Friday Free-for-all! Summertime!

It’s that time of the week again…

Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend, a beautiful summer weekend in paradise!

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

Why won’t this guy buy?
TD warns of frothy market
What to do with housing gold
Liar loans
High prices not magic
Protect house prices
Seattle bubble blog back
Money laundering welcome?
important roll in the economy
Worst non-recession in 50 years
Vacant homes as dumpsters

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

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squeak
Member
squeak
“have personally watched dozens of professionals in the 25-35 year old age group leave the Greater Vancouver region as house prices have soared out of reach. This includes professionals that I expected one day would take over the reins at the company where I work. These younger professionals are the ones that companies need to grow now and to go to the next level as they hit their 40’s. House prices are the problem, plain and simple.” I would say, then don’t start up any businesses in Vancouver. Go where the young smart energetic are willing to go (= where the pay is competitive and housing and starting a life/family is affordable). The young folks are not stupid. They don’t rely on the papers/tv to be informed, they scour the net and find blogs with integrity, somtimes run by investigative… Read more »
w
Guest
w
w
Guest
w

China is turning to global markets to help clear up a regional debt mess

franko
Member
franko

@Joe#79

Fair enough, as I did not read the link until now.
I guess the main reason I took exception to your “deal with it” thing was because my response to your post did not really disagree with your “assertions” except for the idea of the Saudis doing a deal with Russia, and I’m relieved that there is no mention of that in the link.

Shut It Down Already
Guest
Shut It Down Already

Fantasticallybroke – Duh, of course tax evasion is illegal.

realist
Member
realist

@ 73 Shut It Down Already

“locals and foreigners – have worked hard for a lifetime and are now reaping the benefit.” I certainly hope so, that is what everyone hopes work will provide them.

“Nothing illegal about it either, sorry.” Of course not, provided that tax evasion and other fraud/crime did not figure in the amassing of said wealth and income stream. My point is, all too often, it has, and especially for those who can easily hide income, which offshore holdings lend themselves to.

joe
Guest
joe

@franko

Everything on my original post is cut and pasted from the article that I provided a link to. If you bothered to
actually read the article in it’s entirety, you would know that and not be accusing me of “making a bunch of assertions”

franko
Member
franko

@Joe#76

” Deal with it ”

Deal with what???
You’re the one that’s making a bunch of assertions without much explanation, and you might want to read responses a bit more carefully before lumping me in with Bo X. Not necessarily disagreeing with him, but we’re not really on the same subject.

w
Guest
w

Fristcall used to also report the cities in BC with the highest childhood poverty rates. Richmond was number one. I wonder why they stopped giving that info. It really helped me understand these statistics better.

joe
Guest
joe

@ franko and Bo Xilie

From what I’m reading, Saudi is burning through $12 billion dollars a month and futures prices effectively capped into the foreseeable future by fracking. Everything else you’re both going on about….oil at a certain PSI coming out of a well etc…. is irrelevant to the market’s current bottom line. Doesn’t look like OPEC can raise prices and it’s effecting Canada as well. Deal with it.

fanaticallybroke
Guest
fanaticallybroke
fanaticallybroke
Guest
fanaticallybroke

Shut It Down Already

Obviously you don’t think Tax evasion is illegal then?

Shut It Down Already
Guest
Shut It Down Already

All this talk of audits is nothing more than sour grapes. Face it, some people – locals and foreigners – have worked hard for a lifetime and are now reaping the benefit. Realist and Garth-the-goat might still be slaving away into ther mid 70s, but others are smarter than that. Nothing illegal about it either, sorry.

patriotz
Member

@69:

The chart at the top of that CBC web page indicates source data from Statistics Canada, Income of Canadians, 2011 which is described here:

Income of Canadians, 2011

This release examines the income of families and unattached individuals, as well as low income in Canada. It is based on 2011 annual income information provided by the participants in the Survey of Labour and Income Dynamics.

SLID is also cited as the source by the embedded Child Poverty Report Card document, top of page 7.

Survey of Labour and Income Dynamics (SLID)

Responding to this survey is voluntary…

SLID interviews are conducted over the telephone using computer-assisted interviewing (CAI).

franko
Member
franko
@#68 ” I highly doubt Saudi Arabia will go broke any time soon ” Hard to argue against that. At least the (any time soon) part. I remember research by Matthew Simmons in the 90s that claimed that Saudi oil reserves had peaked and were in decline. That does not necessarily mean that he was wrong. Nobody outside of the Saudi movers and shakers will ever know if they’re trying to diversify their economy by investing in infrastructure other than oil, not unlike Qatar and Dubai in the UAE who did not have the luxury of hiding the depletion of their oil. As for Joe’s idea of “the Saudis doing a deal with Russia”, that’s about as likely as the Ukraine doing a deal with Putin. It’s more plausible that the US is putting pressure on the Saudis to squeeze… Read more »
realist
Member
realist

@66 patriotz “I have never seen a detailed rundown of how these “child poverty” numbers are arrived at.”

This report delves into the obscurity of those “poverty” numbers:
Ralph Sultan, MLA (West Vancouver-Capilano), Childhood Poverty in West Vancouver: Fact or Fiction?, 2010

http://ralphsultanmla.ca/wp-content/uploads/sites/60/2014/07/Poverty-report_Dec_8_10_Sultan-2.pdf

Sultan states on page 61 : “Other key explanatory factors beyond the hundreds of variables I have analyzed could be at play here; and I simply overlooked them.” I believe he did overlook a third, critical and explanatory f-word that would have fitted well into his title: fact, fiction, or fraud?

fanaticallybroke
Guest
fanaticallybroke

@ 66

It is based on declared income

You can read the document embedded in this article

http://www.cbc.ca/news/canada/british-columbia/b-c-has-highest-child-poverty-rate-in-canada-report-1.2440909

It is obvious to even the most head-up-their-ass money laundering apologist that if two of the areas HAM likes most have the lowest declared income and highest home prices, then something is amiss…no??????

Bo Xilai
Member
Bo Xilai

JOe #62, I highly doubt Saudi Arabia will go bankrupt anytime soon.

Saudi is THE low cost producer. That in combo with their volume of production ensures they will be the last producer standing in the oil glut wars.

My brother work in Saudi’s Ghawar Field https://en.wikipedia.org/wiki/Ghawar_Field

He says when they sink a new well, the oil comes out at 2000 PSI. In Alberta, they have to suck it out with a pumpjack.

franko
Member
franko
@#62, joe The oil industry has gone through several of these cycles over the last 50 years and could quite likely do so for the next 50 years, and I wouldn’t hold my breath for some new phantom technology to replace it any time soon. Power from wind and solar is (and will remain) a tiny fraction of total consumption, and nuclear is a direction that nobody wants to take. Nor is shale oil a long term solution to supply. Most of it is in small shallow fields that have been left dormant until fracking technology came along. The problem is that those shallow reserves are being rapidly depleted, and extraction from deeper seams will become a lot more costly. Instead of attacking the pipeline industry while continuing to drive those thirsty SUVs, we could be further ahead by devoting… Read more »
patriotz
Member

@65: “It is obvious that the stats come from ‘declared income’”

It isn’t actually. I have never seen a detailed rundown of how these “child poverty” numbers are arrived at. This is something that should be demanded of anyone presenting this kind of derived statistic.

And before anyone gets excited, I am not claiming that everybody is duly declaring offshore income.

fanaticallybroke
Guest
fanaticallybroke

Shit it down already – Garth-the-goat mentioned the almost zero tax paid by these Millionaire entrants.

Evidence number two, the highest child poverty rates are in two of the most expensive areas in the Lower Mainland. West Van and Richmond. Even the MLA of West Van at the time, Ralph Sultan couldn’t understand how that could be.

It is obvious that the stats come from ‘declared income’. Living in a %5 M house with zero income. Only in Canada

Bear Vancouverite
Guest
Bear Vancouverite
@Ulsterman “After a few days in Paris it really reinforces the absurdity of Vancouver comparing itself to Paris – as in they are both “world class” and in the same leaguee. Paris is simply dazzling beyond compare, and Vancouver looks like a small-town, mid-west, no-where-ville town by comparison.” I’ve been to Paris 3 times and I love it there, however, your choice of words “dazzling beyond compare” is ironic considering how dirty, and grey most of Paris is compared to Vancouver. If you compare restaurants, culture, convenience of traveling around, and location, then Paris is always the more interesting city. Vancouver has its own charms but certainly very little worldwide appeal aside from its fresh air and mild climate. Among Son of Ponzi’s list of cities (Paris, London, Berlin or Vienna) Vienna is probably the closest feel to Vancouver while… Read more »
realist
Member
realist

@59 Shut It Down Already “its entirely reasonable for a wealthy person to move to a country where they then legitimately declare little income AND buy property.”

“legitimately”??…perhaps you meant “easily”? Residents of Canada are obliged to pay tax on their worldwide income to Canada, irrespective of where they earned it…India, China, Prince George are all the same to CRA. But do I need to say that some “residents” do not do so?

joe
Guest
joe

Saudi Arabia may go broke before the US oil industry buckles
In hindsight, it was a strategic error to hold prices so high, for so long, allowing shale frackers – and the solar industry – to come of age. The genie cannot be put back in the bottle.
The Saudis are now trapped. Even if they could do a deal with Russia and orchestrate a cut in output to boost prices – far from clear – they might merely gain a few more years of high income at the cost of bringing forward more shale production later on.
Yet on the current course their reserves may be down to $200bn by the end of 2018. The markets will react long before this, seeing the writing on the wall. Capital flight will accelerate.

http://www.telegraph.co.uk/finance/oilprices/11768136/Saudi-Arabia-may-go-broke-before-the-US-oil-industry-buckles.html

joe
Guest
joe

When prices are falling:
“print money”
“devalue money”
“too big to fail”
“vilify short sellers”
“government grants”
“restrict bank withdrawals”
“mortage forgiveness”
***************************************
When prices are rising:
Tough luck kids ….as government, we don’t want to interfere with the “free” market….