………………

neeo

uk mortgage

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I’m not “defending the value of my ‘asset’”. I’m just wondering whether Vancouver will suffer a similar 40% drop. Did you even read what I said?

About the US/CAD dollar, I am well aware of the current exchange rate. But commodity prices are dropping currently, add to that the flight to safety as people by US dollars, and it’s just as likely the USD goes up compared to the loonie as the other way around.

I’m not arguing it’s not a bubble. I’m saying that US and Canadian economies are different (US is 10x the size of Canada, reserve currency, and all that), and the bubble may not play out in the same way in both countries.

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http://www.cbc.ca/canada/briti.....alcomments

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9
X Starving Artist Says:

February 4th, 2010 at 2:15 am

Ten hands shot up. What happened next left him stunned. After a secret auction, the winning couple offered a whopping $852,500.

Seriously, who the hell are these people and how can they be so stupid??

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

Hey, I bought a car last week! The MSRP was $32,000 and I got it after a bidding war! I only paid $38,000!!! The salesman told me to “get in now” or I’ll be bussing it until the day I die.

I’m both lucky and brilliant!!!

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They can start buying the stuff themselves. In a bizarro world. Chinese citizens have high savings rates for a reason. ”
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Well, they used to. That was before the xplosion of credit there in recent years that has turned their new middle classes into debt-slaves just like the West.

Also, one has long needed saving in China, as there is little or no social safety net – no EI if you get laid off, no old age pension. You either save when u are working or you starve in bad times.

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The end result will continue to panic investors, trigger a drop in consumer spending, and shred profit margins as consumers pull back their horns finally realizing the recession is far from over.

And while I can’t tell you exactly how many more jobs will be lost in this month, I can tell you this: the nearly 1 million jobs that were under reported from April 2008 through March of 2009 won’t be coming back for a very long time.

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How do you explain MARKham?

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They can start buying the stuff themselves. In a bizarro world. Chinese citizens have high savings rates for a reason.

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Ah yaa!

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————–

If! “If” seems not to be in their dictionaries!

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The housing crash will end up taking down the REST OF THE ECONOMY. Consumer spending and business revenue has been juiced by massive numbers of loans guaranteed by the good old CHMC (i.e. the taxpayer). Down here the economy is more or less finished. It’s like a mental post-apocalypse, I’m sure just like Japan was post ’89.

Hosting Olympics almost always stimulates the economy in the short term, driving speculation, but almost all of them end in a post-Olympic bust (SLC recreational property comes to mind). The entire western world has gone gaga over debt loads and it is going to bring us down for decades. Thank your central banker

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Apropos the topic, you do know that the present convention centre has lost business (explicitly) because of this problem.

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Answer me this: what percentage of the positive economic externalities of hosting events in the convention centre would a private company procure?

You could make the same argument for any business which draws visitors (i.e. exports services) – sports arenas, race tracks, etc. or exports goods for that matter. It’s really just an export subsidy which is a form of protectionism, and like all forms of protectionism it’s negative sum because everyone ends up getting in on the game.

Let them pay their own damn way.

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http://www.businessweek.com/ne.....ilway.html

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A friend of mine in HS had parents who’d emigrated from China, his mom chose the anglified name, “Penny”, because it’s money.

Sounds better than “Loonie” I guess.

Did his dad call himself “Buck”?

Reminds me of the nutty names people used in the early days of the USSR (from “Stalin” on down). Materialistic ideologies are big on them.

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Period.

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“Of course, we all know that if convention centers were anything by revenue losers the private sector would have kicked in to pay for it,”

Public entities and private entities are very different creatures. Answer me this: what percentage of the positive economic externalities of hosting events in the convention centre would a private company procure? The answer is zero. You put 10,000 conventioners into the city and of all the hotel taxes, and liquor taxes, and taxi license fees, etc., waiters’ and bartenders’ income taxes generated off-site, not a single penny would redound to the private company. All of that money, however, does flow into public coffers.

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First, we do have “sub-prime like” mortgages and the interest “teaser-like” rates. For 2.5 years we had 0 down/40 year amortizations. We now have a minimum of 5% down, but with “cash back” mortgages from the bank, they are effectively 0 down mortgages. And unlike you with your 30 year fixed term amortization periods, the most you can get up in this fair country is 10 years, with most people opting for 1 year to 5 year mortgages. In essence, the current rates are historically and artificially low, and hence “teasers.” When people go to renew their mortgages in the coming years they will face a new rate as interest rates only have one direction to go.

Second, interest deduction, if implemented up here would simply inflate values further. Fortunately, our government does not want to give up that revenue base, so it is unlikely it will coming to this fair nation anytime soon.

Third, our dollar will remain at, or close, to par with your dollar for some time as we are commodity driven. Check the price of commodities sometime. The hey day of buying properties at 65 cents on the dollar are gone my friend. In fact, watch for our dollar to surpass yours again following the end of this current US dollar rally.

Your American brethren will not be buying up property here when over 1/4 of your countrymen are underwater in their mortgages; when you face another round of foreclosures as all your good ol’ mortgages reset and your banks release their shadow inventory; when your unofficial unemployment rate hovers anywhere between 16-20% despite your official rate of 10%; and when your savings rates are still negligible. Your nation is broke, as are your countrymen – all for the sake of home “ownership.”

My countrymen are buying your foreclosed and distressed properties in Arizona and California and Florida, often at less than the cost of either the land for the cost of building the homes.

As for our banks, they are not “stronger.” Our government was just smarter in “bailing them out” without an official bailout, as they quietly bought $75 billion of the riskiest bank mortgages in October 2008. Our banks also have the sweetest deal where they get to dish out mortgages to everyone with a pulse but socialize the risk through CMHC insurance on mortgages with less than 20% down (which is virtually all of them in the last few years).

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“Must be the status thing. RICHmond… get it?”

You do know that’s why there’s so many Chinese people living there right? No joke.

A friend of mine in HS had parents who’d emigrated from China, his mom chose the anglified name, “Penny”, because it’s money.

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Bwahahhahahahahahahahaha , what an idiot. I’m sure the gov is going to be spending millions on advertising the lies so that the locals have no idea whats going on. The local press of course is going to read everything they’re handed. Sluts and fools , what a great combination.

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