Tuesday, December 27, 2011


Hubris (also Hybris): over-whelming pride, arrogance or confidence.
From the Greek: to express excessive pride or wanton violence.
Indo-european roots


American lawmakers "have taken leave of their senses," European Union Trade Commissioner Peter Mandelson said late on Monday evening in an interview with the BBC. "I hope that in Europe we will not see politicians and parliamentarians replicating the sort of irresponsibility and political partisanship that we have seen in Washington."

The European Commission spokesman Johannes Laitenberger told reporters on Tuesday that "the turmoil we are facing has originated in the United States. It has become a global problem. The US has a special responsibility in this situation."

"The German government expects, as do I, that the United States of America will pass a bailout package this week, because that is a precondition for restoring trust in the markets," Merkel said. "That is of incredible importance."

"The idea of an all-powerful market which must not be constrained by any rules, by any political intervention, was mad," Sarkozy said. "The idea that markets were always right was mad." He also said that self-regulation and laissez-faire capitalism "were finished."

Europe did nothing to reign in their own debt or their financial institutions.

2011 :

"What started as a sovereign debt crisis in smaller countries in Europe has now spread, causing extreme stress in the European financial sector and threatening global growth. Unfortunately, this time, the policy response to our shared challenges has not been as strong and co-ordinated as it needs to be. This slow response has resulted in missed opportunities, with each missed opportunity increasing the cost and difficulty of resolving the crisis. " Steven Harper October 2011

" A definitive solution that could have been delivered before the G20 meeting this weekend in Paris has been promised by the Cannes summit. Quite frankly, Europe's response over the past year has been disappointing. To be clear, this crisis could have been contained. Instead, it was allowed to grow." Jim Flaherty October 2011.

Carney warned that the world’s advanced economies, especially the Europeans, have spent a generation accumulating a “mountain of debt,” with global public debt to global GDP reaching a ratio of almost 80 per cent, a level that has “historically been associated with widespread sovereign defaults.”

We now have a higher per capita consumer debt than the US did before their collapse. We have higher price/rent ratios is many markets than the bubbliest markets in the US did at the height of their property bubble.

We have the same risk-enabling structures in place (CMHC) that the US did (Freddie and Fannie). Our per capita exposure to this debt-at-risk is higher than the US. BTW- Mr Carney- Our largest province is on credit watch as it's debt spirals out of control, and the BC and the Federal Debts are becoming structural according to the Auditor General.

In the words of the finance Minister: To be clear, this crisis could have been contained. Instead, it was allowed to grow.


  1. it is done by design.

    over the next few years things will work out. count in years, not months.

    vancouver avg house prices should fall high single digit %ages each of the next three to four years.

    until we are down 40% or so.

  2. Agreed. Long after the old boys and friends have stashed away their capital gains, and just long enough to raise their salaries another 40% to 200%.

  3. Cannot track-trace the Immigrants-Investors????
    Stupid! They have resettled in Vancouver and Toronto.

    Anyhoo keep investigating till NDP & Liberals come into power. Then restart the investigative process all over again.



  4. On December 25, I posted this link.

    "We have a number of projects in China, [including] a major project in Kunming with up to 2,200 homes.”

    So besides Beijing's "Vancouver Forest", Kunming's unnamed project consists of 2,200 homes.

    Mingpao has a photo of their project in Shanghai, called "Dream Home Canada".http://www.mingpaovan.com/ftp/News/20111227/_27r1.jpg

    That Vancouver Sun's article also mentioned:-

    "Ron Baerg, a principal with Ekistics Architecture, said that CMHC’s Nellie Chan helped his company by promoting wood frame construction at Vancouver Forest.

    “We had already begun the project, but she had a role in influencing the client to build a full street of show homes for the project with wood frame construction, as well as the marketing building with Canadian wood. This was the first time this had been done in China."

    WOW ... ahem.

  5. HAM from the Toronto and Vancouver are investing in Orlando, FL through this guy paying him downpayments on US properties in the past years.
    Thingy is, will he resurface after the holidays ever?



  6. Open question to anyone who might have an answer for this:

    A friend of mine decided to move and found a place to rent for Jan 1. Being it was about the 20th when she found it, both her and the would-be landlord were busy so made arangements to do all the paperwork after after Christmas. On the 26th she called with no answer, 27th same, and after 4 calls yesterday she finally got an answer and was basically told that she had a change of heart and didnt want someone with a cat in her place (the cat was known to the landlord before even having a showing).

    So now my friend is screwed and has to move all her stuff to storage and crash at her mom's placce until she can find something else. Does anyone know if there is anything that can be done to get this flaky landlord to at least pay for the storage and extra moving costs. I know that no papers were actually signed, but a verbal agreement was in place and I find it amazingly unfair she can just pull the plug like that.

  7. Small Claims Court

    Try to lodge a complaint with RTO as well.

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