The ascension

Will Chrystia Freeland be our next Grand Wizard?

Not a wild thought given this scenario: T2 resigns after almost a decade in power in little more than a dozen months. Queen Chrystia, now deputy PM and FN, is crowned. She becomes prime minister, sits on the throne for a few months, then calls an election once the Jag Singh bromance has ended.

Then, yes, it’s Skippy vs the highest-profile woman in the land. Will Chrystia mobilize the lefty/woke/newcomer/female/enviro/social justice vote? Or go down in flames, like poor Kim Campbell, our first maple ma’am monarch? (At 132 days she had the third-shortest reign, trumped only by John Turner at 79 and Charles Tupper at 68.)

Well, today Freeland delivered an economic statement. The feds are throwing more money around ($30.6 billion), telling us the deficit is under control ($36 billion) and unveiling a new tax on companies that buy back their own stock. Statements are not budgets, and this one is immensely overshadowed by monetary policy.

Yesterday the US Fed goosed rates again, as expected, and said no pivot is coming soon, which was kinda unexpected. Stocks went into a one-day hissy fit. But CB boss Jerome Powell did say this tightening cycle is closer to the end than the beginning. So we seem to be still on track for about a 1% additional increase, then a pause in early 2023.

Our bank will follow suit. Chrystia knows that. Inflation is a worse disease that rate affliction. The Canadian chartered bank prime will be rising very close to 7% by the Spring, with five-year mortgages at about the same level, HELOCs testing 8% and reverse mortgages hurtling towards double-digits. By April we should also have that weird FHSA in place, and one of the most interesting housing markets ever.

After all, sales have tanked. Inventory is thin. The supply of detached houses is down to two months in major markets. So many people have withdrawn from the marketplace, cancelling listings, in the belief that early 2023 will be just like 2021: wall-to-wall desperate buyers after this crazy period of rate escalation and reverse-FOMO.

This is the political hope, too. Chrystia’s political fortunes hang on a short and mild recession, a central bank pause in late winter, falling inflation and renewed consumer confidence because of jobs, wages and portfolio increases.

Is this possible or realistic?

Of course. This pathetic blog has told you with the kind of confidence that only rippling abs can bring that 2023 will be a mess better than this year. The tightening cycle will be over. The cost of living will be high, but falling. Stock markets and financial assets will be improved. Interest rates will have stabilized at more ‘normal’ levels. Surely the Ukraine war will be over, winding down, or less consequential. Neither Biden nor Trump will be White House contenders. In short, more sun and less anger.

The outlier will be house prices. Millennials are about to get their wish for a serious reduction in valuations, requiring lower down payments and smaller mortgages. Also good news will be a whole lot more listings than at present. It means time to shop. No blind bidding wars. Conditional offers. The bad news is no more home loans at 2%.

We’ve just received the October update from the major real estate cartels. No surprises. Prices are gently cascading lower but sales have tanked. The higher-priced a market is, the more deals are fading. In Toronto they declined 49% from year-ago levels. In Vancouver, a similar story, off 45.5%. In Victoria, down 35.6%. In Calgary, lower by 16%.

GTA realtors says prices look like they’re stabilizing. In Vancouver they are down about 9% over six months. The standoff between buyers (waiting to vultch) and sellers (holding on for the next boom) is obviously chilling the market. Now 40% of people believe prices will fall further and over 50% of those with mortgages are worried about their renewal rate.

What does Chrystia know?

That a nation of house-lusty little beavers who leveraged their rubbery tails off to buy an asset at its dearest moment will be rodent-pissy if real estate crashes. The feds will watch this closely and, as always, end up acting in their own naked self-interest. Chrystia doesn’t like losing.

What a surprising year lies o’er the horizon.

About the picture: “Hi Garth, firstly, thanks so much for all the work you do writing and maintaining your blog,” writes Margaret. “Regarding dog pictures requested, this is Riley, our one and a half year old Kangal Akbash, living a contented dog life in Smithers B. C. Here he is surveying farms in the Bulkley Valley.”

150 comments ↓

#1 enthalpy on 11.03.22 at 3:26 pm

Have you seen her mouthing and bobbling her head while JT speaks? Its very…. odd.

let us all pray she gets no closer to the top job.

#2 Dave on 11.03.22 at 3:27 pm

Freeland doesn’t seem to understand basic finance.–though neither does Skippy the rage farmer. She tried to paper over the unacceptable cost overruns on the TMX. One of Trudeau’s worse decisions was to buy it. Well the cost has more than tripled. Freeland said that the pipeline will be commercially viable in 100 years! How insulting. Taxpayers are on the hookl
https://thetyee.ca/Analysis/2022/10/14/Trans-Mountain-Boondoggle-Taxpayers-Lose-Billions/

#3 The West on 11.03.22 at 3:28 pm

This is worth listening to:

https://www.youtube.com/watch?v=663vLIYBcpI

#4 Søren Angst on 11.03.22 at 3:40 pm

US Fed goosed rates again, as EXPECTED, and said no pivot is coming soon, which was kinda UNEXPECTED.
– Garth

Where have I read that before?

#5 Beavis on 11.03.22 at 3:40 pm

40 year mortgages to keep the young’uns happy. Buy a house at 25 and make your last payments when you retire.

#6 Dave on 11.03.22 at 3:48 pm

What will Chrystia do…interest rates are high so who can afford to buy.

No one local with a 9 to 5 job can afford a house but tell new immigrants if they can guarantee a $3M in expéditeur within a year then they can get a rubber stamp on their passport

#7 Squire on 11.03.22 at 3:51 pm

The world has changed, get used to it. Pre-covid days and globalization is over.
The Russian invasion also accelerated this as they’re fighting for their survival, due in part to their horrible demographics.
‘Wokeness’ is waning, so Freeland won’t resonate as much anymore with people. François-Philippe Champagne is much more suited to lead our country (from liberal choices).

#8 Scott in Gibsons on 11.03.22 at 3:53 pm

DELETED (Ad hominem)

#9 Søren Angst on 11.03.22 at 4:00 pm

Reading the Blog today reminded me of Vegas and

rolling a couple of double snake eyes in a row.

Rosy is Good Garth. And yes, you are being measured.

I see nothing but troubled seas on the horizon well into the 1st Qtr of 2023.

Inflation wears down a populace, it has just begun emptying pocketbooks. Wealth erosion started in 2nd Qtr, more of that to come. A likely Spring surge in energy & transportation costs. BoC rate pause will fuel purchasing power parity inflation on imports.

And so forth.

Still, I like your measured optimism Garth.

But today, I don’t share it.

It seems to me the Liberals and their NDP minions see a bad, for them, pole and throw money at it to make it go away.

Not the way to manage a country into the long term by putting out short term fires here, there, and everywhere.

Myopic. Self-serving. Lacking intelligence/vision to see the long term picture and the effect of their current actions. Their only goal is to remain in power.

Does not bode well for Canada.

#10 Linda on 11.03.22 at 4:01 pm

I do hope 2023 will see that much desired bull market. 2022 has for the most part been a party pooper financially for a lot of folks, what with wild market fluctuations, inflation, higher rates, increased debt etc. On the plus side there are still a plethora of jobs available for those who are willing to work.

#11 Sail Away on 11.03.22 at 4:02 pm

#119 crowdedelevatorfartz on 11.03.22 at 3:24 pm

[Depape] immigrated on a visa 20 years ago and then just stayed illegally.

Damn Canucks blend in so well until the say stuff like “out and about” or “Toboggan” or “pop”.

Should build a Wall on the Northern Border after the southern wall is done.

——–

Never. Americans love Canadians and treat them as respectable, good-hearted people who are (perhaps genetically) prone to a bit of gullible naivete.

Similar to a retriever who can be fooled 100 times in a row by an unthrown tennis ball. Great dogs. Super dependable, loyal, friendly and enthusiastic, and a great addition to the family. Just a little thick. Not their fault.

Depape was an anomaly. It happens. Not Canada’s fault.

#12 Work and Tumble on 11.03.22 at 4:04 pm

After almost 10 years of Justin Trudeau and his band of unpalatable MPs, I’m thinking PP would have my vote.
The Direction this liberal government has taken the country has me in a funk, all I see is ten lost years and a large bill with division and many Canadians struggling.

#13 The General on 11.03.22 at 4:09 pm

We could only hope Crystia does a Liz Truss face plant after our communist boy wonder takes a walk in the snow. While right wing politicians defeat the rules based liberal democratic government order of the late great west. By design?

Do you know what ‘communist’ means? Obviously not. – Garth

#14 chalkie on 11.03.22 at 4:10 pm

Over the past few years, Canada’s weakness in critical minerals and rare earth minerals has become glaringly obvious, particularly how China is buying up Canada resources, and that snotty nose Trudeau allowed it to happen, now he is hiding his head in shame and bending to public pressure to stop and reverse this runaway train.
He is pounding his chest in as, look at me, I am stopping this and making them sell our bought-up mineral mines back to us.

The Feds encouraged and allowed the selling of Canada’s resources in the first place and took credit for it at the time, now the pressure is on the Liberals for their wrong doing. You get no credit from us Mr. Trudeau and for your supporting party Mr. Singh, you will be put off at the next station and you can both lick your wounds together in public, enjoy your stay while you can, because your term is coming to an end in power.
Mr. Trudeau, do you remember the song, (Walk all over you, by AC/DC, will that’s what is going to happen in the next Federal election). It is about time that Canada teamed up and copied the United States in prevention of foreign ownership, together let us curb unproductive foreign ownership and stand up for our Canadian taxpayers, there is plenty of domestic interest and private money available, we just need the panels to listen to reality.

Another area where the Government has their blinders on is our underground economy, it is robbing us of our valuable taxes and resources, but that will not happen soon because there is no public outcry YET.

There is a strong argument that home prices and the economy/inflation have no correlation, but we know different, don’t we?

Phones are ringing and you know it is the bank calling again, your variable mortgage payments are behind and you know you cannot ignore them forever, you might as well call the bank back and face the music.

It is better to be direct and honest up front and look for payment alternatives to keep those mortgages paid up.
If you are on the other side of the coin, with lots of cash flow, do not rush in to buy yet, the discounted home deals will be plentiful shortly, keep an eye out for the reduced signs, even with the few homes on the market, it is easy to already find the MLS reduced signs as you drive around neighborhoods.

Rising home prices have direct effects on household wealth and neighborhood affordability. They also play an important role in overall inflation.

The Consumer Price Index (CPI), for example, measures the prices of a basket of household goods and services that households regularly consume, with weights assigned to each item in the basket based on their average shares of total expenditures.

Among these is a shelter component that includes both rental costs and the consumption value of owner-occupied housing, in addition to other forms of lodging such as hotels, B&B’s and rent a room have skyrocketed in some areas of Canada.

Rent has increased so much in the past couple of years, this alone would help bring on inflation, without home prices increasing.
Shelter makes up nearly a third of the basket for CPI inflation, and 40 percent of the basket for core CPI that excludes the volatile food and energy components.
As a result, even small increases in rent and home prices can, in principle, have noticeable effects on overall inflation.

Private REIT: So you are mortgage free, property rich and now want to invest your only $200,000 cash for a monthly cash flow: Complicated to understand but true, investments when accreditation is involved, home ownership is NOT counted toward your accreditation for private REIT (even if you have no mortgage), you get no credit toward your required cash flow when trying to invest on your self-wealth. Your financial advisor will tell you; one cannot use your home equity to show accreditation toward wealth, for example as in private REIT, they do not set the rules, governments do, your owned property does not help you, no more than a renter when buying a private REIT. So, you must sell and show your net worth, in order to prove you have the accreditation value, Dumb but a reality.

There is much downside risk of further acceleration in the housing components of CPI in the months ahead, the sharks are circling to move in and scoop up the deals, there will be plenty to choose from over the coming year or two.

I still currently see people listing homes $100,000 –$200,000 over market value, I blame this on the listing real estate agent and not the homeowner, there is fact and there is fiction, there is price and there is value, MOST buyers know value. These homes will set and get reduced, further reduced, and reduced again and then eventually get delisted and the agent gets the blame, which they deserve for listing at the outrageous price in the first place, just to get the listing.

Quote of the day: Do not tell me where your priorities are. Show me where you spend your money and I will tell you what they are.

#15 BitcoinBro on 11.03.22 at 4:17 pm

I think Freeland is going to face a basic likeability problem. The right leaning internet information machine have laid quite a bit of groundwork painting her as a sort of maple Hilary Clinton. I’m not a right winger and I can see it.

Poilievre has laid quite a bit of groundwork on the contrary. He’s pretty funny and seems laser focused on appealing to the average Joe and Jane Canuck.

South of the boarder… you strike me as overly optimistic Garth. Have you heard what Republican house, senate, and governments have been saying IN PUBLIC during this campaign? Complete and utter madness. Makes the toxic rhetoric of 10 years ago seem like hallmark cards. The idea that the investigations surrounding Trump will somehow pour cold water on the transformation of the Republican party seems like wishful thinking.

#16 Dogman01 on 11.03.22 at 4:23 pm

In the medium term I see great things for an O&G investment. I could easily invest in XEG, Canadian O&G ETF, however the regime in Canada’s Embargo on Canadian Energy is so hostile that I fully expect them to take the next step with targeted “success” taxes on Canadian O&G. (despite the last 5 years of hard times for the industry)

https://www.thestar.com/politics/federal/2022/10/04/should-canadian-oil-companies-pay-a-windfall-tax-as-their-profits-and-consumer-prices-surge.html

So instead I choose to put my money in a US O&G ETF.

Results less investment in (Western) Canada, less Jobs in (Western ) Canada, less prosperity in (Western) Canada and not one barrel of oil will not be consumed.

Fortunately my money is still free to cross borders….for now.

#17 Jason on 11.03.22 at 4:32 pm

Predictions are always one of two things:

1. Wrong
2. Lucky

So my prediction, PP and the Cons will win the next election. And possibly a majority. I’m not a PP fan. If Charest won the leadership, the Cons would have for sure gotten my vote, but now I feel homeless with no party to vote for. Freeland getting the Lib leadership isn’t going to help. Are there any moderate Liberal MPs that have a chance at the leadership?

#18 Alberta Ed on 11.03.22 at 4:43 pm

I expect that Chrystia will be handing out beans from her Magic Money Tree (a.k.a. Modern Monetary Theory). It will be interesting to see if they sprout.

#19 Ole Doberman on 11.03.22 at 4:49 pm

If rates are triple by 2023 wouldn’t house prices collapse by at least 50%?

Or do we have to factor that salaries have doubled in the last 15 years.

#20 Smartalox on 11.03.22 at 4:55 pm

Chrystia Freeland as ‘Grand Wizard’?

I’m surprised that you would equate the finance Minister with a title used by the Ku Klux Klan?

Surely not intentional, but made my jaw drop.

Get serious. – Garth

#21 crowdedelevatorfartz on 11.03.22 at 4:56 pm

Yeah, I was thinking Trudeau might scurry out of the pic before the proverbial financial chickens come home to roost.
A shame.
I was looking forward to his gulping, stuttering debt/financial/tax explanations in Parliament Question period.
Polyglot Freeland has the charisma of a Dept Store window display.
Like an accountant.

#22 alexinvestor on 11.03.22 at 4:59 pm

Chrystia of course is going to announce more spending. Of course, if the economy tanks because of house prices falling and the wealth effect, she’s going to announce even more spending. It’s like the different parts of the government working against each other.

#23 Ed on 11.03.22 at 5:02 pm

Hopefully we’ll vote in Jesus this time rather than Barrabus.

#24 Faron on 11.03.22 at 5:04 pm

#13 The General on 11.03.22 at 4:09 pm

…our communist boy wonder…

Do you know what ‘communist’ means? Obviously not. – Garth

In The General’s miasmic media melange, Justin Trudeau is the son of Castro. Has a hammer and sickle birth mark on his left thigh I hear.

#25 Cash is King on 11.03.22 at 5:13 pm

It is fugly in Canada. Buy in America – Forget about Canada – the housing prices are crashing across the country.

Our system for making quick money is simple. Whatever you buy – buy it for the rock bottom price – you will make the fastest money on the way back up and can buy more as the values climb. Do it over and over again. Don’t waste money on banks – pay cash.

#26 Faron on 11.03.22 at 5:13 pm

#11 Sail Away on 11.03.22 at 4:02 pm
#119 crowdedelevatorfartz on 11.03.22 at 3:24 pm

. Not Canada’s fault.

Correctomundo! It’s partly the fault of GOP ads depicting Pelosi in the cross-hairs of a gun’s scope and other bat sht crazy lies spread by far right media and now Elon Musk. This is also why the bullying shout and follow that Freeland received a while back is alarming.

Fun fact: Republicans issue threats of violence to political leaders at a rate about 50% higher than do Democrats. Gonna speculate that People’s Party and CPCers follow the GOP’s rates here in Canada.

#27 Damifino on 11.03.22 at 5:26 pm

Will Chrystia mobilize the lefty/woke/newcomer/female/enviro/social justice vote? Or go down in flames, like poor Kim Campbell…
—————————–

The second one. Oh PLEASE Lord, the second one.

#28 the Jaguar on 11.03.22 at 5:27 pm

I love it when Garth rolls out the tarot cards for what’s on the way.

Jaguar has a different ‘reading’ for Chrystia, Queen of Swords, Lady of Conflict. ” a nation of house-lusty little beavers who leveraged their rubbery tails off to buy an asset at its dearest moment will be rodent-pissy if real estate crashes.” Indeed. Which is why she will lobby hard all winter and spring for Jens Stoltenbergs job when his term as Secretary of NATO ends September 2023. Or maybe her boss likes the idea for himself. Stoltenberg was a former PM of Norway, after all.
So much depends on what happens in that place that begins with a ‘U’. I have my own thoughts, but why volunteer for cannon fodder in this forum. Nothing in it for a criminal mastermind like the Jaguar but to observe in utter amazement.

Freeland as PM? With that munchkin voice and annoying ‘cupped hand gesture’ as she delivers one sermon after another to the nation? Listening is comparable only to undergoing a root canal. But this gem : “unveil a new tax on companies that buy back their own stock. ” Was this run by Bay Street and the Ancient Warriors? Whistling past the graveyard if you ask me. Mercy.

Finally, if ” So many people have withdrawn from the marketplace, cancelling listings, in the belief that early 2023 will be just like 2021: wall-to-wall desperate buyers after this crazy period of rate escalation and reverse-FOMO”, may I just ask the obvious question: Are they on crack?

Oh well. Who’s up for the next reading? Celtic reading. We can start with #6 ‘What lies before you’…..

#29 some guy on 11.03.22 at 5:28 pm

I can’t see Chrystia Freeland winning an election next year but I’m sure she has some tricks up her sleeves.

Maybe they are hoping Dougy Ford makes a mess of Ontario which turns voters against PP.

#30 Shawn on 11.03.22 at 5:28 pm

Chrystia Freeland impressed me in the free trade negotiations. And nothing about the update today seems very upsetting to me. (The attack on share buy backs is silly but pretty harmless at a 2% tax)

I actually thought she might have been the liberal leader last election but with the Conservatives having such terrible leaders, Trudeau stayed on.

Kings don’t give up their crowns easily (remember Chretian who stayed long?). I don’t see Trudeau abdicating his throne until and unless public opinion is over whelmingly against him. Long live the King!

#31 Nora Lenderby on 11.03.22 at 5:31 pm

If Ms Freeland were smart, and she is, she would assist someone else in her party to become PM. She’d probably get more done.
She already gets enough vile treatment by people who have no compunction in abusing politicians, especially female ones.
I liked her take on world affairs and what to do about it. Thought-provoking and timely.

#32 Shawn on 11.03.22 at 5:32 pm

Inflationary Update?

Well low income people who get say an extra $1000 out of this budget are not going to worry that it might be inflationary.

How much of that $1000 would they personally lose to such added inflation?

Silly argument to be against this becasue it is inflationary. You stitch the wound even if the stitching is painful and costs the population money.

#33 the Jaguar on 11.03.22 at 5:32 pm

Also…Margaret: Please deliver a second photo where Riley is looking into the camera lens. He is the object of our desire, not the landscape. I am confident Garth will post a second photo.

#34 IHCTD9 on 11.03.22 at 5:32 pm

Over 2 Trillion in mortgage debt
Over 2.2 Trillion in consumer debt
Almost 1.4 Trillion in Provincial, Territorial, and local debt
Over 1.4 Trillion in Federal debt

20 million people with a job
Median individual income of about 40K

Freeland might want to think again.

#35 bdwy on 11.03.22 at 5:34 pm

#16 Dogman01 on 11.03.22 at 4:23 pm
…. I fully expect them to take the next step with targeted “success” taxes on Canadian O&G.

/////

did you miss this?

from cnbc
President Biden tweeted this week: “The oil industry has a choice. Either invest in America by lowering prices for consumers… or pay a higher tax on your excessive profits and face other restrictions.”

energy still a good bet on both sides of the border

#36 wallflower on 11.03.22 at 5:35 pm

If he were not leashed, Riley would be the luckiest dog on the planet. As it is, I suspect he’s in the top 1 percent.

#37 Tim on 11.03.22 at 5:39 pm

You know, if I told you about a nameless leader that came to power and did the following:

-abolished a stupid, cruel and wasteful law that had ruined thousands of lives and even jailed people for smoking a relatively harmless weed;
-guided his country with, not just no major disasters but actual dignity, through four years when the global hegemon on their border, and closest trading partner, was taken over by a bullying lout who among other things loved to humiliate less powerful leaders;
-was hit with a global pandemic and got his country through it with a lower death rate than most, one of the highest vaccination rates in the world, and also deployed enough money to allow people to stay home instead of having to go to work and make the spread worse;
-helped handle the first major war on European soil in seventy seventy years, where the aggressor was an nuclear power; and
-handled an actual insurrection in the capital, whose goal was explicitly to overthrow the recently-elected government, and did so without having to shoot anyone or even really put anyone in jail…

You would be saying, “Wow, who is this amazing world-historical statesman? He or she sounds amazing!”

He isn’t perfect but I’d happily take him over Trump, BoJo, Truss or many others.

#38 JSS on 11.03.22 at 5:43 pm

I think Freeland is an upgrade to JT.
She is smart, confident, and well spoken.

PP is too far right, and most Canadians are not. Other than the ones on this website.

Ultimately, we need a good leader that can balance the need for corporate profits, economic, environment, and social programs.

#39 NOSTRADAMUS on 11.03.22 at 5:45 pm

GARTH YOU ARE BEGINNING TO FRIGHTEN ME.
Crystia Freeland, one more station on the cross. How many stations are there? For the true believers, I thought T2 was the last station. It would appear the road to Calvary has many more stations for the little people to bare. The devil himself couldn’t have constructed a better game to shatter all normal sense of reality, befuddled the population and devastated the settled values of countless generations of little people. Devil’s Advocate.

#40 crowdedelevatorfartz on 11.03.22 at 5:50 pm

@#26 Faron.

You seem a bit excited today.
That 3rd “heavy rain squall” in south western BC got you a tad excited?

#41 Quintilian on 11.03.22 at 5:51 pm

I shouldn’t be helping out the Conservatives, but I can’t overcome my philanthropic natural inclination and suggest toss out Pepe, and replace him with Danielle Smith.

#42 NorthOf45 on 11.03.22 at 5:53 pm

DELETED (Ad hominem – do not try that again)

#43 Dogman01 on 11.03.22 at 5:54 pm

#35 bdwy on 11.03.22 at 5:34 pm

did you miss this?

from cnbc
President Biden tweeted this week: “The oil industry has a choice. Either invest in America by lowering prices for consumers… or pay a higher tax on your excessive profits and face other restrictions.”

—————————————————-

No bdwy, I saw this also, but with Biden in the US he just will not have any power after the mid-terms to actually do anything. It is an idle threat before the mid-terms to appeal to the portion of his base that is “Green” and to distract low information voters to perceive that the Oil companies are evil and to blame for high prices….

In Canada the “embargo of O&G” has strong fundamental motivations; our central Canadian elite simply cannot allow prosperity and wealth to be created so profusely in a part of Canada outside of their power base. In Canada the destruction of O&G is about maintaining power over the Kingdom.

As long as these guys attack essential O&G the value of the producers will keep going up. As a Shareholder I just want all the profit for myself and begrudge sending any portion to our Government whom will subsequently waste it.

#44 Sail Away on 11.03.22 at 5:59 pm

“Hi Garth, firstly, thanks so much for all the work you do writing and maintaining your blog,” writes Margaret. “Regarding dog pictures requested, this is Riley, our one and a half year old Kangal Akbash, living a contented dog life in Smithers B. C. Here he is surveying farms in the Bulkley Valley.”

———

Great place, Smithers, for dogs and people. My wife and I have spent much time up that way visiting friends and canoeing, camping, moose hunting and salmon fishing the Bulkley, Babine, Telkwa and Skeena Rivers, hiking the glaciers, mushroom picking, and dropping into the odd soccer game in town, sometimes visiting from Alaska, sometimes from Vancouver Island.

Do the joggers still run the frozen rivers in winter?

#45 crowdedelevatorfartz on 11.03.22 at 6:00 pm

@#24 Faronista
“Has a hammer and sickle birth mark on his left thigh I hear.”

+++
Like the one over your heart?

#46 Reality is stark on 11.03.22 at 6:07 pm

So she announced another tax.
How progressive, more taxes.
That is pure genius.
She also announced that the economy is likely to slow. This will cause a considerable revenue shortfall in 2023. Continual deficits will require additional borrowing and of course they are finding new ways to tax.
Was there any mention of controlling spending?
Not too bloody likely.
She really just told you that they will borrow more and tax more to drive the dollar to 50 cents.
These people are buffoons.
They have a Venezuelan mindset.

#47 wallflower on 11.03.22 at 6:09 pm

CF will suffer the ire of the “immigrants.”

https://timesofindia.indiatimes.com/nri/us-canada-news/foreign-students-say-canada-is-exploiting-them-for-cheap-labour/articleshow/95235617.cms

#48 Balmuto on 11.03.22 at 6:11 pm

Yes, the CBs are probably close to done with this round of tightening. They will probably pause in early 2023 to assess the situation. But what if the situation is – more inflation? Are they going to keep hiking interest rates until they bankrupt everyone? One positive of inflation is that it helps borrowers mop up their debts with money worth less than when it was originally borrowed. And it might be the only way out for governments trying to get out from under unsustainable debt loads.

On the other hand, raise interest rates too high and refinancing all that government debt becomes a serious problem.

CBs had better hope that this last round of tightening does the trick and inflation cools down to their long run targets. Otherwise they’re going to have some very tough decisions to make in the new year.

#49 DON on 11.03.22 at 6:12 pm

#19 Ole Doberman on 11.03.22 at 4:49 pm
If rates are triple by 2023 wouldn’t house prices collapse by at least 50%?

Or do we have to factor that salaries have doubled in the last 15 years.
*********

Salary doubled…a bunch of folks must have missed that increase…maybe only realtors or mortgage brokers and developers.

#50 zxcvbnm on 11.03.22 at 6:13 pm

@37 Tim

1. “Dude weed bro”
2. He wasn’t Trump. (TDS much?)
3. Vaccination mandates are not divisive at all.
4. Had some nice words and some tax payer money for a central European non-Nato state. K.
5. Not even going to touch the idiocy of this one. Honk!

#51 earthboundmisfit on 11.03.22 at 6:14 pm

I am no fan of PP and his toxic hyperbole, but would like to think that he is a smart enough guy to not really believe half of the nonsense he spouts, solely to fire up his base. Today however, I was rather impressed with the plain spoken manner of the Conservative Finance critic, Jasraj Singh Hallan, during his guest appearance on Power Play. Any party that will unshackle Canada’s resource sector will receive my support. Now is definitely the time for our born to the manor fool of a PM to follow his father’s tracks in the snow.

#52 Observer on 11.03.22 at 6:18 pm

Anyone been watching the EA inquiry this week?

The ‘leaders’ of the so-called ‘freedom convoy’ have been testifying.

A study in disordered psychology. Or a good laugh, depending on your perspective.

#53 Nonplused on 11.03.22 at 6:20 pm

I can’t see the cost of living ever “falling”. It never falls. When we talk about such things, we talk about whether it is rising by 2% or 8%. Never “falling”.

And Chrystia as Prime Minister? And I thought the prospects for nuclear war put me in a bad mood. I guess there are some things worse. I never would have thought that, but this thought made me reconsider. And shiver.

Why the heck is she taxing stock buy-backs? What, in particular, is it about a company buying back its own stock that it is to be discouraged? I mean the money that use to do it is already taxed six ways to Sunday. Any capital gains that result are also taxed at the level of every single shareholder. What, exactly, is the point? Is there some reason that companies should not be able to use every tool in the tool kit to optimize their operations? Or does she just hate all the retirees who hold these stocks in their RRSP’s? Of course that question is rhetorical.

I suppose we could try some mind reading and presume the purpose is to avoid CEO’s from cashing in on their stock options. But don’t companies use stock options as an incentive to encourage the CEO to maximize shareholder value? And even though the concentration of wealth the stock options create seems to be distasteful, isn’t the greater wealth of all the shareholders and the greater good to society of having successful companies an order of magnitude larger? Plus she already gets to tax the CEO’s when they cash in, as well as everybody else who owns the stock.

Or is the purpose to leave the companies at the mercy of fund capital? One of the reasons companies buy back their own stock is because it is undervalued (or at least perceived to be so). So if a company is undervalued, the right thing to do is buy back the stock because it is a good investment. And who would know that better than the CEO? (At least in theory.) But maybe the feeling is that corporate raiders deserve more opportunity, especially foreign ones. I mean, how will poor old Wall Street survive if they don’t have a clear advantage over the little old ladies and their retirement accounts? It’s a tragedy really, the plight of the investment bankers. The media really doesn’t cover their misfortunes enough. At least nobody says anything about their private jets.

But, as always, it won’t work. We are already at peak tax. One of the obvious second order affects of this will be that Canadian companies will become less attractive to capital. That will cause an across the board increase in the cost of capital for Canadian businesses. Canada is already an unattractive place to invest. So this effort to increase tax revenues will in fact have the opposite effect, as all further tax increases are destined to. You just can’t get blood from a stone.

I do look forward to seeing the battles between Smith and Freeland though. The news was getting a little boring. This could be the spark needed to revitalize the Alberta separatist movement. A little shot in the arm. Freeland is perhaps the most divisive politician in the country right now, even more so than Trudeau, so if this doesn’t get things going, nothing will.

But anyway, Trudeau isn’t going to resign.

#54 Victor Llearna on 11.03.22 at 6:21 pm

Prime Minister Charles Tupper, he was gone by supper.

Too bad little potato didnt beat that 68 day record. Canada has got so much worse since the 2014 federal election.

#55 DON on 11.03.22 at 6:21 pm

Yahu…and the far right coalition win the election in Israel.

War is on the horizon (imo).

How does all hell break through.

#56 Grateful in Victoria on 11.03.22 at 6:26 pm

I sure hope Chrystia Freeland becomes our prime minister.
She is a Harvard graduate, a Rhodes Scholar, an accomplished author. She was also well known on the world stage for her work even before joining the cabinet.
It would lift Canada to have someone that brilliant running the country.

#57 jess on 11.03.22 at 6:29 pm

truth in advertising should apply to politicans!
in the usa ~305 are election deniers running…

U.S. charges former heavyweight boxer with trafficking over $1 billion worth of cocaine
which was from what prosecutors in 2019 called “one of the largest drug seizures in United States history.”
Goran Gogic, 43, was arrested Sunday after being indicted by a grand jury in New York, the Justice Department said in a news release. Gogic, who is from Montenegro, was arrested while trying to board a flight at Miami International Airport.

#58 IHCTD9 on 11.03.22 at 6:39 pm

I don’t know who’s winning the next election, but I do know who is winning in Canada. 40+ dual income not so recent homeowners. Every regular working stiff south of that will eventually come to shoulder the consequences for what has happened in the last 7 years before they have a chance to take flight.

100% increase in house prices. 100% increase in public debt. Unimaginable levels of damage done to our primary industries. Millions of new Canadians now also competing for jobs, roofs, and services. Rates skyrocketing. Rents skyrocketing. Net worths tanking.

Mid-Mil on down also get to enjoy eventual major tax and fee hikes, reduced government services, and a multi-decade stagnant economy. Don’t forget which party ruined your life kids, we’re talking a 40 year funk here. The best part? The damage done is so complete, that it won’t even matter who you vote for. CF can’t fix it, PP can’t fix it, nobody can fix it. Things will have to get bad enough that Canadians will eagerly vote for austerity measures for a couple decades straight.

Stop laughing.

#59 cuke and tomato picker on 11.03.22 at 6:40 pm

Number 51 Grateful in Victoria bc we agree. We are happy
to be living in Victoria and yes Chrystia Freeland is very
well educated.

#60 ogdoad on 11.03.22 at 6:43 pm

What’s the anti? 10-100$? I’m in!

I say resignation on a high, as well….12 months could be good….

In for 12 months or greater but not more than 24.

Og

#61 IHCTD9 on 11.03.22 at 6:44 pm

#51 Observer on 11.03.22 at 6:18 pm

Anyone been watching the EA inquiry this week?

———

I think you’re the only one following it dude.

#62 Ronaldo on 11.03.22 at 6:48 pm

#45 Reality is stark on 11.03.22 at 6:07 pm
So she announced another tax.
How progressive, more taxes.
That is pure genius.
She also announced that the economy is likely to slow. This will cause a considerable revenue shortfall in 2023. Continual deficits will require additional borrowing and of course they are finding new ways to tax.
Was there any mention of controlling spending?
Not too bloody likely.
She really just told you that they will borrow more and tax more to drive the dollar to 50 cents.
These people are buffoons.
They have a Venezuelan mindset.
—————————————————————-
If these individuals were in charge of finances for a private corporation they would have been down the road so fast they wouldn’t be seen for dust. What have we got to show for the billions they have wasted? Nothing.

#63 Søren Angst on 11.03.22 at 7:01 pm

#8 Scott in Gibsons
DELETED (Ad hominem)

Deleted by:

Deo Optimo Maximo, D.O.M.

which incidentally a namesake of one of my favorite liquors.

Just sayin’

———————

#32 Shawn

And you call yourself an Albertan? You must be an Eastern transplant.

Yet again, AB Passport revoked on the grounds of sedition.

Off to Scarberia with you or Mr. & Mrs. Sauga.

———————

#35 bdwy

Last sentence = my 2 enthusiastic thumbs up.

#64 Faron on 11.03.22 at 7:01 pm

#55 Grateful in Victoria on 11.03.22 at 6:26 pm

I agree. She is highly qualified and would do a good job even if the Liberal party is a bit right of where my politics lie.

#49 zxcvbnm on 11.03.22 at 6:13 pm

3. Vaccination mandates are not divisive at all.

Correct! At least not for the sane.

#52 Nonplused on 11.03.22 at 6:20 pm

Why the heck is she taxing stock buy-backs? What, in particular, is it about a company buying back its own stock that it is to be discouraged?

Stock buybacks are a complete waste of capital that should be directed to R+D, CapEx or other beneficial purchases. Even dividends are better. This is most apt in the highly subsidized O+G sector where such funds should be aimed at developing tech for the post-carbon combustion economy.

Also, why is it that conservatives, especially farther right ones, call every politician they disagree with divisive? Sounds like cover for unrest and violence from members of conservative parties. Freeland is pretty mainstream in reality.

#65 Quintilian on 11.03.22 at 7:04 pm

#47 Balmuto on 11.03.22 at 6:11 pm

But what if the situation is – more inflation? Are they going to keep hiking interest rates until they bankrupt everyone?

Do you suggest letting inflation runaway and reward the debt junkies who gorged on debt and bankrupt everyone else?

Fairness be dammed, moral hazard

#66 IHCTD9 on 11.03.22 at 7:05 pm

#46 wallflower on 11.03.22 at 6:09 pm
CF will suffer the ire of the “immigrants.”

https://timesofindia.indiatimes.com/nri/us-canada-news/foreign-students-say-canada-is-exploiting-them-for-cheap-labour/articleshow/95235617.cms
————

I doubt it. None of those kids can vote, and the sentiment I’m getting is that plenty of Indo-Canadians would be perfectly happy if the students all just went back home.

Not to mention that we in fact *are* using them for cheap labour. Trudeau just removed to 20/hr per week cap.

Draw your own conclusions…

#67 IHCTD9 on 11.03.22 at 7:09 pm

#44 crowdedelevatorfartz on 11.03.22 at 6:00 pm
@#24 Faronista
“Has a hammer and sickle birth mark on his left thigh I hear.”

+++

Like the one over your heart?

——

Faron doesn’t have one of those. Lack of empathy is a classic and defining symptom of NPD.

#68 crowdedelevatorfartz on 11.03.22 at 7:09 pm

@#48 Grateful in Victoria

Careful what you wish for.
If the screaming Woke mobs at most University protests these days are any indication…….

Book smart doesn’t mean smart.

#69 pBrasseur on 11.03.22 at 7:15 pm

Do you know what ‘communist’ means? Obviously not. – Garth

Communism works like Quebec’s health care system (which is a child of the Canadian health care act), with similar results.

If other words it kills people. What else do we need to know?

You just any stature you may have built here. – Garth

#70 Bill zufelt on 11.03.22 at 7:22 pm

Garth ,Trudeau was sworn in Nov 4 2015 so in 12 months he will still be 2 full years short of a decade

Surely you have more consequential things to comment on. – Garth

#71 Søren Angst on 11.03.22 at 7:22 pm

#37 Tim

You should write the next great novel and title it:

LESSER EXPECTATIONS

Justin can be your Pip.

For that Cdn je ne sais quoi (pas) you can add a BC character named Dr. Bonnie Havisham that managed to lower the Covid infection/death rate by simply:

Lying thru her teeth.

Chrystia can be your Camilla, Georgiana or Sarah Pocket. Take your pick.

Trudeau Sr. will be your Biddy.

#72 Faron on 11.03.22 at 7:24 pm

#44 crowdedelevatorfartz on 11.03.22 at 6:00 pm
@#24 Faronista

“Has a hammer and sickle birth mark on his left thigh I hear.”

+++

Like the one over your heart?

LOL, no. That’s just spilled ketchup (that I purchased wilfully on the free market at the grocery store).

#73 TurnerNation on 11.03.22 at 7:26 pm

Digital money under central government control? I thought this was just another Internet Consp. Theory??
Comrade how is your social credit score looking these days? Have you any carbon credits remaining?

“”The Globe and Mail reports in its Thursday edition that the Bank of Canada is urging financial technology companies to start preparing for a new regulatory regime that will soon cover businesses providing services such as digital wallets and electronic payment systems. The Globe’s Mark Rendell writes that since last year the BOC has been tasked with overseeing the retail payments industry. This includes “fintech” and “paytech” companies, from small start-ups to large firms such as Moneris and PayPal — but not banks, credit unions or insurance firms, which are already overseen by regulators. While the new regulatory regime is not expected to come into force until 2025, the BOC is encouraging companies to weigh in on the rules before they are finalized. There are at least 2,500 digital-payment service providers in Canada, said BOC director of retail payments Ron Morrow. He added: “I’m not sure how many of them know that this regime exists and is coming. Now is the time to start paying attention, because now is the opportunity to shape what’s coming. If you don’t pay attention, and you don’t speak up with any problems you see with this regime, you will bear the consequences of that when it comes to life.”
© 2022 Canjex Publishing Ltd. All rights reserved.””

#74 Michael on 11.03.22 at 7:26 pm

“The feds will watch this closely and, as always, end up acting in their own naked self-interest.”

As they should as it is also in our interest (beavers). The last thing this country needs is for the Liberals to tank and PeePee (i.e. Harper) to move into the PMO. Much as I like Ms Freeland and think she would make a good PM, I hope she doesn’t run because she is less electable than PM JT.

If we end up with Cons in power in Ottawa and enough Provincial Con governments to satisfy the requirements, the Charter is done for as, subsequently, is Canada. Harper was clear what he would do with a “trifecta” and regardless of ones personal political leanings, that has to be avoided at all costs.

#75 Tenugi0 on 11.03.22 at 7:27 pm

Instead of implementing a new tax on share buy backs, why isn’t this government looking at taxing corporations who offshore their workforces? Oodles of lost revenue there…

#76 Mr Canada on 11.03.22 at 7:34 pm

DELETED (Anti-immigrant)

#77 The Gold Standard on 11.03.22 at 7:40 pm

#70 Bill zufelt

We round up on this blog.

#78 TurnerNation on 11.03.22 at 7:42 pm

From a Toronto Realty Blog comment. Yep Toronto is a MEGA UN Smart City. Why the new condo construction never was shut down in 2020. Hint hint.

“”Toronto has 126 highrise condo buildings under construction, three times as many as the second place city in North America. Toronto has led North America in crane usage for residential construction since 2015. Prices should be plummeting.””

“”There are currently around 95,000 condo units under construction in Toronto.””

—-
— Ohhh we were to be so healthy under years of government rules, mandates under a global hygiene state. We are SO close to normal guys I can feel it.

.Ontario hospitals asked to admit teenage patients to adult ICUs (cp24.com)

.As SickKids surgical backlog grows, family waits 3 years for crucial procedure (cbc.ca)

.’Needless’ deaths of 30,000 heart patients in England since Covid (theguardian.com)

.Excess deaths in England and Wales are currently running higher than in the main pandemic years of 2020 and 2021, figures have shown. (telegraph.co.uk)

https://twitter.com/org_scp/status/1588136870646632448
The @TSA have extended their emergency order for all non-citizens & non-immigrants to be ‘fully vaccinated’ against #COVID19 until January 8th 2023. The speed of science continues.
https://tsa.gov/sites/default/files/ea-1546-21-02a.pdf

#79 Uncle Buck on 11.03.22 at 7:53 pm

#37 Tim on 11.03.22 at 5:39 pm
You know, if I told you about a nameless leader that came to power and did the following:

-abolished a stupid, cruel and wasteful law that had ruined thousands of lives and even jailed people for smoking a relatively harmless weed;
-guided his country with, not just no major disasters but actual dignity, through four years when the global hegemon on their border, and closest trading partner, was taken over by a bullying lout who among other things loved to humiliate less powerful leaders;
-was hit with a global pandemic and got his country through it with a lower death rate than most, one of the highest vaccination rates in the world, and also deployed enough money to allow people to stay home instead of having to go to work and make the spread worse;
-helped handle the first major war on European soil in seventy seventy years, where the aggressor was an nuclear power; and
-handled an actual insurrection in the capital, whose goal was explicitly to overthrow the recently-elected government, and did so without having to shoot anyone or even really put anyone in jail…

You would be saying, “Wow, who is this amazing world-historical statesman? He or she sounds amazing!”

He isn’t perfect but I’d happily take him over Trump, BoJo, Truss or many others.

——————–
That is some Grade A B.S. right there.

This is either the greatest troll post in the history of the internet, or you are willfully blind to Juniors lenthy list of abject failures and shortcomings.

#80 Brian on 11.03.22 at 7:54 pm

Failed Deals, Litigation, and Fraud: Real Estate Lawyers Tell All in a Slowing Market

https://storeys.com/failed-deals-litigation-fraud-real-estate-lawyers-slowing-market/

Let the games begin!

#81 CL on 11.03.22 at 7:55 pm

She will never become an elected prime minister. I am willing to bet on it. Any takers?

#82 Drinking? on 11.03.22 at 7:56 pm

#34 IHCTD9 on 11.03.22 at 5:32 pm
#58 IHCTD9 on 11.03.22 at 6:39 pm
#61 IHCTD9 on 11.03.22 at 6:44 pm
#66 IHCTD9 on 11.03.22 at 7:05 pm
#67 IHCTD9 on 11.03.22 at 7:09 pm

Does your wife know you are drinking again or do you hide in the bunker and stash the bottles in the rafters?

#83 Observer on 11.03.22 at 8:00 pm

#61 IHCTD9 on 11.03.22 at 6:44 pm
#51 Observer on 11.03.22 at 6:18 pm

Anyone been watching the EA inquiry this week?

———

I think you’re the only one following it dude.

^^^^^^^^^^^^^^^^^
Maybe at this blog, but lots of Canadians have been watching. Makes the Cons look really bad for supporting the so-called “freedom convoy” – probably why you are not watching. Hear no evil, see no evil.

#84 Josh Feldman on 11.03.22 at 8:11 pm

Yup. Meanwhile the feds seem all in on the century initiative to bring Toronto’s population to 30 million people .

Thank BlackRock’s real estate arm and transparent political corruption.

https://en.m.wikipedia.org/wiki/Century_Initiative

And the media is also full in – publishing this organizations polls, and giving their ceo op-Ed’s.

We’re so doomed to live in cages and tent cities.

It’s also why, the feds just upped immigration to 500k a year – not because there was a study to see if we can grow our housing and healthcare systems to match – but because BlackRock wants to profit off of our real estate.

#85 Faron on 11.03.22 at 8:14 pm

#67 IHCTD9 on 11.03.22 at 7:09 pm

#44 crowdedelevatorfartz on 11.03.22 at 6:00 pm
@#24 Faronista
“Has a hammer and sickle birth mark on his left thigh I hear.”

+++

Like the one over your heart?

——

Faron doesn’t have one of those.

Correct, I don’t have a sickle.

Also, it just looks kind of lame and a bit of a stretch to call me a narcissist long after we have all identified Sail Away as the narcissist-in-chief.

However, sometimes I wonder if I am a narcissist. Then realize that, by the very asking of that question, I can’t be.

#86 VladTor on 11.03.22 at 8:17 pm

#53 Nonplused on 11.03.22 at 6:20 pm
What, in particular, is it about a company buying back its own stock that it is to be discouraged?
————–

Buyback of shares is a deception of investors. Buying back your company’s shares creates the illusion that the company is doing well and therefore someone needs the shares. Their price is going up. Previously, it seems, before Reagan, buying back one’s own shares was considered a crime in the United States. Now all companies are involved in this game.

#87 crowdedelevatorfartz on 11.03.22 at 8:18 pm

@#47 wallflower

“https://timesofindia.indiatimes.com/nri/us-canada-news/foreign-students-say-canada-is-exploiting-them-for-cheap-labour/articleshow/95235617.cms”

+++
I luv it.
Liberal policy Woke and pc back splash……

#88 Victor V on 11.03.22 at 8:18 pm

:That a nation of house-lusty little beavers who leveraged their rubbery tails off to buy an asset at its dearest moment will be rodent-pissy if real estate crashes. The feds will watch this closely and, as always, end up acting in their own naked self-interest. Chrystia doesn’t like losing.”

===
===

It’s only a matter of time before the Feds bring in 40-50 year amortizations.

#89 Bezengy on 11.03.22 at 8:20 pm

#52 Observer on 11.03.22 at 6:18 pm
Anyone been watching the EA inquiry this week?

The ‘leaders’ of the so-called ‘freedom convoy’ have been testifying.

A study in disordered psychology. Or a good laugh, depending on your perspective.

—————-

I support Trudeau invoking the emergency act, but to be honest I was a little surprised at how well the “freedom convoy” members expressed themselves. I wasn’t expecting much from them except some entertainment. I’ll leave it at that. As far as all these inquiries go I don’t really see the point of having them as all I generally see is a bunch of coached witnesses lying through their teeth, crying crocodile tears, or not answering the question at all, but in this country we have a pm that can’t even answer the $6000 per night question, basically giving the middle finger to the entire country imo, so there’s that.

I did get a good laugh when Pat King was cut off by the media when he started in with his conspiracy about the Chinese taking over our economy as apparently reported to him from a CSIS insider, and when I switched channels they were reporting a government crackdown on foreign ownership. It’s been said here before, can’t make this stuff up.

https://www.theglobeandmail.com/amp/business/commentary/article-beijing-accuses-canada-of-suppressing-chinese-companies/

#90 TJ xpress on 11.03.22 at 8:22 pm

#46 wallflower on 11.03.22 at 6:09 pm
CF will suffer the ire of the “immigrants.”

https://timesofindia.indiatimes.com/nri/us-canada-news/foreign-students-say-canada-is-exploiting-them-for-cheap-labour/articleshow/95235617.cms

Japan has been doing this for years. Convenience stores and other unwanted low paying jobs all staffed by “students’ mostly from developing countries

#91 4 out of 3 people find math hard on 11.03.22 at 8:29 pm

Tony Seba talks about the comming disruption of energy production. Solar& wind with battery already is cheaper than any other energy source. The declining cost curves are as predictable as gravity. The super power of a self sefficient grid is the ability to produce excess energy at zero cost that could be used for such stuff as water desalination to combat droughts , remove CO2 etc. This is the ultimate future, cost curves don’t lie.
https://youtu.be/fsnkPLkf1ao

#92 Neo on 11.03.22 at 8:36 pm

So it looks like a NAFTA TN1 visa is the only hope for young Canadians going forward. There is no way this corrupt puppet regime will permit housing to normalize at 4-5x family incomes.

https://www.uscis.gov/i-9-central/complete-correct-form-i-9/nafta-tn-visas

#93 crowdedelevatorfartz on 11.03.22 at 8:36 pm

@#85 Faron
“However, sometimes I wonder if I am a narcissist. Then realize that, by the very asking of that question, I can’t be.”

+++
Self denying narcissists diagnosis aside…..

I always liked the theory that schizophrenics were never lonely….

#94 Ronaldo on 11.03.22 at 8:41 pm

#44 Sail Away on 11.03.22 at 5:59 pm

Smithers was a great place to grow up as a young lad. It was quite small when when our family moved there from the prairies in 1957. About 1800 pop. Climbed up to the glacier as a teenager but was much larger back then. Has receded considerably in that time. On my 70th birthday I climbed to the peak. The one on far left in the photo. Encountered a grizzly on way back down but was far enough away from where our truck was parked to be of concern. Plan to do it again on my 80th the good lord willing. Learned to ski there and got into jumping which was quite exciting to say the least. That was very popular in those days. Lots of good fishing, hunting and hiking. One of the nicest little towns in BC.

#95 Bernie on 11.03.22 at 8:42 pm

DELETED

#96 crossbordershopper on 11.03.22 at 8:50 pm

honestly i couldnt name the finance minister before this short lady, or the one before her, or the one under harper, or anyone else.
does it matter? doesnt Canada just keep plugging along, where its people basically work for nothing in the end.
does it matter who the accountant is in your company if you know you are underpaid and not recognized.

#97 Terry on 11.03.22 at 8:51 pm

Fiscally and economically nothing has been broken yet. It therefore looks ok for more rate hikes in the coming months and into 2023. I will make one prediction for south of the border regarding politics………..wait for it………Trump will be back!

#98 IHCTD9 on 11.03.22 at 8:51 pm

#83 Observer on 11.03.22 at 8:00 pm
#61 IHCTD9 on 11.03.22 at 6:44 pm
#51 Observer on 11.03.22 at 6:18 pm

Anyone been watching the EA inquiry this week?

———

I think you’re the only one following it dude.

^^^^^^^^^^^^^^^^^
Maybe at this blog, but lots of Canadians have been watching. Makes the Cons look really bad for supporting the so-called “freedom convoy” – probably why you are not watching. Hear no evil, see no evil.
————

I’m not watching because I don’t give a rip if it was justified or not. Like I said, Trudeau left himself with no choice either way. There are no consequences, so it becomes an expensive side-show financed by the taxpayers, for a very small audience.

The Cons probably look better than they have in a long time right now – through no fault of their own…

#99 Wrk.dover on 11.03.22 at 8:54 pm

#57 jess on 11.03.22 at 6:29 pm
truth in advertising should apply to politicans!
in the usa ~305 are election deniers running…
_____________________________________

If repugnicans win, Americano’s will never have to show up at poll booths again.

Sounds sort of utopian? (to them)

Stephen Colbert mentioned heavily armed Arizona proud boys wearing body armor, being court ordered to stand 250 feet clear of ballot boxes. Then he pointed out that ballot boxes needing a restraining order is maybe not a good sign for democracy….

#100 IHCTD9 on 11.03.22 at 8:56 pm

#82 Drinking? on 11.03.22 at 7:56 pm
#34 IHCTD9 on 11.03.22 at 5:32 pm
#58 IHCTD9 on 11.03.22 at 6:39 pm
#61 IHCTD9 on 11.03.22 at 6:44 pm
#66 IHCTD9 on 11.03.22 at 7:05 pm
#67 IHCTD9 on 11.03.22 at 7:09 pm

Does your wife know you are drinking again or do you hide in the bunker and stash the bottles in the rafters?
——-

The bunker is where I keep the full ones. I stocked it full before the last US election in case Trump won again. The empties go in the recycle bin because my truck gets 9 mpg.

#101 crowdedelevatorfartz on 11.03.22 at 8:58 pm

It was so nice and quiet after Trump was banned from Twitter….

https://www.reuters.com/world/us/trump-considering-launching-fresh-white-house-bid-after-midterm-elections-2022-11-03/

2 years of electioneering lies and bullsh!t spewing out of his mouth……. and then 4 more years of this clown?
My god.

#102 Chris on 11.03.22 at 8:59 pm

Nobody kills themselves because of high inflation, but they do as a result of high interest rates. I know.

#103 Don on 11.03.22 at 9:11 pm

“Surely the Ukraine war will be over, winding down, or less consequential.”

hmmmm…..Very nonchalant– WHat gives?

I thought Ukraine was winning.

#104 crowdedelevatorfartz on 11.03.22 at 9:28 pm

Gee Whiz.
Are the Liberals worried about their prolific deficit spending?
Voter grumbling got them worried or a wobbly Canuck buck?
Chrystia Freeland promises they will balance the budget……in 2027…

#105 AM in MN on 11.03.22 at 9:37 pm

If CF was appointed PM to drive the Lib Titanic in the next election, I predict she wouldn’t even win a majority in the GTA.

Separate from the fact that she is so numerically challenged (Garth once wished that she had taken the Canadian Securities Course… I doubt she’d pass), the bigger issue is who controls and promotes her?

One of the things I like about PP is that he isn’t afraid to name the WEF as an absolute danger to western freedoms and rights, seeking global government with us as the surfs, and pledging no cooperation with them pr the rest of the Davos crowd.

CF is one of their puppets through and through, been groomed her whole life by them.

Thus a stark difference to vote for in the next election.

By then there will also be some history to the wholly owned WEF Goldman banker now running the UK. Didn’t take more than his first weekend to pledge the further destruction of their energy industry, a pilgrimage to COP27 to bow down before their true god, and a continuation of the elimination of free thought for anyone who disagrees.

I’m still buoyed by what happened in Vancouver 2 weeks ago. Never happened before, a new upstart party to take on the urban woke wasteland that was being pushed upon the people. A 20 point shellacking that no one saw coming.

I feel the same feeling in the US right now. I going for a wave prediction. When you don’t deliver prosperity and security for the suburban white women, you feel the wrath.

I say 56-44 in the Senate, 250-185 in the House. GOP takes NH, WA and CO Senate seats, and the Gov race in NY & OR. MN will be close, GOP takes House and Senate despite the 5-1 spending deficit.

Tinfoil alert! – Garth

#106 Tom from Mississauga on 11.03.22 at 9:46 pm

Naked self interest? Like having the Fall economic update the same day Tamara takes stand.
You disagree with what she did? Wear your mask in protest.

#107 Regjeg on 11.03.22 at 9:46 pm

CF may not like losing, but that doesn’t guarantee that she won’t. She and her party will get walloped at the polls in ‘24 if the mild case of inflationary recession over the next year being mused about here turns out to be a significant understatement of reality.

#108 Tom from Mississauga on 11.03.22 at 9:50 pm

Have lots of shares of the mid cap energy ETF NNRG. This tax will do nothing to stop massive share buybacks. These stocks should be 100 to 300% higher.

#109 The General on 11.03.22 at 9:52 pm

BANNED

#110 crowdedelevatorfartz on 11.03.22 at 10:07 pm

@#109 The General
BANNED

+++
Nyet Nyet Soviet…

:)

#111 baloney Sandwitch on 11.03.22 at 10:15 pm

I like Chrystia. Smart lady. She will beat PP. I agree T2 is now done. Will there be T3?

#112 The General on 11.03.22 at 10:18 pm

BANNED

#113 IHCTD9 on 11.03.22 at 10:24 pm

#93 crowdedelevatorfartz on 11.03.22 at 8:36 pm
@#85 Faron
“However, sometimes I wonder if I am a narcissist. Then realize that, by the very asking of that question, I can’t be.”

+++

Self denying narcissists diagnosis aside…..

————-

Hahaha! Knee slapper of the week!

C’mon Faron, admit it – that was a zinger :)

“Unless they are experiencing a psychotic break from reality, as can happen with schizophrenia, people with narcissistic personality disorder (NPD) know the difference between fact and fiction, truth and lies. But because their personality structure is built around inflated self-importance (designed to scaffold unstable self-esteem), they hold reality at a distance and filter information to conform to their wishes. Add to the mix their exaggerated entitlement unmoderated by empathy for others and you have a personality type predisposed to manipulative and self-serving denials of convenience.“

https://www.psychologytoday.com/ca/blog/the-narcissist-in-your-life/202106/denial-in-the-narcissistic-mind-pathological-distortion

#114 The General on 11.03.22 at 10:26 pm

BANNED

#115 Yukon Elvis on 11.04.22 at 12:27 am

The ascension

I hope she gets stuck in a crowded elevator with you know who.

#116 Coastal gal on 11.04.22 at 1:23 am

Surprised no one has mentioned Mark
Carney as the replacement for T2? He would be a very well qualified leader to take us out of the fiscal mess created by T2 and CF.
He would win over lots of fiscal conservatives.

#117 Dr.Driver on 11.04.22 at 1:36 am

What is the threat to the nation if a company reduces the number of it’s shares outstanding? Freeland/Trudeau are appealing to whom on this issue. Is this just ‘the politics of envy? Companies will simply avoid paying the tax by issuing special dividends or increasing DRIP benefits or some other creative accounting.

#118 Faron on 11.04.22 at 2:09 am

#113 IHCTD9 on 11.03.22 at 10:24 pm

You just described Donald Trump not to mention Sail Away to a tee. Thus we can conclude you are delusional.

#119 Wrk.dover on 11.04.22 at 7:02 am

#100 IHCTD9 on 11.03.22 at 8:56 pm
my truck gets 9 mpg.
___________________________________

Keeping in mind that copper wire was invented by a Scot and a Dutchman fighting over a penny / both pulling on it, that’s got to hurt.

#120 Gone For A Long Long While on 11.04.22 at 7:09 am

I don’t know who’s winning the next election, but I do know who is winning in Canada. 40+ dual income not so recent homeowners. Every regular working stiff south of that will eventually come to shoulder the consequences for what has happened in the last 7 years before they have a chance to take flight.

100% increase in house prices. 100% increase in public debt. Unimaginable levels of damage done to our primary industries. Millions of new Canadians now also competing for jobs, roofs, and services. Rates skyrocketing. Rents skyrocketing. Net worths tanking.

Mid-Mil on down also get to enjoy eventual major tax and fee hikes, reduced government services, and a multi-decade stagnant economy. Don’t forget which party ruined your life kids, we’re talking a 40 year funk here. The best part? The damage done is so complete, that it won’t even matter who you vote for. CF can’t fix it, PP can’t fix it, nobody can fix it. Things will have to get bad enough that Canadians will eagerly vote for austerity measures for a couple decades straight.

Stop laughing

——————————————

“Be part of the change Boomers, or get run over by it.”

LOL, remember the Millennial who flippantly posted that oh so clever line at the end of every post? Methinks he/she won’t think they are so clever any longer. LOL.

#121 Wait There on 11.04.22 at 7:40 am

Garth wrote
“The tightening cycle will be over. The cost of living will be high, but falling”

Are you insinuating that we will have deflation. This is at least the second time you have slipped this in over time.

The impression left on the reader is that prices of things will be LESS at that point or starting to fall. I don’t think you meant that.
What should be clearly put forward is that the RATE OF STILL INCREASING cost of living will slow down but continuing to increase they will.

This is very different from the cost of living will fall. You will still feel poor but getting poorer won’t come as fast.

The negotiations with unions will have a very large impact on inflation especially in Canada where a significant proportion of the population is paid from the public purse. Once a trend is set..it is used as a marker by private individuals towards their remuneration. This is especially so in a tight labor market.

As the son of a immigrant growing up in the late 70s and 80s, I recall my father used to mark the price paid for things on items purchased as well as the date and would then comment when the price paid for its replenishment came out of the bag. People should do the same. Then they will realize the RATE of price increases. All it takes is a permanent marker. Don’t depend on the government indexes to tell you the reality.

I think we need to be prepared for a lot of service disruptions. In mid 2021 I told my portfolio managers that my concern was inflation I started seeing it coming in strong in my supply chain, they assured this was never going to happen. I retire next year, my sphincter muscle is now tight cause I’ve been there before and the portfolio managers and financial advisers in institutions ( Some don’t even know who Volcker was!) have zero memories of that era.

#122 Mikey on 11.04.22 at 8:14 am

DELETED (I threw you off this site when you were ‘Philco’ and ‘Mikey’ is worse. Go away. – Garth)

#123 crowdedelevatorfartz on 11.04.22 at 8:38 am

@#116 Coastal Gal
“Surprised no one has mentioned Mark
Carney as the replacement for T2? He would be a very well qualified leader to take us out of the fiscal mess created by T2 and CF.”

+++
Carney would beat PP in a race.
Perhaps he has watched with horror, the ever growing fiscal pile of politically correct debt dung and decided sit out the inevitable political blowback.
Who wants to be in charge with trillions in debt and a recession looming?
As I commented before.
I would love to watch Trudeau “own this” over the next 2 years but it sounds like he’s getting bored with PM stuff.

#124 crowdedelevatorfartz on 11.04.22 at 8:45 am

Does anyone remember the “good old days” when Russia was a stable, boring, non religious, Communist country?

https://www.reuters.com/world/europe/medvedev-says-russia-is-fighting-sacred-battle-against-satan-2022-11-04/

#125 AM in MN on 11.04.22 at 9:39 am

Tinfoil alert! – Garth

———————————————

Ah the old right wing conspiracy theorist name calling….

But is it a conspiracy theory if it’s true? People are starting to write books about the long list of such issues over the last couple years.

TDS explains some of how people can keep from asking hard questions about what they hear on CBC night after night, but the Covid issues are starting to get people who normally believe as their told by the “experts”, that maybe there is something more going on?

Especially if you have children and are looking at the true death rate figures (I’m a numbers man, the numbers matter!), and asking if it was necessary to vax the children and close their schools for 2 years?

With regard to energy and the WEF (which includes the UK Rhoades Scholarships, Chatham House etc.), they are very open about their energy policies. It’s not a conspiracy theory to read them, and have supportive leaders implement them.

The problem is they haven’t figured out how to get their people to quit using energy, especially electricity, natural gas, gasoline, diesel, jet fuel etc. It is a lot easier to kill the supply than the demand.

Thus a former global empire is on its way to 3rd world status for the poor this winter. Same in the North East of the US, which is totally reliant on natural gas for half of its grid’s power, but has refused to build the pipelines to get it there. Enjoy the cold!

For many of the white liberals that live there (I spent 6 years in NH), and extra $10k/year won’t change their lifestyle, but there are plenty of old people there who aren’t wealthy and it will. They get what they vote for!

#126 Observer on 11.04.22 at 9:51 am

#118 Faron on 11.04.22 at 2:09 am
#113 IHCTD9 on 11.03.22 at 10:24 pm

You just described Donald Trump not to mention Sail Away to a tee. Thus we can conclude you are delusional.

^^^^^^^^^^^^^^^^^
For sure.

#127 crowdedelevatorfartz on 11.04.22 at 10:26 am

@#109,122,114 General Mayhem

“Запрещено”

+++++

Perhaps we needed to spell it out in Russian?

#128 Quintilian on 11.04.22 at 10:29 am

#123 crowdedelevatorfartz on 11.04.22 at 8:38 am
Crowdie talking crazy again.

As I commented before.
I would love to watch Trudeau “own this” over the next 2 years but it sounds like he’s getting bored with PM stuff.

A fatal flaw in your assessment is that you don’t realize the opposition has nothing but a borrowed strategy borrowed form Fox News consisting of empty slogans.

The problem for the rightwing nut bars is there just isn’t enough of them in Canada.

Yes the Liberals are a tumor but not malignant like the Conservatives.
The political history of BC is overwhelming proof.

#129 millmech on 11.04.22 at 10:34 am

Jobs and wage growth accelerating, here is how the wage-price spiral begins .
I had a meeting with ownership about wages yesterday and we believe another company is contemplating offering $70/hr for trades, just to keep their plant running, as wages go so do prices. Ownership would need to raise our rates 20% which will be added onto the bottom line.
The food plants are basically staffed by contractors as they are minimum wage, and they are having problems keeping people and the plant running and getting product out of the plant and onto store shelves. The food plants now need to raise rates by 30% to keep the doors open and the lights on, so expect a 40% increase in food prices and it will not be because Galen is price gouging, it will be employees’ wages spiraling up. Now you get a nice raise of 20% or more but food has gone up 40% you are going to want another raise to keep up, so you get it, and the food prices are adjusted to keep the workers and profit margins, this does not go to good place.
BoC should have increased another 25 basis points. In December political pressure will keep bank rates lower while every other nation sees the threat and keeps the gas on rate hikes. The talk of pivot is just talk as inflation is getting worse and because a few over indebted homeowners are sobbing about poor financial decisions our dollar will tank and food pricing is going to skyrocket
Mr Powell will keep raising rates 75 basis points just along with all the other CB, we will have to follow and if we do another 50 basis point increase that means next year we will need to do two 100 basis points increases just to keep up.

#130 Steven Rowlandson on 11.04.22 at 10:57 am

I would imagine that Finance Minister Freeland would be concerned about triggering mortgage insurance coverage.
I think the number altogether is 650 billion in mortgages being insured. If even a significant portion of this has to be paid out it will mess with the budget and the nations credit.

#131 the Jaguar on 11.04.22 at 11:00 am

Some highlights of how money will be spent (courtesy NP article). A million here, a million there. Pretty soon we’re talkin’ real money.

-$42 MILLION TO HELP CBC/ RADIO-CANADA RECOVER FROM THE PANDEMIC
-$20 MILLION FOR REGULATING ANIMAL IMPORTS
-$400 MILLION FOR SIX MONTHS OF COVID-19 BORDER TESTING
-$422 MILLION TO COMBAT MONKEYPOX
-EXTRA $258 MILLION HELP UKRAINIANS FLEE THE WAR TO CANADA

#132 Old Boot on 11.04.22 at 11:02 am

#116 Coastal gal on 11.04.22 at 1:23 am

Surprised no one has mentioned Mark
Carney as the replacement for T2? He would be a very well qualified leader to take us out of the fiscal mess created by T2 and CF.
He would win over lots of fiscal conservatives.

—————–

I’m not sure that a former Goldman Sachs vulture capitalist, who now professes to believe that aspects of Marxist-Leninist philosophy are fundamental to his vision of a green economy, would last a red hot minute in the current political environment and likely coming recession.

“Since the advent of the COVID pandemic, Carney has been front and centre in the promotion of a political agenda known as the “Great Reset,” or the “Green New Deal,” or “Building Back Better.”

All are predicated on the claim that COVID, and its disruption of the global economy, provides a once-in-a-lifetime opportunity not just to regulate climate, but to frame a more fair, more diverse, more inclusive, more safe and more woke world.

Carney draws inspiration from, among others, Marx, Engels and Lenin, but the agenda he promotes differs from Marxism in two key respects. First, the private sector is not to be expropriated but made a “partner” in reshaping the economy and society.”

https://republicofmining.com/2021/06/07/mark-carney-man-of-destiny-arises-to-revolutionize-society-it-wont-be-pleasant-by-peter-foster-national-post-june-5-2021/

I think most people are more than a little sick of having the loopy luxury beliefs of the entitled, out-of-touch denizens of ivory towers being rammed down their throats.

#133 Sail Away on 11.04.22 at 11:11 am

#119 Wrk.dover on 11.04.22 at 7:02 am
#100 IHCTD9 on 11.03.22 at 8:56 pm

my truck gets 9 mpg

——–

Keeping in mind that copper wire was invented by a Scot and a Dutchman fighting over a penny…

——–

That’s pretty good

#134 Dharma Bum on 11.04.22 at 11:25 am

Will Chrystia mobilize the lefty/woke/newcomer/female/enviro/social justice vote? – Garth
—————————————————————————————————

Only if the Farons and Quintillians of society can take some time out from their delusional misguided virtue signalling existence and cast their ballots.

“The greatest virtue is to follow the Way utterly.”
– Lao-Tzu

Virtue is not to be confused with virtue signalling – the bastion of the ultra woke SJWs.

#135 the Jaguar on 11.04.22 at 11:33 am

@#132 Old Boot on 11.04.22 at 11:02 am++

Excellent analysis. We need someone with qualities that resemble a ‘wrecking ball’. Anyone have Elon Musk’s telephone number? Sailo?

#136 Dharma Bum on 11.04.22 at 11:40 am

#84 Josh Feldman

We’re so doomed to live in cages and tent cities.
——————————————————————————————————–

Hahaha – so right! Just ramp up our wannabe motion picture industry (i.e., more tax incentives, cheap Canadian labour, etc.), and VOILA!

Toronto turns into LA for real.

Movie stars, tent cities, and skid row.

#137 Sail Away on 11.04.22 at 11:40 am

I am indeed enjoying Elon’s Twitter.

https://babylonbee.com/news/angry-liberals-forced-to-resort-to-old-fashioned-technique-of-just-not-reading-tweets-they-dont-like

#138 Stoph on 11.04.22 at 11:41 am

#125 AM in MN on 11.04.22 at 9:39 am

But is it a conspiracy theory if it’s true? People are starting to write books about the long list of such issues over the last couple years.

————————————————-

It seems to me that conspiracy theories get started by taking truth and then twisting it. For example, ascribing intent to an outcome, misinterpreting what someone said, or not considering the statistical significance of anecdotal events. So yes, conspiracy theories are still conspiracy theories.

#139 Ponzius Pilatus on 11.04.22 at 11:42 am

Got my flu and Covid shot.
Did my Civic duty to protect my fellow Citizens and myself.
Did you?
Or will you just keep on whining?

#140 Old Boot on 11.04.22 at 11:43 am

The Parliamentary Press Gallery executive trying to exclude any media not subsidized by the Lib/NDPs.

https://www.blacklocks.ca/note-from-our-shareholders/

#141 Stoph on 11.04.22 at 11:51 am

#106 OK, Doomer on 11.03.22 at 11:18 am
Going off topic here. Not sure who’s following the uproar from multimillionaire leftist celebrities like Stephen King who think that we should pay them for their views, rather than have Elon Musk charge the celebrities $8 per month for the coveted Twitter “Blue Check Mark”.

This is the most hilarious thing I’ve seen in ages:

Elon Musk says he stole the idea for charging people for insults and arguments from Monty Python. That alone makes him the Most Interesting Man in the World

https://twitter.com/elonmusk/status/1587629049635110912

————————————————————

Or you could go to the Greaterfool comment section and argue all day long for free.

#142 Don on 11.04.22 at 12:31 pm

Freeland is only loyal to the WEF. The enemy of humanity.

You conspiracy nuts are just sad. – Garth

#143 reach for the moon on 11.04.22 at 12:35 pm

AlbertaEd, I hope Freeland does does the MMT, money printing, borrwoing to the moon Liberal, NDP, democrats, AOC plan. This way I can get my 15% to 19% GIC rates like back in the early 80’s.

#144 Don Guillermo on 11.04.22 at 1:16 pm

#72 Faron on 11.03.22 at 7:24 pm
#44 crowdedelevatorfartz on 11.03.22 at 6:00 pm
@#24 Faronista

“Has a hammer and sickle birth mark on his left thigh I hear.”

+++

Like the one over your heart?

LOL, no. That’s just spilled ketchup (that I purchased wilfully on the free market at the grocery store).

*****
Calling people out for spelling (usually typos) and accusing others of not understanding willfully, now that’s an LOL.

#145 Shawn on 11.04.22 at 1:21 pm

Big ESTIMATED Jobs Gains report

Again no one seems to mention that this is a sample, subject to statistical and other errors.

And subject to not being a random sample. The kind of people willing to participate in this survey for the required time (It’s several months I believe) are not necessarily average people. How do they include the homeless for example?

And it is seasonally adjusted which is an imperfect process. We are still emerging from a pandemic so do all the normal seasonal patterns hold or is there a new pandemic emergence pattern layered in?

Other than that it’s a fine survey, a great estimate, the best we have. But it is not gospel. It is not a count. Sheesh, people question vote COUNTING and don’t question a sample?

After several weak reports this one is unusually strong. Does anyone think maybe, just maybe, there is a bit of random noise in there?

Soren Angst, I think you can back me up here.

But I agree with those who say this is bad news for interest rates. Uppa!

https://www150.statcan.gc.ca/n1/daily-quotidien/221104/dq221104a-eng.htm?CMP=mstatcan

#146 TBone on 11.04.22 at 1:40 pm

What about all the battery explosions and fires with cars, buses that are electric. Talk bout that. Fire departments in US have to get special training for this crap.

#147 Virgin Trudeau on 11.04.22 at 2:54 pm

DELETED (Anti-vaccine doodle)

#148 Tony on 11.04.22 at 3:31 pm

Re: #30 Shawn on 11.03.22 at 5:28 pm

Share buybacks should be illegal and and should always have been illegal.

#149 Tony on 11.04.22 at 3:40 pm

Re: #139 Ponzius Pilatus on 11.04.22 at 11:42 am

I’ve given up on Covid shots and will go the natural route which like the Americans is no more Covid shots. If everyone wears a mask then there’s less chance I’ll contract anything because I don’t wear masks. Not even on Halloween.

#150 Tony on 11.04.22 at 3:45 pm

Speaking of food inflation I got charged for two Schneider’s bacon and I only bought one at No Frills today. I actually looked at the bill when I got home. Out $3.99.