It’s that time of the week again…
Friday free-for-all time!
This is our standard issue end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:
–RBC downplays crash threat
–An imbalance?
–Thoughts from Ireland
–Economists show concern
–Sunshine coast stats
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So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
Brian Chen, it’s called the Smith Manoeuvre
[…] –money laundering in RE –Poloz, king of the economy –Ready for another rate cut? –Calm down! –Keep market buoyant –the 30% pay cut –Bubbles and balloons –The bullish point of view – […]
[…] Vangrl pointed out this story in the Province: […]
front page Yahoo
How?
It’s called money laundering.
@space. That’s true about getting unlimited leverage. But unsecured loans carry a high interest. Secured loans carry much lower interest. Like I said, I think you could probably use a secured loan on your property and invest it in the markets. But most people don’t do this.
Wow, another early friday free for all on a thursday.
According to my financial investment advisor, if Fintrac can plug the hole for chinese money laundering in real estate, Vancouver real estates will be toasted. Go Fintrac!
BBB, it is a dead cat bounce. Once the Olympics are over this market is toast.
So, Harper lackeys include an executive of the CHMC. Arm’s length my ass….
“The Conservative campaign said Wednesday it couldn’t speculate on what current director of issues management Nick Koolsbergen was saying to his predecessor Chris Woodcock, who was in the midst of testimony in the Ontario Court of Justice….
…. Woodcock went on to become the chief of staff to then Natural Resources Minister Joe Oliver, before taking an executive job at the Canadian Mortgage and Housing Corp.”
“Roaring US growth keeps interest rate rise in focus”, The telegraph, UK
“Stocks rallied and the dollar jumped on Thursday after official data showed the US economy grew at a faster pace than previously thought in the second quarter.”
“Economists said stronger-than-expected growth in the second quarter boosted the case for the Federal Reserve to begin raising interest rates this year, even as jitters in China raise concerns about global growth and low inflation.”
“However, markets believe a September rate hike remains unlikely.”
“RE ownership functions as a form of forced savings, which has been its greatest gift to spendthrifts and financial incompetents through the centuries.”
I should have added, “and functions best as forced savings when RE is either unleveraged or much less leveraged than today’s zero down etc.”
Leverage allows forced dissaving. And no kinda leverage yet invented that don’t and can’t function both ways.
@248 fanaticallybroke Says:
“This is why we cannot compete with laundered off-shore money
Because it is all being taxed away”
@249 Patriotz’s observation is correct, but not quite to the point. Taxed incomes can never compete with incomes from criminal sources, local or offshore. In Vancouver, we have plenty of both.
Space,
The only stock halt i’ve had this year was when Regal got bought out at a 30% premium…
—————————————–
Well, that turned out to be a brilliant buying opportunity.
Nice work Stock peeps!
@252 space889 Says:
“but whatever, you (vangrl) go ahead and believe in your stock market superiority and how it will keep going up when the housing market cracks, and pretty much everybody is already at 0% interest bound and doing QE already.”
Another sarcastic remark about a statement no one else wrote on this blog, until space889 did! Perhaps you should consider changing your name to “Straw Man”?
@253 space889 Says:
“Actually, another big advantage of RE over stocks for the average person is percisely (sic) the lack of liquidity and tick by tick price info…so people tend to end up sticking with them and over the long term, they tend to make money, especially if they did the initial homework and bought a high quality cash flow rentals”
Correct…RE ownership functions as a form of forced savings, which has been its greatest gift to spendthrifts and financial incompetents through the centuries.
Another Bank of Canada rate cut coming in September: National Bank
@vangrl – yes stocks are liquid….so liquid that it can crash 10%+ in a min and then liquidity just dries up and it gets halted…which only happened like 4500 times on NYSE Monday/Tuesday morning….
but whatever, you go ahead and believe in your stock market superiority and how it will keep going up when the housing market cracks, and pretty much everybody is already at 0% interest bound and doing QE already.
China’s going to need something to distract it’s population and stimulate the economy. A war usually does the trick.
@248:
Their numbers don’t apply to actual taxpayers because they are averaged out over all households and incomes. For example according to them the “average family” (which includes singles) pays:
Income taxes 10,166
Payroll & health taxes 7,158
Total cash income $79,010
The “payroll & health taxes” is clearly too big relative to income taxes, even if you consider CPP contributions to be a tax.
Mr Harper and Mrs Clark
This is why we cannot compete with laundered off-shore money
Because it is all being taxed away
China media slams Western ‘hype’ over economic slowdown
“Some people around the world have rather impatiently spoken of the so-called end of the China model, or of a hidden financial crisis in China,” The People’s Daily said.
“Of course, Chinese people are already unsurprised by the selective thinking in Western public opinion,” the paper said, noting that commentators on the U.S. economy were far less alarmist when the dot-com bubble burst in the early 2000s.
Dot-com bubble? Holy minimization Batman. Too scared to draw a comparison to the more recent and far more relevant RE bust in the US?
When politicians tell you not to worry, start worrying.