Hey guess what? It’s May already!!
And it’s also almost the first Friday in May and that means it’s definitely time for a new thread.
Friday Free-for-all time!
It’s another one of our usually regular end of the week news round up and open topic discussion threads. So what are you seeing out there? Economic armageddon or boom times galore?
Leave you news links, thoughts and anecdotes in the comment section below and have a glorious weekend!
VANCOUVER, CASINOS AND GRANDMOTHERS
https://www.themacrotourist.com/posts/2019/05/08/vancouver/
“Do you mind if I have a pull?” the well dressed gentleman asked.
The grandmother had been sitting at the dollar slot machine for over an hour. The tokens disappearing faster than when you drop a burger on the floor in front of your labrador retriever. Why not? She thought to herself, let him feed the bottomless pit for a bit.
“Sure. Be my guest. But I warn you, it hasn’t been nice.”
“Thanks. Awfully kind of you. I don’t know why, but I feel lucky tonight. All the machines are in use, so I appreciate you letting me play my hunch.”
She watched the man remove a Bellagio one-dollar-token from his expensive suit and slip it in the slot. Then he pressed the button. The machine whirled and spit out the bad news.
“Global housing crisis making cities unaffordable”, BBC video
https://www.bbc.com/news/av/uk-scotland-48095321/global-housing-crisis-making-cities-unaffordable
“With prices and rents rising rapidly across much of the world, vast numbers of people – particularly the young – are struggling to find enough money for a decent home. From 2010 to 2018, the average private rent rose by 40% in the Lothian region – which includes Edinburgh – for a one bedroom property, 42% for two-bedrooms and 47% for a three-bedroom home.”
“The Nine’s chief news correspondent James Cook spoke to two women in Edinburgh and Berlin who had very similar experiences of the global housing crisis.”
WEAR EEBEE!!
Special edition newsletter on money laundering.
The longer the NDs drag this out, the more political mileage they’ll get out of it – to a point that is. I’d rather see these things dealt with sooner, but it doesn’t take too much of a cynic to see the political play here. This is an electoral gift that has legs in the suburbs and that is where elections in BC are won and lost.
I have more confidence they’ll deal with it properly than other entities including the federal governing party and their similarly named provincial counterparts. I just hate waiting for the clampdown. It will be delicious when it comes.
Side Note: Radio silence from Garth on the 5 billion number. He’ll have to come up with something to keep his narrative going.
The dishonourable china apologist will come up with another cute dog pic, followed by another load of his usual verbal diarrhea.
He thinks he’s clever.
Don’t count your chickens. The eggs may not hatch. They’ll drag this out and then lose an election. Then what?
Yes, Garth will have to admit he was wrong on the influence of foreign money and he’s not the type to admit mistakes. Then if he does comment he’ll have no choice but to condemn this money laundering in RE, even though he secretly wants it to stay so long as a % of it ends up under his management.
I was surprised that Tsur was involved in the study that came up with such a large number for laundering in RE….until I saw that 5% cost increase number…that has Tsur written all over it.
Crucially, this will spread the meme that price declines are possible and seed the idea that it’s ok to wait before making that purchase – exactly the opposite to FOMO.
“Wealthy criminals and those attempting to evade taxes have had the run of our province for too long, to the point that they are now distorting our economy, hurting families looking for housing, and impacting those who have lost loved ones due to the opioid overdose, a crisis so severe it is impacting average life expectancy data for BC.”
Great thing is the truth is slowly but surely coming to the surface. How hard is it a good example would be this VCI blog. Whenever someone would point out exactly this shit, the usual motherfuckers would come out from the woodwork to call names like jealous racist, dumbass, uneducated, unemployable, quasi-victims, data-less morons, etc. in attempt to silence whistleblowers and hide the truth. Fucking startling how this whole shitshow went too far with all possible helpers and enablers.
Problem is they still have not done anything about the casino money laundering which would be easy to solve. So far all Eby has claimed they have done is banning casinos from accepting duffel bags of cash unless the customer can prove where the money came from (prove to the the casino). Like seriously that is it? He is still citing the same line from 6 months ago “This has decreased suspicious cash transactions by 100 times from the peak – from $20m in a single month in 2015 to about $200,000 for the most recent month we have data.” He still only has one month of data? He uses one anecdotal incident to come up with it has been reduced by 100 times but has no real data by month. He is also relying on self reporting and enforcement… Read more »
What did the Liberals do about this massive problem?
Sure, Rich Coleman shut down the money laundering investigative unit but what other actions did they take?
https://www.cbc.ca/news/canada/british-columbia/rich-coleman-money-laundering-1.4730655
Not just banana but GMO banana country…
“There were also significant mitigating circumstances including a lack of a criminal record, a “good history of education and employment” and support from his family and the wider community, said the judge.”
Man arrested with 35 kilograms of heroin delivered to YVR gets eight years jail
His superiors probably paid off the right people.
New
198
Price Change
105
Sold
97
TI: 15377
Prime minister calls B.C. money-laundering report ‘extremely alarming’
https://globalnews.ca/news/5263040/prime-minister-bc-money-laundering-report/
but will anything be done about it ?
Yes, we’ll increase quotas for immigration and visas coming from China.
WE NEED TRUMP!
Vancouver payback for Yuegang?
Citation:
1493, Uncovering The World Christopher Columbus Created, by Charles C Mann,
Chapter 4, Shiploads of Money, Silk for Silver (Part One) …. and
Chapter 5, Lovesick Grass, Foreign Tubers, and Jade Rice, Silk for Silver (Part Two)
What a nasty joke and insult…
In a statement, David Jordan, a spokesman for the B.C. Law Society, said: “Our rules require that a lawyer who knows or ought to know that a transaction is suspicious not provide or discontinue providing services, which is more stringent than what is required by the Fintrac regime.”
If the PM does not know a long time ago then he should not be the PM. Stop playing a fool.
Any homeowners that have been waiting for the market to turn around will be spooked by this money laundering report and the reaction it’s getting from politicians. This is going to accelerate the price drops.
At the very least, foreign investment-rooted FOMO is now dead as a marketing tool for the RE cartel. Done and done.
The PM has no excuse for ignorance. Amongst other advantages he has had inform himself of the facts, he spent much time school teaching in West Point Grey, where the “irregularities” of the local RE market are on florid display for many years.
Captain Renaud put it is well in “Casablanca”:
“I am shocked, shocked! to find that gambling is going on here!” (Croupier walks up to Renault and hands him a pile of money, saying “Your winnings, Sir!” )
https://www.bnnbloomberg.ca/we-re-still-vulnerable-cmhc-ceo-s-candid-housing-q-a-1.1256276
Watch this video from CMHC CEO on BNN Blooomberg. It’s appalling to see how clueless and out of touch this guy is? This moron thinks higher real estate prices in Vancouver and Toronto are because of economic growth and job growth (at 6:05 mark). In Vancouver the home prices are 14 times average income and this ratio has only gone higher not lower. The economy has been doing good but that doesn’t mean that’s the reason for higher real estate prices. The reason for higher real estate prices is money laundering and speculation along with low interest rates.
He doesn’t work for you. He works for the developers.
International criminal set up companies in B.C. to launder funds
https://vancouversun.com/news/crime/international-criminal-set-up-companies-in-b-c-to-launder-funds
Here is a criminal aiding and abetting other criminals. Like attracts like.
The Canadian dollar looks ‘egregiously’ undervalued: Scotiabank
“If this year’s CAD ‘flight path’ is really mimicking 2017, the USD peaked over the past week and is poised to fall sharply,” the Scotiabank strategists wrote.
doubtful. Cdn economy too closely linked to housing and we all know what’s happening in that sector. who cares about 2017. Vast majority of Cdns have bulk of net worth tied up in RE. Poloz et al will not be tightening in this environment regardless of the supposedly booming jobs numbers. best case for loonie bulls is Poloz moves in lockstep with Powell but I say as this housing mess continues to unravel Ottawa and the BoC will need to intervene in a big way. imho the next 10 cent move in the cdn dollar will be down.
Oil.
No need to guess where the parents came from. Why anyone think it’s a good idea for these people to have kids when they can’t even operate simple machinery like cars responsibly is beyond me.
https://www.cbc.ca/news/canada/british-columbia/toddler-dies-hot-car-burnaby-1.5131586
you are better than this.
Lol, are you sure?
He’s from Asia but not China.
People from other countries aren’t afraid of free speech. The dumb locals have been silenced. Lol.
No, space is not better than this.
How Vancouver became the world’s ‘laundromat for foreign organized crime’
https://business.financialpost.com/real-estate/billions-in-dirty-cash-helped-fuel-vancouvers-housing-boom
Toddler left in hot car in Burnaby dies
https://vancouversun.com/news/local-news/baby-left-in-a-hot-car-in-burnaby-dies
VPD search for EVO car-share driver following alleged hit-and-run
https://vancouversun.com/news/local-news/vpd-search-for-evo-car-share-driver-following-alleged-hit-and-run
Trump U.S. Senate ally says Kovrig, Spavor face ‘harsh’ treatment in China https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=OGF1250&mobile=false “Ms. Meng is living in her home and has full access to a functioning legal system that is handling her case. Canada’s citizens remain detained in harsh conditions and without access to lawyers and consular officials,” Risch said in an emailed response to questions. Canada has always supported our closest ally, the U.S. of A. We supported them during the Iran hostage crisis and also during 9/11 and now with Meng Meng. While Canada is a small country relative to the US, it’s about time that the US recognizes the contributions that Canada has made over the years for them. China has again shown their true colours in that they are a despicable communist dictatorship who act like spoiled children while trampling human rights. As far as… Read more »
At least we have some friends in the Republican party.
Democrats always spout their hypocritical crap about wanting to be more like Canada, but in reality they align more closely with the totalitarian shithole that’s kidnapping and torturing our citizens.
“The Real Reason for Income Inequality? The Fed”, Fortune
http://fortune.com/2019/05/02/fed-interest-rates-income-inequality/
“Low rates and quantitative easing programs help the ultra-wealthy because they artificially boost asset values, especially for riskier investments, and allow for cheap leverage.”
Chuck Schumer urges Trump to ‘hang tough on China’ after latest tariff threat while other top Democrats are quiet
Chuck Schumer
Hang tough on China, President @realDonaldTrump. Don’t back down.
Strength is the only way to win with China.
Stripped from the internet: Engineering firm pulls online portfolio after principal partner banned in B.C.
https://tinyurl.com/yyocnpgc
List of BMZ feature projects
Station Square
Rogers Arena South Tower
Mirabel
Block 100
Lougheed Heights
River District Parcel 17
The Jervis
Harwood
Addition
Burrard Place
Solo District
Plaza 88 Developments
Centerview Place
King Edward Villa
Trump International Hotel and Tower
Local on Lonsdale
Central
Sovereign
Kings Crossing
988 West Broadway
National business model or cultural progress?
World Bank accuses Bombardier of corruption to win contract in Azerbaijan
It’s how business is done in may parts of the world.
Probably yes but not publicly as celebrating Christmas.
Fucking Quebec, as corrupt as china.
Over to you Patriotz.
Funny how he hasn’t posted since the German report. It was pretty obvious our institutions had no idea what was really going on and that this country is filled with corruption. Wasn’t hard to see.
But we’ll still pay the pensions of all those people who were asleep at the wheel.
If we have an inquiry I want to see heads roll. I want bureaucrats fired. I want judges fired. I want lawyers hanging from bridges.
Canada’s labour market posts largest monthly jobs gain since 1976
https://globalnews.ca/news/5262169/canada-jobs-growth-april-record/
Canada’s labour market delivered a surprise Friday with its biggest one-month employment surge since 1976, when the government started collecting comparable data.
… everybody working and yet, no real inflation and talk of lowering interest rates. Last time we had employment like this, inflation took off and we had super high interest rates into the early to mid 1980s.
2262 44TH AVE E, assessed 1.292, sold 1.000
As of 10 minutes ago, the tariffs on chinese imports to the US have jumped from 10% to 25%.
MAGA!
Donald the strong.
China has once again underestimated him. I get the first time but did they really think they were going to get away with screwing him over at the last minute?
lol…it’s actually the other way around. i don’t think a concrete deal is ever going to happen or certainly not until closer to the election. he’ll make his threats, then walk them back at the last second. today was classic. short sellers got obliterated this morning on word that the friday deadline wasn’t really that. for all we know a few more weeks go by, then that so called hard deadline is pushed out again…and again…and again. i think once we get into the fall and certainly into new year market will enter state of paralysis, stop moving higher on BS and force the US to sign a crappy deal. in the meantime, Xi will continue on business as usual….
It’s only on shipments that haven’t left China yet. Any shipments already en-route to the USA are on the old tariffs. It’s still going to rock the markets, but consumers won’t feel the full brunt of it for a few weeks yet. Might see some Chinese goods flooding Canada directly now though, we’ll see…
nope, another headfake by agent orange. the guy must be killing it in the markets…
Countrywide’s Former CEO Is Predicting a Luxury Housing Rout
https://finance.yahoo.com/news/countrywide-former-ceo-predicting-luxury-090007236.html
A decade ago, Angelo Mozilo was the face of the housing bust that preceded the financial crisis. Now the former chief executive officer of Countrywide Financial Corp. is predicting another drop, and for some homeowners it may be even worse.
High-end properties in coastal U.S. states may fall as much as 40% from their peak value because many people can no longer afford them after losing deductions in the U.S. tax overhaul that passed in late 2017, Mozilo said in an interview with Bloomberg Television. That compares with a 33% decline across major U.S. markets from the peak in 2006 to the bottom in 2009.
Look at the prices of these high end houses compared to ours. Now look at how much more take home pay well heeded Americans have.
If you think we can’t drop 50% you are crazy.
Look at how real estate becomes exposed one government incentives are withdrawn, especially in liberal coastal areas.
MAGA!
NDP made a disturbing comment today.
Carole james said BC problem is only 7 Billion out of a total 47 billion across Canada. She said it’s a federal issue.
You believe this shit? The NDP may not do anything on this file. Am I missing something here? Feel free to tell me!
I love what the NDP is doing.
It’s the total opposite of what you’re doing.
How we gunna buy cheap sushi without them money laundering? Twenty years ago, a cucumber roll was $2. Today it’s still $2. And on and on….
Crime’s a big part of this economy. Without it, we have a different economy.
The one thing I’ll say about these crime guys is they know how to have fun. I’m going to miss that.
Who buys cucumber rolls?
Me. You can get 6 cucumber, 6 tuna, 6 salmon and miso soup for $6… same price as 20 years ago.
Subway and McDonalds have almost doubled in that time because they’re not laundering.
Where can one find this fabulous $6 deal today?
I do get your point though, I also remember getting the 18 piece w/soup deal 20 years ago.
I ‘d go to my favorite joint on Broadway every Sunday after the gym and scarf it down watching Simpsons and X Files.
those were the days !!!
Is any other explanation? The price of raw ingredients, labour, rent, taxes have all gone up a lot in 20 years. It’s not like they’re doing way more volume. I just think restaurants and business like that have been relatively deflationary because of pressure from money laundering. Even if only 10% are laundering money, it drives the market prices down.
That’s Chinese made garbage sushi. Go eat at a Japanese sushi place and no chance in hell you are paying that. 80% of sushi places are Chinese, and they are garbage
I spent $250 per head at a sushi place last weekend. I also buy the $6 deal now and then too. 🙂
Thanks David Eby, now I’m going to have to pay $10 for all that sushi.
My 8 yr old daughter loves them!
Pay half as much for shelter and twice as much for sushi. I’ll take that deal.
How hard are governments going to push back on $50B? It’s sort of like the bank analogy… if you owe the bank $1,000, you have a problem, but if you owe them $10M, they have a problem. The money launderers aren’t the ones with the problem right now. We are.
You sure think up a lot of different angles for suggesting we’d be better off keeping the money laundry going. Your persona is one of pragmatism, but it’s a facade covering an ethical vacuum.
I didn’t insert my opinion, judgement or anything of the kind. I used the term ‘we’ as in all of us and our society. I’m not suggesting we do one thing or the other, rather I’m putting that thought and question out there. I’m a believer of the thin veneer theory of society. And I kind of agree with some of the stuff Freud talks about in Civilization and it’s Discontents. Maybe you’ve read it and if not, I suggest you do. So it’s a valid question… you really think ‘we’ are going to turn money away when it carries a cost? I’m partly joking about sushi prices, but I’m also not in the sense it’s just a single example of larger trends. It’s a very real thing. You think the 70% of people that own homes are going to… Read more »
Selective Memory, I’ll give you props though because you picked up on how I see things in this world in that society is a ‘facade covering an ethical vacuum’. You just attributed that to me, which was wrong. But I do like the fact that you nailed it otherwise. But if you’ve read Freud and the things I talk about, you know I’m lying about it not being me as well. It’s all of us. Deep down, we have a monster inside. Some of us have come to terms with it and other not. It’s cute to have the moral stance you present and I like that people think they’re better than they really are. But I don’t believe you or anyone who claims it. You can’t slay the dragon until you believe it’s there. I trust the people who’ve… Read more »
Like many conservatives, you take an awareness of your own moral weakness and project it onto everyone. Freud had something to say about that too, I believe. It’s a very convenient world-view, too — it gives license to behave as badly as you like, because after all, everyone else is just as wicked, if only they had the courage to admit it to themselves, right? You’d have to be a sucker to behave any better when you’re surrounded by monsters. Very pragmatic. But pointing out that no-one is pure hardly qualifies as great insight. We don’t exist in a binary state of good or evil, but on a spectrum of better and worse,. Moral superiority exists, as does moral inferiority. How much you’re willing to compromise your principles is crucial. People who are untroubled by principle have their greatest competitive… Read more »
Keep talking your book… you are a clown
2476 PENDER ST E, assessed at 1.408, sold for 1.050
‘Pissed off and angry’: Port Coquitlam’s mayor demands accountability after dirty money report
https://www.citynews1130.com/2019/05/09/port-coquitlam-mayor-dirty-money/
PoCo mayor is still “pissed off” …
It makes you wonder how angry your average person will be after the next recession. Angry enough to riot perhaps.