We are so screwed.
Don sent in this bit of bear food from Business Insider in case you’re running out of things to worry about in the global economy: We are so screwed.
“Our immersion in the details of crises that have arisen over the past eight centuries and in data on them has led us to conclude that the most commonly repeated and most expensive investment advice ever given in the boom just before a financial crisis stems from the perception that ‘this time is different.’
“That advice, that the old rules of valuation no longer apply, is usually followed up with vigor. Financial professionals and, all too often, government leaders explain that we are doing things better than before, we are smarter, and we have learned from past mistakes. Each time, society convinces itself that the current boom, unlike the many booms that preceded catastrophic collapses in the past, is built on sound fundamentals, structural reforms, technological innovation, and good policy.”
- This Time is Different (Carmen M. Reinhart and Kenneth Rogoff)
For more crisis fear read the whole article here.
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February 12th, 2010 at 1:00 am
Dave,
1) world class universities: take a look at our faculties here. why do all the top professors have training in the top US and European insitutions. Why dont they Phd at SFu and do a postdoc at UBC and get hired on. Sure, there are a few exceptions, but the top people in most fields are coming out of harvard, mit, stanford, columbia, etc… quantitatively, you can see where SFU/UBC measure in terms of research impact. I just checked, UBC ranks 35-36 in the world. SFu does not crack the top 100. to put that in perspective, UBC is like UC, Santa Barbara. Do you consider UCSB world class. Generally, the top scientists in the world are not looking at UBC as the #1 choice to do a fellowship.
2) Diversified: We have a weak medical research and biotech sector compared to any other city of our size. We also have trouble attracting and/or retaining talent in this regard for various reasons.
3) large hydroelectric dams? are you kidding. do you have any idea how much land gets flooded behind dams, especially large ones. Do you actually live here and have any idea how many tree huggers there are in this province. The last dam of any consequence was built here in 1979.
I’ll stop there. In my ideal world, the internet contains only facts and there are no bailouts or government backing funded by taxpayers which could go on for a long time. Dave, it is easier to make your arguements if you back them up with facts.
February 12th, 2010 at 12:40 am
I guess we all know what Dave’s job is now. The cat’s out of the bag. Thanks Arit tjiscexplains a lot. A fat pimple faced loser in his mama’s basement.
February 12th, 2010 at 12:02 am
In governments decision making, the decisions are heavily influenced by lobbyist, or whatever other names you wish to call them. These are people with an interest in the outcome of a political decision who are paid to influence the decision makers.
After the “invention” of the internet (by Al Gore), the new open forum, or blog, or tweeter, or facebook or comment section was born. It is a tool to influence people. The main adgvantages of this kind of tool is twofold: 1. It is free. 2. It’s anonymous.
Soon some corporations discovered the power of these tools. Today, many a corporation employ full time commenters/tweeters/facebookeers and bloggers. These people come to work just like you and me. The difference is that while YOU are slacking by visiting Vancouver Condo Info, these people are PAID to visit Vancouver Condo Info.
It is hard to believe, but there is such a thing as a professional commentator on blogs. If you don’t believe me, Google it.
What do they do? They get paid x bucks an hour to visit different sites/blogs on their specific topic and spread propaganda. It can be anything.
Real Estate is the strongest industry in BC (excluding pot).
Vancouver Condo Info is the #1 Real Estate Bubble Blog in BC.
I leave the rest to your own analytical skills.
…
Best Regards
arit
February 11th, 2010 at 11:46 pm
Dave sounds more like Gordon Campbell ewwww. Hopefully both of them will fall of the earth. That everything is beautiful speech is relatively true. The bottom line is the price is not consistent with value and both Dave and that blowhard Premier of ours will one day get it unfortunately both of them will be long gone by then.
Vancouver Sun Grade 8 Essay Editorial – “There isn’t a housing bubble. The problem is not high house prices but low incomes. Or high taxes. Or something like that. Yeah! that’s right, something like that!” « Vancouver R Says:
February 11th, 2010 at 11:36 pm
[...] federal debt, and the high likelihood of increases in taxes going forward. At vancouvercondo.info tincup (11 Feb 2010 8:08 pm) pointed out that the editorial reads “like a grade 8 english essay.” [...]
Vancouver Sun Grade 8 Essay Editorial – “There isn’t a housing bubble. The problem is not high house prices but low incomes. Or high taxes. Or something like that. Yeah! that’s right, something like that.” « Vancouver R Says:
February 11th, 2010 at 11:32 pm
[...] increases in taxes going forward. Overall the editorial is a naive shambles. At vancouvercondo.info tincup (11 Feb 2010 8:08 pm) pointed out that it reads “like a grade 8 english essay.” [...]
February 11th, 2010 at 11:08 pm
Maybe Dave’s day job is ‘writing’ for the Sun.
(I put writing in quotes because it’s 90% cut and paste from press releases)
February 11th, 2010 at 11:07 pm
@FORREST:
17
X FORREST Says:
February 11th, 2010 at 12:26 pm
11:24 am – You heard it first. CNN Until recently the sea to sky highway was “one little logging road”
++++++++++++++
And what do they do after spending 1 billion dollars to make 2 lanes 4 lanes?
Ans: They close 2 lanes.
Pure genius. After the Owelympics the government will do with the new highway what they did with the new ferries, take a couple of lanes out of service to save money.
February 11th, 2010 at 11:05 pm
Wow, that editorial is a new low for Vancouver Sun. Lower than I thought it could ever go. It’s even lower than Dave!