Whispers

It’s a tale of two assets. If the current trend holds, well, I told ya so.

First, there is real estate destruction now occurring as mortgages have doubled into the 4% range, as prices tumble in Bunnypatch, as recent buyers try to wiggle out of their deals without pain (impossible) and as lenders turn hard ass.

Check out today’s plaintiff tweet by crusty old mortgage dude Ron Butler: “Appraisal Failures Have Reached 50% .Some big $230K, some small $40K. But it’s every second purchase now Usual Suspects: Exurbs and far Suburbs. Central TO and Ottawa proper are holding up fine.”

Whazzat mean?

Shockingly (if he’s right), half of all deals coming up to closing are in trouble. Lenders have seriously reassessed the market value of the properties they’re being asked to finance, and are offering less than the buyer has budgeted for. Some will go running back to the Bank of Mom for a top-up loan. Others will have to sell whatever they have to raise the cash. Others will try to walk away from the deals. One in two. Incredible.

This is why residential real estate’s descent is protracted, lengthy, messy and consequential. People buy houses in a process that takes months. In the meantime rates can change dramatically (they have), valuations can tank (they are), lender appetite for risk can lessen (it has) and market sentiment can wither (it is). Buyer remorse is a thing. So is FOGS. And FOOP. Central banks could pause their rate increases tomorrow (but will not) and the real estate quagmire would continue to deepen.

This is wholly unlike stocks, ETFs, bonds, trusts and other financial assets. Yesterday we postulated that the odds of CBs pausing their rate hikes later in the year with inflation data improving a little was eight in ten. That would further ignite equity markets but do absolutely nothing to stem housing’s correction – especially in the boonies where local incomes cannot come close to support recent prices. Mortgage costs would not decline.

And it’s happening.

The tentative and faint word is that Fed officials are locked into two or three more half-point rate hikes, but may well pause afterwards (that would be September) to assess the consequences. Meanwhile, especially in Canada, there is sold economic news which is pumping investor veins.

Like jobs. Did you see the latest? Not only do we have a decades-low jobless rate of just over 5%, but there are currently 1,000,000 positions going begging. Unfulfilled. That’s basically work for every unemployed soul, which means we have textbook full employment. Job openings have increased 60% year/year. And people think we’re going into recession? Weird.

This guarantees the Bank of Canada will go a half point next Wednesday, and that there are several more to come after that.

And look at consumer spending.

We just heard retail sales are holding up splendidly, despite the fact cars are hard to find and prices have been rising. Sales were unchanged in the latest reporting period. Core retail (excluding gas and car parts) actually increased. Travel is going nuts. The airlines are slammed. The airports are jammed. Does any of this seem recessionary?

And, yes, gander at the banks.

The Big Six are in the midst of reporting their quarterly results – mostly outstanding. Ahead of estimates. On the Street it’s called the “beat rate” and several of these guys are crushing it. Like RBC, the largest. Its income grew 6% to $4.25 billion in just 90 days. Credit quality is going up. Loan loss provisions are being released. Loans, mortgages, deposits – all up. TD made $3.8 billion in the quarter, and its loan book now tops $400 billion. CIBC and Scotia increased their dividends again. Scotia’s core Canadian banking operations saw a 27% year/year hike while loans jumped 13%. Said the CEO: “Continued loan growth, an improving net interest margin, strong customer balance sheets, combined with prudent expense management, positions the Bank well to grow its earnings.”

Is any of this the harbinger of recessions?

By the way, have you had a gander at the equity markets these last few days? Green arrows. The S&P 500 topped out in January, shed 18% as interest rate hikes approached, and has now regained 4%. In Toronto, Bay Street gave back less than 11% and is off the low by 4.5%. This is not a recessionary mentality. It’s not a bear. So far it’s a garden-variety correction and in line with the average historic (and temporary) annual draw-down of 14%.

Houses and portfolios. These assets are not the same and never will be. A lesson more of us must learn.

About the picture: “This is Zoey,” writes Michelle. “She is the only dog I’ve known who is not a fan of walks. She prefers to chill. We lost a ton in 1989 when buyers walked on day of closing. Took us years to recoup money lost reselling at much lower price and giving them our “cheap” 14% mortgage to flog the house. By the way, I am a daily reader of your blog!”

156 comments ↓

#1 TurnerNation on 05.26.22 at 4:09 pm

Life in Kanada: Ontariowe. A sustained tornado, huge swaths of damage, entire townships without power, all food rotting in stores, homes; no gas stations; hospitals running generators. Some areas today, even.
This IS NOT a State of Emergency. Got it? *NOT* an emergency. None declared.

Let me tell you what IS a State of Emergency and requiring new laws, emergency powers enshrined (see how the game is played lads):
– Corvid in 2022
– Truckers protesting on one city.

“According to the provider, more than a whopping 1,800 utility poles in the province were broken due to high winds, heavy rain, flying debris and lightning, along with tons of downed and mangled power lines, and damage to multiple transmission towers — all of which has meant tens of thousands of households are still without service.” (blogto.com)


Jaysus. We lost this Global WW3 in one week fair and square – that cold week March 2020.

https://www.bbc.com/news/uk-61584267
“”I wish I hadn’t followed the rules, I’d have taken the fine,” Sara said, adding she would have given anything to spend more time with her dying husband.
She told BBC Radio 5 Live she followed the rules because she thought the government was doing the right thing.”

#2 mitzerboyakaQueencitykidd on 05.26.22 at 4:10 pm

Dogs are great
beer is good

my honey looks better then money in the bank

#3 When the Whip Comes Down on 05.26.22 at 4:10 pm

When we bought a little over a year ago the appraisals almost always came in at or 1-2% below the accepted offer price. Wow how things can change on a dime.

#4 Truth or Consequences on 05.26.22 at 4:12 pm

Garth is giddy with excitement today because he doesn’t have to post a “hang in there” message about the markets. Too bad this dead cat bounce won’t last, and yes the FED will pause in September as the economy continues to tank.

Inflation will continue and take a bite out of consumer spending as consumers become increasingly tapped out. The economy will falter and a recession will come soon.

#5 JSS on 05.26.22 at 4:13 pm

Notable dividend increases:
– RBC +6.7%
– CIBC +3%

woo banks

#6 Jade on 05.26.22 at 4:15 pm

The BOC might be forced NOT to hike rates. I’m saying this because I elected Adam Vaughan as MP in 2019 and he promised me that Canadian real estate will NEVER go down.
What about the Canadian home owners who took HELOCs to buy rental properties and 2022 Ford F150s for their cottage life?

#7 Søren Angst on 05.26.22 at 4:15 pm

A few more Mr. Market days like today and I’ll be able to dump the Albatross (a.k.a., TWTR, +6.61% today).

Speaking of TWTR, Signore Musk (a.k.a., starts with a “w” and ends with something similar sounding to “anchor” – for that UK je ne sais quoi) is all concerned about Italia not making enough babies:

https://www.thestreet.com/technology/elon-musk-sounds-alarm-about-italy-hongkong-southkorea

Well Madre Italia has tens of millions of her children scattered Worldwide. All she needs to do to fix the problem is:

Make them an offer they can’t refuse.
https://youtu.be/fmX2VzsB25s?t=31

For Italo-Canadesi that would be:

Cheap RE, or €1 + sweat equity in Bunnypatch Italia

Hey, she will even throw in *:

1. No Noah’s Ark in the backyard needed during Winter.
2. For the rest of Canada, if you miss living in a deep freeze for 8 months out of the year, you can always move to the Alps, +2500 m above sea level recommended.

Next few days here in NE Italia will be in the low 30’s and no need for A/C. I only use it when it gets over 35 deg C. Italia acclimatizes you.

* BONUS ROUND, she will even throw in Mare Nostrum + 7600 km of seaside (you can actually swim in and outside of Liguria, it’s almost all beach, “REAL” beach where they come and serve you not like the FAKE DIY Canadesi beaches) and a cuisine that’s not too shab + the odd tourist site of interest.

——————-

No worries Signore Musk, Italia will be fine without you. AND if you really care, send us one or two of your 7 kids.

😘 d’Italia Signore Musk.

#8 Garth vs. 45 on 05.26.22 at 4:20 pm

In a recent rally President 45 alluded to real estate crashing.
I don’t think Garth is predicting a crash.
Though it would be interesting to see Garth and 45 on the same page.

#9 PeterfromCalgary on 05.26.22 at 4:21 pm

“Is any of this the harbinger of recessions?”

Putin’s war has dangerously reduced the worlds energy and food supply. Don’t we need a recession to counter the price impact of war?

#10 Brett in Calgary on 05.26.22 at 4:23 pm

I am not ready to party on long-duration equities just yet.

#11 Scooby Snacks on 05.26.22 at 4:38 pm

Where is bunnypatch?

#12 Kris on 05.26.22 at 4:39 pm

Garth,

You can’t have it both ways.

You claim that high profits by the banks is an indicator of how great the stock markets are doing. Yet squeezing the homeowner with high interest rates leaves less money in their pockets which will reduce spending. To me these are exactly the same thing. You can only squeeze so much. I do understand that historically bank profits were a leading indicator for positive results almost everywhere in the stock markets. But this time I think it’s much different. Greed is at an all time high…Banks are no different.

Bottom line is we are in for a world of hurt as the average family has less to spend. Your precious stocks aren’t immune to this. This will be a long and hard slide down.

Emotion is a funny thing. You can see it for what it is in the housing market but you’re emotionally attached to stocks…because you make your living that way. You take a cut of what you manage and the more you manage the more you make. I’m not saying you’re evil in any way, but I’m saying you view the housing market and stock market with a different bias.

I believe all assets are way overvalued as a result of extremely irresponsible fiscal policy for far too long. Houses…stocks….all of it. The average person will not be able to make ends meet much longer and I would argue it must already be happening.


Most people buy houses and eschew investing. Not always the best choice. If you think any information here is inaccurate, speak up. But never accuse me of conflict of interest in publishing a free blog. – Garth

#13 Søren Angst on 05.26.22 at 4:39 pm

I was floored today Garth like you.

Outstanding March Payroll data you mentioned plus year over year average weekly earnings of:

+4.3%

and

payroll employment in retail trade rose by 14,800 (+0.7%) in March, and, for the first time, surpassed its pre-pandemic level – StatCan

Then Cdn bank, then Retail Trade up in 10/11 Sectors (75% of all Retail Trade) like you mentioned automotive dragged it down to a +0% gain vs. Feb.

Still, a CAD $60.1 Billion Retail Trade month, like wow.

and of course, Mr. Market.

yeah oil ⛽ *
year Maple 🍁

It’s luxurious ETN dividend bumped my yesterday YTD Time-Weighted Return from +10% or so to +13.6% today. Love it.

———————

If there is a recession coming, it will be the weirdest recession in Cdn history.

As for Cdn RE, Italia beckons you Canada.

#14 You know Val on 05.26.22 at 4:43 pm

Are higher interest rates implemented to create demand destruction and creating more layoffs??bye bye jobs??

#15 Faron on 05.26.22 at 4:45 pm

#141 Sail Away on 05.26.22 at 3:50 pm

I disagree with Russia’s seizures

You have had ample time to indicate as much, yet have failed to do so. Furthermore, as you have pointed out, Russia appropriating material goods is not the same as a sanctions-guided, reversible asset seizure occurring in rules-based and lawful states. The former is far worse and far less legal and much less likely to be compensated. Yet it evoked zero response from you. Maybe because the war is “that Ukraine thingy” to you?

#16 VladTor on 05.26.22 at 4:53 pm

Dear Garth,

Can you explain me, please what do you mean when you using word “Bunnypatch”.

Thank you!

#17 wallflower on 05.26.22 at 4:54 pm

The delistings and now the open house numbers are absolute sky rockets.
Never seen anything remotely close to these numbers in my southern Ontariowe city.

Funniest ever are the back to back open house weekends for some of these listings – which follows 2 years of almost zero open houses and prior to that open house numbers about 10% of the volumes they are hitting this weekend.
Crazeeeeeeeeeeeeeeeeee stuff. Gotta be some popcorn panic in the streets about now.

You know all those realtor ads and yack about marketing your home? Hilarious. It boils down to open house weekend after weekend in a stalling market.

Good one! You go realtors. You go!
So high tech.

#18 will work 3 day week on 05.26.22 at 4:54 pm

Garth, could you be more specific about the lonely, 1 Million unclaimed jobs? Just begging to be taken… How many are at Dollarama, Swiss Chalet?

#19 active on 05.26.22 at 4:57 pm

Funny how Garth Turner has not once commented about Sam Cooper’s book “Wilful Blindness” – read that and then you’ll understand just how corrupt Canada is when it comes to money laundering and how it IS in fact impacting real-estate prices.

If it mattered I would comment. – Garth

#20 wuhan we got y'all in check on 05.26.22 at 5:03 pm

at my company business travel is in full swing now / parties and get togethers galore, evenings out with suppliers.

WFH is slowly fading away.

#21 VladTor on 05.26.22 at 5:04 pm

#1 TurnerNation

A sustained tornado, huge swaths of damage, entire townships without power, all food rotting in stores, homes; no gas stations; hospitals running generators. Some areas today, even.

***********

This is not province emergency.
I’m shortly explain you why.
If all of those disasters would be done by truckers protestors , nurse protestors, low income employee protestors, top bank managers protestors, dog walkers protestors etc. – it would be for sure province emergency. Only in this case!

#22 Progressive Conservative on 05.26.22 at 5:05 pm

Tough night for P Poilievre yesterday at the French debate, was booed regularly. Crowd largely behind Charest, who clearly won the debate according to many observers.

Charest’s comments on Poilievre support to the truckers was epic!

Looks like there might be some hope for the Conservative finally!

#23 Victor Llerna on 05.26.22 at 5:07 pm

I learn a new word every day when I read this blog. had no idea what the heck quagmire meant until I googled it. Thanks Garth!

#24 The Regulator on 05.26.22 at 5:08 pm

In Davos, the real life Dr. Evil, Herr Klaus Schwab declared : The future is built by us! Who is us?
Norwegian finance C.E.O. Kerstin Bradthen says the energy “transition” will create energy shortages and inflationary pressures, but the pain is worth it. For who, exactly?
Will peoplekind accept owning nothing, and be happy? While eating insects and lab grown meat, and with Bill Gates blocking the sun to save us all from climate change?

#25 TheDood on 05.26.22 at 5:10 pm

#6 Jade on 05.26.22 at 4:15 pm
The BOC might be forced NOT to hike rates. I’m saying this because I elected Adam Vaughan as MP in 2019 and he promised me that Canadian real estate will NEVER go down.
What about the Canadian home owners who took HELOCs to buy rental properties and 2022 Ford F150s for their cottage life?

______________________

Forced by whom? A politician who would make a statement like that? I don’t think so. Rates are going up and it’s a good thing.

For those that borrow beyond their financial means? Take some personal finance education and pay attention.

#26 Mr Fox on 05.26.22 at 5:15 pm

Garth may I ask a question?
I was looking at the short and long term bond ETFs versus a Value Stocks ETF…
https://tinyurl.com/jhzekbff
And since the stocks ETF jumped up and down, I didn’t see much counter movement in these two bonds ETFs.
More than that, in march 2020 as well as recently, these two bonds ETFs went down a little as well.
What’s the point in holding bonds anyway? If a person doesn’t have the stomach to see the portfolio jump up and down, hold 40% of it in cash instead of bonds.

#27 Stone on 05.26.22 at 5:16 pm

By the way, have you had a gander at the equity markets these last few days? Green arrows. The S&P 500 topped out in January, shed 18% as interest rate hikes approached, and has now regained 4%. In Toronto, Bay Street gave back less than 11% and is off the low by 4.5%. This is not a recessionary mentality. It’s not a bear. So far it’s a garden-variety correction and in line with the average historic (and temporary) annual draw-down of 14%.

———

I keep on enjoying watching my B&D do what it does best. Insulate me from wild swings in the market, provide steady tax efficient cashflow, and long term capital growth. It’s currently sitting at -5.58% ytd. Such a fantastic B&D. On a one-off basis, not really relevant but it has been consistent now per my past postings over the years. I am so happy to see how well it’s doing.

#28 Søren Angst on 05.26.22 at 5:17 pm

#9 PeterfromCalgary

Putin’s war has dangerously reduced the worlds energy and food supply. D

——————-

No it hasn’t. There was a supply side shortage due to post-Covid demand long before Putin’s war. Energy or food.

Cdn MSM on this are thick as a brick.

Start reading EU or even US MSM. You will learn something. Like Italia is stocking up on very, very, cheap Russian oil as I type.

Like 4X as much in March. Italia’s refineries are producing also for other EU countries.

https://www.ft.com/content/83fa3e90-e36d-463a-a4db-9ea24f22964f

As for Russian gas, Soros says Putin will run out of storage space in July and his cuts to the EU will come to an end. Then it will be the EU’s turn to play hardball.

https://www.cnbc.com/2022/05/26/putin-george-soros-says-russia-is-blackmailing-europe-with-gas.html

Besides, Poor Z getting it in the nards from Ukraine. For example, they are running out of tanks, dusting off their T-60 MUSEUM RELICS and sending them to the front.

https://youtu.be/DtNn6JD_ySo

Heck, the Ukrainians today took out an APV with a grenade.

https://youtu.be/q-3NXWZb7X4

What next?

Ukraine shoots down a Russian jet with a bow & arrow?
Intercepted phone call by Ukraine Security Forces, worth a listen to.

https://youtu.be/5OQbIEKbZyc

——–

The only person in Russia that has not figured out that Russia has lost the “Special Operation” is Putin. His ego, arrogance will not permit that.

A lot of Putin Putsch in the Making rumours from Secret Services. Would not be surprised one bit if they are true.

#29 Tom from Mississauga on 05.26.22 at 5:21 pm

Sold my shares of BMO Mar 1 at $145.34, bought back today at $134.88. North American equity correction has mostly happened. My landlady however wants to sell, the cost of carrying the house has exploded past her ability to pay, can you imagine if next winter is cold and this nat gas price holds?

#30 The Pedant on 05.26.22 at 5:25 pm

*plaintive tweet

#31 Mark on 05.26.22 at 5:34 pm

Dunno what the world is smoking. Things are fine here in Ottawa. Many places, mostly low-end stacked condos and towns, still selling for DOUBLE (no exaggeration) 2019 prices. Look up Briston Pvt, Eric Crescent, Chimney Hill Way, Uplands Drive, Cahill Drive….cherry-picked perhaps but there are MANY examples. crusty dude seems to be the only other person with us down here on planet earth. houses to the moon!

#32 Mark on 05.26.22 at 5:38 pm

If a job offers ~$29,000 (minimum wage, full time hours ) and the poverty line is ~$41,000, is it still a job?

The poverty line for a single person in Canada is $19,200. – Garth

#33 cramar on 05.26.22 at 5:38 pm

#8 Garth vs. 45 on 05.26.22 at 4:20 pm

In a recent rally President 45 alluded to real estate crashing.
I don’t think Garth is predicting a crash.
Though it would be interesting to see Garth and 45 on the same page.

————————

Is that the same Pres. 45 who predicted the stock market would crash immediately if Biden was elected President?

Not likely Garth and 45 will ever be on the same page. The former is an intelligent thinker and the latter the guy who thought you could nuke a hurricane to stop it, use bleach to treat COVID, and lob missiles at the Mexican cartel without Mexico knowing it was the U.S.

#34 crowdedelevatorfartz on 05.26.22 at 5:44 pm

@#28 Tom from Mississauga
“can you imagine if next winter is cold and this nat gas price holds?”
+++
I expect it will be worse.
Russia will still be sanctioned and the frigid Germans will pay top dollar for US and canuck nat gas.

#35 The real Kip (Ret) on 05.26.22 at 5:45 pm

A 15-25% year over year tax free increase for housing even after the manipulated correction is reason to worry? The Fed/BoC caused this, let them sort it.

#36 New world order on 05.26.22 at 5:45 pm

Like jobs. Did you see the latest? Not only do we have a decades-low jobless rate of just over 5%, but there are currently 1,000,000 positions going begging. Unfulfilled. That’s basically work for every unemployed soul, which means we have textbook full employment.

_______

Yeah, it is. And in a “gig” economy, these people will need two or three jobs each … just to put cat food in the bowl instead of on the table.

Pretty soon … the employment numbers will have to take this into account to consider someone fully employed.

I am hiring. Mucho cat chow. – Garth

#37 Søren Angst on 05.26.22 at 5:46 pm

#12 Søren Angst

Forgot to thank you in the above Garth, here publically, for all the great advice you and your Crew have given in this Blog.

It has made me +’ve YTD in my Threadbare Portfolio.

Queue today’s email MSU to you, the Beatific Nimbus Deity one.

Keep being you.

#38 Re-Cowtown on 05.26.22 at 5:51 pm

#28 Tom from Mississauga on 05.26.22 at 5:21 pm

My landlady however wants to sell, the cost of carrying the house has exploded past her ability to pay, can you imagine if next winter is cold and this nat gas price holds?

+++++++++++++++++++++++++++++++

Our Nat gas prices are around $8/Gj. To put that in perspective, they peaked in 2007 at $12 and the crashed to less than a buck.

Euro nat gas is around $32/Gj. Yes, 4X higher than ours. Imagine $2000/month heating bills in winter.

This is what the Green/NDP/Liberals have planned for you. Sign up to their New Green Deal and be cold, hungry and and very, very poor.

You can now see why the leftist Prog-Wokesters want math declared racist. It gets in the way of their revolution. A citizenry who can do math and balance a cheque book would tell them to stuff the New Green Deal in five seconds or less.

#39 RetailSales on 05.26.22 at 5:53 pm

I thought the retail sales report was pretty weak. Volume was down 5% and YOY growth (2.7%) is all attributable to inflation. Adjust for inflation and you have negative YOY growth. And even is you discount inflation, 2.7% coming out of a pandemic is not exactly robust.

Also, airlines have yet to reach 2019 volumes FWIW. Down about 5%. So yes, bustling compared to empty airports but far from growing over pre-pandemic.

I’m bullish about the economy longer term but think we are in for some rocky times as consumers clutch their wallets while costs skyrocket and home values plummet.

‘Plummeting’ home prices affect about 8% of homeowners. Lots of pain there. But not widespread. – Garth

#40 Will Smith on 05.26.22 at 6:03 pm

#4 Truth or Consequences on 05.26.22 at 4:12 pm
Garth is giddy with excitement today because he doesn’t have to post a “hang in there” message about the markets. Too bad this dead cat bounce won’t last, and yes the FED will pause in September as the economy continues to tank.

Inflation will continue and take a bite out of consumer spending as consumers become increasingly tapped out. The economy will falter and a recession will come soon.

__________

You sound so smart. Can you please divulge all your short positions? Or did you just go to cash? Let us know. During times like these, we could certainly all use a good laugh.

You do realize there are consequences to not telling the truth?

BTW, if you hadn’t realized it by now, you’ve just been slapped!

#41 The Regulator on 05.26.22 at 6:04 pm

Gold is an outdated commodity, and Canada was right to get rid of its gold reserves – former god, I mean Bank of Canada Governor David Dodge
So Canada has $ zero gold reserves.
However, he is interested in digitalizing our financial system/dollar. “We’re going to have to find a political way to overcome the fear [of government control through digital I.D.’s] to benefit from a health, financial, and indeed an economic system that works better”. For whom?

#42 Søren Angst on 05.26.22 at 6:06 pm

I am hiring. Mucho cat chow. – Garth

—————-

Can I apply as long as it’s WFH?

Bonus:

I give MSUs daily, using alta frons words most have to look up in Google.

#43 Penny Henny on 05.26.22 at 6:06 pm

Not only do we have a decades-low jobless rate of just over 5%, but there are currently 1,000,000 positions going begging. Unfulfilled.-GT
///////////////////

Inflation coming in at 6.8%, 1 million positions going unfulfilled so what’s next you ask.
Simple. Wage inflation, then lower corporate profits and a receding stock market.

Why would stocks retreat in a growing economy throwing off jobs? – Garth

#44 Annek on 05.26.22 at 6:10 pm

What ever happened to Dolce Vite?

#45 The Regulator on 05.26.22 at 6:12 pm

# 28 – Sore and Agast : Mabey youre watching too much C.N.N. Try the cartoon network. Or have you already? Are you a secret agent, ’cause you sure know lots about the goings on in the world.

#46 Kris on 05.26.22 at 6:14 pm

Garth,

I was not accusing you of conflict of interest in #12. Just highlighting how emotion can play a part in opinion. And how truly being objective is nearly impossible.

#47 Søren Angst on 05.26.22 at 6:21 pm

#34 crowdedelevatorfartz

You expect wrong.

Again, inform yourself better.

As for Russian gas, Soros says Putin will run out of storage space in July and his cuts to the EU will come to an end. Then it will be the EU’s turn to play hardball.

https://www.cnbc.com/2022/05/26/putin-george-soros-says-russia-is-blackmailing-europe-with-gas.html

And recall, the EU aiming for a 65% reduction in Russian gas by the end of the year.

And the European Union will get the job done.

https://www.cnbc.com/2022/03/08/eu-pledges-to-cut-russian-gas-imports-by-two-thirds-before-next-winter.html

For example, I am ditching my gas cooktop and buying an all induction cooktop and only because of that Child Born out of Wedlock Putin. One of my relatives is doing the same.

EU already securing non-OPEC, non-Russian aligned Asian and African nat gas as I type.

No need for Cdn gas Canada cannot deliver in the first place. Thank you for the sentiment though.

#48 The Regulator on 05.26.22 at 6:23 pm

# 24 – Is that the buzz from your secret service agent buddies down at the local watering hole? Lol

#49 Penny Henny on 05.26.22 at 6:26 pm

#29 Tom from Mississauga on 05.26.22 at 5:21 pm
Sold my shares of BMO Mar 1 at $145.34, bought back today at $134.88. North American equity correction has mostly happened. My landlady however wants to sell, the cost of carrying the house has exploded past her ability to pay, can you imagine if next winter is cold and this nat gas price holds?
////////////////////////

Yes she will forced to sell and you will be forced to move.
Careful what you wish for.
Don’t worry bout me thou, ENB is my largest holding.

#50 Faron on 05.26.22 at 6:28 pm

I am hiring. Mucho cat chow. – Garth

Somebody tell felix!

#51 Sail Away on 05.26.22 at 6:32 pm

#15 Faron on 05.26.22 at 4:45 pm
#141 Sail Away on 05.26.22 at 3:50 pm

I disagree with Russia’s seizures

———

You have had ample time to indicate as much, yet have failed to do so.

———

Absence of evidence proves guilt? Seems intolerant somehow.

Stay off jury duty… please. Don’t lie though, plead erratic instability with comorbid obsessive compulsion and use me as reference. :-)

#52 Arcticfox on 05.26.22 at 6:32 pm

You really can’t make this stuff up..Fed done already!

https://www.cnbc.com/2022/05/26/ron-insana-the-federal-reserve-may-have-already-done-enough-to-cool-the-economy.html

#53 Brian on 05.26.22 at 6:33 pm

There are two main theories of why inflation emerges (and no, money printing is not one of them; at least until the inflation is already well underway).

The first view is called cost-push inflation. This comes from the supply side and is caused by outright shortages, seller manipulation, embargos or supply chain disruptions.

The second view is called demand-pull inflation. This comes from consumers who perceive that prices are going up and rush to buy goods before the prices go up even more. Of course, the two kinds of inflation can interact. What happened in the 1970s (and may be happening now) is that the inflation started on the supply side with energy prices and then spread to the demand side as consumers formed lines at gas stations in a rush to buy whatever they could.

The gas lines soon morphed into a rush to buy everything as soon as possible. It’s at that stage of the demand-pull inflation that excess money printing can make things worse.

https://dailyreckoning.com/biden-places-ideology-above-lives/

#54 I'mshort_corpdebt on 05.26.22 at 6:36 pm

Whazzat mean? – GT
——————————————————————–
Oh boy, to find out, you better call your broker at BMO and ask that question as an investor when their yoy 300% growth loan portfolio of the past 2 years is about to experience testicular atrophy similar to one of those cold morning swims in lake Ontario.

#55 Quintilian on 05.26.22 at 6:42 pm

#138 Shawn on 05.26.22 at 3:24 pm
“Qunitillian makes a disgusting weak jealous comment”

Any civil servant who is in proximity of a lever that can enrich themselves, needs to have an investment portfolio that can be managed through a blind trust.

Speculating on a fundamental human need, such as housing is legal, but it falls short of ethical conduct for a high-level official.

BTW your PEPE , and other government officials as well as the Liberals such as Taleeb Noormohamed and many other politicians are involved in RE speculation as well.

Your infantile dismissal is what is disgusting.
Legal does not meet the threshold of moral.

#56 DON on 05.26.22 at 6:44 pm

#23 Victor Llerna on 05.26.22 at 5:07 pm
I learn a new word every day when I read this blog. had no idea what the heck quagmire meant until I googled it. Thanks Garth!

******&

after quagmire comes FUBAR.

#57 Søren Angst on 05.26.22 at 6:53 pm

#39 Annek

Dolce Vita’s alter ego, Søren Angst, remains in place until the 3 P’s:

1. Pandemic
2. Putin
3. Prices spiraling

gone, gone, forever. *

And thanks for remembering.

* Pollyanna for certain, but I can dream can’t I?

#58 NOSTRADAMUS on 05.26.22 at 6:54 pm

THE SECOND COMING!
I have just finished reading William Butler Yeats poem “The Second Coming,” it’s a short poem that blisters with apocalyptic ominousness and full of foreshadowing. After a moment of quiet reflection, I realized with that unsettling feeling in my gut, the certainty that after a decade of low rates and today’s rapidly deteriorating real estate and business environment ,Walmart, Target, and Amazon, all collectively doing a deep dive, could the banks be hiding billions in rotten loans. Loans that might appear solvent on the surface, but, and this is a big, big but, “THE COLLATERAL IS DEPRECIATING SIGNIFICANTLY”. Am I the only one wearing skeptical glasses when it comes to all the financial forward looking gurus reports
Could The Trojan horse be in the city?
It’s challenging to grasp the truth without spiraling into depression. I must do a better job of compartmentalizing . Not to mention, I’m not creating anything of value as I read this. How do I juggle it all.?
Steady Lads, hold the line.

#59 TurnerNation on 05.26.22 at 6:54 pm

(Business Insider) Russia’s central bank slashed interest rates sharply Thursday in an effort to reduce the value of the ruble, which has soared against the dollar in recent weeks.
The Central Bank of Russia (CBR) cut the benchmark rate to 11%, from 14% previously, in an emergency meeting called two weeks early. It was the third rate cut in just over a month.


— Control over travel/movement…is Permanent. Who knew? Did you think they were just playing around in March 2020? Two weeks only? This is the Global Government I speak of. De facto.

https://brownstone.org/articles/the-who-treaty-is-tied-to-a-global-digital-passport-and-id-system/
The WHO recently announced plans for an international pandemic treaty tied to a digital passport and digital ID system. Meeting in December 2021 in a special session for only the second time since the WHO’s founding in 1948, the Health Assembly of the WHO adopted a single decision titled, “The World Together.”
The WHO plans to finalize the treaty by 2024. It will aim to shift governing authority now reserved to sovereign states to the WHO during a pandemic by legally binding member states to the WHO’s revised International Health Regulations.

— Comrade report to your Prefecture Block Captain. This WW3 shares similarities with WW2.
Ordinary people doing terrible things.

.Neighborhood Covid Enforcers Keep Large Parts of Shanghai in Lockdown (bloomberg.com)

#60 VladTor on 05.26.22 at 6:55 pm

DELETED (Obscenity)

#61 Stephen Harperite on 05.26.22 at 7:02 pm

DELETED

#62 Faron on 05.26.22 at 7:04 pm

#51 Sail Away on 05.26.22 at 6:32 pm.

Absence of evidence proves guilt?

Why do you think I’m trying to establish guilt? This isn’t Catholic school.

Your words tell us what is important to you.

-more concerned about seizures with legal basis than outright theft in an illegal war
-abortion = to armadillo shooting
-flag theft/statue toppling = to racist murder of a family
-steel dossier important to you in light of much more pressing news
-out of the blue links to a middle east killing of tourists

In my case it’s pretty clear that calling out your endless font of garbage is important to me in this comment section’s context.

#63 Bankrupting Landlords is good for the Economy on 05.26.22 at 7:05 pm

“Like jobs. Did you see the latest? Not only do we have a decades-low jobless rate of just over 5%, but there are currently 1,000,000 positions going begging. Unfulfilled. That’s basically work for every unemployed soul, which means we have textbook full employment. Job openings have increased 60% year/year. And people think we’re going into recession? Weird.”

Wasn’t also the case in 2007? The labour market can switch on dime nowadays.

#64 Ponzius Pilatus on 05.26.22 at 7:12 pm

#15 Faron on 05.26.22 at 4:45 pm
#141 Sail Away on 05.26.22 at 3:50 pm

I disagree with Russia’s seizures

You have had ample time to indicate as much, yet have failed to do so. Furthermore, as you have pointed out, Russia appropriating material goods is not the same as a sanctions-guided, reversible asset seizure occurring in rules-based and lawful states. The former is far worse and far less legal and much less likely to be compensated. Yet it evoked zero response from you. Maybe because the war is “that Ukraine thingy” to you?
—————-
Faron,
And I thought you, as a science guy, was all about basing your opinion on verifiable evidence.

#65 Ed on 05.26.22 at 7:21 pm

Good luck waiting for Canada to export some LNG. This country has been broken.

#66 crowdedelevatorfartz on 05.26.22 at 7:21 pm

@#36 Sore Angst

“EU already securing non-OPEC, non-Russian aligned Asian and African nat gas as I type.

No need for Cdn gas Canada cannot deliver in the first place. Thank you for the sentiment though.

++++
I believe my original comment was relating to the PRICE of Nat Gas.

I dont see that dropping anytime soon.
I expect it to higher as winter beckons.
You converted from a gas topped stove.
How is the building heated?
Boilers? Nat gas?
How does Italy produce most of its electricity?
Some Hydro Electric in the Alps. 12%
Some solar in Sicily. 8%
Wind 4%
Geothermal around Etna? 1.5%
Coal? 14%
Nat Gas 40%
Oil 10%
Imported power ( French Nukes?) 10%
The price of electricity will be going uppa uppa uppa this winter Pisano.

#67 DON on 05.26.22 at 7:29 pm

#52 Arcticfox on 05.26.22 at 6:32 pm
You really can’t make this stuff up..Fed done already!

https://www.cnbc.com/2022/05/26/ron-insana-the-federal-reserve-may-have-already-done-enough-to-cool-the-economy.html

*********

This one is inteteresting as well.

https://www.cnbc.com/2022/05/26/home-listings-suddenly-spike-as-sellers-worry-theyll-miss-out-on-red-hot-market.html

Something spooked the heard! Yah Yah

#68 Truth or Consequences on 05.26.22 at 7:29 pm

#40 Will Smith

I am still long. Shorting is not my game.
And you are an idiot for using that name.

You like my rhyme?

#69 Dave on 05.26.22 at 7:31 pm

As my wife and I retired recently and have 4.25% to 4.5% 5 to 10 year GICs in our RRSP, some RRIF already converted to, TFSAs, and this mix fits us. We have $85,000 coming in CPP, OAS, annual interest paid, other compound interest tax free, tax deferred. We are 100% debt free. We get to keep 70% after taxes, living expenses and in 5 years we will have minimum $300,000 net after taxes in our bank accounts. We were working together 100 hour weeks and max putting aside $150,000 over 5 years. Glad not having to pay between us $200 a week in gas prices just to go to work and all the longer term extra higher car repairs, maintenance costs.

#70 Happy gramps on 05.26.22 at 7:32 pm

According to Garth’s comment today about the poverty line, I have an income below it, so I guess I live in poverty. Couldn’t be happier. I haven’t given up any activities or seen any of the inflation people are complaining about. I haven’t even had to touch any of my small investments. I guess a lot of people are just flushing away all their income foolishly. Well, this is a blog about the grater fool.

#71 Km on 05.26.22 at 7:46 pm

@Garth vs 45….you do realize we are in Canada correct? I think the tin foil hat might be slipping a little. Time to adjust it, your crazy is slipping showing.

#72 Dale on 05.26.22 at 7:59 pm

Dave, I hear you. I noticed that we are saving between us $25,000 a year now retiring both of us in our early 60’s. When you add up extra gas, maintenance, repairs, CPP, EI deductions from our paychecks and other work related expenses, we are saving alot of money.

It is a good thing we started early saving money. We are simple savers and not into investments. We are not that type of people. We just had discipline saving the maximum possible in our RRSPs, RESPs, TFSAs, non-registered money all in term deposits, GICs wgich was more challenging the last 10 years or so as interest rates were in the 2.5% to 3.5% range instead of 5% to 7.5% back in the first 15 years of or working lives. However, we saved more, cut of crap we would never need. We all had delivery, transportation jobs so we had no pensions, other benefits like that but good, steady, full time wages. We are doing alright as we paid off our mortgage, line of credit just 5 years ago and have at least 20 years of retirement income set aside $800,000.

#73 Sail Away on 05.26.22 at 8:04 pm

#64 Ponzius Pilatus on 05.26.22 at 7:12 pm
#15 Faron on 05.26.22 at 4:45 pm
#141 Sail Away on 05.26.22 at 3:50 pm

I disagree with Russia’s seizures

——–

You have had ample time to indicate as much, yet have failed to do so. Furthermore, as you have pointed out, Russia appropriating material goods is not the same as a sanctions-guided, reversible asset seizure occurring in rules-based and lawful states. The former is far worse and far less legal and much less likely to be compensated. Yet it evoked zero response from you. Maybe because the war is “that Ukraine thingy” to you?

——–

Faron,
And I thought you, as a science guy, was all about basing your opinion on verifiable evidence.

——–

Yep. Faron’s ‘science’, as once again clearly demonstrated here, leaps to wild conclusions based on no verifiable evidence. Total lack of any scientific rigour.

Don’t get mad and start insulting, F, it’s true; we’re just the messengers. Don’t demonstrate crap science to the world and expect to be taken seriously.

#74 Dr V on 05.26.22 at 8:09 pm

55 Q

“Any civil servant who is in proximity of a lever that can enrich themselves, needs to have an investment portfolio that can be managed through a blind trust.”
————————————————–

Is there a threshold for this? A couple of rentals hardly makes the deputy “rich”.

And, as the BOC deals with interest rates and related mechanisms, is RE directly affected by this? Have you
ever seen RE prices drop when interest rates are
dropping? I have. Seems to me the relationship is
stronger if she has GICs.

Also note that the interest rate affects – both positively
and negatively – a very broad portion of the populace, and not just a select few.

#75 Flop… on 05.26.22 at 8:10 pm

Still seems to be some confusion as to where Bunnypatch is.

To clear this up, The Choirboys have agreed to re-release their 1988 hit Run To Paradise with a slight edit.

Some people in New York probably think that Vancouver is Bunnypatch.

Bunnypatch, it’s anywhere you want it to be…

M47BC

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

“Baby, you were always gonna be the one
You only ever did it just for fun
But you run to Bunnypatch

Jenny, I’ll meet you at the grocery store
You don’t need a friend when you can score
You run to Bunnypatch

Johnny, we were always best of friends
Stick together and defend
But you run to Bunnypatch

And Mamma, now don’t you worry about me anymore
When I see you crying at the door
When I run to Bunnypatch

That’s right, they had it all worked out
You were young and blonde and you could never do wrong
That’s right, they were so surprised
Opened their eyes up
(Opened their eyes up)
Opened their eyes up

You don’t want anyone (open your eyes up)
You don’t want anyone
Don’t tell me, this is Bunnypatch
(Open your eyes up)

You don’t want anyone (open your eyes up)
You don’t want anyone
Don’t tell me, this is Bunnypatch

Good times, why’d I let ’em slip away
Why’d I let ’em slip away
‘Cause I lived in Bunnypatch

Run to Bunnypatch
Run to Bunnypatch
Run to Bunnypatch”

https://www.youtube.com/watch?v=3hxYDqhy2Vc

#76 Dr V on 05.26.22 at 8:21 pm

Q – some further reading for you.

https://www.bankofcanada.ca/wp-content/uploads/2018/07/code-business-conduct-ethics.pdf

#77 Marc Chaikin on 05.26.22 at 8:22 pm

A new wave of crashes is headed for U.S. stocks and we’re about to witness a historic stock market shakeup that could soon create devastating losses for some investors and send many beloved, widely held stocks crashing.

Prepare immediately.

Why? – Garth

#78 Faron on 05.26.22 at 8:26 pm

@Sail Away

I’ll add that you have very clearly slandered my name here on numerous occasions with false statements about stalking and mental health. These untrue statements have the effect of materially damaging my reputation and are widely differing from my name calling your anonymous avatar that has had little to do with you as a person and your reputation. Your speech is blatantly defamitory. I recommend you cut it out.

#79 Shrimper on 05.26.22 at 8:30 pm

Great article once again Garth. Always sound advice, been reading your blog for over ten years. Keep up the good work! Much appreciated.

#80 crowdedelevatorfartz on 05.26.22 at 8:59 pm

Record low unemployment.
Workers can’t be begged, borrowed or stolen.

Low interest rates rising.
Loans and Mortgages getting painful for a large percentage of the borrowing population..

Housing sales stalling.
Listings rising.

Food, fuel, clothes and entertainment much more expensive.
Rent, heat, light getting more expensive.

Russia stirring the pot.

A harbinger of a recession?

#81 Nora Lenderby on 05.26.22 at 9:04 pm

I live in Bunnypatch.
The wee 1 bed house next door sold for $325K ($100K over asking) a month ago.
Rascally rabbits roam the backyards, so you have to protect your veg garden.
A quiet bucolic village, especially at weekends – sitting on the back deck listening to the song of the lawnmower…
(A double-digit number of residents use them as mobility scooters, probably having lost their driving licenses through misfortune.)
You’ll love it, Scarborough exiles.

#82 Ponzius Pilatus on 05.26.22 at 9:10 pm

Re: Putin’s war.
I applaud Kissinger for coming out and bringing some Real Politik to the table.

#83 Jerry on 05.26.22 at 9:19 pm

but there are currently 1,000,000 positions going begging. Unfulfilled. That’s basically work for every unemployed soul, which means we have textbook full employmet.

I doubt this job market is as strong as some may think. Those 1 million are mostly bottom of the barrel jobs with unlivable wages and hours. Inflating home prices which inflated rental prices didn’t help to make those jobs any more attractive either.

THE JOBS GOING UNFILLED are overwhelmingly “non-standard employment,” a term that refers to casual or temporary work without benefits or certain legal protections. It encompasses gig, part-time, temporary, and seasonal employment as well as people holding multiple jobs, like cleaners, food service workers, retail staff, agricultural workers, and general labourers. This type of work, associated with high rates of injury and increased work-life conflict, makes up about a third of the labour force. These occupations are also among the lowest paying.
https://thewalrus.ca/pandemic-worker-shortage/

I am hiring. So are all the banks. – Garth

#84 Shawn on 05.26.22 at 9:20 pm

West Texas Oil is at $145 Canadian dollars!!

Western Canadian Select is lower at $123 Canadian dollars because it is a heavy oil and because even with pipelines there has to be a discount to cover the cost of transport.

Money gushing into Alberta from royalties and provincial corporate income tax (even at the paltry 8% rate). Federal government enjoying a big boost in income taxes too.

Finance minister of Alberta wearing out eraser as he increases the budget surplus estimate ion a daily basis and starts to think about when the debt can be paid off.

There should be little doubt that the unemployment rate in Alberta, already down to 5.9%, will continue to decline.

And check out the green on The Alberta economic dashboard:

https://economicdashboard.alberta.ca/

Money sloshing all over the place.

Canadian Western Bank reports tomorrow. Watch for upward earnings estimates.

#85 Heloguy on 05.26.22 at 9:43 pm

#56 DON on 05.26.22 at 6:44 pm
#23 Victor Llerna on 05.26.22 at 5:07 pm
I learn a new word every day when I read this blog. had no idea what the heck quagmire meant until I googled it. Thanks Garth!

******&

after quagmire comes FUBAR.

Giggity Giggity Goo.

#86 meslippery on 05.26.22 at 9:55 pm

#32 Mark

If a job offers ~$29,000 (minimum wage, full time hours ) and the poverty line is ~$41,000, is it still a job?

The poverty line for a single person in Canada is $19,200. – Garth
—————

$19200.00 div. by 365 =$52.60 per day to live on.
Hmmm that seems low…

#87 Philco on 05.26.22 at 9:55 pm

‘Plummeting’ home prices affect about 8% of homeowners. Lots of pain there. But not widespread. – Garth

Many are mortgage free and….. MANY bought years ago.
Dum dum’s bought lately and their in for some hurt. No wipe out coming. It will need a down poor of sales.
Check yes or no Garth?

Garth knows his shit.
Its always safety first.

#88 Sail Away on 05.26.22 at 10:04 pm

#78 Faron on 05.26.22 at 8:26 pm

Your speech is blatantly defamitory. I recommend you cut it out.

———

‘defamatory’

I recommend you stay in your lane.

#89 Ponzius Pilatus on 05.26.22 at 10:09 pm

#84 Shawn on 05.26.22 at 9:20 pm
West Texas Oil is at $145 Canadian dollars!!

Western Canadian Select is lower at $123 Canadian dollars because it is a heavy oil and because even with pipelines there has to be a discount to cover the cost of transport.
——————————-
I always get a kick out how they name oil.
Select, sweet, crude.
Crude is probable the closest to the truth.
But I’m a simple man.
So I just call it dirty

#90 canuck on 05.26.22 at 10:20 pm

Is any of this the harbinger of recessions?
_____________________________________________

You bet your CPP payment being deposited tomorrow that it is. It’s always glowing and glorious before the sh!t hits the fan.

#91 The Regulator on 05.26.22 at 10:33 pm

# 47 Siren Angst :Ya, your new stove top sounds nice, ’til your hydro bill triples or the power goes out. That’s showing the Russkies what for! Where is all this imaginary gas coming from? You can’t just snap your fingers and it happens. Annnnd….It’s All Putin’s Fault. Now known as I.A.P.F.

#92 Faron on 05.26.22 at 10:41 pm

#73 Sail Away on 05.26.22 at 8:04 pm
#64 Ponzius Pilatus on 05.26.22 at 7:12 pm

Please show me where I made a firm scientific claim. Please show me where I made an unverified statement of fact. Furthermore, show that anything I have ever presented here aside from referencing published science is “crap science”. Please show you have the slightest effing clue what science is and how it’s actually done (i.e. only a buffoon would think that any interaction here has any remote link to science). While you are at it maybe explain to me how the words “almost as if” indicate anything more than an argumentative suggestion however colourful?

I’ll note that your attempt to draw a link to my arguments here and my practice of science is far, far more tenuous and egregious than any rhetorical insinuations I cast your way. When you, Sail Away, make amateurish stock market calls like “BuY sOmE cOsT PoNz!” I don’t accuse you of crappy engineering do I? No. Even after the stock tanks? No. Why? Because they are not the same thing. Talk about intellectual dishonesty man.

Thanks for addressing the above. I’m looking forward to hearing from you both. Until then, I’ll refer you here. Your attacks on my career, profession and reputation are baseless and potentially damaging. Cut it.

#93 Willie on 05.26.22 at 10:42 pm

I am a young single man with a full time job and last year made a decent income of $65,000. I did work 50 hour weeks but the pay is decent. I don’t even have a college, university degree, diploma and avoided that scam called student loans. I have averaged now 3 years $60,000 a year income and have put aside $60,000 or about 1 years gross average salary. Inflation, higher cost of living will impact harshly and heavy on those that are ill prepared. I am 23 now and learned one thing. If you don’t take care of yourself financially and otherwise nobody else gives a crap about you. My $60,000 is in laddered GICs in my TFSA and I have access of $20,000 a year to it in case I need money. I am 100% debt free, not paying 20%, 30%+ interest rates on credit cards and other high interest debt, credit. This is already saving me $1,000 to $1,500 a month if Borrowed $60,000 instead of having it in GICs and I am making my $1,900 a year tax free TFSA compound interest and keep adding to it. By the time I am 25, $100,000+ ahead and not relying on a other people’s money and paying almost equivalent to rent on $60,000+.

#94 Faron on 05.26.22 at 11:01 pm

#82 Ponzius Pilatus on 05.26.22 at 9:10 pm

Re: Putin’s war.
I applaud Kissinger for coming out and bringing some Real Politik to the table.

Cool, so when Russia saunters into Belarus, they should cede too (kinda already have)? And then Latvia ’cause small? Estonia ’cause same?

Sure, Kissinger is right that the wider stability of Europe should be considered. But, he fails to recognize that an unchecked Putin also greatly threatens Europe’s stability. In fact, Obama and Trump going easy on Putin when he invaded Crimea is arguably the reason Putin had confidence in going into Ukraine this year. It’s a massive gamble (and none of his damn business really) to suggest that Ukraine ceding territory to Russia would end Russian aggression.

#95 Faron on 05.26.22 at 11:07 pm

#88 Sail Away on 05.26.22 at 10:04 pm

I recommend you stay in your lane.

Your scientific conclusion is that typos arising from typing on a smartphone with autocorrect off indicate that I should stay in some mythical lane? Good one.

#96 Philco on 05.26.22 at 11:08 pm

I am hiring. So are all the banks. – Garth

Me to but you have to work like a slave. But we had a stump pile burning so bonus hotdogs for the crew.
Burnt wieners go a long way!

#43 Penny Henny on 05.26.22 at 6:06 pm
Not only do we have a decades-low jobless rate of just over 5%, but there are currently 1,000,000 positions going begging. Unfulfilled.-GT
///////////////////

Inflation coming in at 6.8%, 1 million positions going unfulfilled so what’s next you ask.
Simple. Wage inflation, then lower corporate profits and a receding stock market.

Why would stocks retreat in a growing economy throwing off jobs? – Garth
——-
Cause its Penny clueless?
RE goes down more in stupid areas given the issues of the day…
Business peeps are the sharpest among us…Why?
Because they are focused and determined as hell to succeed and they understand their op cost, input output, gov, taxes ect.
They cut and adjust and become stronger in down turns.

Stuffs in demand NOW so Penny your just a Relator no? You folks have no idea of economic systems. I know a number of relators.
I don’t use you peeps as I know 20 fold more about RE than you folks do.

So Companies can do great now but Garth should add that the stock market does not track exact PEs and thats why its a bitch!
They disconnect at times. ie Biz ok but market slides or the reverse.
True or False Garth.

Back to the saw mill in the am. Guys are almost done moving dirt. 100 dump trucks worth.
Buildings coming in 4 weeks plus the 14000 sq ft wood I’m building.
Haven’t been this excited in long time!
Cheers Penny back to school for you. Big hug!

#97 Sail Away on 05.26.22 at 11:12 pm

@Faron

You could just do like Observer the other day and say ‘whoopsie’ and back away.

Otherwise, I have a thousand nails for this crucifix you chose to build.

#98 Barb on 05.26.22 at 11:15 pm

#93 Willie

Good for you.
Canada needs more young people as astute as you.
Well done.

Oh…and when you believe you’ve found the right person as a prospective lifelong partner, do yourself a favour and look at that person’s parents first.
Look long and hard.
That way, your financial acumen won’t go out the window.

#99 Reddy on 05.26.22 at 11:16 pm

Ok Garth , I’ve got to be a bit detail oriented with respect to one of your comments

“textbook full employment”

As a graduate with an economics degree: full employment (as defined in our text books) is 7 percent.

I couldn’t resist correcting you :)

#100 Reddy on 05.26.22 at 11:17 pm

to be clear
Full employment is defined as 7 percent unemployment
:)

#101 Faron on 05.26.22 at 11:18 pm

#73 Sail Away on 05.26.22 at 8:04 pm

Faron’s ‘science’, as once again clearly demonstrated here, leaps to wild conclusions based on no verifiable evidence. Total lack of any scientific rigour.

You are making statements that are demonstrably not true. Just straight up lying about a person who is easily googlable. Very interesting that you raise a stink about me raising facts about Elon (settled SEC fraud charges) yet you will make fact-free claims about me here without hesitation. There’s that double standard and utter failure at the intellectual integrity that you hold so dear.

#102 ED TURON on 05.26.22 at 11:24 pm

sailaway
should have said thru-hull
the supply chain is broken,will there be a lack of inventory
truck shipping rates currently are not allowing the trucker owner/operator to start the truck,cost per mile to rate offered
jobs nobody wants
garth i saw your face today

#103 Faron on 05.26.22 at 11:43 pm

#97 Sail Away on 05.26.22 at 11:12 pm

And what whoopsie was that?

Bring ’em. UNLEASH THE DOSSIER!

LOL.

#104 Sail Away on 05.27.22 at 12:09 am

@Faron

A science test just for you: You have claimed a number of times to know my real life identity. Please back up the claim with irrefutable evidence: who am I?

No crap science.

Good luck.

#105 Dr V on 05.27.22 at 12:29 am

99-100 Reddy

Seriously doubt your claim of having an economics degree.

“Full employment” is a concept, not a particular number.

https://nationalpost.com/pmn/news-pmn/canada-news-pmn/the-concept-of-full-employment-and-what-it-means-for-wages-explained

“So what is full employment? It’s the lowest rate of unemployment before a scarcity of job seekers starts to inflate wages and hit the economy.

Economists disagree on exactly what that unemployment rate is, but Maurice Mazerolle at Ryerson University’s Ted Rogers School of Management says it’s somewhere between five and six per cent.”

Ful disclosure – I’m not a doctor.

#106 Coastal gal on 05.27.22 at 12:59 am

If anyone wonders why the airport lineups for so long? and the quality of jobs available take a look at the posting for a screening officer at YVR or other airports in BC.
https://ca.indeed.com/m/viewjob?jk=1bf04570d83e9333&from=serp

Pay is $18.92 to $21.50 hour and job involves working all shifts, day, night graveyard and weekends. Long list of requirements. Tough to work those hours for that pay and live in Vancouver. And these are the employees we rely on to keep us safe when flying!

Transport Canada contracted airport screening to a private company (g4s / Allied universal). Wonder how much they are making on the contracts?

#107 Ponzius Pilatus on 05.27.22 at 12:59 am

#94 Faron on 05.26.22 at 11:01 pm
#82 Ponzius Pilatus on 05.26.22 at 9:10 pm

Re: Putin’s war.
I applaud Kissinger for coming out and bringing some Real Politik to the table.

Cool, so when Russia saunters into Belarus, they should cede too (kinda already have)? And then Latvia ’cause small? Estonia ’cause same?

Sure, Kissinger is right that the wider stability of Europe should be considered. But, he fails to recognize that an unchecked Putin also greatly threatens Europe’s stability. In fact, Obama and Trump going easy on Putin when he invaded Crimea is arguably the reason Putin had confidence in going into Ukraine this year. It’s a massive gamble (and none of his damn business really) to suggest that Ukraine ceding territory to Russia would end Russian aggression.
——————————
Calm down man.
Like CEF with his fuzzy crystal ball, you don’t know the future and the outcome of this war.
So, please don’t make any predictions based on linear thinking, conjecture and confirmation bias.
You should be above that.

#108 Mouldy Millenial on 05.27.22 at 1:00 am

Victoria’s on sale – $150k off its last list 14 days ago… relisted to hide the discount, of course…

today’s listing @ $1.625M
https://www.realtor.ca/real-estate/24451295/1252-chapman-st-victoria-fairfield-west

cached OG listing May 14… @ $1.785M
https://webcache.googleusercontent.com/search?q=cache:VjHA1NK783IJ:https://victoria.evrealestate.com/ListingDetails/1252-Chapman-St-Victoria-BC-V8V-2T8/902891+&cd=11&hl=en&ct=clnk&gl=ca

#109 Russ on 05.27.22 at 1:04 am

Sail Away on 05.26.22 at 11:12 pm

@Faron

You could just do like Observer the other day and say ‘whoopsie’ and back away.

Otherwise, I have a thousand nails for this crucifix you chose to build.
============

Hey guys,

I’m still on the road doing the vacation thing. So kinda outta touch sometimes.

Is the west coast cruise you talked about a couple of weeks ago going ahead?

If so, and you want an extra competent hand aboard let me know. Sounds like it could be fun.

Cheers, R

#110 Ponzius Pilatus on 05.27.22 at 1:04 am

The Flames got robbed.
Worst call ever!

#111 M'Kawme Mikindo on 05.27.22 at 3:03 am

So, this is the bottom, sort of, buy now while stocks are low on perception rather than fundamentals, check. I’m doing that, but also increasing my cash position while more freak outs occur as rates rise. OK, its not quite goldilocks, unless you’re in energy.

Speaking of energy read this.

https://thehub.ca/2022-05-26/the-unjust-transition-canadas-energy-sacrifice-is-hurting-the-world-not-helping-it/

Killing Canadian dreams on behalf of WEF fart catchers merely benefits the most brutal regimes while harming us. Trudeau wants to leave it in the ground, except he hasn’t a clue about what the other guys are doing or what to replace the shortfall with. It means more shortages, higher prices, more crushed dreams.

#112 Joe Lalonde on 05.27.22 at 4:38 am

Garth,
On the monetary side, there is a flow of money and job opportunities like we have never seen before…

Now the big buzz kill…

You are about to witness bankruptcies that are mind boggling in numbers as well coming very soon.

Reality really does suck when you ask, are you qualified to fill that job position. A multitude of positions take many courses to qualify and in some cases years.
The next problem not considered is fuel costs are astromically high and getting higher. No signs that that is about to change.
China, which we desperately need is still closed as our current inventory dries up.
I haven’t seen any new replacement for these vital products and parts as supply chain infrastructure vehicles break and parts are getting difficult to find.
Buildings take a multitude of different trades and materials to construct that is getting difficult to find too…

I see no alternative but a massive amount of bankruptcies coming and very little avenues that say it’s not coming.
Lots of money available but reality will really suck as businesses will be forced to close.
Too many government regulations that didn’t exist before.

#113 Hals Comet on 05.27.22 at 5:37 am

When taking office Mr Trudeau said “I admire China’s basic dictatorship”. He went on to say that ” they can turn on a dime and get things done”.

Mr Trudeau, Chinese workers have been locked on factory floors for months, overnight they’re revolting. Are China’s poor workers inconsequential to your dictatorial ambitions?

Please consider your position inviting the bloody dictatorship of Iran using Canada’s political capital for a ‘soccer friendly’ photo op white wash of that regimes oppression. The world doesn’t need any more dictatorship dinner parties.

No Mr Trudeau, dictatorships aren’t admirable. The “ability to turn on a dime” always results in people being over run with tanks and bullet spray. Cute factoid : the plant in open revolt is low paid workers being starved, forced to work 24/7 making parts for your Apple phone. Groovy , right Mr Trudeau?

#114 Summertime on 05.27.22 at 5:54 am

There is now a conviction that rates will be increased in total by 200 b.p. – 2 % which means top of 2.25 % after which the fed will start cutting again.

What a great way to fight CPI of 8-9 %, real inflation double that if measured in the 80-es, with 2 % rates!

So we might have seen nothing yet in terms of inflation and the total cumulative inflation could be horrific with practically no response from CB other than temporary little actions and primarily talks.

Yes, credit will be temporary limited but when we are going to see positive real rates please?

Short of that inflation will rage and we are going to face very difficult challenging prices of basic necessities that will practically wipe out any remains of the middle class.

#115 I don’t know on 05.27.22 at 6:31 am

2 Ponzius Pilatus on 05.26.22 at 9:10 pm

The only “real politik” I saw was Zelensky’s response. Kissinger should read a history book, go back to retirement, or both.

That strategy is a failure every single time. He should know better. He should be embarrassed.

Re stocks versus houses:

Both have their advantages. Financial assets are liquid, but flash red and green every day. Many cannot stomach regulator downturns because they are amateur and think every few red days is 2008. These people have no business in the stock market and need to be professionally managed (ironically they usually deride the financial management industry). But they won’t. Their egos and greed get in the way. It’s easier to just complain all day of “what’s coming” and ignore all expert advice. Smart people who want to make money just ignore them.

Houses: they are tangible. You can live in them, raise a family, lay down roots. The land has value and is probably the oldest and most contested resource that exists. Every human had an innate desire for territory. Entire cultures base success off of owning real estate.

On an individual level, finding a suitable rental with a decent landlord can often be a challenge, particularly detached homes in large cities. There is no flashing green/red daily “count” in real estate, so people who cannot handle the markets and refuse to be professionally managed often find real estate is more their speed. To each their own.

The current market is going from overheated to just hot. A good house in good area will always be in demand.

If you locked in at rock bottom rates go back to sleep. If you plan on living in your house for more than one year, do the same.

You buy when you can afford to.

IDK

#116 10yrsoverdue on 05.27.22 at 7:02 am

Although the suppression of rates for way too long was the major issue, the criminal blind bidding was almost as impactful in the overall narrative. How can anyone defend this process of selling??? Predatory pricing is illegal by any measure! Why is this different??

#117 mitzerboyakaQueencitykidd on 05.27.22 at 7:31 am

alls fair in luv and war
attaboy CmcD

#118 Brian on 05.27.22 at 7:47 am

DELETED (Anti-mask)

#119 JN on 05.27.22 at 8:14 am

Why do you compare ETF/Stocks to housing? At no point is someone faced with the decision to make regular contributions to one OR the other. We all need shelter. Rent prices are also out of control, so you aren’t saving much cash flow going this route. If you can afford a down payment and mortgage, do it. You can’t live in your ETFs.

The alternative is be homeless and contribute the rent/mortgage money to an ETF, I guess?

#120 crowdedelevatorfartz on 05.27.22 at 8:39 am

@#83 Jerry
“…there are currently 1,000,000 positions going begging. Unfulfilled. That’s basically work for every unemployed soul, which means we have textbook full employment….”

+++++

Odd.
I could have sworn I saw a young, healthy kid with his equally well fed dog begging for money outside a liquor store yesterday….

I guess he needed bus fare to get to his job.
Thats it.

#121 Senator Bluto on 05.27.22 at 8:54 am

Trudeau is on another cynical, doomed and opportunistic anti-gun tirade again. Soooo predictable and an ineffectual.

If Trudeau was even remotely interested in dealing with the actual problem, it would be easy to do a small scale test as follows:

1. Ban all firearms in the City of Toronto for a period of three years.

2. Implement a credible Royal Commission, including members of law enforcement, RCMP, City Police, Ducks Unlimited, Rocky Mountain Elk Foundation and Trout Unlimited to oversee the ban and collect data to see if the ban has any effect whatsoever on gang shootings. Anti-gun NGO participation is not required as their views are already known and immutable; it’s the pro-gun guys that need convincing, not the anti-gun lobby.

3. If an outright ban on guns in TO makes a difference on gang violence, then the composition of the Commission has the credibility to sway the rank and file gun owners.

As Jagmeet Singh once remarked “It’s basic…”

#122 Ponzius Pilatus on 05.27.22 at 9:01 am

#115 I don’t know on 05.27.22 at 6:31 am
2 Ponzius Pilatus on 05.26.22 at 9:10 pm

The only “real politik” I saw was Zelensky’s response. Kissinger should read a history book, go back to retirement, or both.
————————-
“Zelensky’s response”?
How can you misspell “Biden” so badly?

#123 Anti-vaxxer on 05.27.22 at 9:33 am

DELETED

#124 Privateer on 05.27.22 at 9:36 am

I think the unemployment numbers are going to change dramatically as organizations start doing layoffs, and shut down. We already see it in growthy-companies that are getting crushed (check out layoffs.fyi, and observe the rate of layoffs increasing in white collar jobs). The same competition that propelled labour markets up is likely going to reverse — why wouldn’t businesses be impacted the same way housing is projected to be? The cost of capital has gone up, they are able to raise less capital, and consumers are going t o be able to spend less, which will translate to earnings, and lead to a connected downward spiral until stabilization.

Hard to imagine a world where QT doesn’t hurt businesses as well (that were also propelled upward with QE).

#125 Quintilian on 05.27.22 at 9:37 am

#105 Dr V on 05.27.22 at 12:29 am
99-100 Reddy

“Seriously doubt your claim of having an economics degree.”

Agreed, I think he must have read an article on the net.

#126 Philco on 05.27.22 at 9:43 am

BC Ferries hired a ton more peeps expecting to get slammed this summer.
Maybe better than a soft landing and is good news.

#127 crowdedelevatorfartz on 05.27.22 at 9:53 am

Ponzie’s Petroleum Predictions…

Summer driving season will soon be upon us Ponzie.
Where do you think the price of gas is going???

https://www.reuters.com/markets/europe/get-your-motor-runnin-2022-05-27/

May 27 in the Lower Brain Land it is $2.24 for a liter of regular.

June 30th will see us nudging $3.00 per liter for reg.
Bring on the screaming from the boaters, the campers, the Motorhome haulers.
Summer 2022. The last kick at the gas can.

Lots of toys on sale come Oct.

#128 DON on 05.27.22 at 10:16 am

#126 Philco on 05.27.22 at 9:43 am
BC Ferries hired a ton more peeps expecting to get slammed this summer.
Maybe better than a soft landing and is good news.

*******&
Lots of retirement at BC Ferries and other organizations hence the hiring.

#129 Quintilian on 05.27.22 at 10:16 am

Leading indicators of impending RE crash:

Frequent posting by IDK, Dave, Honest Realtor

And idiotic statements such as:

“Entire cultures base success off of owning real estate.”:

I think you are referring to feudalism. I hardly think that proved to be successful.

“A good house in good area will always be in demand.”:

You conveniently left out some important components in that equation ie supply and price.

#130 crowdedelevatorfartz on 05.27.22 at 10:27 am

@#126 Philco
“BC Ferries hired a ton more peeps expecting to get slammed this summer.”
+++

BC Ferries is so short staffed they are offering their own employees $10,000 for new referrals. ( $5,000 for the referral $5,000 for the actual hire.)
And ( of course) the latest BC Ferries incompetency donkey award goes to the HR staffer that sent out a twitter post offering “singing” bonuses instead of “signing” bonuses……

Idiots and their public displays of stupidity..

https://www.reddit.com/r/vancouver/comments/uyli7w/bc_ferries_offers_10000_signing_bonus_in_effort/

The rumor is….
There will be long, long ,long line ups this summer due to lack of staff and breakdowns and no one to do repairs.
Prepare to wait and wait annnnnd wait …for a sailing.

Our govt incompetence in all it’s woke, non sexist, non racist, non competent…glory.

#131 Dharma Bum on 05.27.22 at 10:30 am

“Houses and portfolios. These assets are not the same and never will be. A lesson more of us must learn.”

~ Garth Turner
——————————————————————————————————–

Think of it this way:

The former, you live in. The latter, you live on.

#132 Sovavia on 05.27.22 at 10:34 am

Dogs and poop are better than FOGS and FOOP.

#133 KNOW IT ALL on 05.27.22 at 11:04 am

How sad this is considering the value that immigrants have brought to this country.

“Racism and vitriol at Liberal and NDP events has Jagmeet Singh worried about Canada”

https://www.cbc.ca/radio/asithappens/as-it-happens-the-thursday-edition-1.6467132/racism-and-vitriol-at-liberal-and-ndp-events-has-jagmeet-singh-worried-about-canada-1.6467472

#134 The Regulator on 05.27.22 at 11:15 am

Henry Kissinger has a lot more experience and insider knowledge than some of the so called experts posting here. And no, I’m not a fan of his. Some advice to the msm watching armchair generals :
• Propaganda works both ways.
• War is hell.
• War is a Racket.
• The common soldier pays the ultimate price.
• Pouring weapons into Ukraine prolongs the
suffering.
• Weapons manufacturers win, no matter the
outcome.
• Buying stocks in weapons’ manufacturers
makes you part of the problem.
• Hating an entire nation and it’s people for
its governments’ decisions is shallow.
• Sanctions only work if they hurt the adversary
more than you.

#135 Dr V on 05.27.22 at 11:20 am

125 Q

“Agreed, I think he must have read an article on the net.”
—————————————————-

Ha! That put a smile on me face :)

#136 Dr V on 05.27.22 at 11:29 am

119 JN

“You can’t live in your ETFs.”
—————————————–

I love paying my property tax with my bank divvies.
And my hydro bill with my utilities divvies.
And my insurance with………

But my fave is selling just a tiny bit of the portfolio when it ramps up.

A little trickier to sell just a little bit of your house.

#137 Shirl Clarts on 05.27.22 at 11:36 am

I was wondering when the Big banks would make their comeback. Turns out, reporting positive earnings is a thing. But of course I never doubted them even prior to earnings. They always make money.

#138 Ponzius Pilatus on 05.27.22 at 11:45 am

#120 crowdedelevatorfartz on 05.27.22 at 8:39 am
@#83 Jerry
“…there are currently 1,000,000 positions going begging. Unfulfilled. That’s basically work for every unemployed soul, which means we have textbook full employment….”

+++++

Odd.
I could have sworn I saw a young, healthy kid with his equally well fed dog begging for money outside a liquor store yesterday….

I guess he needed bus fare to get to his job.
Thats it.
———————-
Did you walk by the kid on your way in for another Mickey, and then did a Ralph Klein with your change on your way out?
The dog thanks you.
And then

#139 Dr V on 05.27.22 at 11:56 am

110 Ponzi

“Worst call ever!”
—————————–

Maybe.

But Peplinski kicked it in.

#140 Trojan House on 05.27.22 at 12:15 pm

“The poverty line for a single person in Canada is $19,200. – Garth”

Perhaps they were talking about the poverty line for a family. What is it?

Did Google break? – Garth

#141 Trojan House on 05.27.22 at 12:23 pm

#124 Privateer on 05.27.22 at 9:36 am

So my company, a private, not for profit, television broadcaster, laid off all of their internal production staff (about 30 people) in March of this year. It is a working layoff, so we’re still employed until the end of August.

Yes, there seems to be a lot of jobs out there, even in media, however, there is a range of pay for those jobs going anywhere from minimum wage to around $85,000. The higher paying jobs are all government or government agencies. I may end up having to take a lower paying job in media or even something completely different.

My point I guess is that while there may be 1 million unfulfilled jobs, they are not all going to be great or even good paying jobs which is probably why they are unfulfilled.

#142 Faron on 05.27.22 at 12:26 pm

@Sail Away

1) that’s not a “science” test. I advise you to cease talking about something that is increasingly clear you don’t understand in the slightest on matter how much you adore Jordan Peterson. AKA stay in your lane.

2) uh, no.

#143 DON on 05.27.22 at 12:38 pm

#131 Dharma Bum on 05.27.22 at 10:30 am
“Houses and portfolios. These assets are not the same and never will be. A lesson more of us must learn.”

~ Garth Turner
——————————————————————————————————–

Think of it this way:

The former, you live in. The latter, you live on.

******
Or with HELOCs and Reverse Mortgages.

The former, you live in. The former some folks live on.

#144 Faron on 05.27.22 at 12:38 pm

@Ponz

It’s not linear thinking to accept the premise of Kissinger’s viewpoint and then suggest areas where he may be wrong according to numerous analysts. i get it. you think the Putin rhetoric is overblown. it is, somewhat. but don’t let that blind you to his record of atrocities and invasion of sovereign nations not to mention his crushing of journalists in Russia. i await your US whataboutisms.

#145 Someone who on 05.27.22 at 12:40 pm

constantly lies about doing EVERYONE here a favour and leaving the comments section, but then repeatedly returns to make multiple combative posts a day – doesn’t get to whine about “integrity”.

Please, you and SA just get each other’s deets so you can quarrel in private, you’re an embarrassment and do make it hard to believe you’re in any kind of scientific or academic endeavour.

>>>>>>>

#101 Faron on 05.26.22 at 11:18 pm
#There’s that double standard and utter failure at the intellectual integrity that you hold so dear.

#146 crowdedelevatorfartz on 05.27.22 at 1:20 pm

@#138 Petty Ponzies Presumptions
“Did you walk by the kid on your way in for another Mickey, and then did a Ralph Klein with your change on your way out?”
+++
A Mickey?
Haven’t bought a “mickey” since I was an underage punk.
As for the endless gauntlet of beggars at every liquor store.
Even Ralph tossed them money.
I refuse to give any after tax dollars to a young , healthy lay about who refuses to work in a job environment that is the best its been since the 1960’s.

Nah.
Sorry Ponzy
They can go to a food bank.
I’m not supplying their drug, booze and cigarette habit.
If you want to give them money so they become another Fentanyl statistic…… go for it.
I’ll pass.

#147 The Regulator on 05.27.22 at 1:38 pm

# 144 – Faron : Let’s talk atrocities. Yemen, Iraq, Yugoslavia, Afghanistan. No Putin there, Generalisimo Faron. You need to up your game. See # 134.

#148 Damifino on 05.27.22 at 1:47 pm

I’m waiting on a warranty repair part for my 2019 Ford Escape. It’s been on back order over two months. Fortunately, it’s not critical to the car’s drive-ability, and only effects the emission control system. It’s failure is probably responsible for a 10% loss in mileage.

I called my dealership yesterday to ask about it. Ford now has 4000 of the parts on back order and no idea when they’re coming. The parts guy I talked to says they are “waiting for approval”.

He thinks that probably means the sub-contractor that formerly produced the parts went bankrupt and the new supplier is not yet approved by Ford. Yep, this is The Ford Motor Company we’re talking about.

Quelle mess.

#149 Ponzius Pilatus on 05.27.22 at 2:04 pm

146 crowdedelevatorfartz on 05.27.22 at 1:20 pm
@#138 Petty Ponzies Presumptions
“Did you walk by the kid on your way in for another Mickey, and then did a Ralph Klein with your change on your way out?”
+++
A Mickey?
Haven’t bought a “mickey” since I was an underage punk.
As for the endless gauntlet of beggars at every liquor store.
Even Ralph tossed them money.
I refuse to give any after tax dollars to a young , healthy lay about who refuses to work in a job environment that is the best its been since the 1960’s.

Nah.
Sorry Ponzy
They can go to a food bank.
I’m not supplying their drug, booze and cigarette habit.
If you want to give them money so they become another Fentanyl statistic…… go for it.
I’ll pass.
———————
I was talking about the dog.

#150 crowdedelevatorfartz on 05.27.22 at 3:27 pm

@#147 Ponzie Pooch Preferences
“I was talking about the dog.”
+++
The fictional dog is named Mikey?

#151 Brian on 05.27.22 at 3:41 pm

#148 Damifino

We have a 2020 Escape Hybrid. Left rear quarter panel trim popped halfway off. Dealer ordered the part (window and trim are all one piece from factory). Dealer informed me it might be 3 months or more to get in!

#152 Faron on 05.27.22 at 3:55 pm

#147 The Regulator on 05.27.22 at 1:38 pm

# 144 – Faron : Let’s talk atrocities. Yemen, Iraq, Yugoslavia, Afghanistan. No Putin there, Generalisimo Faron. You need to up your game. See # 134.

Hah. Up my game. Hmmm. Says the guy hauling out the primary whataboutism echoed by so many.

Garth, where is this guy’s IP address coming from?

The simple refutation is that the atrocities committed by the US do not make other atrocities okay. Full stop. Just because I stole a kids candy when I was in 3rd grade doesn’t mean I lost all license for any kind of moral and ethical claims for life.

And, actually, pointing to the US as bully simply reinforces the claim that a bully allowed to run amok will feel greater license to do so. Who has countered the US in the last 30 years? And what did that lack of countering bring? Yep, more war, more invasion of sovereign territory. Why do you think Putin, who operates in a sefl-defined world in an information suppressed society and who has indicated his desire to bring Russia back to it’s USSR state, would stop at Ukriane?

#153 Faron on 05.27.22 at 3:58 pm

#149 Ponzius Pilatus on 05.27.22 at 2:04 pm

146 crowdedelevatorfartz on 05.27.22 at 1:20 pm
@#138 Petty Ponzies Presumptions
“Did you walk by the kid on your way in for another Mickey, and then did a Ralph Klein with your change on your way out?”

I was talking about the dog.

Hilarious. After suggesting that I made crude inferences you made a crude inference that also implies that crowdie has an alcohol problem. Utterly classless.

#154 Faron on 05.27.22 at 3:59 pm

#145 Someone who on 05.27.22 at 12:40 pm

Hi satori

#155 VladTor on 05.27.22 at 4:10 pm

#94 Faron on 05.26.22 at 11:01 pm

Cool, so when Russia saunters into Belarus, they should cede too (kinda already have)? And then Latvia ’cause small? Estonia ’cause same?

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

Faron,

I do not like to write about politics, because in reality I am not interested in it. But today I will answer you.

Your conclusions are sheer nonsense – horror stories for the layman.

You write about things you don’t know. And you do not know anything about Ukraine, not about Russia, not about the causes of the crisis. You’re just repeating zombie tales from the mass media like CNN. Good luck with this our political guru!

Kissinger is absolutely right! It is strange that you did not quote Soros’s statements on the forum – you should like them.

#156 The Regulator on 05.27.22 at 5:03 pm

# 152 – Faron : Refer to # 155, need I say more? You also imply that because I use YANDEX, I’m a what? Russian Troll seems rather antiquated, how about anti-establishment contrarian? You needn’t run to Garth and attempt to but, but, my accurate opinion of you.