THERE MUST have been millions of people grinning with satisfaction...when they read about...Obama’s plan to cap executive pay at companies bailed out by the American taxpayer.
After all, these are the greed heads in red suspenders who helped crush the world economy. They are the ones who caused the crisis now threatening the economic security of millions. It wasn’t accidental.
(It) would limit the top salary at bailed-out firms to $500,000.
That’s fine for many of the CEOs. But here’s what I’d propose for those whose greed caused the crisis: hard time in the house of pain.
Obama’s move...falls far short of what the banking bandits deserve...it falls short (because) most of the latter-day bank robbers have already absconded with the loot. Most are lolling in the sun somewhere in Paradise, sipping champagne as they’re fanned by servant girls. They are far removed from the travails of ordinary people.
So why not send some of those underemployed anti-terrorism cops out to find, arrest and bring to justice the miscreants who have destroyed the security of so many?
Leger points out further into the article that Conrad Black was "a piker" by comparison, and he got six years...
This is part of why I think that much bigger trouble is coming. People are starting to awaken to the sham of governments, corporations, taxation, greed, graft and tazers, "free market" Milton Friedman tripe, and so on. There is going to be a mighty blow-back at some point, but by then, the banks will be bankrupt, the government will be bankrupt, and we will have RFID-enhanced secure documents, which will need to be produced for receipt of your food allotment. You can always plant a garden, but what is produced will be seized by thugs, or the government - same thing, maybe.
Forget about On The Beach, I am going to get into civil rights and the Olympics next.
But, all that gloom and disgust aside, here is another fun video. It's only 1:40 long, so wait 'til the boss goes for a smoke, and crank it up.
I've been out traveling around, listening to music, playing, shunning serious thought. I think that we all could use some distraction - as if there was not enough - but a distraction from the distraction. To that end, I have embedded a couply videos that are just fun to listen too. patriotz will need his Flash...
Canada lost 169,000 jobs last month. Of those, 35,000 were in BC, and of those, 10,000 were in construction.. Ouch. The US lost some 600,000 jobs in comparison. Per capita, Canada lost twice as many jobs. So much for that Canadian Shield of an economy.
The problem, as I see it, is that we have a lot of uneducated people "running" the ships of state. They do not have a clue what is going on. These bail-out packages by government are ridiculous, and it is just pissing money away. It's all politics on our dime, because the populace is as uneducated as the grunts in Parliament, Legislature, City Hall, etc. Did you hear that the "twinning" of the Port Mann Bridge - at a cost of $1.5 billion - has been tossed for a brand new bridge that will cost $3.5 billion. Of course, the numbers keep changing, just like those of the convention centre, Olympics, etc. Do you realize that nobody is in control, unless you count the fox in the hen house?
A railway was granted 11% of the land on Vancouver Island a hundred-odd years ago. That railway company was rolled into a lumber company, which was rolled into another forestry giant, which was bought out by foreign interests, who are now going to develop that land. Make of that what you will.
Speaking of developers; Another major developer in Metro Vancouver has filedlawsuits against people who have defaulted on their contracts to buy condominiums. Of course, they are perfectly within their rights - both legally, and morally - but a lot of people are going to get burned on this. A lot of lawyers will get rich too, to off-set that. There is one couple, in their mid-late seventies, who bought a pre-sale for ~$460K, and now cannot complete. They can't sell the condo that they already are in, and the developer of the new condo is not only going after them for the $68K deposit, but also for the difference in prices (another $100K?). These folks could not complete if they wanted to, because the banks won't even give them the money. They are fragged. I feel sorry for them, they are going to lose all of their retirement savings, but still, they made a stupid decision. So did many others. Be bold, and move into an alley with a broken credit record.
There is some great writing over at The Republic of East Vancouver this week (and always). Potvin has slipped some in his editing, but it is the ideas that count. Potvin makes a case for cancelling the Olympics (in my dreams!), Chris Shaw makes the case for the homeless to take over the Olympic Village (I'm not quite sure if he is promoting sedition), and there are some other good articles as well. I encourage you to read it all. A madness has descended, and it does not bode well for the future of a civil society.
Very few people understand the “continental drift” that threatens with a fracture of the U.S. (and hence, the world) monetary system. There are two tectonic plates: one, the supply of Federal Reserve notes (FR notes), and the other, the supply of electronic dollars in the form of an inverted pyramid that rests on the supply of FR deposits. The fault line between the two tectonic plates, like San Andreas fault in California, is a worrisome source of unpredictable earthquakes that could cause massive and permanent damage to the U.S. and world economy.
Heck, I emboldened that whole paragraph. I've been very worried about my nut, how about you?
I don't have the time, or inclination to expand on what I have presented. There is so much more. There is no good news, and things are going to get much, much worse. I have been looking at windmills, shotguns, cob building, seeds, and other such end-of-the-world-as-we-know-it stuff. I have also been going back into music and art, and really digging my kid. Business is still keeping the rent paid, vehicles gassed and in good repair, good food, and decent wine. I'm just enjoying it while it lasts.
Enjoy the videos. Keep cash on hand. Buy 50 ponds of beans, and 50 pounds of rice. Think about worse-case scenarios, at least you will not be surprised.
Next, I want to write about Neville Shute's On The Beach. It's a good book, and I see similarities to what is going on right now.
I can hardly believe that you still want me to post this stuff...
However, I am still vacillating like a wind vane. So, in the interim, I will post some scary movies that require little effort on my part. I will concretise things eventually.
I have realized the futility of explaining fairness, decency, honour, the Westminster Parliamentary system, the constitution, history, and a whole lot more.
Just remember Goebbels' meme about repeating a lie often enough.
My holdings are down ~50% this week. Such fleeting exuberance I had 6 months ago, such nebulous hope. It is just not as much fun as the track. At least there, you get to see the jockeys fall off of their horses. Watching the numbers turn red on the board is just boring. Though, I thought that it was funny that Washington sent the automotive executives home on their private jets to come up with a business plan. Wankers.
So in lieu of any meaningful analysis, some exciting video in representation of the markets this week.
The TSX is up some today, but yesterday it sure looked like the above video - with the same cartoonishness. I bet that it goes below 7000 on Monday.
What to do with that leased BMW that you can no longer afford. Strangely, I found the denouement to be funny in its impotence.
I've been as busy as a hen on an anthill - doing lots of reading, trying to figure out what the heck is going on in this world. I don't have much of a clue, but that is okay - nobody else does either. I could write about what I think is going on, but there is a shortage of tin foil, so I will spare you from that for now.
The $700 billion bail out package in the States is more like $2 trillion, and it is probably much more than that. Goldman Sachs is purportedly using $7 billion of the $10 billion that they received for Christmas bonuses for the big-wigs. WTF? Same band, same song. RE continues to unwind, but things are sticky on the way down, or are they? Now, the "Obama Factor" is going to save Vancouver RE! The credit card companies keep cranking up my credit limit, and offering me 2.99% rates for six months - to go on a winter vacation, or buy Christmas presents, or consolidate other debt (that I do not have). Credit Crunch my eye. Condo projects are biting the dust in Vancouver, Toronto, Calgary...and there are big holes in the ground where the buildings were supposed to go up. So reminiscent of the early 1990s. Garth Turner is writing about squirrel meat and canned beans, shot guns and ammo (he is sounding jaded). I was squawking about a Depression 5 years ago, and people though I was nuts, but now it is in the main stream of consciousness. Have a gander at this video - from Fox News, no less. You have to love such an interview taking place in a bar.
It is all getting terribly repetitive. Deck chairs and icebergs and sinking ships. Gaack!
Most poignant quote of the day - Forget about gold – the ONLY precious metal is lead.
Wow, TSX down 814 points - about 7 per cent - at the last I heard, and this on the news that the latest bail-out package in the US has passed the Senate (now up to $800 billion). It still has to pass the House of Representatives though, and that is the body that rejected it last week. Will they pass it this week?, and if they do, will it save the American economy? I doubt it (on both counts).
The pain is coming, whether we like it or not. The only question that I have is, how bad will it get, and how will that affect the Vancouver RE market? (a pure, rhetorical question) Draw your own conclusions, but the RE market was already on it's way down - before all this global doom and gloom hit. Any investor with a modicum of sense will be looking for deals in the stock market, and will be staying well away from Vancouver RE, IMHO. The tanking price of oil is a bell-weather (unintended pun), I think. Potash Corp. was a big loser today - down almost 20% - anther bell-weather? Is the TSX a true measure of our economy? It doesn't look so good right now.
So, to slip into election schtuff; Harper said in the French debate last night that Canada is not the US (yet), and that we have solid fundamentals. Like the Potash Corp.? Or, oil production? What about manufacturing (Auto workers), tourism/service, etc.? How is that doing? RE is tanking across Canada, what about those soon-to-be unemployed realtors, mortgage brokers, conveyance clerks, construction workers, home stagers...? I don't see a strong outlook, fundamentally. Harper said not to worry. OK, he pretends to be not worried, but are you? Do you have faith in someone who says to ignore the train barreling down the track toward you with its horn blaring? Are you thinking of buying a new car? Plasma TV? New computer? Buying a house? Going on vacation? Buying an Olympic ticket package? Are you going to take a HELOC, or rack up your credit card going out for dinner and drinks? If you are not, do you think that any government is responsible in saying "don't worry, spend with a big Prozac smile"?
I have to say that I didn't take much away from last night's debate. I found it hard to follow because I couldn't watch it live, and saw a translated version. The problem for me was that the translation was over the French, and my mind kept on switching back and forth, and leaving me lost. I also have a hearing problem, and tend to watch people's mouths, which threw me off even more. I felt that Duceppe was the best speaker, and that Dion is not the right guy (not because of a lack of sincerity, ideas, but because of his style, and challenges with English). Neither is Layton, and Harper is certainly not. His body language was revealing, and it was obvious that he had complete contempt for everyone, including you and me. May did well - considering that she was out of her language depth. As after every federal debate, I have to ask the same question that so many do: Why couldn't Duceppe be the leader of a national party not bent on Quebec secession? He would take it.
Unfortunately, the salient election issue is on the personalities put forth by the leaders (at least, the personality that is wanted to be seen), and not about the real issues. How shallow is that?
The markets bounced back a bit today, huh? But the trend is down, and volatile. Today was a suckers' rally. The big boys bailed yesterday, and the sheep followed. Then the big boys bought back in, and more sheep will think it's okay, and the big boys will dump again, and so forth. Okay, so I have a pet theory of the looting of the people's wealth. I'll get to that at another time.
I read this quote over at Garth Rurner's blog (warning: Turner is has auto-run ads on his blog, so turn your speakers down so as not to be annoyed) and thought it worthy of reproduction here.
Harper has the manner of a man who will drive a car off a cliff, just to prove that he doesn’t need to ask for directions. Is that the kind of person you want to lead this country?
Did you hear about Harper's plagiarising speech regarding Iraq in 2003? I'll let the CBC fill you in. (watch the video - about 4 minutes)
UPDATE: Here is the comparison on Youtube (2:53)
Sorry, it is from he Liberal party. I do not endorse any party at this point.
This is on the front pages of newspapers around the world today. The Cons are playing it down, but the rest of the globe is laughing at us. Harper and his government are an embarrassment to this once highly respected country. That is a big deal.
Youtube treatment of the plagiarism. (check some of the other videos too)
Hip Hopping on Harper
I don't get the March 17th reference, but vote anyhow - on October 14.
Yikes! Ouch! The TSX gave up 840 points today, DJ took it's biggest single-day loss ever. Tokyo closed down 340-something just a bit ago, Hang Seng down over 400 with an hour or so to go. Stephen Harper said today that the Canadian economy has "good fundamentals", and that what is happening down south, well, we are insulated. It's different here. Jeebies, doesn't that sound familiar? I might have felt better had he been wearing a cardigan when he said it.
The TSX is down 9% today, and my memory bank echoes with the words that the losses were $104 B-B-B-Billion - out of Grampa's retirement pension fund. Out of those Mutual Funds that were sold to you so adroitly. Market-linked GIC's? They did not sound good to me, and I didn't buy 'em. Oil down 10 and a half bucks on the day. What else?
The meltdown is upon us. I made sure today that all of our cash holdings were spread out to be covered by CDIC. I would advise you to do the same. I have to say though, that I do not even trust CDIC solvency if this keeps going. This is historic. Remember it. Oh, never mind my admonition, you will remember it. Alberta's boom may be on hold for a while if this continues (and I am sure that it will).
I'm looking forward to buying a house in Shaughnessy for $300K when this is over.
Still want a Harper majority? A Dion majority? Forget it. The only hope we have is for coalition gov't. A co-operative government, where decisions are made by consensus amongst the parties that represent the majority of Canadians. Don't want to see Young People Fucking? How about All of Us are Fucked? Pardon the vulgarity, but it is that stark.
There are those who say that this is a manufactured crisis, and I lean toward that. Here we have right-wing governments - under Bush and Harper gutting our treasuries, cutting taxes while increasing spending. Harper's gov't has turned a 14 billion $ surplus into a near deficit in 2.5 years. Some say that the only reason we are not in deficit, is the sale of frequencies to cell phone companies (reaped about $3.4 billion, if I remember correctly. We would be a billion-seven in the red else). That was a one time deal. Kinda like when Campbell sold BC Rail, and tallied a surplus. And look where that got us. 400,000 jobs have disappeared under Harper's regime, with plenty more to be lost.
Watch The National on CBC tonight. It is worth the watch. There is a very good interview with Elizabeth May. The Greens are the most centrist party of all of them, but they don't have the vicious experience of the House. I think that May could tame the Liberals, and pull them back to the centre in a coalition. That is what Canadians really are. We also pull together in difficult times.
Here are some vids to relieve you from my rantings - which will continue manana. Some of the vids are amusing, some stark. A good few have tunes. I hope you like at least one. There is some really heavy schtuff to come.
The bail-out package has been rejected in Washington. TSX crashed 900 points today.
Make sure that all of your deposits are covered by CDIC. The shite is hitting the fan - now. --------------------------------------------------------------------------------- Back to testerday's post...
There are lots of media to speak, so I'm cutting short my rants, and will try to entertain you instead.
First viddy is Rick Mercer on the Cadman scandal. (2:10 in length)
The second (2:52 in length) is Stephen Harper, in his own words, regarding the "financial considerations" that were offered to Mr. Cadman.
Mr. Ignatieff asked: "Is it the prime minister's position that the people close enough to Chuck Cadman to know are lying, and if so, how are Canadians going to believe that he alone is telling the truth?"
With their 15 point margin last week, the campaign was looking like a runaway freight train for the Harper Conservatives. However, a number of new factors have diminished the Conservative lead, which is still comfortable, to 9 points.
First, Harper’s culture comments renewed BQ support in Quebec. Combine the Richardson comments related to immigrants causing crime and Harper’s comments asserting Dion wanted the economy to perform poorly and the gap narrowed from 15 to 9 points. These two comments represent a tenuous lifeline to the Liberal campaign.
I hope that trend continues.
Harper tried to ridicule "the arts" and cut funding. The CBC was once a great Canadian institution, and now is just a shadow of what it was. We have tens of thousands of people directly employed in BC's film industry. A lot of our clients work in it, and are already hurting. They (and we) won't be turning on the TV and getting pissed off with elitist galas, because things like cable are the first to go when money is short.
Speaking of elite galas;
Harper at an 18 course dinner (just hours after a 14 course lunch) at a conference on the global food crisis (exacerbated by ethanol production). (Too bad he doesn't have the class to keep his elbows off the table. My Grandma would straighten him out!)
Then there is the elite Conservative caucus, and Laureen Harper rubbing shoulders with every-day Canadians at a literary gala; H/t to James Curran Laureen Harper at literary gala with Minister of Environment John Baird in background
Minister Jay Hill (and House Speaker Peter Milliken) at the same gala with Julie Couillard (she sure gets around...)
And here is the very elite Vic Toews (and his son - who's evening you paid for!) at that same gala.
In my riding (Van.-Kingsway, it looks as if the NDP candidate is the only one who actually lives here, and is involved. It looks as if the Con. candidate is not attending - he needn't bother anyhow, he hasn't a hope in hades. I have some questions to pose at the all-candidates' meeting. Are you going to your local meeting? Ask them how long they have lived there, and whether they were nominated by the riding association. I'll bet that most Con. candidates will not be present. Try sending an e-mail, or calling them. See if they will answer your questions.
Here is an alternative to the 2,100 sq. ft. junk boxes that plague our fair landscape - a mobile mini-manse that has less of a foot print than a Cadillac SUV. Low cost, and low emission, it costs only $6/month to heat, and $10K to build. No landlords either. Why throw your money away on rent? It is an answer to the land shortage - there are so many roads, and soon, nobody will be able to afford to drive.
Spiced by some other of my readings on the dark days that are rolling down upon us, my mind turned to The Grapes of Wrath, and the Joads' plight. This little love shack would have been perfect for them.
Okay, so that might do for a single, or maybe a very loving couple, but what about the kiddies? I'm glad that I asked, it seems that there is a solution for that too - the folding house!
It looks a bit problematic as far as the furniture and appliances though, I guess you would need a 5 ton truck to carry that stuff around, and tow the trailer. Need a crew cab for the kids.
My posting here has been getting slower and slower, while the residential listings come faster and faster. An incongruity to be sure. I have a good reason - as seen above. My kid is now 15 months old, and demands more and more attention. I can't, in good conscience, neglect the precious moments of growth and development of my progeny to stoke my own self through regular posting.
So what, beyond the obvious, does dada have to do with the RE market? Why, lots of course (no matter how oblique).
The dictionary provides some congruity (it's saved my butt a few times);
n. A European artistic and literary movement (1916-1923) that flouted conventional aesthetic and cultural values by producing works marked by nonsense, travesty, and incongruity.
dada
1920, from Fr. dada "hobbyhorse," child's nonsense word, selected 1916 by Romanian poet Tristan Tzara, leader of the movement, for its resemblance to meaningless babble.
dada
noun 1. an informal term for a father; probably derived from baby talk [syn: dad] 2. a nihilistic art movement (especially in painting) that flourished in Europe early in the 20th century; based on irrationality and negation of the accepted laws of beauty
nonsense, travesty, and incongruity - Yes, the marketing nonsense perpetuates a travesty in pricing that is incongruous to the real value of a home.
irrationality and negation of the accepted laws - Hmm, does that not describe the RE market in Vancouver (and indeed, elsewhere)?
meaningless babble - That describes all the hyperbole about mountains, weather, Olympics, "it's different this time, ...here", "the fundamentals are strong", and indeed, a lot of the meaningless babble written on this blog.
nihilistic - Would describe the attitudes of those of us who saw that it was all a bunch of hyped bull crackers.
OK, so that is it about dada.
Now, I find myself wondering if I should wait for another 5 or 10 years for the bottom to buy a home to raise my kid in, or whether I should just save my money, and give it to him to buy a place (or two) for cash, when all of the boomers have died off and there is no one left to buy over-priced real estate.
I dunno, but time will tell.
My postings are much more sparse, and I have struggled with the idea of quitting the blog, but I have decided to keep it going for at least a while longer. It is just starting to get interesting.
There is a lot going on these days, despite the "roaring silence" that has been for a while. drachen linked to this video over at mohican's place. The collapse of the US dollar and economy, and perhaps US society? They are going down, and we, and a good part of the world will be going down with them.
Mike Mc sentthis link from July 28, 2005 warning of a bubble in Vancouver and Victoria (thanks Mike). That was 2 1/2 years ago, and things have continued to inflate since then. It is now so out of whack that it has become like a lost chapter in Through the Looking Glass.
Today we hear that the Provincial Guv'mint is talking about a roughly 14 billion $ transit initiative. Just tack it on to our property taxes on top of the infrastructure costs for the boondoggle. I mean, Olympics.
Meanwhile, Surrey NDP MLA's are calling for Translink to roll back the latest transit fare hike.
"You can't have someone who makes $8 an hour have an increase in a fare and end up paying something like 18 per cent of their income on transportation. It's just not fair."
Too true. After coughing up 71% of income for mortgage payments, and 18% for transit, there will be a scant 11% left for food, entertainment, clothing, retirement savings, property taxes, up-keep, etc. Does anyone know if those percentages are net of tax?
Stephen Harperannounced a billion dollar fund to help displaced workers in the manufacturing and forestry industries.
The rising Canadian dollar and an economic slowdown with Canada’s biggest trading partner, the U.S., has forced many mills and factories to either let workers go or shut down completely. In response, the Harper government has announced a plan that is not only ludicrous in its approach but politically underhanded as well.
I guess Stevie is worried. But a billion bucks is not going to cut it once things really get going.
The sell/list ratio over at Rob Chipman's place has gone from 200-odd % before Xmas to 30-odd %, and we are not seeing regular #'s there these days. (some might say that the Chipper is withholding because the #'s are grim. I don't buy that, but if the #'s are grim, who will be surprised - besides the greater fools?) Seasonal, or harbinger?
I had a whole bunch more interesting links, but I will not travail you with them now. The shite is hitting the fan in dribs and drabs, but it is quickening.
I was going to post otherwise, but serendipity led me to this video.
I think that it is demonstrative of what has been going on here in the Vancouver RE market. First, the predator (VANOC?), then the scared silly goose (panic buyers?), and finally, the balloon popping in slow motion.The balloon popping is exquisite, and has an unexpected action.
Thanks to trotter for the video link to Real Estate Vultures.
I just love the close-up of the foreclosure sign, and that big projects, especially condors, are also circling the drain in many markets. Granted, this is in the US, but what happens there, eventually happens here, and here, we are not quite so resilient.
A new report has given Vancouver a dubious honour: the highest break-in rate of all major Canadian and American cities, nearly four times that of New York City.
Last year, Vancouver recorded more than 1,100 break-ins per 100,000 residents while New York City had just over 300.
The numbers are contained in the annual report by the B.C. Progress Board, which showed Vancouver had the second-highest combined violent and property crime rate among all major cities in Canada and the United States.
Would the BC Progress board have a positive bias?. Is Surrey still the car theft capital of NA?
Nevermind, this is the best place on earth - for those who are connected.
I've been doing the curb appall/appeal series for a bit now, and it's been fun, but it is starting to depress me. Maybe I'm already depressed. Maybe I'm just tired and brain-dead.
Anyhow, laughter is the best medicine (or so it is said), and it's always more fun to laugh at one's self. ulsterman provided the link (over at vancouvercondo.info) to Rick Mercer's take on Vancouver being pronounced one of the top cities to live in in the world. I am embedding the video here for some comic relief.
The woman who paid $585k seems a bit embarrassed to admit it, and she ought to be IMHO.
Gotta love Mercer and his way of getting people to laugh at themselves (or make fools of themselves...). Enjoy.
This house has been for sale in Vancouver for $499G's for five months. It originally sold in April for $450K. Finally, it was torn down to make way for bigger and better.
The 33'x110' lot can still be had for $499G's. Er, maybe not...it must have cost a fair bit to have the back-hoe there for 3 days, and to dispose of the detritus. I'd guess $10k-$30K(?), so maybe the lot could be had for $519K-$529K. Either way, it's a smokin' deal. Hurry before you're priced out forever. The Olympics are coming, y'know.
I did a little morph at the end from the standing (but gutted) house to the final pile of rubble.
