No (more) bailouts

Mark Carney says things are gonna change, your bank fails you go out of business. No more bailouts.

“I’m saying no bailouts,” Carney told the CBC’s George Stroumboulopoulos in a recent interview. “The objective [is] ending ‘too big to fail’.”

Carney was recently named head of the Financial Stability Board, a recently formed international agency with a mandate to oversee the international financial system. In the interview, he says the goal is to bring global rules closer to Canada’s model.

“We’re going to change the rules so the system as a whole is more resilient,” he said. “If a big global bank fails, the system goes on. [Just] that company goes away.

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[…] “I have definitely noticed a change in the air since the summer, even if it hasn’t materialized in a drastic reduction in sales yet. There are at least 7 houses within a stone’s throw from my house that have been for sale since the summer and have failed to sell. One was de-listed this week. Only a couple have sold this past summer/fall and both were ‘tear-downs’ listed north of $1.5MM It seems that the houses selling in the $2-4MM range in my neighborhood are not selling. For this reason I am slightly surprised by the relatively stable sales numbers over the last few months, these sales certainly aren’t coming from my neck of the woods. Simply put, the high end stuff is just not moving, nor has it been in my area since late spring/early summer. Do crashes… Read more »

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[…] crashes begin at the top end or bottom end of the market?” – chopper at vancouvercondo.info November 16th, 2011 at 8:28 pm Share:TwitterFacebookRedditStumbleUponDiggLike this:LikeBe the first to like this post. This […]

Bailing in BC
Bailing in BC
8 years ago

Just for shits and giggles I just calculated what it would take to match my monthly outlay if I bought the place I am renting. If I put down $96k and took on a 35 year mortgage, I could have the pleasure of owning the property (and the cost of maintaining it) that I am currently accustomed to. Then when I turn 75 I would be completely debt free, yahoo!

Donald Trump
Donald Trump
8 years ago

B-Mom

good monkirer lewinsky meth man

Anonymouse
Anonymouse
8 years ago

@DEFAULT NAME:

"however did you get to that conclusion? that’s some weird logic there."

Pointing to China's presence in Tibet in no way backs up his original assertion that "China thinks they own the whole region" (Asia). But even that claim was based on an invalid interpretation of their statement surrounding the US stationing themselves in Australia. He just likes having a dig at China, that's all. Like how he thinks it's China's fault that western consumers demand product cheaper than what can be locally produced even if it's of lower quality.

ADRA
ADRA
8 years ago

@specialfx3000: "Do I want these locusts outta here? You betcha. Racist? I don’t think so." I think you should look over some of the posts in this thread another time. There are sure some rich jet-set rich spoiled rotten brats that come from China, the middle east, Europe, the US, and hell we have our own home grown set of spoiled little idiots that cause their own problems, but the fact that you or anyone else is singling out a SINGLE ethnic group's spoiled little ass holes is in fact racist, if you're Chinese decent or not, I could care less. Why exactly is everyone from Mainland china a lying thieving scumbag pit of the earth? I just don't get it. Sure, you have your billionaire cheats, but once again, EVERY nation has their Ponzi's, Drug Cartels, Corrupt politicians, rackets,… Read more »

Anonymous
Anonymous
8 years ago

@specialfx3000:

"I’m Chinese (but mostly Canadian) and I do not find BPOM a racist."

Your "the enemy" buddy.

Anonymous
Anonymous
8 years ago

"Ah, so when you said “the whole region” you actually meant Tibet. I see."

however did you get to that conclusion? that's some weird logic there.

Chip
Chip
8 years ago

@Jack:

The US invaded Korea in the sense that the communist North invaded the South, the UN authorized a defense of the South and the US was one of many participants in the UN defense. As for Vietnam, China invaded communist Vietnam after the US left.

Other than that, you're spot on!

jesse
8 years ago

@Makaya: "“Capitalism without bankruptcy is like Christianity without hell”

Something our leaders should think about…"

You're on fire today.

Anonymouse
Anonymouse
8 years ago

@Best place on meth:

"Now how about China in Tibet?"

Ah, so when you said "the whole region" you actually meant Tibet. I see.

Anonymous
Anonymous
8 years ago

So, I guess with all the nut-job postings the last few days, once again, local Realturd professionals are looking for something to occupy their valuable time. Come on guys! Isn't it about time to rent a hot air balloon and fly a bunch of curious looking fellows over the city? Where's the creativity?

specialfx3000
specialfx3000
8 years ago

@DEFAULT NAME:

I'm Chinese (but mostly Canadian) and I do not find BPOM a racist. I actually enjoy his rant on the HAM.

The ones that he talks about are the selfish, often rich, many corrupted and mostly arrogant HAM that takes advantages of our lax policies while not appreciating the privilege of being Canadian (or simply being in Canada). Often, they don't care for the Canadian culture, refuse to learn English (well, maybe enough to say 'I buy' or 'no tax'), spits (and makes sure you hear it) at the local community center pool, overpays for anything with 8's on it, or buys their 17 year old a Lambo for earning his Piano certificate.

Do I want these locusts outta here? You betcha. Racist? I don't think so.

Best place on meth
Best place on meth
8 years ago

@DEFAULT NAMEe:

>>>Consider for a moment which Asian countries the US has military installations in (South Korea, Japan, Philippines, Indonesia, Singapore, Malaysia, and Thailand)<<<

Are they there by force?

Now how about China in Tibet?

RippedtoShit
RippedtoShit
8 years ago

Chopper, Thanks, yet another anecdotal confirmation….I too am surprised that we are not seeing this in the data….fruck! But I think its on its way. Also, given the peak in prices in the spring, the year over year numbers should trend down over the coming months and with some luck (or reality finally rearing it's beautiful head) we will be year over year negative in spring, that will take the spunk out of the market. Default, this may be because they have more money than most of us, but when I see these new chinese I feel that they are likely just lucky scum bats who raped and pillaged their loot, and they don't seem connected at all to canada…this is of course a generalization, but it is a feeling shared by many….maybe I'm just jealous, as they don't have… Read more »

Makaya
Makaya
8 years ago

@Makaya: from the interview:

"Capitalism without bankruptcy is like Christianity without hell"

Something our leaders should think about…

Makaya
Makaya
8 years ago

@jesse: lol

Jesse, did you catch this one?

Awesome interview of Kyle Bass on Hard Talk…
http://www.youtube.com/watch?v=K-F_QF1XTXI&fe

Donald Trump
Donald Trump
8 years ago

As you know, via the Bilderbergs, Canada is the 51 st state.

We will soon take over, and sell off the useless Maritimes and Quebec. We may allow scullboy, aka Ricky Shroeder, to emigrate

Ontario will be our bitch.

Anonymous
Anonymous
8 years ago

@Best place on meth:

"And you just had to make a racial issue didn’t you, fuckwit?"

You make a racial issue out of it every time you open your mouth. You just can't stand the Chinese being more successful than you.

Anonymouse
Anonymouse
8 years ago

@Best place on meth:

"That's right, China now thinks they own the whole region"

Get a grip. Consider for a moment which Asian countries the US has military installations in (South Korea, Japan, Philippines, Indonesia, Singapore, Malaysia, and Thailand) and then rethink what you just said.

chopper
chopper
8 years ago

@RippedtoShit: Hey thanks for turning the focus back to real estate. I keep meaning to post on this same topic but have been out of town on business the last few weeks. There are at least 7 houses within a stone's throw from my house that have been for sale since the summer and have failed to sell. One was de-listed this week. Only a couple have sold this past summer/fall and both were 'tear-downs' listed north of $1.5MM It seems that the houses selling in the $2-4MM range in my neighborhood are not selling. For this reason I am slightly surprised by the relatively stable sales numbers over the last few months, these sales certainly aren't coming from my neck of the woods. Simply put, the high end stuff is just not moving, nor has it been in my… Read more »

RippedtoShit
RippedtoShit
8 years ago

Van Coffee, I kid you not, I have heard similar, from some very well connected folks in the industry (investor/owners and realtards). They say it's like the chinese "just vanished" in the past mont or so….seriously!!! That said, the market does not appear to have imploded, so the changes are more anecdotal than statistical…. Chinese real estate is taking its lumps, perhaps the real estate mania is being cooled in China and now is impacting here? Loads of Americans I know who are smart/global/financial oriented look at Canada's housing market and shake their heads, perhaps the concept of valuation is starting to ring amongst the neveau riche in China who realize that they made their money through corruption and good luck, why buy assets that are clearly massively overvalued just because you can…. I also hear that the Chinese are… Read more »

Van_Coffee
Van_Coffee
8 years ago

RippedtoShit –

I heard the same except about West Van. Heard from one of the top West Van realtors.

Says that Chinese buyers "vanished" as of Sept 30th.

nolan
nolan
8 years ago

Why doesn't Britain make things any more? http://www.guardian.co.uk/business/2011/nov/16/wh
"Yet there's ample evidence that the promised rewards of this post-industrial future haven't materialised. What was sold as economic modernisation has led to industrial decay, with too often nothing to replace it."

Best place on meth
Best place on meth
8 years ago

@ADRA:

Another scumbag apologist for the lying, cheating, thieving totalitarian shithole – you must have loved the Soviet Union too.

And you just had to make a racial issue didn't you, fuckwit?