..and basically throws in the towel.Two years of no rate rate hikes.
We will keep buying our own bonds.
We will print more money.
We will stop when Goldman Sach's share price hits $200!
Bernanke and Grenspan make our Carney seem like the epitomy of wisdom and monetary conservatism.
Remember this crisis in the US COULD HAVE BEEN prevented. If only the regulators weren't in bed with the Wall Street sharks, they could have reined in the irresponsible lending, and the housing bubble.
It's not like there weren't enough people like Schiller repeating that a crisis was coming, it's just that this bunch is used to easy money, and like a drug addict, stopping it now would kill the addict, so they shake there heads and keep injecting.
The problem in the US was almost no one saved any money. They just spent with wild abandon. Now that it has hit the fan- the few who did save must be punished and forced to either have their savings reduced to worthless paper or be forced to spend it too on worthless crap they don't need.
That's how ponzi economies work.
BTW- some good news. The 2.9% five year mortgage from BMO ended yesterday. I was actually thinking of closing my account with BMO. The jerks offer me almost nothing for my deposit account and yet are trying to get more financial crack out to home buyers.
Bill Downe the Bank of Montreal CEO JUST SAID
Bank of Montreal president CEO Bill Downe agreed there is a risk of a downturn in the housing market, saying the best hope is for a soft landing.
"There is no question that the warning signs around the Canadian housing market have been visible for more than a year," he said, also mentioning Toronto and Vancouver specifically
That's from two weeks ago..just before they started this idiotic 2.9% gimick. Mr DOWNE What the &^$% are you doing????
Do you even know how stupid this makes you look?
You say that the best case is for a soft landing and then your bank offers crack rates!
How can you still justify your many Million dollar salary and benefits package?
It's like saying -Jim here looks like he may die of liver cirrhosis if he doesn't quit drinkng and then offering him a bottle of Wild Turkey!
Is it just me or does it seem like we live in a world where no-one is accountable for anything.
Yesterday - No SFH sales in West Van formally known as West HAM - or is that a soccer team?
ReplyDeleteoh oh... Inventory is skyrocketing. If sales have not peaked up by the end of next week, that probably means that there were no HAM coming West this year... I suspect that the housing crash will come much faster and will be much deeper than people anticipate in the bear housing bubble blog world.
DeleteIt will only take a few fire sales at deep discount to blow this market out. I might be wrong, but that's what I see coming.
You may be right Makaya.
ReplyDeleteBTW sorry about the big spaces - Blogspot is becoming a SOB to blog in. But the price is right.
Well the HAM army marched back into West van today with 7 sales.
ReplyDeletehow is our little joint center of the universe surrey holding up?
ReplyDeleteIs it correct a new listing is essentially added to inventory in the same day or so while sales are delayed by up to 2 weeks?
ReplyDeleteI keep hearing about about HAM buying during the CNY holiday so sales from last week won't hit the dailies until next week?
Anon- will throw that at you this week-end when the numbers for Surrey have been up-dated.
ReplyDeleteSpecialfx300- that's as I understand it. The result of the HAM army may extend into Feb.
Thanks for Surrey numbers in advance.
ReplyDelete