Global with Bearish Story 2.0

Another news clip from Greenhorn AKA SethM.

May favourite clip at 4:50: a bartender living in a downtown condo bought by her parents. She pays them rent. Horror, you say? Apparently not: “It’s not that simple. They’re pretty strict. They’re just like a bank.” LOL We’ll see!

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Luck of the Irish
Guest
Luck of the Irish

Old news – everyone commented on this one already…

Everyone knows about the bank of mom and dad….

That angle to the bubble has been in effect for at least 7 years now (and of course has always been around)….

Ask anyone that bought, and really push them, and they will admit that "some" of the money came from the bank of mom and dad…

I love how the supposed rite of passage into "adulthood" where one is a now a "responsible, upstanding citizen" when they buy is dependent upon mommy and daddy…

Yup, you sure are all grown up when you the umbilical cord transfers you tens of thousands of dollars to buy a place…

bubba
Guest
bubba

@jesse

"Kids these days need all the help they can get"

_____

Please these "kids" have been handed everything on a silver platter. That help only perpetuates their engrained sense of entitlement. Little pricks need to learn a lesson in life and finances.

patriotz
Member

Apparently not: “It’s not that simple. They’re pretty strict. They’re just like a bank.”

I think she means they're just like a landlord (actually they are landlords). There's a really big difference between a landlord and a bank – you can walk away from the former but not the latter.

Wizard of Ozzie
Guest

What a joke. This girl has no ambition. Her profession is a bartender??? I can just see her in high school talking to the career counselor.

Counselor: What are you good at what do you like to do, so we can figure out a career for you.

Girl: I like to party and I like to be around booze. I also like the movie "Cocktail, with Tom Cruise."

Counselor: Great, we'll make you a bartender. I'll enroll you in a mixology course or you can go hang around at the Roxy.

Not So Sure
Guest
Not So Sure

Charismatic bartenders can make $90,000 income annually. Most of it, in tip and tax free.

The government does have a system in place to estimate income taxes on tip generated. That system is/was based on 10% tip rate. Good bartenders at good watering holes make a lot more than the declared 10% tip.

Good money until you turn 35.

4SlicesofCheese
Guest
4SlicesofCheese

I was sitting and doing my work minding my own business and started hearing my coworkers discuss real estate, and they were literally mad about whats going on.

Amazing the tides really are turning.

N
Guest
N

Coming soon to an over-inflated marker near you:
http://tinyurl.com/3thafp4

900kCrackHouse
Guest
900kCrackHouse

@4SlicesofCheese: What were they mad about?

900kCrackHouse
Guest
900kCrackHouse

Oh, someone was asking what HAM meant again.

If I recall correctly it means "Hot Asian Momma". HAWM would be "Hot Asian Westside Momma". HAWMDMS would be "Hot Asian Westside Momma Driving Mercedes SUV". HAWMDMSWSOS would be "Hot Asian Westside Momma Driving Mercedes SUV with Scratches on Side". And so on…

Devore
Member
Devore

If that financial adviser keeps renting and saving money for larger downpayment, she'll be in real danger of being priced out forever! She should jump in with both feet and start climbing that property ladder.

Anonymous
Guest
Anonymous

Yipee!!! A buyer's market at last! Finally our wait if over bears. What a joke!

N
Guest
N

I would not take financial advice from someone who was prepared to pay 400 K for a 700 square foot condo.

patient renter
Guest
patient renter

So, CBC reports this today:

http://goo.gl/xZho6

yet, Larry has reported this last week:

http://goo.gl/y1O5Q

oh, yeah, and "buyer's market", that's the biggest joke I've ever heard. It won't be a "buyer's market" until prices drop 60% because then prices would be a good deal in my opinion.

Keeping An Eye On Th
Guest
Keeping An Eye On Th

@N:

"I would not take financial advice from someone who was prepared to pay 400 K for a 700 square foot condo."

Oh God, I wouldn't even do somebody like that, in fear it would lead to something more permanent.

And then one financial disaster after another.

Keeping An Eye On Th
Guest
Keeping An Eye On Th

The B.C. government has quietly removed the slogan from all its material, journalist Bob Mackin writes:

"BC No Longer Calls Self 'Best Place on Earth'

The boast is vanishing from official branding. Where did it go, and why"

http://thetyee.ca/Mediacheck/2011/10/04/BC-Best-P

"How could a province with a misery-filled neighbourhood like the Downtown Eastside and a nation-leading child poverty rate ever call itself best-on-Earth in the first place? "

Chinezer
Guest
Chinezer

Jenny Fong is kinda hot, I would eagerly help her with some rent payments to keep old folks happy and faraway.

oneangryslav2@yahoo.
Guest
oneangryslav2@yahoo.

@Devore: Not only that, but she's "throwing money away" by not jumping into the real estate market ASAP.

4SlicesofCheese
Guest
4SlicesofCheese

@900kCrackHouse

They were saying house prices are ridiculous, they make no sense. They were not just complaining they were mad.

One is a home owner and the other is a renter, the renter mentioned hes gonna wait till the correction hits to buy.

Actually the home owner was more upset of the two, because she actually thinks about her children's future.

@patient renter

The CBC article comments are really focused on anti-foreign ownership, too bad that is not the main problem. Majority are clueless about the loose credit and financial innovation in the last decade.

Troll
Guest
Troll

@bubba:

Little pricks need to learn a lesson in life and finances.

Because the older generations have have been so prudent eh? Bidding prices right up to 11x income. Give me a break.

southseacompany
Member
southseacompany

Bernanke: There's No Housing Bubble to Go Bust (June 2005);
http://www.washingtonpost.com/wp-dyn/content/arti

No evidence of housing bubble: Flaherty (Sept 2011);
http://business.financialpost.com/2011/10/05/no-h

Note for future reference.

Annonymous
Guest
Annonymous

An hour outside of Chicago…$500,000-$800,000..Brisk sales..and you jokers are still going on about the Vancouver "Bubble". Just give up already it's pathetic.
http://www.marketwatch.com/video/asset/where-smal

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