Friday Free-for-all!

Do like traditions?  Well every friday we have a tradition of rounding up the news and running an open topic discussion thread for the weekend.

It’s that time again!

Here are a few recent links to kick off the chat:

Tsur: 10% drop next year
Bottom call thread
Another rate hold another warning
Lets not pay off the debt
Inventory chart updated
Don says no to bubble burst
Toronto leads in hirise construction
Why don’t we do it in the road?
The all-leverage plan
Commodities to collapse?

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

PS: here are 10 more invite code to VancouverPeak.com for those that wish to register there:

wlzp-frnb-y5kx
55ix-iwe3-r7f7
8bwa-j1v3-lhsy
3aeo-g5rl-0cfk
8mza-7ijt-t2n6
2c8z-sl0g-rd82
jax1-yikd-is8f
3b2i-m1d1-vxxi
d571-jr2i-bvir
t91c-z8pc-6sr5

 

Sort by:   newest | oldest | most voted
Aleksey
Guest
Aleksey

Just watched a Margin Call http://www.imdb.com/title/tt1615147/
Highly recommend for all bulls out there. Bears should watch it too.

CanuckDownUnder
Member
CanuckDownUnder
Remember when Australia brought in tough new rules to crack down on foreigners buying property? Here’s a rather interesting piece regarding the Foreign Investment Review Board. It turns out we still don’t know (or aren’t allowed to know) what kind of impact foreign money is having on the RE market in Australia: http://smh.domain.com.au/home-investor-centre/blogs/domain-investor-centre-blog/foreign-investment-dont-ask-dont-tell-dont-know-20121020-27yk7.html Among the choice bits: “The eight censored (and blank) pages I received indicate FIRB has not initiated any compliance investigations or activities relating to temporary residents since the foreign investment rules were tightened.” “As for FIRB holding any information about checks on whether temporary residents were, in fact, selling up when they left the country, the regulator stated: ‘no documents have been found that would fall within the terms…of the request. I refuse access to documents on the grounds that no documents exist’.” “In the 19 months… Read more »
BLISTINGAGENT
Guest
BLISTINGAGENT

Bob Rennie advertisement from 1978: http://ow.ly/i/13eXd

patriotz
Member

Billions in Hidden Riches for Family of Chinese Leader

Many relatives of Wen Jiabao, including his son, daughter, younger brother and brother-in-law, have become extraordinarily wealthy during his leadership, an investigation by The New York Times shows. A review of corporate and regulatory records indicates that the prime minister’s relatives — some of whom, including his wife, have a knack for aggressive deal making — have controlled assets worth at least $2.7 billion

Being corrupt doesn’t get you into trouble in China, just being corrupt without playing the big guys’ rules.

kinky
Guest
kinky

@Aleksey
Is it good quality movie?

Anonymous
Guest
Anonymous

@patriotz: “Being corrupt doesn’t get you into trouble in China, just being corrupt without playing the big guys’ rules.”

Wow those Chinese leaders have more money than Brian Mulroney. At least we know Mulroney got his money the honest way like in a brown paper bag. The same way Bill Vanderzalm got his money.

Makaya
Member
Makaya
@patriotz: And it’s not just him… Flood of cash being smuggled out of China, raising economic risks: study Chinese investors evaded government controls to move more than $600-billion out of the country last year and the outflow is increasing, fuelling economic and political risks as communist leaders prepare for a handover of power, a Washington-based monitoring group says. (…) The study “raises serious questions about the stability of the Chinese economy,” the group said in a statement. “The social, political, and economic order is not sustainable in the long-run given such massive illicit outflows,” said Dev Kar, the group’s chief economist and a co-author of the report, in the statement. (…) Some of the outflow also might be the proceeds of bribe-taking and other government corruption. Stories of officials who move their families and ill-gotten assets abroad are so common… Read more »
boogeybear
Guest
boogeybear

Will Tsur Sommerville forever be known as the the only economic prof. who didn’t see the “bust” coming?

Over the long term, property values are set by the local residents. Short term aberrations to the market may occur due to outside forces, but their effect can never be sustained.

N
Guest
N

The real worry about China is not so much the corruption itself or the outflow of cash but what existence of corruption on that scale tells us about the efficiency of the market, the capacity of the market to select for merit and the allocation of resources. Money is being created and spent for all the wrong reasons and the result is a house of cards.

bubbly
Member
bubbly

@Makaya: Majority of the $600bn funnelled out of China came from Chinese “public servants” (beautiful orwellian name for a bureaucrat). Outside of China, these people can pose as successful entrepreneurs and laugh at stupid locals who just don’t know how it’s done.

painted turtle
Guest
painted turtle

CBC: to become the next Chinese Prime Minister you need:
1) a father who is a high rank official
2) to pretend you are humble and have no craving for power
3) to pretend you are poor, so give all your money to family members.

vanpire
Guest
vanpire

@bubbly:
Do they also bring their ways, together with their monies?
And how does this change the game for the rest of us?
You know, like buying driver’s licenses… or Canadian Citizenship for that matter… and not just real estate.
I find it hard to believe that they turn into honest, hardworking people the moment they land on this soil.

More Data Please
Guest
More Data Please
@Anonymous: re: “brown paper bag” I voted you down because your comparison is way off. Want an example? Think Conrad Black. His arrogant pilfering ass got thrown in the can when he got caught. He owes millions in fines to boot. In China/Russia/etc if you get caught, it depends on who you are working for. At the very worst, the government simply rewrites the law to allow the particular type of theft. Most of the time though, the perpetrator simply invokes threats of violence, confiscation of property, or offers to pay the standard bribe. “Hostile takeover” has the literal meaning in these jurisdictions. They don’t use money, they use guns. It is sickening that we are going to have an investment deal on the books in a few days with China that will infect our economy with this disease. The… Read more »
painted turtle
Guest
painted turtle

@N say

I recently became really concerned when I discovered that
1) We import a lot of food from China, especially apples, strawberries, fish, tea, garlic (see http://www.made-in-china.com/products/catlist/listsubcat/105/00/mic/Agriculture_Food.html)

2) I cannot trust Chinese food inspector because of corruption.
3) Supermarkets in Sanghai for rich Chinese only sell imported food, nothing made in China.
4) A product packed in Canada using food grown in China can be labelled Made in Canada. The WTO does not allow consumer to track the origin of the products.
5) Companies know consumers do not want to eat food from China, so they came up with many tricks to hide the facts.

clu
Guest
clu

More Data Please Says: ” Conrad Black. arrogant pilfering ass got thrown in the can when he got caught. He owes millions in fines to boot.”

what are you talking about. Canada gave convicted criminal a CITIZENSHIP back!! he published a book, he is on the tour, gives interviews, Canada made him a celebrity, very soon he will get a medal for that..order of Canada or something like that
he only went to jail, and in the US (NOT IN CANADA) because he fleeced the more powerful then him. that is the only reason he went to jail. otherwise he would be free like the rest of corporate olygarchy from the wall and bay street.

tulips
Guest
tulips

again patriotz post his favorite Chinese bashing post and hijack the topic of the day away from real estate the guy has some mental issues..

Aleksey
Guest
Aleksey

@kinky:
Yes. It’s about how last financial crisis started (Holywood vision though).
Basically, tt shows that bulls sometimes MUST become bears.
It has a good rating on IMDB and a lot of wins and nominations too.

Aleksey
Guest
Aleksey

@More Data Please:

You are so right. It sounds impossible for locals but that’s the way things are in these countries.

psst
Guest
psst

More Data Please Says: ” written standards to the effect that unlawful enrichment, bribery, and fraudulent accounting will be throroughly investigated and prosecuted to Western standards.”

you mean like banks robo-signing mortgages, Corizne, insider trading among the congress members and etc that were prosecuted.
you are fuking brainwashed

Crikey
Guest
Crikey
@N: “The real worry about China is not so much the corruption itself or the outflow of cash…” Let’s face it, Canada has corruption too. Every country does. It is human nature. Just recently, Christy Clark’s husband was given a high-salary position that he didn’t have to compete for — until the news broke, and that job was then reconsidered. That is the important difference: we have an open and free media which can reports these things, thus ensuring the proper backlash and rules. Our checks and balances come largely due to our free society and media. China, on the other hand, has blocked the NY Times website because it dares to report on their leader’s family’s mysterious sudden riches. (Shhhh… nothing to see here, lowly peasant citizen! And don’t you dare report it to others or we have a… Read more »
an observer
Guest

Philip Chan (google him if you don’t know who he is) has apparently decided that showcasing the FIAT 500 instead of the Kits duplex is the way to go – main display image is now of the car, not the house:

http://www.realtylink.org/prop_search/Detail.cfm?MLS=V969843

lsd
Guest
lsd

@Crickey
are we talking about same media that allowed to be shamefully bought/bribed whatever by developers and RE industry in the last 20 years? Hmmm

vangrl
Member
vangrl

“The prime minister’s supporters say he has not personally benefited from his extended family’s business dealings, and may not even be knowledgeable about the extent of them. ”

totally….

Anonymous
Guest
Anonymous

@Crikey:
The next Party Boss’s sister living in Vancouver West and her net assess is worth more than 10 billion RMB.

Anonymous
Guest
Anonymous

@painted turtle:
Usually Chinese Food are brightly colored with chemical.

wpDiscuz