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Friday free-for-all!

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151 Comments

it’s the end of another work week and that means it’s time for another weekend news roundup and open topic discussion thread. Here are a few recent links to kick off the chat:

–Vancouver housing bubble about to burst?
–No, intuition says prices are right
–24 reasons the Richmond market is on fire
–Real estate millionaires going broke?
–Metro Industrial space in demand
–Home resale prices hit record high back in July
–Poverty costing taxpayers $24 billion a year
–Big rebound bet on US housing market
–How a Hawaiian Paradise became a ghost town

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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bubba

@jesse:

Democracy is oft – misinterpreted.

51% of the votes = 100% of the power….or 51% can tell the other 49% what to do.

Needs to be balance, which other legal provisions provide.

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900kCrackHouse

With these markets, I wonder if anyone is starting to freak out at their huge mortgage debts.

I don't understand why anyone in their right mind after watching the big housing crash in the US would buy the hype and have bought into this market in the last 6 months. They are going to be screwed BIG TIME!

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jesse

@Devore: "A democracy does not guarantee best outcomes"

My Russian neighbours would politely disagree. It's amazing to me how vehemently anti-communist they are, after having lived it.

But yeah I agree, time to move on and celebrate the good things in life — speculators getting nervous.

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Anon

painted turtle:" Do you mean, rather, “move your RRSP into cash”?"

first move to cash position so you can save what can be saved. then fill the tax form and take out. your accountant would be able to help you out.

Tsx down 2.5%, dow down 2%, financials are crushed, BAC is in 5xx level,

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Devore

@jesse: A democracy does not guarantee best outcomes. Neither does a committee or a dictatorship.

HST is done people, time to take your superiority complexes and move on to something else.

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jesse

@Um Duh: You had me at "uneducated masses".

Why would it be disdainful that revolting unwashed peasants revolt? And a dog licks his own genetalia, you are disgusted? Hey, a dog's a dog, don't be upset he does things dogs do. 🙄

Next you'll tell me universal suffrage was the worst mistake of the modern era.

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painted turtle

How do you take you money out of your RRSP?

I thought you had to fill a tax form, and it takes forever.

Do you mean, rather, "move your RRSP into cash"?

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chip

@Anon:

"bull sheet. financial elite and corporate oligarchs borrowed public money."

What happens when they borrow public money? The govt has to give it to them.

Who do the banks in turn lend money to? You and I, mostly to buy houses.

Bankers are in the business of making money by allocating capital from areas of surplus to areas of demand. But in this case, the surplus was generated by the govt (Fannie, Freddie, CMHC, artificially low rates) and given to the fools among us who thought house prices only go up.

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fixie guy

135 Um Duh Says: "Blame the NDP for the toxic politics that will help bring down Canada like the US."

Over the last 40 years the US moved so far to the right that candidates formerly considered wild extremists, like Barry Goldwater, would today be compromising centrists. Elements of the Tea Party disown Reagan as fiscally too leftist. Yet their economy still collapsed and you draw comparisons to the NDP? That must be some tasty Koolaid.

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Patiently Waiting

Just amazing, China can even create an imitation economy.

"With an occupancy rate of just 2 per cent, the 660,000-square-metre New South China Mall is one of the world’s emptiest shopping destinations and one of the biggest white elephants ever built.

The 2.1 kilometres of Venice-style canals that wind through the mall’s heart are lined with stores that closed soon after the splashy opening. Advertisements promising “Fashion 2006!” hang beside naked mannequins in one deserted clothing shop."

http://www.theglobeandmail.com/news/world/asia-pa…

more

"With the global economy on the brink of a second recession in three years, it’s clear that China’s consumption revolution hasn’t yet come to pass. While the overall economy has grown nearly 10 per cent a year since then, much of that was driven by investment and construction that many see as camouflage for a lack of genuine growth."

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patriotz

@Um Duh:

"The blame goes to…"

You forgot a couple:

– The "populist" right who played a much more significant role than the NDP or unions. They were led by a guy who used to live in Fantasy Gardens. Remember him?

– And above all, Gordon Campbell, who could have stuck to the legally mandated referendum rules under which the opponents would have lost, but instead moved the goalposts which made it possible for them to win. And set a very unwise precedent.

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pipewrench

http://www.progressiveradionetwork.com/the-lifebo…

great radio with the lifeboat hour. hold on folks it is going to get ugly.

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unavailable

@Keeping An Eye On The Pimps: Hands down quote of the year. No – of the decade.

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Um Duh

"Blame belongs with Campbell. He specifically lied about it in the last election. This caused the original groundswell against it." Had it not been for Campbell we would not have had the HST. He had the balls to bring it in knowing it would not be popular with the uneducated masses. BTW it wasn't even an election issue. I don't recall it being discussed even once in the media. The question was only asked on one occasion by the restaurant industry which was only public after it was brought in. He claimed to have made the decision after the election when Ontario decided to go with it. There was no evidence he wasn't telling the truth. Either way it was the right decision to bring in the HST when he did. Most who lack any financial education do not understand… Read more »

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macho nacho

@Anon: My point is not that consumers get bailouts (not directly anyways). My point is that consumers are borrowing recklessly too. And that is going to cause a lot of misery (and if you think the banks got away scot free, take a look at the 52wk for BAC, MS, GS). And when you think about it, consumers (more specifically, homeowners and anyone with credit lines) did get bailed out in 2009 with the sharp drop in interest rates. This made a lot of insolvent homeowners/speculators whole again, and kept a lot of others alive, who might have otherwise choked on higher interest rates. The low market rates, are also what helped car companies continue to offer rock bottom lease rates. Not that this is fair either to savers and those who rely on fixed income. And for the record,… Read more »

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...

@Um Duh: Blame belongs with Campbell. He specifically lied about it in the last election. This caused the original groundswell against it.

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Um Duh

@patriotz: "Some free advice for Crusty: Nobody in the global business community is going to take this province seriously when it turns over taxation policy to people who don’t have a clue about it." Patriputz: Christy had nothing to do with the HST nor referendum. It was set before she was a factor. All she did was lower it to 10%. Blame the NDP for the toxic politics that will help bring down Canada like the US. Had the NDP supported the HST as good policy like Christy did we likely would have a province open for business. Instead the unions and the NDP campaigned against it. Nothing will be more pleasurable than watching 0% increases for government workers. The teachers will be the first. Can't wait. Maybe you should send in your NDP membership card in protest if you… Read more »

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Laggart

Re: Asian markets crashing…

The market is just catching up to, and responding to, the DJ drop last Friday….

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Anonymous

@cgh: …Just look at California…..

Ya, God! Who would want to live there!

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Anonymous

@patriotz: ….Nobody in the global business community is going to take this province seriously when it turns over taxation policy to people who don’t have a clue about it……

What we really need is some lying cheating politicians convincing everyone that BC is open for business. Oh ya, we tried that. FAIL!

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Li Kai Shing

Whoreey Muckerel!

Condo line-up for bizarro universe condos is to infinity !

Not even have to have balloons, clowns and drunk realtors(what is difference?)

Buy now or be priced out pre Adam and Eve prices !

Yabadabadoo !

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Anon

@macho nacho

what happens to BMW if my friend miss the payment? BMW gets taken away.

what happen to the banks when they miss the payment on their casino investments? they get bailouts from the public money.

it's that simple.

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macho nacho

@Anon: Actually, we (as a society) are all guilty of the borrowing binge (and some moral hazard) including: banks, hedge funds, private equity firms, central banks, sovereign wealth funds, pension funds, CMHC, governments, public unions, corporations, your neighbor who put 5% down on his 3rd home, your friend who leased a BMW he couldn't afford, the student who bought a playstation 3 instead of saving for rent, etc.

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Anonymouse

@cgh:

"Governments work because we elect representatives to make informed decisions.."

If what you say is true then politicians wouldn't campaign on their intended policies, but on their previous successes.

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Li Kai Shing

I ( and concubines ) now investing in parallel VCI Universe /Bizarro world.

Basement suite troglodytes live in penthouses , get free manicure/ pedicure, no strata fees, ….Bob Rennie = chauffeur,….. no Bike lanes or Leftie ReTurds.

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