the kind welcome DON. I miss some of the camaraderie that occasionally rears its head here. Probably not back for long though.

The weather? This is pretty normal for a La Nina year. Yeah, it’s cold, but pretty typical for the phase. I absolutely love it and will probably still be skiing well into July if this keeps up. Got some Cascade volcano glaciers in my cross hairs. The run from Sherman Peak to the moraines on Mt. Baker can be 1200m (in the vertical) of spring corn snow bliss. It’s just there. For the skiing. Or but sliding for that matter. And nothing makes one appreciate spring’s rich green lushness more than a day or days spent among the snowy wastes. I digress…

Like all things climate related, 20 or 40 or 60 years ago this would have been an even colder April. The baseline has warmed a degree or two, so what is now a bit of frost nip would have been a killing frost not too long ago. Snow in Calgary in April? Pfffft. It only feels weird to Calgarians because of the warmer background today. When I lived there in the early aughts, a dump of snow in May was de-rigueur.

Anyhow, the cold now will average out. I’m sure, once again, this year’s average will fall among the top 20 in BC and top 10 globally. Or not. A year’s weather does not define climate and doesn’t say much about climate change. Yet, extreme events can and do reveal much.

Russ, unfortunately the models are not wrong. That you think they are reveals where your head is stuck askance. The greater risk is that they are undershooting and leaving us exposed to surprises like last year’s heat-wave that killed more than 750 British Columbians.

I’m sure Sail Away misses me like he does his gonorrhea-catching days when he, you know, used to go out into the world and have fun rather than while away his hours playing holier-than-thou on this comments section and god knows where else on the internet. Also liars, insulters and cheats kinda want to be caught out, so they dribble and drool little hints just to raise the stakes. Without me, no-one is doing the catching.

Finally, I was reading my copy of Pojar and MacKinnon’s “Plants of the Pacific Northwest Coast” a few nights ago. I was curious to learn more about the Yellow Cedars that share space with mountain hemlock in much of the Island’s ski terrain (oldest trees in our forests! They smell like arse!). I came across the description of the plant that Sailo’s engineering firm is named after. It made me chuckle.

#8 Ponzius Pilatus on 04.21.22 at 2:18 pm

#1 Ustabe on 04.21.22 at 1:50 pm
It all started to go south when we switched from the uniform stubby beer bottle to the wild west, free for all beer bottles come in today.
————————
The “stubbies” were great for bottling your own beer.
Virtually indestructible.
MYOB ( Making your own beer):
Another great Inflation Buster.

#9 Quintilian on 04.21.22 at 2:19 pm

#2 crowdedelevatorfartz on 04.21.22 at 1:50 pm
“I’m voting AnyonebutTrudeau….
If that is a wasted vote.
So be it.
The Mills won’t be able to blame me for what’s coming.
:)”
Crowdie, were you born angry and irresponsible?

Yours is an emotional response to a set of circumstances which you do not fully understand.

The intensity of your outrage, I speculate is triggered by the confusing, and often contradictory and inconsistent, messages from the blog host.

#10 Caffeine Monkey on 04.21.22 at 2:19 pm

Canada is not the US – we don’t have CDOs, for example, but the financialization of real estate is certainly a major concern. With the US fed prepping us for another 50 basis point rise, you have to wonder what institutional investors will do with their real estate holdings. Will they liquidate, crystallizing their earnings and dumping a bunch of inventory onto the market? What is the scale of institutional investment in real estate in Canada? Does anybody even know?

#11 Rogerhomeinspector on 04.21.22 at 2:20 pm

Good point re: Canadian savings rate.

I saw stats from the US that showed in the last 4 months household debt levels absolutely skyrocketed beyond what they were before Covid. When people were WFH and the kids couldn’t go to daycare many found themselves flush with cash.

Personally, as Garth noted today, I fee recency bias took over for many and they found themselves with a bunch of money left over every month and spent it. I really feel a lot of that freed up cash is going to pay financing cost on everything from homes to RVs to boats etc… that were pandemic purchased.

I have a suspicion that many families now face all their normal expenses (plus a commute at $1.80 a litre) PLUS all the fun money commitments they made over the last couple years. And this makes no mention of the rampant inflation that has caused everything else to get more expensive.

Me thinks skyrocketing household debt and cratered savings suggests people made permanent decisions based on temporary circumstances.

#12 pPrasseur on 04.21.22 at 2:20 pm

The left-right divide that’s come to paralyze America is suddenly alive here.

The big divide is between those who have or will have defined benefit pension, mainly public sector employees, and the mass of others who pay for it and are left to struggle without such privileges.

Guess which side the left and their bribed media defend… That’s right, they’re on the side of the big government machine and their unions.

More and more it is the populist right that defends and speaks for ordinary working class people who are not part of the public unionized establishment.

People are angry and divided now you say, you have seen nothing yet. For example just wait until their house value takes a dive…

#13 Dr V on 04.21.22 at 2:25 pm

“In the last fifteen years society has transformed. The biggest cohort is now Mills, not Boomers.” – Garth

Hmmm. No new boomers or mills were created in the
last 15 years.

Conclusion – more boomers have died than mills in the last 15 years.

Oh well.

#14 Dogman01 on 04.21.22 at 2:26 pm

What we need is “tell it like it is day”, a day for all responsible ethical leaders to stop playing their game and say the right thing.

Here in Alberta, 2015, the late Jim Prentice tried; “Albertans should “look in the mirror” when it comes to the financial woes now squeezing the province”.

Problem was Albertans hired the Conservatives to run the province properly for 40 years while they went about their lives. Jim needed to call out his ruling class for their miss-management but instead pointed at the PLEBS who spend their days working etc.

If you are old like me, you have may have lost Trust that our ruling class does anything but enrich themselves.

“So, let’s remember. There are those among us who, in serving themselves, serve no one.” – Garth Turner

#15 Madcat on 04.21.22 at 2:34 pm

C’mon… Pierre P is way smarter than Trumpis…

#16 Adam on 04.21.22 at 2:36 pm

Recession is basically guaranteed at this point. It’s going to be bad. It might be the recession that we SHOULD have had back in 2009 but never actually went through. The USA got hit much harder than Canada. It’s our turn now. Everyone is worried about inflation but the real worry should be the deflation which is coming to a country near you in 2023.

A recession is always coming. Chill. – Garth

#17 I'm not from the government on 04.21.22 at 2:38 pm

I’m here to help …

One. That silly $200 figure that has been circulating for many years simply means that almost everyone has earmarked (as in they spend without thinking about their future) any free cash flow – could be for restaurants, cars, homes, toys, etc. The reality is that if they trim the guff, they can free up enough to survive and thus never fail. So far with low rates anyway.

Two. That Great Reset is happening right now. Many are being inflated out of owning anything ever. They will come for you and I later.

#18 Søren Angst on 04.21.22 at 2:42 pm

2022 is going to be tumult to tumultuous.

——————

“So never start a blog.”

– Blog writer.
https://www.greaterfool.ca/2022/04/21/2007/

⏱ ⏱ ⏱ ⏱ ⏱

US employment too tight, Fed going to tighten it, more high rates coming. Mr. Market weaker stock prices with tighter financial conditions. Recession likely next year.

– Former NY Fed President, CEO Bill Dudley
https://edition.cnn.com/2022/04/21/economy/federal-reserve-rate-hikes-inflation/index.html

⏱ ⏱ ⏱ ⏱ ⏱

The group collapsed, the red boat sank, the bad guys died, and the good guys were wronged..

– Credit Knife Man, China
https://www.youtube.com/watch?v=rY7WqcQN_QY

⏱ ⏱ ⏱ ⏱ ⏱

——————

Rains. Pours.

Stay in bed until 2023.

#19 TurnerNation on 04.21.22 at 2:44 pm

Big Bad Tech Bear Market persists.

https://finviz.com/quote.ashx?t=QQQ&p=w&tas=0

—-Control over Travel. Yep until the Digital ID is ready. Not going away this is PERMANENT. This is global WW3 so expect armed checkpoints and papers please.
Hey we “back to normal yet?

https://twitter.com/sdonato89/status/1517132533036634113
The US just extended their restrictions on unvaccinated non-citizens entering the land borders.
https://public-inspection.federalregister.gov/2022-08743.pdf

.”After August 31, 2022, foreign [non resident] nationals will need to be fully vaccinated in order to board a flight or train to depart Canada.” (travel.gc.ca)


— Covid is Life! Life is Covid. Training ’em young.

.Why Are Preschoolers Subject to the Strictest COVID Rules in New York City? (newyorker.com)

Citizen step out of the car and blow this breath test. Fail? Off the internment camp for you. Shanghi appears to be the test zone at the moment

https://news.yahoo.com/covid-19-cases-hospitalizations-rise-070330876.html
“Two new omicron subvariants have spread and the FDA authorized the first COVID breathalyzer test for emergency use.”

#20 Millennial 1%er on 04.21.22 at 2:44 pm

let it all burn :)

#21 Jason on 04.21.22 at 2:53 pm

Garth, you love spending time on this blog or you wouldn’t do it.

In Canada, people fear the far right more than the far left, and they would choose a centrist. Pierre P can’t cozy up to the extremes if he wants to be PM, but he has to if he wants to win the leadership. Tough place to be.

Centrist conservatives need to separate themselves from the far right. Protesting good. Occupation bad. Freedom of religion good. Outlawing abortions bad. Multiculturalism good. Racism bad. etc.

If there is a centrist conservative leader with some charisma, they can definitely win the next election. JT is over ripe and primed for losing. But if they cozy up to the far right and social conservatives, yikes, an endless string of Lib/Ndp governments await…

#22 Diamond Dog on 04.21.22 at 2:54 pm

From yesterday, inflation is the fault of the central bank of the U.S. AND Canada, but more to the point their democratically elected governments and their appointed officials within the systems that control these central banks as Milton Friedman used to say with frequency, “inflation is always and everywhere, a monetary phenomenon.”

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

Who controls CB policies ultimately? Our elected governments which in the case of the inflation we are seeing now falls on the policy choices of Trump and Trudeau. And, since there is a delay between the creation of new money and inflation of roughly 18 months to 2 years depending on how the money is created and filters through the economy, the inflation we are experiencing right now as we speak is the consequence of Trump administration policies, lock, stock and barrel.

It’s a pretty simple concept, really. If the government prints more money and increases the money supply, there is more money chasing the same number of widgets and it gets priced in causing inflation. At first it stimulates the economy, but then gets priced in, in the form of inflation over a period of time (18 months to 2 years).

Finding out just how much money governments like Canada and the U.S. in particular have printed is not as easy as it looks since the printing or better defined creation of new money in the supply involves fractional reserve banking in the commercial banking system (credit) and through the issuance of new t bills and commercial paper (bond markets). In other words, it’s through the expansion of credit that we see an increase in the money supply and these numbers (m4 and beyond), you won’t find online or from CB’s.

When the money supply is defined online, it begins with the narrow to broad definition of liquid money only, defined as m0 (cash and coin) moving its way up through m1, m2, m3 and m4:

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

Now, I will admit, the definition of a money supply was a challenge for a simple plains farmer low born common pleb serf autodidact like myself. (its not easy with no one to call up and confer someone on such a banal subject as the money supply, sniffle) I have regrets with a couple comments a couple months back but, I’m still a dog with a bone.

For some reason, at least for me, trying to find out just how much the money supply has increased in the U.S. and Canada is not so easy, mostly because the broadest definition of the money supply (m4 and beyond) is not public information. m4 (and beyond) is the data the average voter needs to see to determine if a government is in fact, trying to buy it’s way into re-election through short term wealth effects that a rapidly increased money supply would provide. I said not so easy but I didn’t say impossible.

When we look at the money supply defined in enwikipedia (best definitions I’ve found online, there are a couple others that are misleading), the narrowest definition of the money supply would include cash & coin (m0), then broaden to cash & coin & short term deposits and 24 hr money market funds (m1), cash & coin & savings accounts (m2), m2 & longer term deposits and money market funds (m3) and finally m4 which is m3 & T bills and short term commercial paper.

The narrowest definition of the money supply (m0) isn’t useless, but it’s on it’s way since the narrowest definition of the money supply is cash & coin and we are moving toward a cashless system. m1, m2 and m3 (m2 is best used for inflation) are broader definitions of liquidity in the money supply but these terms are far from the sum total of money in circulation.

m4, once again, is defined money supply that is the broadest measure of the money supply and it’s not public information. m4 isn’t even that well defined. Most definitions online don’t include it. Enwikipedia does, but defines m4 as treasury bills, commercial paper & m3 which is vague since T bills are a part of a larger group of treasury securities:

https://en.wikipedia.org/wiki/United_States_Treasury_security#Treasury_bill

What this leads me to think is this. Information to the entire money supply, defined one should think as all realized monetary assets and liabilities, is not available to my knowledge from our central banks. We don’t even have a proper definition for it. If it is properly defined, (m5, m6 through m10 etc.) it’s not privy to the general public. All we have to go by in determining how long inflation is going to hang around for, is m2. Is that enough? It may… give you a ball park and it may not. We need the broadest definition and data of the money supply to know it and this information once again, is not public.

But, some things are quite obvious in terms of how much credit has grown. The U.S. Fed balance sheet has ballooned to 8.95 trillion for example, some near 2.5 trillion being MBS’s alone, most of this largess coming in 2020. MBS’s can be tracked, as well as treasury securities and bond markets as a whole but even there, fresh data is illusive.

When we take a deep dive into the money supply and realize how little information is forthcoming in terms of how much money has been created through commercial and central bank loans or growth in the money supply in it’s “broadest” terms…. it’s more than worrisome in some aspects because the voter can’t make it’s choice based on one of the most sensitive issues in politics specifically to corruption, i.e. control of the purse or money supply as a whole.

We can, as voters, see public debt issues, see central banks pad their balance sheets buying their own bonds and MBS’s driving mortgage rates lower to create money faster and stimulate the economy. We see these things but we don’t see the all in all fresh data, the yoy’s, historical past comparisons, the full effects these moves have on the money supply. This is a major failing in our democracy as far as I can tell btw, a major lack of disclosure of information to the voter and taxpayer that should be available to the general public but isn’t and will ultimately come to haunt.

To put it in another way, not to come across as a conspiracy theorist, God knows they like to minimize and exaggerate (when they don’t outright lie), conspiracy theorists do well in environments where the truth or reality is hidden or not easily seen. It’s an if/then. If our financial systems ever go down in flames due to hyperinflation caused in combination by a rapidly increased money supply with unsustainable public and/or private debt, it’s because our governments systematically and structurally kept the general public from knowing about it’s dangers. It makes me think the worst (corruption, incompetence). Because it should.

#23 The Sun won't set on 04.21.22 at 2:56 pm

It is total trash conspiracy –

https://torontosun.com/opinion/columnists/hanson-the-real-reset-is-coming

Make your own minds though.

#24 millmech on 04.21.22 at 2:58 pm

Nine rate hikes coming.
https://www.msn.com/en-ca/money/markets/fed-chair-powell-calls-a-faster-pace-of-rate-increases-appropriate/ar-AAWsvV1?ocid=msedgntp&cvid=ef52d3a4adf547118f058bdc32c82509

#25 Sail Away on 04.21.22 at 3:13 pm

#4 Faron on 04.21.22 at 2:13 pm

Finally, I was reading my copy of Pojar and MacKinnon’s “Plants of the Pacific Northwest Coast” a few nights ago.

I came across the description of the plant that Sailo’s engineering firm is named after. It made me chuckle.

———

Jim and Andy! Haha, Andy suggested our company name due to the tree’s unique medicinal properties.

My wife has co-published with them many times. Andy would sail up to Juneau as onboard naturalist on the Maple Leaf and stay with us, and we’d visit Jim frequently when he lived in Whitehorse. I’ll let Andy know you’ve mentioned their plant guide next time he’s over. He has a new mushroom book out now as well- get that, too. And David Arora’s.

#26 DER on 04.21.22 at 3:16 pm

Right on , Brother!

#27 Flop… on 04.21.22 at 3:20 pm

I started a blog once.

It was the longest six months of my life…

M47BC

#28 Shawn on 04.21.22 at 3:26 pm

Money Supply?

Money that is “spent” just ends up in another bank account.

The money supply will not decrease until people and governments start to pay off debt.

Will that happen?

I could add corporations to people and government, but corporations as a group are extremely unlikely to reduce their debt levels. Growing corporations add to debt fairly steadily in most cases.

#29 oCaNnAbiS on 04.21.22 at 3:28 pm

DELETED

#30 Overheardyou on 04.21.22 at 3:40 pm

I am finding it increasingly difficult vote for an honest, in the middle politician with a vision and actionable plan for a better society. I couldn’t careless for what they hand out. If you know of any, I’d support them on the ballot instantly!

#31 Jason on 04.21.22 at 3:40 pm

#12 pPrasseur

The big divide is between those who have or will have defined benefit pension, mainly public sector employees, and the mass of others who pay for it and are left to struggle without such privileges.
————————————————

That’s just jealousy. Anybody could make a choice to work with an organization that has a defined benefit pension if that was a priority. I do. In a private sector, non-unionized organization. And in case you don’t know, the bulk of what goes into my defined benefit pension is coming from my paycheque.

And if you don’t have a defined benefit pension, Garth’s advice re: RRSPs, TFSAs and the like should set you up nicely in retirement too! So many options! Why the whining?

#32 crowdedelevatorfartz on 04.21.22 at 3:41 pm

Quinty Questionable Quotables
“The intensity of your outrage, I speculate is triggered …”

+++++

Is this my “triggered” warning?
OK
My flatulence reduces my outrage.

#33 crowdedelevatorfartz on 04.21.22 at 3:42 pm

@#27Flop
” …..started a blog once.
It was the longest six months of my life…”

+++
It was actually only 2 weeks… it just SEEMED like 6 months….

#34 Shawn on 04.21.22 at 3:45 pm

Diamond Dog at 21on the nature and quantity of money.

It appears that like me you found out that Money is a complex thing. Its creation is complex. Those with little knowledge find it simple.

Something to think about:

Is a house money? I would say definitely not since you can’t spend a house. A house has value adn that value is measured in dollars but a house is not money.

Is a credit card with a $10,000 limit money? You might say no since using a credit card creates a debt. But as you alluded, commercial banks create money all the time by lending. A credit card can be used to purchase things actually more readily than paper money these days at many places. Using a credit card instantly creates a loan and puts a deposit into a merchant’s bank account. So arguably a credit card is money up to its full unused limit. At the very least it is potential money. (Sort of like Potential Energy but my memory of learning about that has faded)

#35 Gr on 04.21.22 at 3:58 pm

“So never start a blog.”

As well as the quality information with realistic opinion, and the quality of ‘the daily picture’ is worth the price or should I say is priceless. I’m sure it has help more than a few people along the way.

Now if I could only find a repair manual for the crystal ball I found … LOL.

#36 Ian on 04.21.22 at 3:58 pm

Hi Garth,

Your blog has provided so much advice for my family and friends. Reading since 2008 I can say that you have been constant and right in a balanced, diversified portfolio. I’m 40 now, no debt, rent with wife, kids, DB pensions, fully funded RESPs and high savings, estate setup with 3rd party executor and looking to retire in 10 years. Maybe I’ll start a blog in addition to volunteering and doing work I really enjoy. But you sir did not waste time with this blog; its been appreciated. Off to pet my dog; thanks for the daily read.

P.S. I won’t be buying anyone’s house or condo; I’ll happily rent one. So whatever happens I wish them all luck with their bets.

#37 calgaryPhantom on 04.21.22 at 4:02 pm

Garth,

ever thought about doing a Vlog? I think it will save you quite a bit of time and would be a nice change for you.

#38 Devil Anse on 04.21.22 at 4:11 pm

Owe nothing. Have financial assets. Brim your tax shelters. And, yes, live quietly among the masses.

—————————————-
These reminders are why I read your blog every day…especially these days when my wife tells me constantly that we need a bigger house.

#39 Hurtin' Albertan on 04.21.22 at 4:18 pm

This blog and the comments forum are worth the time. (Thanks be to Garth!)

This recent article in the Atlantic is a must-read for anyone who is distressed by the current state of political discourse and explains how we got here:

https://www.theatlantic.com/magazine/archive/2022/05/social-media-democracy-trust-babel/629369/

As the author states, we must harden democratic institutions, reform social media, and prepare the next generation.

If we do not make major changes soon, then it is not hard to see how our institutions, our political system, and our society may collapse.

#40 Dave on 04.21.22 at 4:28 pm

Hearing that the EU will ban Russian oil next week after France elections. Oil could spike to $175. Crazy inflation and then aggressive interest rate hikes.

#41 Jeff on 04.21.22 at 4:39 pm

Have you seen the commercials on TV encouraging people to file their tax returns in order to get all the various benefits they qualify for? It’s as if the purpose of the tax system is to administer benefits rather than raise tax revenue!

#42 Time OUT 4 U on 04.21.22 at 4:46 pm

Yes don’t panic we will get through this even with crazy governing. So true.

#59 Senator Bluto on 04.18.22 at 5:58 pm.

Saw this post thought of my old friend Alex.
You can see who is sketchy. Older material now but same crap goes on. He was one of the top gun brokers back in the day.
Enjoy….crazy.
https://www.alexdoulis.com/index.html

#43 Linda on 04.21.22 at 4:53 pm

Nowadays its all about the drama. So while lots of folks are still living within their means, one never hears about them. Nothing to see here folks, move along:)

#44 Bill on 04.21.22 at 5:12 pm

Pierre Polievre is the middle – we’ve just drifted too far left to understand what the middle actually looks like. Small government, less meddling, more productivity, ability to make our own personal medical choices, less taxes, more Canadian productivity in oil, build more houses so it increases affordability, and generally leave Canadians alone so that the free market can do what it does – produce liberty, wealth, and Canadian security. What is so wacky about that? I attended a PP rally today – nothing wacky at all about his centrist policies. Stop watching the main media, and listen to him. Bet you have a hard time disagreeing with his message. PP is no Trump, not even close.

Tamara’s bud. – Garth

#45 HH on 04.21.22 at 5:16 pm

I have little patience with those whiny millennials. Of course, they are not all whiny but there seems to be a lot of them. But then I remember way back when I was in my thirties an article that said baby boomers were the most self-centred and demanding demographic ever.
I and my siblings were raised by parents who grew up in the dirty thirties. There were no handouts then from governments. They had to be wise money managers. In my father’s case it caused him to be ‘cheap’ as I use to tell him. But I knew the reason. It’s not necessarily a bad thing to grow up in that environment. We learned to treat money with kid gloves. I am retired and, if I do say so myself, a damn good money manager. I log every dime. I have a mortgage (not a huge one) and I pay cash for a new car when required. I am not wealthy but with good money management skills I don’t have to be.

#46 crowdedelevatorfartz on 04.21.22 at 5:19 pm

@#40 Dave
“Hearing that the EU will ban Russian oil next week after France elections. Oil could spike to $175. Crazy inflation and then aggressive interest rate hikes.”

+++
Hmmm.
While no one can predict how the political winds will blow…..
My previous prediction of gas to $3/lt by July 1st Summer driving season?
Seems closer than ever!
Ponzie care to toss your $0.02 in to the gas tank?

#47 macduff on 04.21.22 at 5:19 pm

Garth,
The lunatics are loose in the comments again. Any further thought to suspending comments to your excellent blog?

#48 NOSTRADAMUS on 04.21.22 at 5:21 pm

SUFFICE TO SAY,
The overindebted, unfortunately exhibit classic symptoms of what is scientifically recognized as the DUNNING-KRUGER EFFECT, the cognitive bias in which people come to believe that they are smarter and more capable than they really are. The combination of minimal self awareness and dim wattage leads suffers of this condition to overestimate their own capabilities. Years of easy money has allowed them to carry on with a combination of overweening self-confidence and unchallenged ignorance. New point. With inflation rising, interest rates moving up, government spending squeezed and the prospect of some tax-rising, this year could seem like a return to the good old days. But were they so good? I’d rather fancy that different readers will have a very different take on that. Hold on, someone at the door.

#49 Amok on 04.21.22 at 5:22 pm

Garth, you clearly have no idea what ‘authoritarianism’ means.

You’re equally as guilty of the same hyperbole you claim to admonish.

#50 crowdedelevatorfartz on 04.21.22 at 5:23 pm

@#41 Jeff
“It’s as if the purpose of the tax system is to administer benefits rather than raise tax revenue!”

+++
Maxing out on the RRSP contribution room has allowed me to receive a juicy refund every year. Which I immediately reinvest.
It makes paying my exorbitant personal and business tax bills slightly less painful.
But still painful especially when I see it urinated in the forest fire of Wokeism

#51 45north on 04.21.22 at 5:26 pm

The Sun won’t set

It is total trash conspiracy –
https://torontosun.com/opinion/columnists/hanson-the-real-reset-is-coming

from your link

The prophets of the new world order sowed the wind and they will soon reap the whirlwind of an angry public worn out by elite incompetence, arrogance, and ignorance.

yep

#52 AM in MN on 04.21.22 at 5:40 pm

I disagree that the majority are in the middle.

The combined Lib/NDP vote is a lot of people on the left, nowhere near the middle.

When the financial pain of leftism eventually bites (and it always does), enough of the soft Lib vote will hold their nose and vote for the bad medicine of fiscal discipline that is needed.

Although there is a brewing divide between those who are looked after by the Govt. and those who have to pay for it, inflation actually has a way of levelling the playing field because the dreaded private sector can respond faster, and there will be significant pressure to control spending on Govt. benefits and wages.

Choices to be made. Does Canada take the medicine that a PP can deliver or does it go the way or Argentina?

#53 Penny Henny on 04.21.22 at 5:45 pm

About the picture of Penny with the orange ball.
I was listening to a vet on the radio the other day and he was warning against letting your dog chew on a tennis ball. His reasoning was that the ball will pick up dirt and act as an abrasive against the dog’s teeth.
Penny is beautiful, and what a beautiful name.

#54 Reality is stark on 04.21.22 at 5:52 pm

I don’t understand.
If you borrow a million and pay it to a renovator who gives you a market value $500,000 improvement in your home, aren’t you up by $500,000?
Most Canadians would say yes they were definitely up.
What has our education system done?

#55 neptunian on 04.21.22 at 5:55 pm

great writing today! thanks!

#56 IHCTD9 on 04.21.22 at 5:56 pm

Post-Trudeau Canada will not resemble the Chrétien, Martin, Harper eras. Not even a bit. Young and not rich? Parents just regular income Canadians? Better start working on that green card. Here’s a little view into what Post-Trudeau Canada looks like according to the OECD:

https://betterdwelling.com/young-canadians-wont-have-the-same-opportunity-as-past-generations-oecd-forecast/

Yep, we’re (well, you’re) euchred. The GFC kicked things off, but even though Harper worked hard and managed to get our deficit down to under 1 billion, we went ahead and elected our current nose honking clown PM anyway. Today, a 50 Billion dollar deficit looks good, and we now proudly service a 13 figure Federal debt load. Hey, rates are going up too thanks in no small part to the hundreds of billions worth of free cash Trudeau injected into the system. What a goof. Glad retirement looms on the horizon at the IH bunker complex.

I feel for ya kids. Think carefully before you vote next time. The LNDP ain’t got your back. They’re working for us asset owning old stock curmudgeons. This much should be obvious by now, no? We show up at every election, and we vote with our wallets. Liberal all the way. The kids can move to Kapuskasing if a home costs too much. That’s evidently all that matters to the Libs, votes. At any cost. The cost is yours kiddies. Us Old Stocker’s catch on pretty quick.

#57 april on 04.21.22 at 6:03 pm

It looks to us that some sellers are taking their listings down – didn’t sell – and relisting at a higher price…Lowermainland BC

#58 truefacts on 04.21.22 at 6:10 pm

There was not much daylight between Harper and Cretien – both lowered taxes, balanced budgets…very centrist.

Trudeau has shifted far left and spends with reckless abandon (piling up more debt than all other PMs combined)

Poilievre is similar to Chretien/Harper, imo – very centrist.

#59 Pingu on 04.21.22 at 6:13 pm

“ Yet most Canadians live in the middle, forced to choose in the next election between woke or wacky.”

I refuse to vote for absurd politicians. Understand that your individual vote doesn’t matter; because election results are not a comparison between discrete vote counts; but a range of values on both winning/losing side.

Every time you count the votes, the number will be different. So, don’t ever count on your vote being the one deciding un the unlikely event of a tie.

Vote is useful as a way to express identity, and if you don’t identify with the candidates, well, don’t play the game.

If sufficient people do this, a center politician will emerge to fill the gap.

If you want to contribute politically, there are lots of ways; your personal vote is the least impactful of all.

PS: i am voting Rhinoceros.

#60 Dick Wigglar on 04.21.22 at 6:13 pm

The Feds might be hiking by 75 basis points at there next meeting.

#61 Yorkville Renter on 04.21.22 at 6:16 pm

#6 – Mark – enjoy losing elections! Centrists win, Partisans lose

#62 ogdoad on 04.21.22 at 6:23 pm

Sounds like this blog needs a little ogdoad…

Come here Greaterfool **HUG**

Og

#63 UCC on 04.21.22 at 6:28 pm

#31 Jason on 04.21.22 at 3:40 pm
#12 pPrasseur

The big divide is between those who have or will have defined benefit pension, mainly public sector employees, and the mass of others who pay for it and are left to struggle without such privileges.
————————————————

That’s just jealousy. Anybody could make a choice to work with an organization that has a defined benefit pension if that was a priority. I do. In a private sector, non-unionized organization. And in case you don’t know, the bulk of what goes into my defined benefit pension is coming from my paycheque.

And if you don’t have a defined benefit pension, Garth’s advice re: RRSPs, TFSAs and the like should set you up nicely in retirement too! So many options! Why the whining?

—————
Its not jealousy—its a fact. A DB pension in the private sector has no taxpayer protection aka Nortel, Sears etc. You could be left with pennies on the dollar. And if there is a DB pension in the private sector it negatively affects your RRSP due to the god awful PA number.

#64 Yorkville Renter on 04.21.22 at 6:29 pm

#52 – AM in MN – I don’t think JT is in the middle, but OToole was and got my vote… but PP is definitely not a Centrist, he caters to the Right and he won’t get my vote.

#65 espressobob on 04.21.22 at 6:31 pm

Seasoned investors know the score. It’s why we own the major indices and do a whole lot of nothing while maintaining buying power over the decades. Boring for sure.

Some of the younger go for home runs and the hype of commodities like crypto only to learn the hard way. Adrenaline plays usually don’t work out the way self professed experts would have one believe.

Netflix or Shopify have proven there are others on the other side of the trade making a fortune off ignorance.

Figure it out.

#66 IHCTD9 on 04.21.22 at 6:35 pm

#9 Quintilian on 04.21.22 at 2:19 pm
#2 crowdedelevatorfartz on 04.21.22 at 1:50 pm
“I’m voting AnyonebutTrudeau….
If that is a wasted vote.
So be it.
The Mills won’t be able to blame me for what’s coming.
:)”
Crowdie, were you born angry and irresponsible?

Yours is an emotional response to a set of circumstances which you do not fully understand.

The intensity of your outrage, I speculate is triggered by the confusing, and often contradictory and inconsistent, messages from the blog host
——

At this point, anyone who avoids voting for Trudeau can be credited with properly functioning eyes, ears, and brain.

Those planning to vote Trudeau again can be credited with…

My bank account thanks you for your service.

#67 Nelson on 04.21.22 at 6:35 pm

While I have no great admiration or loyalty to our current prime minister, we could do worse, and I do hold some respect for the office as well as our democracy.

So…to be fair, I think to characterize the current government as “extreme authoritarianism” – even in regard to the emergencies act – is a bit much. This sort of talk is best left to the likes of Tucker Carlson and Ezra Levant.

The use of the emergencies act is debatable, but something had to be done – the Ottawa Police Service was MIA and had a complete failure of leadership. At least we live in a democracy where we can still debate the actions of our government, and hold them to account at the ballot box in the next election.

Extreme authoritarianism is Joseph Stalin and Adolf Hitler and perhaps even Vladimir Putin….it is not Justin Trudeau, or even Stephen Harper.

I know you know this Garth, and are tongue in cheek, but one only need scroll through a bit of the twitter sphere to see that there are a lot of dummies in this country that don’t. Misinformation and gross exaggeration are rampant and you have a lot of influence.

All that being said, I’m sure we will hear a lot about the ‘extreme authoritarianism’ of the Trudeau government throughout the smarmy Pierre La Pew’s campaign. So I may as well get used to it.

Otherwise, another great post!

#68 Dave on 04.21.22 at 6:41 pm

Great post.

#69 AM in MN on 04.21.22 at 6:52 pm

#39 Hurtin’ Albertan on 04.21.22 at 4:18 pm

As the author states, we must harden democratic institutions, reform social media, and prepare the next generation.

—————————————————

Or another alternative is for the left to stop lying and using the power of the State to crush political dissent?

Maybe stop enriching themselves with printed money and let the industrial economy provide for working people?

My guess is that they won’t. Like drug addicts, they can’t stop themselves.

That’s why revolutions happen.

#70 WDL on 04.21.22 at 6:54 pm

Pierre Pollievre…a Turmp wannabe. Garth, most of what you write is so bang on and then there’s other times all one can do is roll their eyes.

That’s exactly what he wants to be. The populist. – Garth

#71 habitt on 04.21.22 at 6:56 pm

31 Jason. There are still DB Plans? Yeah right lol

#72 pPrasseur on 04.21.22 at 7:00 pm

#31 Jason – That’s just jealousy.

No it is not, the wealth transfer from “ordinary” working class to public sector union employees is the largest ever in mankind (or is it people kind) history.

Book for you: https://www.amazon.ca/-/fr/Bill-Tufts/dp/1118098730

This is today’s ruling class and establishment! They are (mostly) the reason this society (and others) is going bankrupt.

#73 mj on 04.21.22 at 7:16 pm

I could not stand Trump before he became president. Once he became president, about 90 percent of his policies are great. I don’t know much about Pierre, but listening to him recently, it seems like he will have good policies. That is the most important

#74 crossbordershopper on 04.21.22 at 7:17 pm

its not just houses, i was talking to a guy who works at mcdonalds and drives a fancy truck, 439 bi weekly payments. plus insurance so 1011 per month before gas.
and repairs. I think people are stupid, we all know that, so if someone wants to work for nothing to pay for a fancy truck or a newly slapped together house and work there whole life to pay for it, good for them.
and for taxes, most people are too far gone, they only want freeness. i know couples who have split after 65 because they get more benefits, they are still together, just on paper seperate. there is no glue anymore, its all about the cash. no morality or self control.
still waiting to see that 90 year old lady who has been saving her whole life investing and has millions, i havent met her yet.

#75 Michael on 04.21.22 at 7:18 pm

#27 Flop… on 04.21.22 at 3:20 pm
I started a blog once.
It was the longest six months of my life…
M47BC
…………………………………………………
I enjoyed that blog every day while it lasted Flop.
Might be a good time to restart it again, I think a lot of material would come your way pretty soon.
In fact I hear the price drops started so you could have started yesterday :)
M50BC

#76 Chopper on 04.21.22 at 7:20 pm

O.K Garth so you don’t like Pierre P for the next P.M.

So who would you like to see as the next Prime Minister of Canada?

I will be voting for him to be the next PM.

#77 Linda on 04.21.22 at 7:20 pm

#12 ‘p’ & #71 ‘habitt’ – you do understand that CPP IS a defined benefit pension plan, right? So the masses do have a DB plan. I’d add that if the masses want to have a more robust benefit in retirement they should petition the government to up CPP contributions to match what is paid into those other DB plans. That would average 12 to 14 percent of earnings. As the saying goes, you get what you pay for. Or maybe not, as the employees of Nortel, Sears, Enron, Stelco, Air Canada etc. found out.

#78 Nelson on 04.21.22 at 7:22 pm

On Pierre:

Pierre is one year older than I and we studied at the same time at the University of Calgary. I came from a farm and a small rural community, working weekends and summers to get some assistance with the funding of my education. I remember when he first became an MP at the age of 24 and I first saw him speak on TV and heard his voice. “What an absolute slime ball”, I thought.

He was one of a crew of really young MPs under the Reform Party / Harper gang. Young arrogant slime balls with no life experience and no work experience outside of kissing ass and spewing BS.

He was selling reform party memberships for Jason Kenney when he was 16. While in University he won an essay contest with the subject “If I was Prime Minister I would” – in which he argued, amongst other things, that Canadian MPs should have a two term limit imposed upon them. He has now far exceeded that limit but that doesn’t seem to bother him. That is because he is entirely full of crap and entirely self-serving.

The fact that the freedumb convoy movement is all about the working man and all about hatred for politicians, it is amazing that they have embraced a guy who has been nothing but for his entire adult life and part of his childhood. He has a gold-plated pension indexed to inflation for life with an absolute dilly of a government salary for as long as he chooses to continue to con people. It is much like how the blue collar working man somehow embraced Donald Trump with his soft little hands that never lifted more than a silver spoon (well, and KFC I guess) as their champion south of the border.

Poilievre saw an opportunity in the freedumb convoy and latched on, now he’s riding it. Honestly, I believe Charest was right in saying it should disqualify him from the leadership, and perhaps his office as he never condemned anything about it.

In truth, Pierre has been my most-despised Canadian political figure for my entire life. It has always shocked me – the inability of people to judge the character of others, to see through smarmy suckers like Poilievre, but the following he is gathering at the start of this CPC leadership contest is next level. It makes me sad.

Truthfully, be careful what you wish for.

His victory in the CPC leadership campaign will either set the path for a huge loss in the next federal election (deep down I still believe Canadians are better than what we saw occupy the streets of Ottawa for a month) or it will send me to NZ permanently.

#79 James on 04.21.22 at 7:25 pm

Long time reader. Great blog. I don’t comment much. But I feel I need to. Why do you keep calling Pierre a Canadian trump? I don’t understand. Pierre is calling for responsible government spending etc etc… is it because he holds big rallies or gives support to Canadian protesters who have had enough? It’s sad that in Canada if you support conservative (including O’Toole) you are now labeled a trump supporter and a racist. I really wish the media (including this blog) would let conservatives have a chance to tell the people what they stand for. Instead, they are being labeled trump/racist before they even become the leader of the opposition in this case.

#80 A01 on 04.21.22 at 7:47 pm

Ok, I’m sure I’m not the only one. What does this mean Garth [email protected]?

#81 ~ UmiouiuS ~ on 04.21.22 at 7:49 pm

“Once upon a time there was no blog. People drove around, sad and lost.”

Your post to-day ‘Grasshopper Garth’, is right up there with the very best of them.

A lot of us cringe at the thought of when you’ll officially retire the ol’ Olivetti and spend your mornings teaching Tai Chi and then doggy Reiki classes after lunch.

Yonder ..

#82 Al on 04.21.22 at 7:50 pm

So sad for the owners of the Penny, everything will be fine

#83 Fortune500 on 04.21.22 at 7:50 pm

I know there is divided opinion on this and Garth has been vocal about the fact it is a minor issue overall, but interesting to see some data https://www.theglobeandmail.com/real-estate/vancouver/article-housing-data-immigration-property-ownership/

#84 Ed on 04.21.22 at 8:00 pm

You’ve mentioned a distaste for certain protestd and the growing popularity of PP but these are all a result of the division cast on us by the current government. Large change will be welcome and refreshing.

#85 Cow Man on 04.21.22 at 8:01 pm

Sir Garth:
This blog is the best use that you ever made of your time.
Thanks

#86 Alloyhorse rider on 04.21.22 at 8:03 pm

Garth – there’s one significant difference between Trump and Skippy – PP has been sucking the public teat for his entire adult life.

Trump and Trudeau have more in common – inherited their wealth.

#87 Concerned Citizen on 04.21.22 at 8:03 pm

“Asking politicians to make houses cheaper ”

*****

I would settle for them not doing everything in their power to make them more expensive. Let’s start there.

I think you can draw a straight line from the Great Recession to increasing populism in much of the western world. As far as I know, not a single banker has yet gone to jail for their role in collapsing the global financial system. On the contrary, the banks and other large corporations were bailed out. Then the central bankers started printing money and keeping real interest rates negative for the ensuing decade – continuing the bailout. They never normalized policy. And if that wasn’t enough, Trump brought in a massive unfunded corporate tax cut. For many regular folks, they didn’t do nearly so well from 2009-2020. The Great Recession never really ended for them. I bet they loved seeing all that corporate welfare doled out, though.

So COVID hits. Corporations are caught with no safety net, because they’ve been buying back their stock with borrowed money for 10 years (in large part because of ultra loose monetary policy). The airlines being Exhibit A. For a brief while, market forces are allowed to work, and the stocks of companies with no margin of safety tanked especially badly. But we know what happened next. Another bailout, this one bigger than ever! Central banks print ungodly sums, start buying junk bonds, and there’s even talk of buying stocks directly. The markets not only roar back, but make massive new all-time highs. It turns out the pandemic was a bullish catalyst.

Meanwhile the so-called heroes – the shelf stockers, the pizza delivery guys, etc. – work for peanuts in risky conditions, watching the laptop crowd sit on their behinds “working” from home and seeing their paper net worth soar! And then to add insult to injury, we reward the heroes today with the costs of all this largesse – notably massive inflation and zero prospect of ever owning a home. What better reward could there possibly be for all their heroic acts? When these heroes hear the central bankers say they don’t want to raise rates because it would hurt the recovery, they must be asking themselves, “what recovery”? I think they also believe the central bankers care more about their portfolios, and Cabinet ministers more about their personal real estate empires, than they do about the economic well being of the average citizen. And from where I sit, I unfortunately believe they would be largely correct.

When people start believing that institutions no longer serve their interests, they get unhappy. And unhappy folks can do stupid things – like elect a man who lives in gold-walled apartment to the presidency in order to “fight for the little guy.” If our Canadian institutions aren’t going to do their jobs, then we can’t rule out the possibility that people make stupid decisions at the ballot box.

#88 Nelson on 04.21.22 at 8:25 pm

#80 A01 on 04.21.22 at 7:47 pm

Ok, I’m sure I’m not the only one. What does this mean Garth [email protected]?

Its The Nice Lady at the Bank, though I wouldn’t know as I’ve always been more of a stash it in the mattress kinda guy. Inflation has been particularly hard on me.

#89 Work and Tumble on 04.21.22 at 8:27 pm

Pierre Poilievre sure has got the attention of the news outlets here in Canada and he is not like Mr. Trump in any way that I have seen?
So until he puts on black face or sends in the police to break up a peaceful protest. I will support him with my vote for PC leader and go from there.

Do not be fooled. It is not the ‘PC’ party anymore. Pierre is a Reform guy, and the progressive aspect of conservatives has been snuffed. – Garth

#90 yvr_lurker on 04.21.22 at 8:35 pm

When people start believing that institutions no longer serve their interests, they get unhappy. And unhappy folks can do stupid things – like elect a man who lives in gold-walled apartment to the presidency in order to “fight for the little guy.” If our Canadian institutions aren’t going to do their jobs, then we can’t rule out the possibility that people make stupid decisions at the ballot box.
——-
Yup. Many very valid points. Although I am part of the laptop crowd, many members of the extended family in Alberta have been impacted over the past 5 years. I understand (but did not fully support) the sentiment of the “trucker” revolt.

#91 Satori on 04.21.22 at 8:53 pm

#2 crowdedelevatorfartz on 04.21.22 at 1:50 pm
I’m voting AnyonebutTrudeau….
If that is a wasted vote.
So be it.
The Mills won’t be able to blame me for what’s coming.
:)
———————
Ditto! I will vote for whoever is closest to edging him out…. that is if there is an edge.

#92 DavidW2 on 04.21.22 at 9:05 pm

Love the wisdom this blog shares each day. Thank you Garth and team

#93 Hindsight on 04.21.22 at 9:08 pm

Eyes wide open Garth, eyes wide open !!

#94 Binder Dundat on 04.21.22 at 9:12 pm

#74 crossbordershopper: “still waiting to see that 90 year old lady who has been saving her whole life investing and has millions, i havent met her yet.”

I’d be happy to introduce you to my mother anytime.

Spends very little, keeps investing- and lives very quietly among the masses.

#95 Two-thirds on 04.21.22 at 9:12 pm

So… interest rate-ageddon is coming, and should bring the RE market down to earth.

Will it?

Fixed rate renewals at a higher rate, but no LOC debt = could be okay

Fixed rate renewals at a higher rate, with LOC debt = RIP

Variable rate renewals with LOC debt = OUCH!

Variable rate renewals, no debt = Rolling the dice?

Ongoing fixed rate = should be okay?

Ongoing variable rate = rolling the dice?

It seems that LOC debt is the critical factor, followed by a variable rate.

However, variable rate mortgages have fixed payments and therefore, would a doubling of rates truly hurt on a cashflow basis?

If the payment stays the same, but as rates rise, more of the payment goes to interest vs principal, so that just kicks the can down the road does it not?

Plus, banks must LOVE the idea of keeping customers happy (same payment), trapped with their lender (due to having to re-qualify with another, at a higher rate), earning more interest income, and securing more payments, for longer.

Besides, for either fixed or variable rate renewals, would renewing with a longer amortization not be a great workaround that would make both borrower and lender very happy?

I want to believe that doubling of rates will cool the market, however, the banks have many tricks up their sleeve, the feds are injecting funds into RE, and Canadians would rather sell their pets, furniture, and children, rather than face the opprobrium of being house-less (emphasis on LESS).

Time will tell, I suppose…

#96 AK on 04.21.22 at 9:26 pm

Housing bubble started around 2004, when long term mortgage rates dropped below 6%.

What will happen should rates return to 6%?

#97 Cow Girl on 04.21.22 at 9:26 pm

Stumbled onto this pathetic blog back in 2008 as a Gen Xer with three university degrees and absolutely no financial literacy. Garth changed my world. Fourteen years later I am mostly retired and sleeping peacefully knowing that my family is going to be fine, whatever happens with real estate, stock markets, interest rates, or a slimy virus. So grateful for both the financial education and the brilliant prose.

I just hope my Gen Z kids have absorbed all the Garthisms they have been bombarded with over the years (so far so good…).

#98 Flop… on 04.21.22 at 9:35 pm

Since I got here 20 years ago, Canada has turned into a pretty good Stripper.

Got a boob job, nose job, tummy tuck and butt lift, now she thinks her stuff doesn’t stink.

Conservatives wanna put some clothes back on, and show a bit of modesty, Liberals and NDP are thinking about getting Botox.

Since Garth brought up a hat-trick, Trudeau is going for his own at the next election, 3 scalps from 3 consecutive deliveries.

The Conservatives could at least remove the stripper pole to make it a bit harder for them to boast.

How to finish this post?

If only there was a word that goes with hat-trick that describes Trudeau…

M47BC

#99 BC Renovator on 04.21.22 at 9:41 pm

DELETED

#100 crowdedelevatorfartz on 04.21.22 at 9:41 pm

Canada’s “Free public health care for all” .
BC has the worst wait times in Canada to see a “wlak in ” clinic doctor
BC Average is 60 minutes to see a doctor after you get in (if the clinic isnt full at 8am)
Victoria 160 minutes. Kelowna 90 minutes.

The system is grinding to a halt because the doctors are fed up with the bs and bureaucracy…

The Recession will only make it worse.

Vote accordingly.

#101 Doug t on 04.21.22 at 9:46 pm

#4 TurnerNation

WORD – keep up the good work

#102 Doug t on 04.21.22 at 9:53 pm

Pierre or ……… yeah starting to go with Pierre – and at this point why not, this country has to do something and if it means going down the road with him for a period then why not

#103 45north on 04.21.22 at 9:58 pm

IHCTD9 Us Old Stocker’s catch on pretty quick.

“old stock” first time I’ve seen that term on this blog

wikipedia has a good article
https://en.wikipedia.org/wiki/Old_Stock_Canadians

in French, it’s “pure laine”

#104 Ponnaps on 04.21.22 at 10:01 pm

Extremism has grown over the past 2yrs.. people hunkered down in their homes ,forced to live isolated from variousness of experiences and ideas tend to develop narrow, bigoted views on both ends of the spectrum..

Hope things improve and people get to go out more.. the last 2yrs have been pretty bad for mental and emotional health..

#105 Repurchase Disagreement on 04.21.22 at 10:02 pm

#7 did not tell you that the years with the most April days in Calgary at or above 16°C are:

1915 – 20 days
1889 – 19 days
1926 – 19
1891 – 18
1906 – 16
1977 – 16
1980 – 16
1913 – 15
1987 – 15
1910 – 14
1918 – 14
1930 – 14

All Environment Canada data.

#106 BCWally on 04.21.22 at 10:06 pm

‘Tis gone at last, and I am glad; it stayed a fearful while,
And when the world was light and gay, I could not even smile;
It stood before me like a giant, outstretched its iron arm;
No matter where I looked, I saw the mortgage on the farm
Sorry couldn’t get the author’s name…

#107 Earlybird on 04.21.22 at 10:22 pm

#87 Concerned Citizen

Yes!! Bang on 1000%

A good part of the population is completely ignored on all levels by all parties. Explains the voting choice or just not voting at all.

Your comment is a gem!

#108 Scooter on 04.21.22 at 10:23 pm

Absolutely, spot on Garth: Woke vs Wacky – so true! The Cons are missing a golden opportunity to lure centrist to their side. Woke will (almost always) appeal more than wacky IMHO – especially these days at least! Canada desperately needs a stable, fiscally responsible, intelligent, realistic, patriotic leader, who is willing to do what is right for the whole country! The Libs obviously made their polarizing choice (leaning even more delusionally left), but the Cons shouldn’t zag just b/c the Libs zigged! The Cons should be slow playing this and leave the whack jobs for Mad Max! Trudeau is a screwup, who’s only discernible skill is to announce new ways to bleed money – with never a plan to actually fund anything ever! By 2025 hopefully this reality (and consequences) will become apparent to the masses! But until then, the Cons should be trying to distance themselves from being the party of uneducated, anti-vax truck-nut, cowboy (they already got and will always have that demographic). Thanks Garth and the Turner Team!

#109 habitt on 04.21.22 at 10:28 pm

77 Linda I was responding to 31 Jason regarding private companies DB plans. You did get that right?
Not sure how employers would respond to such a large payroll tax increase. You get what you pay for or maybe not. Or you get more as in DB plans in the public service backstopped by the taxpayers. See post 72. I do enjoy your posts. Today not so much but hey no one can bat 1000. Take care

#110 DON on 04.21.22 at 10:50 pm

@Faron

I’ve see my fair share of yellow/red cedar saw logs and lumber. Beautiful clear edge grain pale yellow colour. Smells really off like you said. Termites hate it, I think ants also. Also used for firewood…a lot on the central north island areas by loggers. I believe they use it alot in Hawaii and Japan for building. The big market is old growth red cedar…which has a red wine smell. Italian red wine.

#111 Dr V on 04.21.22 at 10:56 pm

77 Linda

“#12 ‘p’ & #71 ‘habitt’ – you do understand that CPP IS a defined benefit pension plan, right? So the masses do have a DB plan. I’d add that if the masses want to have a more robust benefit in retirement they should petition the government to up CPP contributions to match what is paid into those other DB plans. That would average 12 to 14 percent of earnings. As the saying goes, you get what you pay for. Or maybe not, as the employees of Nortel, Sears, Enron, Stelco, Air Canada etc. found out.”
———————————————————-

Linda, the CPP contribution for 2022 is 11.4% of pensionable earnings, so not far behind other DBs.
This is in preparation for an enhanced payout, but it is nowhere near the benefit received with other DBs.

It does not look like a good deal at all, especially for the self employed.

Not surprising some other DBs have failed.

https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2021/canada-revenue-agency-announces-maximum-pensionable-earnings-2022.html

“The employee and employer contribution rates for 2022 will be 5.70%—up from 5.45% in 2021, and the self-employed contribution rate will be 11.40%—up from 10.90% in 2021. The increase in contribution rate is due to the continued implementation of the CPP enhancement.

The maximum employer and employee contribution to the plan for 2022 will be $3,499.80 each and the maximum self-employed contribution will be $6,999.60. The maximums in 2021 were $3,166.45 and $6,332.90 respectively.”

CPP enhancement here

https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-enhancement.html

“The enhancement means that the CPP will begin to grow to replace one third of the average work earnings you receive after 2019. The maximum limit used to determine your average work earnings will also gradually increase by 14% by 2025.”

#112 Tom from Mississauga on 04.21.22 at 11:01 pm

Russia’s market went to zero and China with it’s full cult of personality leader Xi Jinping is headed there as well.

#113 Dr V on 04.21.22 at 11:03 pm

110 DON

“I believe they use it alot in Hawaii and Japan for building.”
—————————————————–

In the 80s the stuff was gold to the Japanese. Lots at mid and higher elevs on the north Island and mid coast. Dont know the market now.

Chamaecyparis nootkatensis.

#114 Victor V on 04.21.22 at 11:04 pm

“By Mid-June Every Renewal Notice Sent By An Alternative Lender Will Be a Pure Double

A 2.79% to 2.99% One – Year Rate Today at a B Mortgage Lender will see a Renewal in Mid-June 5.99% for the next One-Year”

https://twitter.com/ronmortgageguy/status/1517336525490556929

#115 AM in MN on 04.21.22 at 11:09 pm

#78 Nelson on 04.21.22 at 7:22 pm
On Pierre:

His victory in the CPC leadership campaign will either set the path for a huge loss in the next federal election (deep down I still believe Canadians are better than what we saw occupy the streets of Ottawa for a month) or it will send me to NZ permanently.

——————————————————–

Lots of nice parts of NZ, including a town called Nelson!

You’ll like their PM, she makes T2 look moderate.

It still amazes me that the comfortable and financially protected class, and those who’ve profited well off the money printing party, can’t understand how paycheck earners and young people have been screwed over by the policies of the elite left, and might be in the mood to support a change?

PP is the only one out there who has been banging the drum on the money printing for a while now. He will be supported into the PMO if he can convince people that he doesn’t want to be loved by the elites, and just wants to solve the problems.

It’s harder than many think. Look what Ralph Klien went through in the early days.

I’m not sure if he has the strength to stand firm as the punch bowl starts to get taken away, and the crazy wokeism starts to get shut down. I am sure that I (and many others) don’t see anyone else on the horizon that looks like they have the strength, so it’s PP by default.

The rest is noise and moaning by people by people comfortable enough to care about how the “feel” about a politician, because they don’t have to care about where they’ll be living in a few months, or paying for a car repair if the old one they have fives out, etc.

#116 Dragonslayer on 04.21.22 at 11:09 pm

#72 pPrasseur

#31 Jason – That’s just jealousy.

No it is not, the wealth transfer from “ordinary” working class to public sector union employees is the largest ever in mankind (or is it people kind) history.

Book for you: https://www.amazon.ca/-/fr/Bill-Tufts/dp/1118098730

This is today’s ruling class and establishment! They are (mostly) the reason this society (and others) is going bankrupt.
——————————————————
What a misleading and silly argument. Your jealousy is on full display here and usually that kind of envy is generated by one’s own lack of planning in life.

I worked in the public sector. The workplace was like any other- think of a pyramid. The majority were clerical and front line workers. Then a middle tier of professional and technical staff and finally the upper tier of management and directors.

Working a career there gets you a decent but basic pension. Nobody is getting rich, trust me. Judging by the cars in the parking lot we weren’t a particularly upscale group- a good percentage of beaters would be fair to say.

I think you’ve made a common mistake- seeing what upper echelon management pensions look like and assuming that everyone in the public service gets something like that. Most of the clerical/ front line (and primarily female) staff desperately need that modest pension and that’s one reason so many keep working into their later years.

Anyway, I might add that the union was in full support of private sector workers getting the same benefits.

There were constant campaigns to up the minimum wage or support for unionization in private sector workplaces. Remember those? Private sector unions? Maybe the failing is that corporate scheming has decimated them. Perhaps that is a better strategy. Raise all the boats rather than attack the few remaining pension plans.

Had to laugh at the term “today’s ruling class and establishment”. Great! No-one else will be listen to me so I’ll try that out on our friendly local Starbucks barista. I’ll let them know that they have the privilege of serving coffee to one of the “ruling elite”. Maybe they’ll give me a free bakery item?

#117 DON on 04.21.22 at 11:21 pm

#9 Quintilian on 04.21.22 at 2:19 pm
#2 crowdedelevatorfartz on 04.21.22 at 1:50 pm
“I’m voting AnyonebutTrudeau….
If that is a wasted vote.
So be it.
The Mills won’t be able to blame me for what’s coming.
:)”
Crowdie, were you born angry and irresponsible?

Yours is an emotional response to a set of circumstances which you do not fully understand.

The intensity of your outrage, I speculate is triggered by the confusing, and often contradictory and inconsistent, messages from the blog host.

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

Nope…Crowded hates corruption and big bureaucratic tape and slow moving inefficient systems etc. It’s not his first rodeo…regardless of his presentation.

This is not Garth’s first rodeo by far and he has been consistent in his message for the past decade. Why does he have to predict the exact outcomes or why would he…most people wouldn’t believe him. The overleveraged threaten to wreck the party for everyone, everyone’s mileage will vary. The movie is just beginning and you want to know the ending? Grab a seat and some popcorn. Take note of Rogerthehomeinspector, he’s been bang on in his posts. The increase use of HELOCs is not good, another ball and chain coupled with inflation adding to the monthly payments…a slow financial squeeze. We have to wait and see how it all plays out.

#118 Inadequate on 04.21.22 at 11:24 pm

Are Canadians going to elect another privileged, never worked on a real job, upper echelon, career politician to represent the “middle” class again? Are we collectively mentally challenged?

#119 Inadequate on 04.21.22 at 11:37 pm

#100 crowdedelevatorfartz

Our family was looked for a family doctor in London for the last 2 years. I was shocked to learn that once your OHIP was assigned to a doc, he/she gets paid by the government no matter whether any service was rendered. So why would a doctor want to see a patient? As long as the doc gets enough OHIP number assigned money is coming in. Absolutely zero incentive for any doc wants to see a patient.

I had email correspondence to the Ontario Health ombudsman regarding this issue. Sorry, nothing he could.

#120 DON on 04.21.22 at 11:39 pm

#91 Satori on 04.21.22 at 8:53 pm
#2 crowdedelevatorfartz on 04.21.22 at 1:50 pm
I’m voting AnyonebutTrudeau….
If that is a wasted vote.
So be it.
The Mills won’t be able to blame me for what’s coming.
:)
———————
Ditto! I will vote for whoever is closest to edging him out…. that is if there is an edge.

*******
I can’t vote for Trudeau but Pierre is not an alternative on any scale. I think the Libs will retire Trudeau and bring on someone else. Erin should have taken the condervatives towards the centre running away from the nutty fringe of ignorance. Too bad the controlling interests in the party chose to stay the course. Great job Mr. Harper et al.

#121 Ustabe on 04.21.22 at 11:42 pm

Regarding Pierre Poilievre and his chances of leading Canada to the promised land I can only draw your attention to his infatuation with the so-called Freedom Convoy.

I’m quite satisfied with the separation of our legislative arm and our judicial arm and there are real reasons King remains incarcerated with new and impressive charges being recently added. Lich and company released on stringent bail conditions meanwhile of the 11 million raised there remains 8 million unaccounted for while Tamera hires the best of the best litigious lawyers in Canada…I guess she can afford it.

Pierre Poilievre is not unlike Kenney, career politician since school. While Kenny turns down millions in federal money because politics while moaning to his acolytes about how bad the fed is to Alberta, sticks a diesel filler into his gas truck and then can’t remove it and is applauded by the deluded, so to does Pierre hitch his wagon to the Convoy hoping (knowing?) that his supporters out there on the fringes are either too dumb to make connections or willing to overlook the reality of his supporting white supremacist, violent, anti-Canadian movements.

What is shaping up with the Conservative Party of Canada’s so called leadership convention is that it is, in reality, a political maneuvering convention. A politician will emerge, not a leader. As long as you are willing to accept that you must accept remaining in opposition.

#122 Deano on 04.21.22 at 11:51 pm

Trudeau is a buffoon, no doubt, but extreme authoritarianism? I think that is just a tad hyperbolic.

#123 Johnny D on 04.21.22 at 11:54 pm

Once and a while Garth writes a blog post that encapsulates the times we live in and yet has a ten thousand foot view of society. It’s kind of like micro and macro all at the same time. Anyhow, this is one of those blog posts.

Keep on truckin Garth!

#124 DON on 04.21.22 at 11:56 pm

#113 Dr V on 04.21.22 at 11:03 pm
110 DON

“I believe they use it alot in Hawaii and Japan for building.”
—————————————————–

In the 80s the stuff was gold to the Japanese. Lots at mid and higher elevs on the north Island and mid coast. Dont know the market now.

Chamaecyparis nootkatensis.

***********
I was given a tour of Gold River and the houses were using it for firewood, what a shame. Beautiful for interior trim or furniture.

#125 Dr V on 04.22.22 at 12:07 am

116 Dragonslayer

#72 pPrasseur

#31 Jason – That’s just jealousy.
————————————————–

Yes, anybody can work for government and get that pension.

But, not everyone can work for government. At least not in a country I want to live in. Maybe you do.

There was an old website “Fair pensions for all”. 10 years out of date now.

#126 Jonny Depp on 04.22.22 at 1:10 am

Let’s filter this post..

“(a) the bank will give me that much“

Bankers are terrorists. Politicians are puppets.

#127 Satori on 04.22.22 at 2:00 am

#120 DON on 04.21.22 at 11:39 pm

We have a few years yet… I won’t be sitting back and watching and wondering if Trudeau and Liberals ruin or reverse the crap they have pulled, in less than 3 years they have spent more than all the PMs combined, which included 2 World Wars.

#118 Inadequate said it best:

“Are Canadians going to elect another privileged, never worked on a real job, upper echelon, career politician to represent the “middle” class again? Are we collectively mentally challenged?”

Anything is better than what we got. Granted, at this point do I care? should I care? the only thing that is a priority is to get that Money-Spending, Friend-appointing, Dough-head Liberal out. Period.

Why would you ever risk voting for Trudeau or some like-minded-puppet predecessor ever again? It’s like gangrene, you know its bad, you know it will get worse, you know it can kill you, so cut it off already.

#128 Lola on 04.22.22 at 2:31 am

The trucker convoy in Canada was Trump? Lol. You gotta hand it to trump, he really broke some peoples brains, the damage may be permanent I fear. Some people still see him behind every bush, and every tree.

I wonder if Garth checks under his bed at night for Trump?

#129 Diamond Dog on 04.22.22 at 4:08 am

#34 Shawn on 04.21.22 at 3:45 pm

I’ll say one thing about Crypto currency, with all the unregulated scammy risk, at least investors know the size of Crypto currency floats. We can’t find that information in the great free nation of America concerning it’s Fiat currency. Note too, that m0 through m3 data comes from the Fed. We have to trust the Fed for this information as there are no second opinions out there. Not saying this is a bad thing, but just saying.

This blog has surmised at length day to day musings such as “peak inflation” and “transitory inflation” etc., note how many economists are guessing in terms of when inflation will peak or end (quick point, they all do). The reason why we guess? Because we don’t know the size of the float or how much money has been created in a historical context, never mind recent timelines. All we really have to go by, is an eye on debt, m2 and monthly indicators. Note what El Erian has to say for example:

https://www.youtube.com/watch?v=8rD5bI1XZcw&t=19s

According to monetarists, there is an 18 month to 2 year delay between an increased money supply and inflation. The converse is also true according to Friedman. These timelines as he defines them are highly important to note just as the timeline between m2 and inflation is highly important to note. If we have m2 at present in double digits, inflation will be high for at least 1.5 years from today. It’s why Diamond with J.P. Morgan is fearful of QT as QT can compress the timeline.

Economists have criticized Monetarists in the sense that increases, even rapid increases in the money supply don’t always lead to inflation. An example of this is 2011 and 2013. This is because human behavior is also a part of it (of which monetarists knew this and noted exceptions).

If you put money in the pockets of people who have taken huge financial hits (like the GFC), will they rush out right away and spend it? No, typically people experiencing hard times will be tight as a drum with more wealth. This is why 2011 and 2013 did not see high inflation.

Conversely, how does one behave in a culture of wealth effects, especially so when we had a convergence of wealth effects in real estate, the stock market, the bond market and now commodities? And the common denominator is? A rapid increase in the money supply. There’s more to it than increased money supply equals inflation here (consumer behavior) but generally, when we increase the money supply, we will see an uptick in inflation.

That said, a rapid increase in the money supply is responsible for the inflation we are seeing right now, as evidenced by the explosion of debt. I’d lay my life on it. As Friedman says, inflation truly is “always and everywhere, a monetary phenomenon.” Always.

Supply chain disruptions, shortages of labor, of manufactured goods, commodities, of houses for sale, supply/demand fundamentals… we hear these causes of inflation but behind it all is an overheated economy further distorting supply/demand fundamentals through monetary policy, i.e. a rapid increase in the money supply.

The big risk now is a U.S. recession hitting while inflation is still quite high. If the PPI is any indication (near 11.5% right now), CPI has room to go higher and it will. Thus, the Fed has to raise rates likely til’ something breaks. That is the point. There really is no other way to do it. To kill inflation and to break consumer behavior, the Fed has to suck money out of the supply.

Powell finally said today, “it’s absolutely essential to restore price stability”. These words come so, so late. That said, if raising rates breaks something on the credit side with still high inflation, with valuations at these levels, I would think this would be the Minsky moment. It’s just a question of when:

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

#130 I don’t know on 04.22.22 at 4:44 am

Fantastic article.

The elephant in the room here is that social media is the culprit for many of our woes.

Just witness all the completely out of touch comments about hyper inflation, the USD, and the decline of the west..most likely peddled by foreign actors to sow discontent.

It’s powerful stuff. So powerful that it is impacting domestic politics, as the susceptible elements of our electorate blindly fragments for absolutely no reason.

The good news is the majority of us still get it. The 99% of Canadians residing in the middle are what matter in the end.

My take: shut down the comments section for good.

IDK

#131 dosouth on 04.22.22 at 4:44 am

A very worthwhile diatribe. I think that the world will continue to evolve with the loudest Tiktok and Twitter account getting the coverage, truth or not.

You are certainly correct when you say Trumpism is here. The minority tail wagging the majority’s being. The only answer for me is to use my common sense, apply tried and true thought processes, take a chance every once and awhile and hope Musk buys Twitter to get rid of the woke advance on the “you are welcome to my opinion” invasion.

#132 BigAl (Original) on 04.22.22 at 5:07 am

#72 pPrasseur on 04.21.22 at 7:00 pm
#31 Jason – That’s just jealousy.

No it is not, the wealth transfer from “ordinary” working class to public sector union employees is the largest ever in mankind (or is it people kind) history.

Book for you: https://www.amazon.ca/-/fr/Bill-Tufts/dp/1118098730

This is today’s ruling class and establishment! They are (mostly) the reason this society (and others) is going bankrupt.

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

Sure…that’s why all the $5 Mil – $ 25 Mil homes in the wealthiest areas like Rosedale or Forest Hill in TO, King City, Lakeshore Dr in Oakville, North Van, Westmount in MTL are all owned by these super-rich evil government clerks living high off our hog with their DB pensions. I spotted tons of them last summer on their massive luxury yachts at a marina – their demeanor as they lounged smugly just oozed defined benefit pension plan excess. Any 1st/business class section of any flight is packed full of these thieving pensioners. During a tour of Michelin star restaurants last year I found those places seemed packed with these scoundrels too. Disgusting.

#133 IHCTD9 on 04.22.22 at 6:10 am

#103 45north on 04.21.22 at 9:58 pm
IHCTD9 Us Old Stocker’s catch on pretty quick.

“old stock” first time I’ve seen that term on this blog

wikipedia has a good article
https://en.wikipedia.org/wiki/Old_Stock_Canadians

in French, it’s “pure laine”
———-

I use the term more to differentiate those who built their lives before Trudeau came along, from those poor post-Trudeau Canucks who were just starting out around 2015, born here or not, regardless of blood, and who have been severely disadvantaged as a result of Trudeau’s leadership.

Myself, I identify as a real OSC as I was surrounded by them growing up right up till today. Culturally, I am 100% integrated into OSC culture, I enjoy hearing “Scotland the Brave” as it marches past me as much as any 7th Gen Canadian, and can sing our national anthem in French, but I am neither Anglo, nor Francophone, and both my parents are immigrants.

Most of my Aunts and Uncles married classic OSC’s, so there is a ton of Anglo/Franc blood in my extended family. My cousins all did the same, but also now with some East Asian, Indigenous, and SE Asian mixed in there too. My own kids have Anglo and Francophone blood in them, and they get more OSC (Scottish/ Irish) culture than that of their grandparent’s country of origin.

IMHO, OSC’s per the current understanding is a fading demographic. Too bad really. Canada used to be great. Trudeau definitely just wants us to die out. A post national state is his dream, where no one gives a rip about a common identity, purpose, and where national unity takes a back seat to his dumb woke mistake. Damn! Am I ever glad to be a Gen X, the last Generation to achieve prosperity in Canada as a matter of course. From here on in, most will slave to no good end, but my OAS will be funded. Good job Libs!

#134 IHCTD9 on 04.22.22 at 6:48 am

#120 DON on 04.21.22 at 11:39 pm

I can’t vote for Trudeau but Pierre is not an alternative on any scale. I think the Libs will retire Trudeau and bring on someone else. Erin should have taken the condervatives towards the centre running away from the nutty fringe of ignorance. Too bad the controlling interests in the party chose to stay the course. Great job Mr. Harper et al.
——-

Just vote for Trudeau bro. We all know he’s got the IQ of a pile of compost, but hey, the kids don’t matter amirite? They can move to Wawa. The Libs absolutely will not retire Trudeau, they’re toast without that last name. I mean, we’re talking about a guy who groped a female journalist (too forward?) and wore blackface multiple times – and STILL got voted in. He can do whatever he wants, because he is an elite white jock that evidently has much appeal to most Canucks bruh.

Trudeau is a disaster, but us older folks still like da money, ya? Trudeau is making us crusty old buggers rich. Is this somehow a hard decision? Just vote Trudeau. I got some toys I need to unload for more than what I paid for them 5+ years ago. Printing press. I got a house that I’d like to see more 20%+ annual gains. I got a B+D that thrives on printed cash and massive debt (paid for by kids), and deficits.

Do me a solid. Join me in voting Trudeau for a better retirement. I’ve always liked free cash for no effort, and Trudeau shovels it into my bank account like no PM in history ever has.

For crying out loud, I need a sweet-ass salmon boat. Were you expecting me to work and save the $ to pay for it? Uh, no. I need my fellow Canadians to vote Trudeau so I can reel in the Kings for free. HELOC’s are the bomb when dingbats like Trudeau pump fiscal policies that put a 6 figure Silver Streak fully welded aluminum work of art into my garage at 2.7% LOL!

#135 IHCTD9 on 04.22.22 at 7:26 am

#132 BigAl (Original) on 04.22.22 at 5:07

Sure…that’s why all the $5 Mil – $ 25 Mil homes in the wealthiest areas like Rosedale or Forest Hill in TO, King City, Lakeshore Dr in Oakville, North Van, Westmount in MTL are all owned by these super-rich evil government clerks living high off our hog with their DB pensions. I spotted tons of them last summer on their massive luxury yachts at a marina – their demeanor as they lounged smugly just oozed defined benefit pension plan excess. Any 1st/business class section of any flight is packed full of these thieving pensioners. During a tour of Michelin star restaurants last year I found those places seemed packed with these scoundrels too. Disgusting
——

Ah, yes – well done. Comparing civil servants to the .01%’ers with yachts and 25 Mil homes. Boy o boy, you sure showed us. There’s no way civil servants are doing well.

Hot tip homie: make sure you never compare outcomes of civil servants making X, with private sector employees also making X. If you do this, you’d be filled with lead in a nanosecond. So don’t do it bro!

#136 Dharma Bum on 04.22.22 at 8:32 am

People.

Humans.

Individuals.

We all have to figure out how to make our own way in this nasty world NOTWITHSTANDING the “government”.

In Canada and the USA, the government is just a form of employment for egotists on one hand, and simply a source of entertainment for the rest of us. Really, what actual effect do they have on anybody or anything in this ultimately comparatively privileged society that we have all been fortunate enough to be born in or immigrated to?

This is not China or Russia or some middle eastern caliphate.

If you turn off the “news” and ignore “social” media, you wouldn’t even be aware of the idiotic government. One’s time would be better spent ignoring these unproductive distractions and educating themselves through books, schools, courses, lectures, training, working, and the like.

Most individuals have totally lost the ability to concentrate and focus. They are victims of distraction, and thereby vulnerable to misinformation, disinformation, conspiracy theories, endless media propaganda, recency biased narratives, misguided cultural trends, advertising, empty government rhetoric, and unearned self indulgence through debt.

This has led most folks down a dark road to a very bad place.

Once they realize they are essentially “up the creek” – after decades of practicing bad habits, laziness, poor decision making, taking the easy route, acquiring massive cumulative debt, succumbing to FOMO, patronizing Starbucks regularly, overeating, overdrinking, overpilling, overTweeting, overFacebooking, over YouTubing, over Netflixing, underreading, undereducating, underconcentrating, failing to stay focused, and generally neglecting their own business while being consumed with the overhyped problems of the world at large, well, they find them selves in a bit of a pickle.

Underwater. Overindebted. Underemployed. Financially strapped. Unhappy. Stressed. Miserable. Scared. Lost.

Who do they blame?

The “government”.

People need to take responsibility for their own lives starting from childhood. Parents must teach their children the importance of self reliance – the acquisition of skills, discipline, knowledge, social adaptation, toughness, financial acumen, and resilience – in order for long term survival and success, because the “government” will never, ever, help anyone but themselves.

Then, in adulthood, they must turn their attention to Jordan Peterson.

Next to Garth, he is god and he will show you the way.

And also, watch Judge Judy, and see what being a lowlife leads to.

Be warned.

#137 crowdedelevatorfartz on 04.22.22 at 8:52 am

[email protected] Don
“The big market is old growth red cedar…which has a red wine smell.”

+++

Not if your a traffic blocker.
Seems some of the public are getting a tad fed up with the daily “protests”.

https://globalnews.ca/news/8776063/save-old-growth-protesters-ironworkers-bridge-frustrated-drivers/

#138 They are selected, not elected on 04.22.22 at 8:54 am

I agree with the sentiment; anyone but JT, but wasn’t PP’s face on the WEF not that long ago till taken down in Feb, (for obvious reasons)? We all know that JT is a part of that organization too. Don’t be fooled; they are playing “good cop, bad cop” both on the same team, as long as one of them gets in, the game continues..

#139 Mehling on 04.22.22 at 8:57 am

“Aoyuan sells Burnaby project and cancels West Side condo development as it defaults on bond payments”

https://vancouversun.com/business/aoyuan-sells-burnaby-project-and-cancels-west-side-condo-development-as-it-defaults-on-bond-payments

#140 crowdedelevatorfartz on 04.22.22 at 9:02 am

@#133 IHCTD9
” Damn! Am I ever glad to be a Gen X, the last Generation to achieve prosperity in Canada as a matter of course. From here on in, most will slave to no good end, but my OAS will be funded. Good job Libs!”

+++

Well said.
Sadly the Woke-sters that are voting for Trudeau to save the planet while simultaneously stopping all bigotry….will eventually realize( far too late ) that its all bs for votes or coke sales…

https://www.youtube.com/watch?v=1VM2eLhvsSM

Ad executives tried it way back the year Trudeau was born.
Nifty ad 50 years ago. Annoying every day on the 6pm news today.

#141 Victor V on 04.22.22 at 9:08 am

https://torontosun.com/opinion/columnists/lilley-skyrocketing-inflation-will-only-go-higher-but-trudeau-still-fails-to-act

Scotiabank VP and economist Derek Holt said if you think the 6.7% inflation rate is high, wait until next month and he’s not talking about higher taxes or interest rate hikes.

“StatCan noted that it will finally get around to adding used vehicle prices to the CPI index in next month’s report. That will likely pop inflation over 8% y/y when they do so and return inflation to highs last seen in the early 1980s,” Holt said in a report for the bank.

#142 IHCTD9 on 04.22.22 at 9:43 am

#137 crowdedelevatorfartz on 04.22.22 at 8:52 am
[email protected] Don
“The big market is old growth red cedar…which has a red wine smell.”

+++

Not if your a traffic blocker.
Seems some of the public are getting a tad fed up with the daily “protests”.

https://globalnews.ca/news/8776063/save-old-growth-protesters-ironworkers-bridge-frustrated-drivers/
__

Ha! Good vid. Those protestors slid nicely on the BC tarmac. If I had to drive that highway, I’d keep a few sets of cuffs in the truck with me. I’d drag ’em off to the side, then cuff ’em to a post so they’re secure for when the Police arrive to haul their azz’s to jail.

#143 DON on 04.22.22 at 10:12 am

#137 crowdedelevatorfartz on 04.22.22 at 8:52 am
[email protected] Don
“The big market is old growth red cedar…which has a red wine smell.”

+++

Not if your a traffic blocker.
Seems some of the public are getting a tad fed up with the daily “protests”.

https://globalnews.ca/news/8776063/save-old-growth-protesters-ironworkers-bridge-frustrated-drivers/

**********
I am conflicted on cutting down old growth given my past. I love walking amongst those majestic giants…but made money off them. At some point they will all be gone.

#144 Quintilian on 04.22.22 at 10:18 am

#129 Diamond Dog on 04.22.22 at 4:08 am
Diamond, this is the best post since the inception of this blog.

Monetary policy, behavioral economics, common sense, and the mention of the “Minsky moment”
Finally a fact backed intelligent comment.

#145 Shawn on 04.22.22 at 10:47 am

Defined Benefit Contribution Rates and the CPP?

Dr V above at 111 said about CPP:

Linda, the CPP contribution for 2022 is 11.4% of pensionable earnings, so not far behind other DBs.

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

Dr V, that’s wrong the CPP contribution is about HALF of what goes into a government DB plan.

Public Service Pension Plan in Alberta is 9.6% for employee plus 9.6% from the government employer for a total of 19.2% up to the Canada Pension Maximum earnings which are $64,900.

For the portion of salaries above that. And believe me loads of Alberta government employees are WELL above the CPP maximum the contributions rate is 13.7% or a total of 27.4%!!! And it was even higher at the peak a few years ago.

The plan pays out 1.4% per year of contribution up to the CPP max and 2% for the portion of earnings above that. The idea being that with CPP and DB together you get to about 2% per year.

It’s a long link so just Google Alberta Public Service Pension plan contribution rate.

As for the Canada Pension Plan.

It’s a fine pension plan and very well managed. It gives pensions based on what it gets. It was always designed to replace only 25% of earnings and only up to the CPP max. Recently it is is slowly being enhanced.

Surely you arranged to save and invest to replace about 50% of your earnings on your own?

CPP is a very fair plan. It has some cross-subsidies but not as many as a typical government DB plan.

#146 Linda on 04.22.22 at 10:52 am

#109 ‘habitt’ – did get you were talking about private DB plans. The point I was making is that in this debate about how ‘only’ government employees have DB plans – not true, but it is true that the majority of DB plans still extant are government employee plans – folks always overlook that CPP is a DB plan. So in fact the majority of working Canadians do belong to a DB plan.

I hear you on the cost of raising contribution rates. Again, when others express envy they fail to take into account how much those self same employees are contributing to the plan. #63 ‘UCC’ mentions the ‘god awful PA number’, which applies to all pension plan contributors, government employees not excepted. The RRSP is the vehicle to level the playing field. It & the TFSA permit those without other government DB plans other than CPP the opportunity to generate as much or even more retirement income.

Last but not least, not all government pension plans are ‘backed by taxpayers’. In Alberta, LAPP is the DB plan for all municipal employees as well as the majority of health care workers. In the case of LAPP in Alberta, it is specifically NOT backed by taxpayers. All shortfalls/deficits of the plan are the responsibility of the plan members to deal with. This change to the plan occurred during the early 1980’s. Post 2008 contribution rates were hiked to pay off one such deficit. The rates were so high CCRA permission had to be obtained as they contravened the permitted limits for pension plan contributions. Fortunately good market returns have resulted in the plan returning to a fully funded status so contribution rates have dropped back to just over 12% of earnings.

It occurs to me that if one government plan is no longer backed by taxpayers other plans may also have followed suit. I do know that the province of Saskatchewan changed from a DB to a DC plan decades ago – I believe sometime in the late 1970’s – specifically to ensure taxpayers were not ‘on the hook’ for pension plan shortfalls. So that is at least two government pension plans not backed by taxpayers. Could there be more?

#147 Shawn on 04.22.22 at 10:52 am

Used Vehicle Inflation? What about Tesla Inflation?

#141 Victor V on 04.22.22 at 9:08 am

“StatCan noted that it will finally get around to adding used vehicle prices to the CPI index in next month’s report. That will likely pop inflation over 8% y/y when they do so and return inflation to highs last seen in the early 1980s,” Holt said in a report for the bank.

*******************************
I can’t imagine used vehicles will have such a big impact but we shall see. I will go on record as prediction April Inflation will be a shade under 6.7%.

But what about Tesla? They have increased their prices quite a bit. And the good ones (if any) don’t qualify for the $5000 federal credit. Good thing I got my order in last Fall but no $5000 credit on the Model Y. And why should there be?

#148 Bitcoin Bro on 04.22.22 at 10:54 am

Thanks for the 15 years of service and insight Garth.

These are indeed strange times and will likely only get stranger in the near term.

The Changing World Order and The Fourth Turning are great reads to approximately triangulate where we are in the “big cycles” of history. I found both reads comforting in an odd way. Our ancestors faced similar challenges in the past and found a way to come out on top and kick off a new cycle of prosperity each time.

#149 Ponzius Pilatus on 04.22.22 at 11:10 am

143 DON on 04.22.22 at 10:12 am
#137 crowdedelevatorfartz on 04.22.22 at 8:52 am
[email protected] Don
“The big market is old growth red cedar…which has a red wine smell.”

+++

Not if your a traffic blocker.
Seems some of the public are getting a tad fed up with the daily “protests”.

https://globalnews.ca/news/8776063/save-old-growth-protesters-ironworkers-bridge-frustrated-drivers/

**********
I am conflicted on cutting down old growth given my past. I love walking amongst those majestic giants…but made money off them. At some point they will all be gone.
————————
All gone, for sure.
Just like the Phoenicians who clear cut all the mighty cedars to build their seafaring empire.
Look at Lebanon now.
A barren wasteland.
Ironically, a cedar still adorns its flag.
Don’t you always seem to know…….

#150 DON on 04.22.22 at 11:18 am

#134 IHCTD9 on 04.22.22 at 6:48 am
#120 DON on 04.21.22 at 11:39 pm

****
I plan on sending Trudeau a list of presents I want for next Christmas. Lol.

As for the aluminum boat that’s the top of the list. If you build them I will buy one. The kingfishers enclosed cabins are cool.

#151 Heavy Hand on 04.22.22 at 11:20 am

DELETED

#152 Ponzius Pilatus on 04.22.22 at 11:23 am

#147 Shawn
But what about Tesla? They have increased their prices quite a bit. And the good ones (if any) don’t qualify for the $5000 federal credit. Good thing I got my order in last Fall but no $5000 credit on the Model Y. And why should there be?
———————
Agree.
Let’s get rid of all the incentives for E-cars.
The industry seams self sustaining now, and all those credits should now go to subsidizing “green” energy.
After all, what’s the point of E-cars, if they are charged by fossil fuels, like coal and oil.

#153 DON on 04.22.22 at 11:25 am

#130 I don’t know on 04.22.22 at 4:44 am
Fantastic article.

The elephant in the room here is that social media is the culprit for many of our woes.

Just witness all the completely out of touch comments about hyper inflation, the USD, and the decline of the west..most likely peddled by foreign actors to sow discontent.

It’s powerful stuff. So powerful that it is impacting domestic politics, as the susceptible elements of our electorate blindly fragments for absolutely no reason.

The good news is the majority of us still get it. The 99% of Canadians residing in the middle are what matter in the end.

My take: shut down the comments section for good.

IDK

**********
You might want to go back and read your own posts from the past 4 months.

Shutting down any other narrative that conflicts with what you and your peer group think seems to be your main goal?

Things change…experience matters.

#154 Ponzius Pilatus on 04.22.22 at 11:29 am

#144 Quintilian on 04.22.22 at 10:18 am
#129 Diamond Dog on 04.22.22 at 4:08 am
Diamond, this is the best post since the inception of this blog.

Monetary policy, behavioral economics, common sense, and the mention of the “Minsky moment”
Finally a fact backed intelligent comment.
——————————-
Agree.
But it’s a little too “slick” to be “homemade”.
Just wondering.

#155 DON on 04.22.22 at 11:30 am

@Ponzie

That’s what I am worried about. When I travelled through I middle east I remember thinking the same about that flag. False advertising.

#156 Squire on 04.22.22 at 11:32 am

#89 Work and Tumble on 04.21.22 at 8:27 pm
Pierre Poilievre sure has got the attention of the news outlets here in Canada and he is not like Mr. Trump in any way that I have seen?
So until he puts on black face or sends in the police to break up a peaceful protest. I will support him with my vote for PC leader and go from there.

Do not be fooled. It is not the ‘PC’ party anymore. Pierre is a Reform guy, and the progressive aspect of conservatives has been snuffed. – Garth
———————————————–
Last year I thought P.P. was a good choice but at this point I’ve become suspicious. If I was a betting man, I would put my money on Charest. I feel Charest has a much better chance of removing some of the division that’s been created over the past few years. J.T. is past the expiry date and definitely not in the same level as Charest.

#157 IHCTD9 on 04.22.22 at 11:35 am

#150 DON on 04.22.22 at 11:18 am
#134 IHCTD9 on 04.22.22 at 6:48 am
#120 DON on 04.21.22 at 11:39 pm

****
I plan on sending Trudeau a list of presents I want for next Christmas. Lol.

As for the aluminum boat that’s the top of the list. If you build them I will buy one. The kingfishers enclosed cabins are cool.
___

I have a soft spot for those sweet pilot house welded aluminum boats that are built in BC. Man, top quality stuff, and over a 100K for an 18 footer. Trudeau needs to step up his handout game so I can add one to the garage! :D

#158 Sail Away on 04.22.22 at 11:59 am

Well, as an inveterate buyer of dips, I’m loving these unsettled markets. Picked up some BX yesterday, some ISRG today. Yeah baby.

#159 BigAl (Original) on 04.22.22 at 12:08 pm

#135 IHCTD9 on 04.22.22 at 7:26 am
#132 BigAl (Original) on 04.22.22 at
….
——

Ah, yes – well done. Comparing civil servants to the .01%’ers with yachts and 25 Mil homes. Boy o boy, you sure showed us. There’s no way civil servants are doing well.

Hot tip homie: make sure you never compare outcomes of civil servants making X, with private sector employees also making X. If you do this, you’d be filled with lead in a nanosecond. So don’t do it bro!

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

Sorry, I thought it was a hyperbole competition, so I thought I’d throw in some sarcasm too.

I don’t know…. When I worry about taxes and the public being ripped off through government schemes I think of their private sector contractor buddies. You know the ones…getting paid a billion tax dollars for NOT building a gas plant. Or a half a billion tax dollars for changing an email domain. Or 750 million tax dollars for building an apartment building for pan-am games athletes that’s really only worth 50 mil at most. Or Ontario winter road clearing contractors who cheap out and don’t salt roads leading to deaths, being fined for those deaths, never paying those fines, but still getting their fat contracts renewed. Or the 407, conceived, designed, and built by the public sector, that was only supposed to be a toll road until cost of construction was paid off. But that billionaire from Spain swooped in and bought a 99 year lease for 3 billion. Even worse is that originally it was a done deal at 2.9 billion for only a 30 year lease but at the last second the government, just out of the blue, up and offered (unsolicited) an extra 69 years for only 100 million more. A few years ago it was valued at over $30 billion dollars. Now it sucks up well over a billion a year out of the local economy (but luckily our CPP bought half of it from the billionaire, so at least half the money is going back to help all working Canadians).

I really don’t rage about my neighbour Shelley’s “gold plated” pension from her admin job at CRA. Actually, I feel kind of bad for her trudging off to cubicle land every day.

So ‘homie’, you can keep on manufacturing rage against your sworn enemy, public servants who are on the whole just average Canadians going to work every day doing their jobs. But please stop the hyperbole of making them out to be anything more than the average middle class workers that they are. The pay differences are miniscule. If you’re that enraged about the gap in pension coverage then keep raging. But before you advise your preferred political party of choice to platform your suggestions I would have a quick word with Tim Hudak first.

#160 Quintilian on 04.22.22 at 12:12 pm

#154 Ponzius Pilatus on 04.22.22 at 11:29 am

Agree.
But it’s a little too “slick” to be “homemade”.
Just wondering.

Hey Ponzie, if you are wondering if Diamond and I are the same person, you can rest assured that is not the case.

I have a background in Econ, so I truly appreciate what Diamond has posted.

There are many “wordsmiths” here who are experts at bafflegab, but little substance.

#161 Sail Away on 04.22.22 at 12:14 pm

#157 IHCTD9 on 04.22.22 at 11:35 am
#150 DON on 04.22.22 at 11:18 am
#134 IHCTD9 on 04.22.22 at 6:48 am
#120 DON on 04.21.22 at 11:39 pm

I plan on sending Trudeau a list of presents I want for next Christmas. Lol.

As for the aluminum boat that’s the top of the list. If you build them I will buy one. The kingfishers enclosed cabins are cool.

———

I have a soft spot for those sweet pilot house welded aluminum boats that are built in BC. Man, top quality stuff, and over a 100K for an 18 footer. Trudeau needs to step up his handout game so I can add one to the garage! :D

———

It’s easy and very satisfying to build your own boat. I’ve built many cedar canoes, kayaks and plywood/epoxy skiffs. If you have time, equipment, aluminum welding skill and shop space, there is no reason you couldn’t build your own equivalent or better for probably 1/10th the cost, especially if you can efficiently order material through work.

I’m currently boatless, so will probably kick off a Tolman 20′ skiff build with enclosed center console pilothouse with extended bimini for the rodholders. It would also be great in aluminum, but that skill is not in my wheelhouse.

#162 Ponzius Pilatus on 04.22.22 at 12:15 pm

And you thought JT looked goofy:
(Scroll)
https://www.spiegel.de/fotostrecke/bilder-des-tages-fotos-aus-deutschland-und-der-welt-fotostrecke-122824.html#bild-4b31961e-ec00-4d84-823d-d91a412e660f

#163 Sail Away on 04.22.22 at 12:19 pm

Re: boat

Similar to this: https://www.thehulltruth.com/northeast/327857-looking-center-console-pilot-house-3.html

#164 Penny Henny on 04.22.22 at 12:57 pm

15 years of blogs.
Let’s call it 2 hours a day for moderation.
2hrs x 365 days x 15 years

That’s 10,950 hours
or 456 days
or 1.25 years

Things that make you go hmmmmm.

But it takes only half a second to hit the DELETE button. Be careful. – Garth

#165 jess on 04.22.22 at 1:03 pm

how about people who “flip” their own words?

McConnell told top advisers, “The Democrats are going to take care of the son of a b—- for us,” after it became clear that Democrats were going to impeach Trump in the House, adding, “if this isn’t impeachable, I don’t know what is.”

— On a conference call with top Republicans, McCarthy said Trump’s conduct was “atrocious and totally wrong,” blamed him for inciting the crowd and “inquired about the mechanism for invoking the 25th Amendment … before concluding that was not a viable option.”

— McCarthy told Republican leaders he “planned to call Mr. Trump and tell him it was time for him to go. ‘What he did is unacceptable. Nobody can defend that and nobody should defend it,’ he told the group. Mr. McCarthy said he would tell Mr. Trump of the impeachment resolution: ‘I think this will pass, and it would be my recommendation you should resign.’”

— McCarthy also told GOP leaders that he wished Big Tech companies would strip some Republican lawmakers of their social media accounts, ‘We can’t put up with that,’ Mr. McCarthy said, adding, ‘Can’t they take their Twitter accounts away, too?’”

============
calling out the nonsense

“Hate wins when people like me stand by and let it happen. I won’t.

https://twitter.com/MalloryMcMorrow/status/1516453738403143681?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

contrast and compare to this :
https://pressprogress.ca/conservative-leadership-candidate-leslyn-lewis-claims-bill-gates-is-behind-a-plot-against-canada/

#166 PeterfromCalgary on 04.22.22 at 1:06 pm

I really don’t understand why the market reacts so much to every time someone from the FED states the obvious. Today Powell said he may hike rates by .5%. A move a lot of folks were suspecting anyways and the yield on 5 year treasuries soared to 3% and as I write this the [email protected] is down 1.85%. All on news that people expected.

#167 Shawn on 04.22.22 at 1:13 pm

Linda at 146 said:

All shortfalls/deficits of the plan are the responsibility of the plan members to deal with. This change to the plan occurred during the early 1980’s. Post 2008 contribution rates were hiked to pay off one such deficit. The rates were so high CCRA permission had to be obtained as they contravened the permitted limits for pension plan contributions. Fortunately good market returns have resulted in the plan returning to a fully funded status so contribution rates have dropped back to just over 12% of earnings.

***************************
I was in LAPP and then rolled over to PSPP

What you say is correct except it’s fair to point out the government as employer pays exactly half of the contributions in those plans and so they are responsible for half the shortfall.

#168 Brian on 04.22.22 at 1:17 pm

Today in celebration of Earth Day our Government will be sending all the money collected through Climate Taxes directly into the sun.

#169 jess on 04.22.22 at 1:57 pm

value creation vs value extraction

buy back shares.. Artificial inflation?
https://hbr.org/2014/09/profits-without-prosperity

July of 2017, Thomas Hoenig, then Vice Chair of the Federal Deposit Insurance Corporation (FDIC), sent a letter to the U.S. Senate Banking Committee. He made these points in his letter:“[If] the 10 largest U.S. Bank Holding Companies [BHCs] were to retain a greater share of their earnings earmarked for dividends and share buybacks in 2017 they would be able to increase loans by more than $1 trillion, which is greater than 5 percent of annual U.S. GDP.“Four of the 10 BHCs will distribute more than 100 percent of their current year’s earnings, which alone could support approximately $537 billion in new loans to Main Street.“If share buybacks of $83 billion, representing 72 percent of total payouts for these 10 BHCs in 2017, were instead retained, they could, under current capital rules, increase small business loans by three quarters of a trillion dollars or mortgage loans by almost one and a half trillion dollars”

#170 Penny Henny on 04.22.22 at 2:01 pm

But it takes only half a second to hit the DELETE button. Be careful. – Garth
///////

I was not implying anything.
I’m being a good boy.

#171 Brian on 04.22.22 at 2:15 pm

Looks like a good time to load up on some natural gas stocks!

The Global Natural Gas Crisis is coming to North America

http://blog.gorozen.com/blog/the-global-natural-gas-crisis-is-coming-to-north-america

#172 Linda on 04.22.22 at 3:09 pm

#167 ‘Shawn’ – the employer paying half is true of any DB pension plan, CPP included. I’m not sure of ‘the rules’ when it comes to DC pension plans. Do employers contribute half there as well?

Something I’m wondering about CPP. It is a universal, mandated by government law pension plan. The majority of working Canadians pay into CPP. So if CPP should for some reason fall into a deficit situation, who guarantees the benefit? The government which would mean the taxpayer?