Saturday, December 24, 2011

Happy Turkey Day...

Joy for everyone but the unfortunate fowl.

Who will be the turkey next year?

For the last half-a-dozen years it is the prudent who have been tarred and feathered. Those who saved, those who refused to buy a broken down mouldy shack for a Million bucks, those who believe in self-dependence and who are trying to live with an eye on their needs for children, retirement or unexpected events. This turkey has been plucked to death!

Those who have borrowed, jumped on the band-wagon and over-indebted themselves have had the plum pudding.

This whole process has been aided and abetted by our bankers who keep telling us to borrow home equity to go on holidays and buy stuff, and that we are 'richer than we think' (who came up with that one), the Central bank which leaves rates at emergency levels for ever and then says don't borrow and spend - SAVE!!

The Government which has killed the Wheat Board because it is not 'free market enough' and yet doubled the CMHC mega-monster, even after they saw what happened with Fannie and Freddie in the US.

What is it they say.."those who ignore history are condemned to repeat it"

Of course the media was it's usually limp self-serving self. Particularly the local papers which have only improved marginally since the Aspers left.

However things they are a changing, Carney, the IMF, the media and most of the banks have now come out with warnings on housing. Though I fail to see what point all these warnings have without some concrete action, like raising mortgage rates 1% or anti-speculation laws, or residency laws for buyers.

Nope, we have leaders who, like the Captain of the Titanic having steered the ship badly now see an iceberg ahead and can only shout hysterically without even trying to turn the wheel.

A Great Christmas to all of you who drop by and to your families.

6 comments:

  1. I concur!
    Happy Festivus!

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  2. Merry Christmas to you and thank you for the information that you provide throughout the year. It is very much appreciated.

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  3. Yes, merry christmas to you as well. I always enjoy viewing your site. A lot of good stuff.

    ReplyDelete
  4. Another reader on this blogDecember 24, 2011 at 1:56 PM

    Happy holidays to you and your loved ones, Fish10.

    ReplyDelete
  5. The IMF has harsh words for the CMHC. In the polite diplomatic world of the IMF, this is like saying the CHMC is a crazy entity run amok and needs to be reigned in. It implies poor governance and poor risk management.

    “Since CMHC is now one of the largest financial institutions in Canada and the key backstop to the housing market, it would be useful to undertake a review aimed at ensuring that CMHC has a modern and effective governance structure and supervision, and assessing the scope for further strengthening its risk management,” said one of dozens of recommendations the IMF made in its annual report on the Canadian economy.

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