Bad

Remember that raunchy, evil, cowboy kid in high school that all the girls were hungry for?

Yep. Sometimes bad is good. You may try, but you just can’t fight it. The badness sucks you in.

So ‘twas on Wall and Bay as October and the new week started. A bad-news-is-good-news rally broke out (Dow +765, TSX + 436)), piercing the gloom, casting aside all the valid reasons to be terrified and reminding investors that once things stop being awful, they’ll rock.

It was epic at times. More than 90% of all stocks rose in value on the S&P 500. Investors woke up on Monday and concluded the market was oversold, irrationally abused and in need of a come-to-Jesus moment. So they gave. Here’s why.

  • September was brutal. Overdone. Crazy depressed. US equity markets gave up about 9% in the course of just 30 days. In the first nine months of this year, the market recorded its third-worst showing since 1931. Bond yields spiked. Stocks and bonds fell. Everybody was running scared ahead of the central banks. Was it all too dramatic, emotional and flimsy? Maybe.
  • The Brits flipped. UK’s sad new prime minister, Liz Truss, suddenly revoked a big piece of her recent mini-budget that would have axed taxes for the wealthy and carved a hole in public finances. That came after the pound crashed, financial markets tanked and the Bank of England had to adult, buying up bonds and rescuing pension plans. The moral: Mr. Market can kick a PM’s butt. And did.
  • The Credit Suisse saga continues. The Euro bank is clearly in some trouble. Its stock has lost 60% of its value. Collapse is considered unlikely, but a distressed financial outfit of this size can lead to contagion if it rolls – or people think it will. Clearly CBs need to back off squeezing the economy, lest an outcome like this ensue.
  • So the odds of yet another big Fed interest hike soon are dropping. Days ago they were 70% for an extra three-quarters point jump. Now it’s 50%, and falling.
  • The latest ISM manufacturing data for the US tanked enough to support the view interest rates may have already done their job. The index stumbled to a two-year low, closer to stagnation as factory activity fizzled. As that was reported, the VIX measure of market volatility drifted sharply lower. And Tesla slumped on delivery delays.
  • US home prices have just dropped nation-wide for the first time in ten years. Mortgage rates last week topped 7%. A year ago they were less than 3%. The market is collapsing.
  • Investor pessimism is epic. The fear-greed gauge sits at the most extreme point since 2008, when the credit crisis raged and Wall Street banks were going down. Retail investors have dumped equity positions at what may be the bottom, and moved to cash – the perfect contrarian signal.
  • High interest rates have helped throw gas on the US dollar. Its ascent has pushed down currencies everywhere (including Canada), making it a lot hard to pay US$-denominated debt, distorting international trade, and beating the crap out of crypto and commodity prices.

In short, the bears may be exhausted. The flight to safety was too fast, too intense. Great companies (like the Canadian banks) were pummeled, trampled and abandoned. The stress from falling real estate and tumbling financial assets caused by surging interest rates, quantitative tightening and the gorged greenback was too much. This cornucopia of autumnal angst and woe, investors are gambling, may be enough to make CBers take their foot off the brake.

So, up she went. It may not signal a profound change in sentiment. We may not yet have seen the bottom of the bear. But Monday’s first session of October was, at the least, a harbinger of what investors can expect when enough bad things happen. Then they get better.

Meanwhile oil prices shot higher on production cuts. The Ukrainians continue to geld Vlad Putin. And the US Fed called a surprise secret meeting to review its interest rates policy. “It is too early to call for a Fed pivot,” a money manager told media, “but it seems the action in Treasury markets suggests traders are growing confident that the global growth slowdown is starting to drag down pricing pressures.”

As this pathetic blog has stated, it won’t take much for your portfolio to stop hurting. A rate pause. War news. Inflation data. Job stats. Stay invested. Financial markets are forward-looking. When things are dangerous and drip risk, better days are surely ahead. So why not party?

103 comments ↓

#1 ogdoad on 10.03.22 at 4:24 pm

Bungee Jumping, eh? I have a new found respect for Mr.Socks.

Og

#2 Dave on 10.03.22 at 4:28 pm

Real estate sales in Vancouver have stalled….when will we see price corrections?

#3 mj on 10.03.22 at 4:34 pm

Powell said to expect pain. I don’t think the pain has come yet.

#4 chalkie on 10.03.22 at 4:34 pm

Kardashian asked her followers, “Are you guys into crypto, with a few million followers, for sure she would have had a lot of people running to invest in crypto. A fine of 1.26 million won’t be much of a deal for her, the promoters usually pay these fines quietly, I suspect it’s been agreed to already before she even agree to pay the fine. With all the distrust in the world today and the way she did this to her loyal followers, they all need to drop her like a hot potato.

Putin is getting his butt kicked all the way back home, his head is hung so low, most likely its tucked in his belt by now in embarrassments.

Elon Musk is no longer wall Street’s shining light, his once 1.1 trillion-dollar empire is reduced down to around half that amount, “ouch”. More than two decades ago, from 1989 to 1991, Musk spent his freshman and sophomore years in Kingston. Come on Elon, show some of that get up and go, there is too much of our hard-earned money on the line, then for you to fall asleep at the wheel now, we are relying on you.

Stocks rebounding today, but a long way to go North yet, before it puts any golden stars back in the ring.

Ontario education workers such as librarians, custodians and school administration staff have voted 96.5 per cent in favor of a strike. The amount of money being offered by the government to the membership, its so far apart you need binoculars to see the difference.
The government has offered raises of two per cent a year for workers making less than $40,000 and 1.25 per cent for all other workers, while CUPE is looking for annual increases of 11.7 per cent.

‘Leave Ontario’ has been the traditional advice for prospective homebuyers frustrated by the province’s unaffordable housing market. In 2021 alone, nearly 108,000 Ontarians took that well-worn nugget to heart—a number not seen since the early 1980s.
The outflow continued into the second quarter of this year (2022) , when an additional 49,000 residents packed their bags and relocated to another province, according to recently released data. That resulted in the province seeing its highest quarterly net-loss to inter-provincial migration since 1971.

The Alberta is Calling website provides information on affordability, lifestyle and career opportunities. The homepage reads, “Start your journey. Discover what it means to live in a province with lower taxes, a better quality of life, and endless opportunity.” It appears these ads are working and Alberta is seeing a lot of talent roll into their province. Come live and work in Alberta advertisement on a better life style and less taxes must have excited at least 21,000 from Ontario for reasons of their own beliefs and choosing, only time will tell if it’s a better and cheaper lifestyle.

At the same time, a Scotiabank report notes that Ontario welcomed 198,500 newcomers from outside Canada, a record not seen since at least 1946. Nonetheless, real estate agents in the Maritimes and Alberta are noticing the effects of inter-provincial migration. The number of Ontario people who left the province for greener pastures in 2021 were replaced by almost double the amount that left the province, I guess you can call it, out with the old and in with the new, life is a cycle. News is so all over the map, it depends on what you read vs what one can belief, in another report, there are droves of the people who moved to the Maritimes, already in the rebound stages back to Ontario.

According to Equifax data, about 100,000 more Canadian consumers missed a credit payment in the last quarter, compared to one year ago. If you are one of these people who had to miss a payment, read the Robert McLister suggests two last resorts for Canadians under water.
These numbers suggest scary times before the water calms.

Daily Quote: Wealth is not about having a lot of money, it’s about having a lot of options.

#5 Pastor ❤️ on 10.03.22 at 4:35 pm

We are living in the last days.
World War III is about to come soon.
Famine, starvation and both the Liberal and Conservative donors are hiding in their bunkers under Colorado with the Lizard people.
The end is near.
Now I need donations to buy me a new car.

#6 Mr Fox on 10.03.22 at 4:37 pm

Unfortunately vlad putin starts mentioning that he has the moral right to use the nukes as the Americans did in in Japan, and russian choirs sing songs about submarines near US coasts dropping bmbs on Washington.. Let’s hope he’s just bluffing

#7 Brian on 10.03.22 at 4:44 pm

DELETED

#8 No Brainer on 10.03.22 at 4:45 pm

Would you buy a condo in Canada when you can buy 10 houses in the USA for same or less money? Would you buy a house in Canada when you can buy 20 to 30 houses in the USA for same or less money?

People are wasting their money buying anything in Canada. Buy in the USA and cash your American dollar rent cheques for the rest of your life.

Spend falls and winters in one of your American homes in the south to escape Canada’s ice and snow every year.

Start using your brains and dollars to do yourselves the most good.

When you go back to Canada in the spring for 6 months – flake out i your kid’s basements..

Sell your Canadian homes at the top of the market and take the money and run to the beaches and golf in the USA

Never buy in Canada again. Buy your cheap USA dream homes and live like King Chucky until they haul you out in a pine box

#9 Linda on 10.03.22 at 4:46 pm

If it weren’t for the fact I know the kitten in today’s photo might have me for lunch I’d be happy to bring it home, or at least give it a few pets:)

Well, today’s market performance certainly was a nice change from the doom & gloom of the past few weeks. It may well be short lived but none the less was a welcome sight.

What I’m wondering is how inflationary the aftermath of Hurricane Ian will be. Can’t see the supply chain squeeze slacking off any time soon given the damage needing to be repaired.

#10 Sail Away on 10.03.22 at 4:48 pm

Man, emotional investors must be wrecked. Day to day market fluctuations turn on a dime…

…and still the big picture stays the same. Markets go up.

Buy, baby, buy. ‘Tis an auspicious time.

#11 Bill zufelt on 10.03.22 at 4:51 pm

So this is it then…a one day gain of 2% and everything is rosy?I will be absolutely gob smacked if markets are not off another 20% by next Spring.If there was pain to come to wrestle inflation down into the 1-3% range then we haven’t seen it yet.Not even close.

Read more carefully. A one-day rally means nothing, other than to demonstrate that bad news can be good news as it piles up – because it will end. You have no idea when. So stay invested. – Garth

#12 Flop… on 10.03.22 at 4:53 pm

#132 Russ on 10.02.22 at 10:40 pm

Boots on the ground report can confirm this is not a dump.

551 Nova St is a classic middle class worker, mid-70s split level house with nice stucco exterior (low maintenance)
It looks like you could move right in, level lot and good area, all levels of school and university village nearby.

Mom, Dad & 3 kids, no problem.
Replace the oil furnace/tank with a government funded heat pump and good to go.

Someone got a bargain… wish I had known.

Around the corner from there a much older place went for 485K last fall around this time. We talked with the “successful” buyer and they were proud to get it with a bully-bid.
Cheers, R

////////////////////////////::/::::///////////

Well, Russco, I looked at my 2016/2017 Pink Snow Playbook and it told me this is the point where I ask a realtor or someone with access to the database to confirm.

You don’t ask, you don’t get.

Is there a realtor on Vancouver Island who can confirm how much this house went for?

I will circle back in a month or so after checking to see if BC Assessment has updated it.

I think I read somewhere on the weekend that VIREB has a 1000 realtors as members, or something like that, so we only need to find one volunteer, and we’re off to the races.

Anonymously, of course, them again, it didn’t really seem to bother one of the realtors that helped me in Vancouver, Adam Major, as he posted under the highly cryptic name of Adam…

M48BC

#13 yorkville renter on 10.03.22 at 4:54 pm

#2 – first, volumes drop – prices then follow.

I’m seeing plenty of $100k, $150k, $200k price reductions, but most started WAY too high in the $1.7-$1.9mm mark…

With 30% down, it’s still one helluva mortgage!

Prices will adjust accordingly… patience little grasshopper!

#14 cuke and tomato picker on 10.03.22 at 4:55 pm

Another excellent post. How long will it take for the Dow to to its high of 36,799.65? When is PEE PEE going to jump? Also from yesterday the Pro Russian and the person who loves St. Petersburg we will really miss you
when you move there.

#15 Caffeine Monkey on 10.03.22 at 4:55 pm

With the strong US dollar, how much international tilt do you recommend Garth?

#16 TheDood on 10.03.22 at 5:00 pm

#2 Dave on 10.03.22 at 4:28 pm
Real estate sales in Vancouver have stalled….when will we see price corrections?
_________________________________

How would ANYONE know the answer to that question?

RE took how long to reach current pricing? Interest rates at current levels lock out 99% of locals from purchase at current pricing.

Let the listings sit for several months/yrs with no offers. It’s going to take time before greedy sellers (and realtors) realize the current state of affairs. You can’t make sellers lower their prices can you?

#17 Randy on 10.03.22 at 5:03 pm

A government-run education system is clearly a FAILED experiment. Home School your own kids. Reduce my Property Taxes Now.

We pray for your children. – Garth

#18 Dogs Not Barking on 10.03.22 at 5:04 pm

Still not buying the Russian nuke threat. The only reason Putin is saying it is that he thinks that the Democrats are distracted and confused by pronoun selection and that Biden is too spent to call BS on him.

Putin may even be crazy, but it’s a pretty safe bet that the military is not. The Russian generals may grit their teeth and tolerate a misadventure in Ukraine but the compounding of the misadventure into total thermonuclear war? Not likely.

Putin will have fallen out a window long before a missile leaves a silo.

#19 No Fool on 10.03.22 at 5:06 pm

Great post Garth.

There has never been a better time to put new money to work, never. S & P Index or TSX Index fund should do the trick. I’d stay away from Europe. Canada with it’s commodities should do very very well. And Canadian banks? When was the last time they lost money? And their dividends keep going up! You are buying at lows my friends.

Real estate – Toronto getting its ass kicked. Check out the terminations and expired. Cottage country GTA the same. Sellers asking FEB March prices, all idiots are doomed.

#20 Quintilian on 10.03.22 at 5:07 pm

We will soon find out this week if my proprietary method of stock market predictor is infallible.

It consists of carefully weighting of:numerology, voodoo, and strategic placement of horseshoes in relation to Feng Shui.

According to my system, we should see a close to a 1000 points retrace within a week.

My system is cheaper and more accurate than the Vector…….

#21 Søren Angst on 10.03.22 at 5:14 pm

1 data point a trend does not make Garth, but WHAT A DATA POINT IT WAS.

And I bought MORE oil seconds after Mr. Market opened.

NXF +6.5%
Oil ETN +3.29%

all hail …

yeah oil

Heck, it looks like the Big 5 Banks resuscitating YTD?

https://www.google.com/finance/quote/BNS:TSE?comparison=TSE%3ATD%2CTSE%3ACM%2CTSE%3ARY%2CTSE%3ABMO&window=YTD

(well, 4 when you look at the chart … BNS did not get the memo)

———–

#2 Dave

Show numbers, else just a gas bag of BS.

#22 Chameleon on 10.03.22 at 5:14 pm

Finally, a real animal in today’s photo.

Imagine two dozen off leash and loose in Toronto.

#23 Adam on 10.03.22 at 5:19 pm

Silver also up 10%.

#24 Money For Nothing on 10.03.22 at 5:27 pm

Note, Jay Powell at Jackson Hole last month,“We must keep at it until the job is done, and again last Wednesday: “We want to act aggressively now and … keep at it until it’s done.”

Also, note the title of Paul Volcker’s 2018 autobiography, “Keeping At It”

#25 baloney Sandwitch on 10.03.22 at 5:28 pm

The UK Times reports that Putin is moving nukes to the Ukraine border. Meanwhile the Uki’s are on a rampage and Ruskies are flee-ing. Hell hath no fury than a Dictator kicked in the balls.

#26 Why Didn't I Think of That? Invest WHERE IS IS CHEAPER!!!! on 10.03.22 at 5:30 pm

https://www.nsnews.com/real-estate-news/report-finds-missing-middle-solution-to-metro-vancouvers-housing-crisis-5050676?fbclid=IwAR1jZ0yJD0HGZMEH2dOIZVwpCZeITLDQ3H_MMQsmyv5mVr0qBBaC8j-gaFk

#27 Andrewski on 10.03.22 at 5:35 pm

Why not take your dog(s) for extended daily walks while all this crap plays out? In Sept my dogs & I walked the distance from Toronto to Niagara Falls and back. Twice!

#28 canuck on 10.03.22 at 5:37 pm

I say rates continue to go up a little and then stall. Hello stagflation for 2023. The CPI has a ways to drop before rates stabilize and ease.

#29 NOSTRADAMUS on 10.03.22 at 5:42 pm

STOP THE PRESS , THE ROARING 20’S ARE BACK!
Whoa, don’t be too quick to break out the party hats. We have a lot of lost ground to make up. The 35+ Trillion plunge in stock and bond markets in 2022 is more significant than any of the drawdowns of the past 20 years, and yet, central banks, far from rushing to the rescue, are intent on tightening financial conditions significantly more. This is no average downturn. So, it’s going to take a lot of time to climb back up this mountain again. With the bulk of their savings to lose, boomers are older with shorter investment horizons. This is truly a treacherous time to be in the party mood. This reminds me of the often quoted line in the Dirty Harry movie, ‘Do you feel lucky punk, well do you?” Finally the voice of reason.

You were wrong yesterday. Wrong today. – Garth

#30 Søren Angst on 10.03.22 at 5:47 pm

Off Topic

Dung for brains Musk manages to pi$$ off Ukraine with this poll 3h ago:
https://twitter.com/elonmusk/status/1576994262226702336

Diplomatic answer by Ukraine Ambassador to Germany:
https://twitter.com/VeraMBergen/status/1576989980999970816/photo/1

New Tesla Logo:
https://twitter.com/doge_techno5/status/1577047752122413058

And alt poll “Should Elon shut up?”
https://twitter.com/brokenpixelua/status/1576976007667384323

Mr. Market not happy with Elon either … TSLA -8.61% on the day
https://www.google.com/finance/quote/TSLA:NASDAQ

————————

Personally, all I care about is that Delaware Chancery Court hanging judge Chancellor Kathaleen St. Jude McCormick make him buck up and dip into that

$7B

he took out a while ago likely to settle before Oct 17, better, make him buy at his original offer of USD $54.20 in April.

Elated, actually.

#31 Bartman on 10.03.22 at 5:59 pm

#20 Sail away. Do you have any suggestions on what to buy. Much appreciated if you do.

#32 LG on 10.03.22 at 6:04 pm

Party on Garth!

#33 Søren Angst on 10.03.22 at 6:18 pm

Off Topic

Misinformation – something Garth spoke about awhile ago, to wit #19 No Fool *

So today, I saw this article by Reuters:

Italy forecasts recession as Meloni seeks economy minister
https://www.reuters.com/markets/europe/italys-economy-shrink-3-straight-quarters-treasury-says-2022-10-03/

So I went to Istat.it, Italia’s StatCan, and found this instead:

1. In 2021 GDP increased by 6.7% over 2020 and the deficit/GDP ratio reached -7.2%.
2. In Q2 2022 GDP increased by 1.1% compared to Q1 and by 4.7% y-o-y.
3. Aug 2022 estimate says deterioration expected (construction, mfg firms) expected yet unemployment down, production index increased.

https://www.istat.it/en/national-accounts

3 EU G7 GDP growth 2022Q2 + Other notables:

Germany = 0.1%
France = 0.5%
Italia = 1.1%
Spain = 1.1%
Sweden = 1.4%

https://ec.europa.eu/eurostat/documents/2995521/14698162/2-07092022-AP-EN.pdf/955b2522-9712-c5bd-5e3d-f7d26d221e6c#:~:text=In%20the%20second%20quarter%20of,office%20of%20the%20European%20Union.

And flash estimate for the second quarter of 2022:

GDP up by 0.7% in the euro area and by 0.6% in the EU.

vs.

CANADA = 0.8%
USA = 0.6%

———–

* There you go

#19 No Fool

“I’d stay away from Europe.”

——————–

– You can only conclude that the Woke Lefty MSM want to pin anything negative on Meloni even if it is complete and utter bull$hit.

#34 Mattl on 10.03.22 at 6:26 pm

#19 No Fool on 10.03.22 at 5:06 pm
Great post Garth.

There has never been a better time to put new money to work, never. S & P Index or TSX Index fund should do the trick. I’d stay away from Europe. Canada with it’s commodities should do very very well. And Canadian banks? When was the last time they lost money? And their dividends keep going up! You are buying at lows my friends.

Real estate – Toronto getting its ass kicked. Check out the terminations and expired. Cottage country GTA the same. Sellers asking FEB March prices, all idiots are doomed.

————————————————————–

I added to some positions last week including a Canadian Bank. But TD for instance is nearly 2x it’s spring 2020 low. And still has a PE of 11, banks are pretty good value in the 8s. I’d say 2020 was a significantly better time to push some chips in, and I think we might test those 2020 lows at some point in the next year, we are still pretty early, rate increases only started in March.

#35 Keith on 10.03.22 at 6:37 pm

It’s just business:

https://torontorealtyblog.com/blog/the-relationship-between-leverage-days-on-market/

#36 Søren Angst on 10.03.22 at 6:37 pm

Garth, I don’t think the US Fed or BoC are going to back off of rate increases for awhile.

Mandate:

“so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”

The FOMC mostly judges

– low and stable inflation at the rate of 2 percent per year
– assess the maximum-employment level that can be sustained

Max employment reached, 2% NOWHERE near that.

Recall to bust high inflation a Fed Rate of 2X inflation needed … NOWHERE near that either.

If they slow rate increases to appease the reckless well Volcker the gold standard as to what happens when you do that.

Inflation flares up again.

I predict if they back off of high rate increases we will see the “Volcker Phenom” of the 80’s all over again.

Pray they don’t buckle under to the financially reckless just starting to feel the pinch.

I said nothing of ‘backing off.’ Rather the odds of a large increase by the Fed are being reduced. Don’t exaggerate my words, which are chosen carefully. – Garth

#37 Drew on 10.03.22 at 6:38 pm

Party with some sweet discounted purchases

#38 Søren Angst on 10.03.22 at 6:45 pm

PS:

by the “financially reckless” I don’t just mean people, I also mean the banks.

Cdn Banks recklessly lent money to RE as if there were no tomorrow and that RE always goes up, turned the other way when families gutting their home equity with HELOCs et. al., giving money to highly levered people with dubious income streams, etc.

A few more years of high rates and the FOMO crowd of the past 2 years at least will have to walk away from their homes. Happened in the early 80s and it will happen again.

Banks and their Managers need a right bollocking and a stern lesson as well about financial prudence.

And if takes your “bail in” to do that, then so be it else they will never learn.

#39 Søren Angst on 10.03.22 at 6:47 pm

I said nothing of ‘backing off.’ Rather the odds of a large increase by the Fed are being reduced. Don’t exaggerate my words, which are chosen carefully. – Garth

Not you Garth, what I’m reading on Twitter that past few days.

Get a load of this:

https://www.wsj.com/articles/u-n-calls-on-fed-other-central-banks-to-halt-interest-rate-increases-11664809202

And of course, a plethora of Realtors chiming in as well.

80s here we come.

#40 BigEnglish on 10.03.22 at 6:48 pm

a “cornucopia of autumnal angst and woe”, I come here for the drama and thesaurus education.

#41 Penny Henny on 10.03.22 at 6:48 pm

Sorry Garth – TLDR

So what you are saying is bad news is good for the Markets.

Got it!

I said when the bad news piles up and seems finite, markets (which are forward-looking) advance. Do we have a comprehension issue on this blog today? – Garth

#42 crowdedelevatorfartz on 10.03.22 at 6:55 pm

@#33 Soren.
“You can only conclude that the Woke Lefty MSM want to pin anything negative on Meloni even if it is complete and utter bull$hit”

+++
She’s been in power a week.
Lets give her some time.
Unlike Liz Truss in Britain who’s back peddling already.

Meloni either kowtows to the coalition govt that she leads and annoys the EU Parliament.
And the EU refuses to release to $200 Billion in equalization payments Italy desperately needs
OR
She spews her populist, nationalist anti immigrant anti globalization rhetoric and kisses a $200 billion dollar godsend…..goodbye.
Lets give her some time to weigh her options.

#43 Sail Away on 10.03.22 at 7:04 pm

#31 Bartman on 10.03.22 at 5:59 pm

#20 Sail away. Do you have any suggestions on what to buy. Much appreciated if you do.

——–

Not necessarily suggestions, but I added to positions in TC Energy, Fortis, SPY and Tesla today.

#44 Shawn on 10.03.22 at 7:05 pm

The Bond market bossed the new British Prime Minister around.

Not the first time the power of the bond market has been noted:

Garth likely remembers this:

““I used to think that if there was reincarnation, I wanted to come back as the President or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everybody,” James Carville, a political consultant to President Bill Clinton, told the Wall Street Journal in 1993”

#45 Reality is stark on 10.03.22 at 7:06 pm

It’s not too late to call a Fed pivot, I called it weeks ago.
The Fed misread the effect of freaking out a heavily indebted populace. Even a small move in rates will have a serious psychological impact on those who just suffered through a pandemic.
Unfortunately the die is cast and they have thrown us into a deep recession.
The silver lining is that you will be able to buy cheap if you still have work, and Russia is about to experience a civil war.
But houses will be a lot cheaper for those destined to lose their jobs due to this irresponsible jacking of rates.
You’ll get larger discounts next year, most people are not about to have an enjoyable Christmas.

#46 jess on 10.03.22 at 7:11 pm

Historical Cycles: Are we doomed to repeat the past?

The Land Changes Hands

“In 1846, everything changed. War broke out between the U.S. and Mexico over the U.S. annexation of Texas. Mexico was defeated, and in 1848 the two nations signed the Treaty of Guadalupe Hidalgo. This treaty gave the victorious nation an enormous amount of land, including what would later become the states of California and Texas, as well as parts of Colorado, Arizona, New Mexico, Utah and Nevada, in exchange for a token payment of $15 million.One more important piece of land changed hands in 1854, when the U.S. bought what is now southern Arizona and New Mexico from the Mexican government for $10 million. This land deal, known as the Gadsden Purchase, brought the U.S. a much-coveted railroad route, and helped open the West to further expansion.With two strokes of a pen, the larger nation had expanded its size by one-third. And almost overnight, tens of thousands of Mexican citizens had become residents of the United States. ”

Under the treaty that ended the Mexican War, most of the Mexicans who lived in the new United States territories became U.S. citizens. The treaty also guaranteed their safety and property rights, “as if the [property] belonged to citizens of the U.S. according to the principles of the Constitution.” In practice, however, the new territories were far from the centers of U.S. government, and these guarantees were not reliably enforced. By the end of the 19th century, many Mexican Americans had been deprived of their land, and found themselves living unprotected in an often hostile region.

The Great Depression of the 1930s hit Mexican immigrants especially hard. Along with the job crisis and food shortages that affected all U.S. workers, Mexicans and Mexican Americans had to face an additional threat: deportation. As unemployment swept the U.S., hostility to immigrant workers grew, and the government began a program of repatriating immigrants to Mexico. Immigrants were offered free train rides to Mexico, and some went voluntarily, but many were either tricked or coerced into repatriation, and some U.S. citizens were deported simply on suspicion of being Mexican. All in all, hundreds of thousands of Mexican immigrants, especially farmworkers, were sent out of the country during the 1930s–many of them the same workers who had been eagerly recruited a decade before.

Although there was no federal law or executive order authorizing the 1930s raids, President Herbert Hoover’s administration, which used the racially-coded slogan, “American jobs for real Americans,” implicitly approved of them. His secretary of labor, William Doak, also helped pass local laws and arrange agreements that prevented Mexican Americans from holding jobs. Some laws banned Mexican Americans from government employment, regardless of their citizenship status. Meanwhile, companies like Ford, U.S. Steel and the Southern Pacific Railroad agreed to lay off thousands of Mexican American workers.

https://www.loc.gov/classroom-materials/immigration/mexican/depression-and-the-struggle-for-survival/

https://www.loc.gov/classroom-materials/immigration/mexican/perceptions-and-misconceptions/

#47 Adam on 10.03.22 at 7:12 pm

“You were wrong yesterday. Wrong today. – Garth”

We’ve all been wrong at times. You’ve been wrong many times on this blog. Just because he was wrong yesterday and wrong today doesn’t mean he will be wrong tomorrow. Even Jim Cramer is right sometimes… :) Actually, if there’s anything on this blog I’d love to see, it would be somemore humility. I always feel like the best lessons in life are learned not from our successes, but from our mistakes. I’d love to hear more about some mistakes you’ve made in the past Garth, so I could learn from them.

#48 Shawn on 10.03.22 at 7:13 pm

The 3 or 5 pillars of retirement savings

In my late 20’s I was told there were THREE pillars of retirement savings:

1. A work pension
2. My own savings (RRSP)
3. Government programs – CPP and old age.

No one mentioned 4. House price appreciation – And why would they? It’s pretty hard to harvest that if you own only one house and like living in it.

And no one mentioned 5. Win the lottery

But numbers 4 and 5 are popular these days. DB pensions are getting rare and too many people can’t afford RRSP contributions on top of obscene mortgage payments, so they will have to work until 80 (fine with me, since someone needs to flip those burgers).

A lot of boomers (far from all – many rent) got lucky in the house price appreciation game and a few will be in a position to cash that out. But it’s certainly not something to count on now.

#49 twisted_sisters on 10.03.22 at 7:15 pm

Bridgewater Bank?? 35 years mortgage

I believe that was maybe the ‘hidden’ good news as to what is about to happen at all banks and 50+ yrs to come along?

#50 Calgary Observer on 10.03.22 at 7:24 pm

Calgary market is buckling. Price reductions of $40,000 to $50,000 are now common with selling prices coming in a further $15,000 – $30,000 under the reduced price. Almost every house that sells undergoes a reduction first. As before, only houses obviously priced well under the market go above asking, but sold price is still at the current reduced market price, so buyers aren’t being fooled. Estate sales and empty homes are leading the price down as these sellers are moving to the exits, losing patience and selling at the margin.

Price cuts of $100K+ are noted where the owner/lister missed the March boat and were floating down DeNial.

Sales are now in the mid to low $600’s where houses were selling in the low $700s in summer and $800s in spring. The coveted neighborhoods are now seeing significant reductions where they held their price in spring but wobbled a bit over the summer.

And winter is coming. Next stop the $500’s??

Looks that way.

#51 TurnerNation on 10.03.22 at 7:25 pm

The orderly winddown of the Former First World Countries continues in earnest. Trust the science!
File this under Control over our Feeding, too.

https://euroweeklynews.com/2022/10/03/hak-vegetable-shut-down-production/
HAK, one of the largest vegetable brands in Northern Europe, is set to shut down the entire production for six weeks due to high energy costs, as reported on Monday, October 3.
Dutch vegetable and pulses company HAK is set to temporarily halt its production for six weeks from January due to energy costs, the company said on October 3.

—— And…more control over our Feeding. Our global rulers feed us the best slop engineered at the big global corps. which do run this world.

https://www.centerforfoodsafety.org/nanotechnology-in-food
Nanotechnology is a powerful but novel platform for taking apart and reconstructing nature at the atomic and molecular level with important human and environmental health ramifications. Common food-related products that contain nanotechnology include candies (M&M’s, Skittles), baby bottles, and plastic storage containers. While scientists agree that nanomaterials create novel risks that require new forms of toxicity testing, very little testing and regulation of these new products exists, and consumers have almost no information.

#52 Steven on 10.03.22 at 7:33 pm

Garth nailed it….

“Rumours” of a Fed pivot causes everything to move UP.

There is NO MARKET except for the FED.

Dead cat bounce…nothing goes down in a straight line.

#53 conan on 10.03.22 at 7:38 pm

Big cat bounce. Is it dead though? Contagion is the operative word here. Expect Putin to do something that exasperates the Credit Suisse situation. No doubt he is looking for options other than nukes.

#54 Soicit on 10.03.22 at 7:46 pm

I wouldn’t get too excited over a 1 day dead cat bounce……not with recession next year, historic inflation, interest rate rises, and the sabre rattling by the itchy fingered Putinator

#55 espressobob on 10.03.22 at 7:57 pm

As a retail investor over many years, you learn to leave things alone. Do a whole lot of nothing and wait it out. Tough picking a bottom during a bear market anyways so why bother? Even us contrarians are cautious adding to equity positions.

Love that kitty, love to adopt one but don’t have a litter box big enough.

#56 Ballingsford on 10.03.22 at 7:57 pm

The rally today feels good for a change.

#57 Frega on 10.03.22 at 7:59 pm

If you think they are done with inflation good luck. We will see a 6% 10 year US Treasury yield in the next 12 to 18 months, you can count on it.

#58 twofatcats on 10.03.22 at 8:00 pm

This is why people continue to pour their money into residential real estate:

https://www.zolo.ca/fort-erie-real-estate/446-cambridge-road-west?utm_source=zolo&utm_medium=email&utm_campaign=new-listing

#59 TurnerNation on 10.03.22 at 8:20 pm

Why would we have an energy shortage…when we are the most advanced ever. Because rationing. Science is being withheld.
This is WW3. Began March 2020 to those which were paying proper attention.

—– Yep this country fell in March 2020. These despot rulers of the prevailing junta.

https://www.westernstandard.news/news/covid-19-mandates-were-cancelled-following-bad-polling/article_fde49f86-4315-11ed-b4cb-bbacbb43a067.html
COVID-19 mandates were cancelled following bad polling
The Liberal government began repealing COVID-19 mandates within weeks of being warned in a pollsters’ report the measures were unpopular and divisive, records show. “Some felt they had lost their sense of trust in the federal government,” said an internal report.
“Several felt the federal approach had lost direction as the government continued to implement public health measures and requirements that participants felt were no longer effective in curbing the spread of COVID-19,” said a report to the Privy Council Office by a research firm, The Strategic Counsel.

—— Children must never again know normalcy. Corvid is life. Life is Corvid.

.COVID-19: University of Saskatchewan faculty members call for mandatory mask mandate (globalnews.ca)

#60 Home Scool For The Win on 10.03.22 at 8:34 pm

#17 Randy on 10.03.22 at 5:03 pm

A government-run education system is clearly a FAILED experiment. Home School your own kids. Reduce my Property Taxes Now.

We pray for your children. – Garth

——————–

Nothing wrong with home schooling your kids, especially if you are conservative and don’t want Marxists turning your offspring into genetic dead ends.

#61 Felix on 10.03.22 at 8:43 pm

The picture says it well.

Don’t mess with us felines. Disrespect will not end well.

#62 Sam on 10.03.22 at 9:12 pm

There was a similar private meeting in sept.

#63 Kuato Lives on 10.03.22 at 9:12 pm

The Shiller PE ratio for the S&P is still about 35% higher than its mean. This has a long way to fall yet, unless of course, you think somehow the economy has fundamentally changed.

#64 Observer on 10.03.22 at 9:27 pm

#50 Calgary Observer on 10.03.22 at 7:24 pm
Calgary market is buckling.

^^^^^^^^^^^^^^^^
Wow. Rock star realtor S.S. must be PO’d.

#65 Michael in-north-york on 10.03.22 at 9:46 pm

#30 Søren Angst on 10.03.22 at 5:47 pm

Off Topic

Dung for brains Musk manages to pi$$ off Ukraine with this poll 3h ago
===

Musk may be sincere, but his plan is way off the mark. The Russian invasion forced hundreds of thousands in the occupied territories to take refuge elsewhere.

Without those people, and with Russian troops still present and harassing the remaining residents, any referendum will be a sham. Even if a U.N. mission counts the votes.

Here is a better plan:

All Ukrainian lands, excluding the Crimea peninsula, return to Ukraine immediately. All Russian troops leave.

Crimea becomes an independent state, with a neutral status and no foreign troops. Both Ukraine and Russia recognize the independence of Crimea, and promise not to invade it.

After that, Ukraine has no unresolved territorial disputes left. They can join NATO if they wish. End of wars in that region.

#66 Summertime on 10.03.22 at 9:52 pm

If the central ‘bankers’ continue with their excuses of not really to fight inflation, but to provide ‘market support’ at the cost of excessive inflation and pretend they are doing tightening while buying government bonds (see UK) we will continue to circle down the toilet in terms of real standard of living, not nominal ‘growth’ that is much slower than the inflation.

Inflationary depression is pretty much baked in where real consumption is reduced consistently, we have consistently elevated inflation that is understated and as a result nominal ‘growth’, pretty much a statistical trick while standard of living dives.

We have seen this locally but now it is unfolding on global scale.

If you are not 1-5 percenter where you live you are pretty much doomed.

I simply fail to see how exactly small market fluctuations can make the society rich or reverse the damage of idiotic policies by introducing more of the same idiotic policies.

Investment and real economy should be based on SAVINGS from labour and capital, not on artificially pumping exponentially increasing paper/soon digital currencies as debt money in a hope that the current financial system will be somehow saved and the idiots will continue to work for nothing in hope of nominal ‘gains’ while getting poorer by the day.

#67 Doug t on 10.03.22 at 9:58 pm

#58 Turnernation

SERVE it up buddy – keep it real

#68 Flop… on 10.03.22 at 10:04 pm

Trying to make inroads into understanding the Nanaimo market in a push for transparency.

Most are selling above or at assessment value.

Found a 3rd anomaly.

115 Fifth Street Nanaimo.

It’s assessed at 495k

Sold earlier this year for 247k according to REW.

Currently bogged down in a Jingle Pot, whatever the heck that is…

M48BC

#69 Doug in London on 10.03.22 at 10:14 pm

Yes, the markets recovered today. Could there be more down days in the market in days or weeks to come? Absolutely, but staying invested or adding to your equity holdings if stocks really go on sale is the best strategy. I think of a sign I saw years ago at a tire sales and service place in Timmins. It said: patience is no longer just a virtue, it’s a bloody necessity!

#70 The jig is up on 10.03.22 at 10:27 pm

#58 TurnerNation on 10.03.22 at 8:20 pm

Why would we have an energy shortage…when we are the most advanced ever. Because rationing. Science is being withheld.
This is WW3. Began March 2020 to those which were paying proper attention.

—– Yep this country fell in March 2020. These despot rulers of the prevailing junta.

https://www.westernstandard.news/news/covid-19-mandates-were-cancelled-following-bad-polling/article_fde49f86-4315-11ed-b4cb-bbacbb43a067.html
COVID-19 mandates were cancelled following bad polling
The Liberal government began repealing COVID-19 mandates within weeks of being warned in a pollsters’ report the measures were unpopular and divisive, records show. “Some felt they had lost their sense of trust in the federal government,” said an internal report.
“Several felt the federal approach had lost direction as the government continued to implement public health measures and requirements that participants felt were no longer effective in curbing the spread of COVID-19,” said a report to the Privy Council Office by a research firm, The Strategic Counsel.

————–

And the good news is that what was seen can never be unseen. Blackface PM overplayed his hand and woke up a whole lot of people in this country, and for that, I thank him.

#71 PeterfromCalgary on 10.03.22 at 10:42 pm

Good to see Liz Truss pivot on her disastrous tax cut. It takes courage for a politician to basically admit they made a mistake. This makes me hopeful she might be a good Prime Minister.

#72 Flop… on 10.03.22 at 11:11 pm

Seems like the market in Nanaimo peaked 3-4 months ago, maybe too soon for bargains en masse.

Maybe some of the anomalies are only blocks of land that got split in two?

Erica Kavanaugh, hasn’t said yes to helping us out yet.

But she hasn’t said no, either…

M48BC

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

“We’re still seeing multiple offers on well-priced properties, but buyers are taking more of a wait-and-see approach,” says Erica Kavanaugh, 2022 VIREB Chair. “Overpriced properties typically take longer to sell, so clients need to be realistic when listing their home.

What your neighbour sold for in the spring doesn’t mean you’ll get the same amount of money now. Six months can be a long time in real estate.”

#73 Ronaldo on 10.03.22 at 11:32 pm

#64 Michael in-north-york on 10.03.22 at 9:46 pm

You need to read this book to better understand what is going on.

https://www.amazon.ca/Colder-War-Global-Slipped-Americas/dp/1118799941

#74 DON on 10.03.22 at 11:52 pm

#70 PeterfromCalgary on 10.03.22 at 10:42 pm
Good to see Liz Truss pivot on her disastrous tax cut. It takes courage for a politician to basically admit they made a mistake. This makes me hopeful she might be a good Prime Minister.

*******
Pivot? Made a mistake? It was an utterly STUPID move. People are struggling with the cost of living in Britain…energy bills are huge. Commoners were about to fill the streets in protest.

Her Conservative party lost 18 points to the Labour party in a week with an election looming in 2024 and Boris still licking his indiscretions. I still can’t believe her handlers allowed these moves. In my view she showed her true colours and the commoners understand her true intentions. Exit stage right Prime Minister Truss.

Idiocracy is a present day movie. Like watching ‘Yes Prime Minister’ but not funny.

#75 Neo on 10.04.22 at 12:28 am

First of month rebalance. The market will plunge as interest rates rise. Of course if your pay check comes from simps hiring a parasite to invest their money , you need to encourage more investments.

Shopify P/E ratio is still in the hundreds

#76 DON on 10.04.22 at 12:51 am

#67 Flop… on 10.03.22 at 10:04 pm
Trying to make inroads into understanding the Nanaimo market in a push for transparency.

Most are selling above or at assessment value.

Found a 3rd anomaly.

115 Fifth Street Nanaimo.

It’s assessed at 495k

Sold earlier this year for 247k according to REW.

Currently bogged down in a Jingle Pot, whatever the heck that is…

M48BC

********

The locale was known back in the day as a rough and tough lower income area. It has now been rebranded as the ‘University District’ by you know who. Not a bad bad area but within walking distant from the homeless corridor in the older part of downtown Nanaimo. They built a new subdivision near a mosquito invested swamp and jacked the prices.

#77 MalcolmM on 10.04.22 at 1:04 am

Great, that would be just what we need – central banks backing off interest rate hikes at the first sign of a bit of pain. That is the history of central banks since 2008 and it is what got us in trouble. Let’s have a recession, recessions are a painful yet necessary part of capitalism.

#78 Jane24 on 10.04.22 at 3:46 am

It’s a dead cat bounce. Been there, done that and got the t-shirt. Just stay invested in 5 months or 5 years, all will be back to normal.

As a UK Conservative member I am so sorry that I voted for Liz Truss but as my only other option was Sunack the Snake as the media here call him, I had no choice. Sunack is a multi-millionaire married to a billionaire. No way would the average voter cast a vote for this back-stabber. Trump would find no voter support base in Britain. I feel now that the UK Conservatives need four years in opposition to pull themselves together. Sigh. Time to move to Portugal.

#79 Tony on 10.04.22 at 8:00 am

The last trading day of September should have been an up day where the short sellers took profits for the month and quarter. Yesterday was just correcting for that.
The Fed meeting pertained to the Discount Window.

#80 crowdedelevatorfartz on 10.04.22 at 8:19 am

@#77 Jane24
“No way would the average voter cast a vote for this back-stabber. Trump would find no voter support base in Britain.”
+++
I’m not so sure about that.
The average yob seemed to love what , pub crawling, pint swilling, Brexit loving, Jeremy Corbin had to say.

America doesn’t have a monopoly on stupid voters.
If we can suffer through 6 years of Trudeau’s inane , wheezy, woke, whining…
You’ll survive .

#81 crowdedelevatorfartz on 10.04.22 at 8:25 am

@#76 Malcolm X
“Great, that would be just what we need – central banks backing off interest rate hikes at the first sign of a bit of pain. ”
+++++
Yep the 1970’s and early 80’s were a lesson in “pivoting” too soon.
Jack the rates and drop them and inflation came roaring back.
Jack them again and drop them.
Took them over a decade to find someone who would finally crank them and keep them there until the economy fainted dead away.
And kept the rates there until inflation was well and truly dead.

#82 IHCTD9 on 10.04.22 at 8:31 am

Even big kitties can’t resist an empty cardboard box.

#83 crowdedelevatorfartz on 10.04.22 at 8:47 am

Ahhh.
Here we go.

https://www.reuters.com/article/ukraine-crisis-belarus/belaruss-lukashenko-accuses-ukraine-of-border-provocations-idUSKBN2QZ13E

Vlad the Invader visited Lukashenko last week.
Probably a little peeved that Belarus hasn’t done a thing since Spring.
Time for a second front in the war Vlad?
Fortunately.
Lukashenko has his own problems to worry about.
He’s even more unpopular than Vlad.
The sooner these two toads are gone the better.

#84 TurnerNation on 10.04.22 at 8:49 am

How bad? I knew this new law was gonna be bad.
We know that all pretenses of niceness and democracy were dropped, March 2020. In this war against our way of life.
Let’s call this one Developers Gone Wild. Yep they are running the show. Stand by for massive development and influx. Uppa uppa. The difference between Consp. Theory and fact? About 6 months. PUSH into 2030.

Say…no word here on “Hospital Capacity”? Gee.

https://www.cp24.com/news/new-details-released-on-ontario-s-strong-mayor-veto-powers-1.6094679
The Ontario government has released proposed regulations for its so-called ‘strong mayor’ legislation that reveal when a veto can be used.

The proposed regulations, which were posted Monday, build on Premier Doug Ford’s pitch that Bill 3 will enable municipalities to build housing more quickly.

The legislation gives the mayors of Ontario’s two largest cities—Toronto and Ottawa—veto powers over bylaws that conflict with “provincial priorities,” with an emphasis on housing development

According to the proposed regulations, those priorities now include the Progressive Conservatives’ pledge to build 1.5 million new residential units by 2031, as well as any construction and maintenance of infrastructure that supports housing. This can include items such as transit, roads and utilities.

The regulations also allow the veto to apply to development charge bylaws, which municipalities sometimes impose on land developers to pay for costs associated with related capital projects such as transit, parks, and other maintenance services.

#85 Dharma Bum on 10.04.22 at 9:37 am

Never mind all the technical analysis.

Here is all you’ll ever need in order to understand how the financial markets operate:

https://www.youtube.com/watch?v=DA5Ao8VArxk

Yowwwwwwwww!!!!

Say what??

Hahahahahahaha………

#86 Michael in-north-york on 10.04.22 at 9:40 am

#72 Ronaldo on 10.03.22 at 11:32 pm

#64 Michael in-north-york on 10.03.22 at 9:46 pm

You need to read this book to better understand what is going on.

https://www.amazon.ca/Colder-War-Global-Slipped-Americas/dp/1118799941
===

You need to find more reliable sources to understand what is going on.

#87 Dharma Bum on 10.04.22 at 9:46 am

#27 Andrewski

In Sept my dogs & I walked the distance from Toronto to Niagara Falls and back.
———————————————————————————————————

My doctor told me to walk 10 miles a day for a week.

I called him up and said “Doc – I’m 70 miles away from home – what do I do NOW?”

No respect.

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

#88 Shawn on 10.04.22 at 10:49 am

Summertime at 65 on the economy

“Investment and real economy should be based on SAVINGS from labour and capital, not on artificially pumping exponentially increasing paper/soon digital currencies as debt money in a hope that the current financial system will be somehow saved and the idiots will continue to work for nothing in hope of nominal ‘gains’ while getting poorer by the day.’

*********************
It’s great to think about and question these things.

So I wonder if you would agree that true SAVINGS in an economy are things like buildings, roads, software and all longer-lasting assets where humans work today to produce things that will benefit the future?

True SAVINGS of humanity or a nation as a whole do not consist of bank deposits, correct? Bank deposits and “money” are an asset to one person but offset by a liability of someone else(s), correct?

The money system and credit / debt has provided a way to incent people to work and create true SAVINGS (say a house).

Credit is the grease of the economy.

#89 Shawn on 10.04.22 at 11:31 am

Why lower home sales in Calgary?

BNN headline yesterday “Calgary home sales in September down nearly 12 per cent from year ago mark”

**************************
Could this be because fewer people living in Calgary are willing to sell their home and move? They want stay.

Yes, I’m joking. But if Calgary home prices are down while the economy in Alberta and Calgary is still rocking higher, that spells opportunity for some adventurous people. And that’s no joke.

#90 millmech on 10.04.22 at 12:07 pm

Now seeing that condos in the Fraser valley have dropped to almost 150k, good chance of getting one for less than 100k next spring, condo mortgage payment will be less than new car payment.

#91 epic bear on 10.04.22 at 12:15 pm

dead cat bounce or not, there was enough capitulation last week, and enough buying the last two days to at least stabilize the markets.

don’t forget, the 1973/4 and 2000-2002 bear markets lasted a very long time, and there were very very violent rebounds.

this may or may not be the end of the bear. this rally could last 3-6 months or more. so, those calling for a dead cat bounce may be in for a surprise.

epic bear taking break.
now tepid bull.

#92 WTF on 10.04.22 at 12:33 pm

#59 “Nothing wrong with home schooling your kids, especially if you are conservative and don’t want Marxists turning your offspring into genetic dead ends.”
—————————————————————
Uhhh….. the genetics would be YOUR contribution genius. Lemme guess, you were homeschooled?

Genetics: the study of heredity and the variation of inherited characteristics.

#93 U are a Crowdedelevatoridiot on 10.04.22 at 12:42 pm

Lukashenko has his own problems to worry about.
He’s even more unpopular than Vlad.
The sooner these two toads are gone the better.

Is this blog populaed by retards ??

#94 Sail Away on 10.04.22 at 12:44 pm

Soren A:

Now that Twitter is blasting up and you are no longer underwater (and, correspondingly, I’m way positive), will you please:

1. Sell your Twitter position
2. Stop libeling Elon, and
3. Quit whining

Geez, take ownership of your own trading actions. It’s like listening to an 8yo. Nobody made you do it.

#95 Hey genius on 10.04.22 at 1:07 pm

#92 WTF on 10.04.22 at 12:33 pm

#59 “Nothing wrong with home schooling your kids, especially if you are conservative and don’t want Marxists turning your offspring into genetic dead ends.”
—————————————————————
Uhhh….. the genetics would be YOUR contribution genius. Lemme guess, you were homeschooled?

Genetics: the study of heredity and the variation of inherited characteristics

—————

If they don’t reproduce, my genes end with them. Cultural Marxists aren’t exactly big on family if you know what I mean.

#96 Dr V on 10.04.22 at 1:46 pm

Island stats are out for September (excl Victoria)

http://www.vireb.com/assets/uploads/09sep_22_vireb_stats_package_64850.pdf

Comparing March (peak) to September, ave/median sale price is down 14-15%, and volume less than half for overall market.

#97 Squire on 10.04.22 at 1:51 pm

#73 Ronaldo on 10.03.22 at 11:32 pm
#64 Michael in-north-york on 10.03.22 at 9:46 pm

You need to read this book to better understand what is going on.

https://www.amazon.ca/Colder-War-Global-Slipped-Americas/dp/1118799941
———————————
Old news Ronaldo. Russia is pretty much a pariah state now. No one will trust the Russian Government as things are now and for a long time possibly. North America is energy self sufficient. Europe is competing with Asia for energy.
With Russia paying for the war and expenses using some of their Gold reserves, that leaves maybe another 6 months of things continuing as they are. The sanctions are really going to bite over the next few months.
If Russia uses any sort of nukes, they are toast along with their entire Black Sea fleet.
The next one that will get their ass handed to them will be North Korea.
Interesting times.

#98 jess on 10.04.22 at 2:23 pm

..” Nothing wrong with home schooling your kids, especially if you are conservative and don’t want Marxists turning your offspring into genetic dead ends.”

…so the first part of your sentence i would agreed to along with a FULL curriculum that is approved/registered along with provincial testing.

I remember the book ,” Lorax, that really did cause a stir in the nineties when a parent donated it.

The woke word!

It started in 2017 with the Florida Citizens Alliance. They drafted a change to an existing law, which limited challenges against books to parents. Their change allowed any citizen to do so, and in 2018, they started making challenges against what they considered “woke curriculum,” which at that time was climate change curriculum in science books. ….

#99 crowdedelevatorfartz on 10.04.22 at 3:41 pm

@#93 U

“Is this blog populaed by retards ??”
+++
Yes.
Apparently illiterate retards…
:)

#100 jess on 10.04.22 at 3:42 pm

merge or perish ….has consolidation increased risk in these large institutions? Are customers passed these higher rates to cover their “deficiencies?” Are the fines writeoffs?

timeline provided by the guardian

1986: Fake names for Ferdinand and Imelda Marcos
1999: Japanese ‘shredding party’“
2000: Banking funds linked to a Nigerian dictator
2004: Money laundering
2009: US sanctions breaches
“enhanced” its procedures and was “taking action internally”.

2011: German tax evasion

2012: US sub-prime bond fraud
US authorities charged four former Credit Suisse bankers with fraudulently overstating the price of $3bn of sub-prime bonds during the 2007 credit crisis.

2014: US tax evasion
“We deeply regret the past misconduct that led to this settlement.”

2016: Italian tax evasion
reached a €109.5m settlement with Italian authorities over allegations it helped clients hide funds and dodge taxes through complex insurance policies, which were reportedly routed through its Liechtenstein and Bermuda subsidiaries.

Credit Suisse said it welcomed the deal
2016: US anti-money-laundering fine
“significant deficiencies” in the bank’s anti-money-laundering programme. The lender said it was “taking appropriate internal remedial efforts”.

2017: Anti-money-laundering fine related to 1MDB
money-laundering obligations seriously and was “firmly committed to upholding the high standards of the Singapore financial centre”.

2017: European tax evasion
suspected tax evasion involving 55,000 accounts.

Credit Suisse said it was cooperating with authorities and later took out a series of adverts in British newspapers declaring that it “applies a strict zero-tolerance policy” on tax evasion.

2018: Weak controls linked to dealings with Petrobras, PDVSA and Fifa

2018: Lescaudron fraud conviction
said the relationship manager “was not supported by any other employee of the Credit Suisse in his criminal activities”.forging client signatures to divert money and make stock bets without their knowledge,

Lescaudron killed himself in 2020.

2018: Hong Kong jobs-for-business scandal
2019: Corporate espionage

2020: Bulgarian drug trafficking
The criminal trial, which began in February 2022, is the first against a Swiss bank in the country’s history.
Credit Suisse said it would “defend itself vigorously” and “unreservedly rejects as meritless all allegations in this legacy matter raised against it”.

2021: Archegos collapse

2021: Greensill scandal -supply chain lender
2021: Mozambique tuna bonds bribery settlement.
2022: Chairman resigns

https://www.theguardian.com/news/2022/feb/21/tax-timeline-credit-suisse-scandals

#101 jess on 10.04.22 at 4:19 pm

from the reporters for OCCRP partner Bivol

ApartmentGate seems others low ball prices paid and can’t explain how income can support such luxury
https://bivol.bg/en/category/investigations-en

Bulgarian Prosecutor General Acquires Posh Villa at Half Price
Екип на Биволъ 21 May 2019

https://www.occrp.org/ru/daily/10393-apartmentgate-bulgaria-s-anti-corruption-head-resigns

#102 Tony on 10.04.22 at 5:07 pm

Re: #91 epic bear on 10.04.22 at 12:15 pm

The market will tank after the midterms although the U.S. dollar will fall the last two months of this year. Word seems to be everywhere on this one. January 2023 should be an especially bad month. Short term I’m still not sure if this is a pump for a crash October 13th or not as the U.S. stock market made two wrong moves on Friday September 23rd and Friday September 30th. The key being September 30th. We’ll find out the 13th if those two days in September were the reason.

#103 Juggernutz on 10.05.22 at 8:55 am

This blog likes to gloat whenever there is positive day or two, but is silent for all the bad ones. Fact is this kind of volatility is usually indicative of a major pending crash.

There is no major crash coming, and the blog provides daily commentary on the good, the bad, the ugly and the fear that leads people to make ill-informed comments. – Garth