Real estate markets move slowly.
So let’s entertain ourselves with some bear fights.
A couple of days ago Garth Turner came to town with his traveling bear show from Greater Fool. In that presentation some are saying he used charts from The Economic Analyst Ben Rabidoux without any attribution.
This kicked off a twitter snark-fest as seen below:
Now I didn’t see the presentation, so I don’t know if there were charts used without attribution, but in any case: BEN IS WRONG!
No, not wrong in this twitter war – Ben is correct to ask for attribution for his work and Turner is a jerk for neither clarifying nor denying the charge.
The reason I say Ben is wrong is because of what he says in this article about new record debt levels for Canadians:
“You can not have everyone in Canada pay off their debts at the same time because that will drag on the economy,” he said. “It is a strange dynamic. How do you pay off the debt when paying off the debt itself becomes an economic headwind?”
OK, maybe wrong is not the right word, more like incomplete. As Patriotz points out:
I think Ben’s scenario is slightly off the mark. Crunch time will happen not when people decide to start paying off their debts, but when they simply can’t borrow any more.
And as Fixieguy points out it should read something more like this:
“… it shows the extent to which our economic growth is based on debt instead of fundamentals, a scenario which can’t be sustained for long before the jobs created evaporate…”
So mark your calendars, for here is one thing that Ben is wrong about and that is remarkable because Ben is never wrong.