Geniuses?
Or........................Fools?
Here is your answer...
Oversold enough for a bottom?
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*Mid-week market update: *I wrote on the weekend that conditions were
setting up for a panic bottom (see Here comes the sentiment flush), but one
final flu...
1 day ago
Marc Carney may, like Greenspan, go down as one of the most over-rated and catastrophic Central Bankers ever.
ReplyDeleteTime will tell.
The best compliment a central banker can get is that they did nothing of consequence. When they do their jobs the economy works normally. I don't think central banks should set interest rates or attempt to manipulate currencies. They should exist only as a lender of last resort, and lend to sound banks to prevent them from failing in a crisis.
ReplyDeleteIt's not a big deal parking free in a public lot, but the wait is worthwhile since the free private lot eventually comes with undisclosed perks and astronomical rewards.
DeleteHi fishy
ReplyDeletebeing a selfish b####%@d, i m only interested in my surrey nos. pls help.
"Clowns" have kind hearts. I'll never mistaken them with Mephisto's disciples.
ReplyDeleteGo to Bloomberg, Telegraph etc. They carry news of global banks and corporations hiring employees connected to corrupt regimes. Power and corruption are inseparable.
We went to a few open houses yesterday. Not fancy places. In all four, we were the only people there. Asked all the agents how the market is. The answer? Busy. Carney et al. are clearly NOT the only geniuses in town.
ReplyDeleteA salesman is always "busy" :)
DeleteMore evidence of Flaherty's foolishness. Recenttly he has been saying there is need for caution, but then wasn't he also saying recently that there was no bubble.
ReplyDeleteOctober 05, 2011
No Bubble, Says Flaherty
The government would need to see “clear evidence of a bubble in the housing market” to impose tighter mortgage rules.
“We have not seen (that),” Finance Minister Jim Flaherty told reporters Wednesday.
It would take “dramatic surges in prices in some part of the country” to constitute a bubble, he added.
West Van SFH
ReplyDelete17, 7, 3
another ouch day!
DeleteDon't worry about it, Fish. HAM are just starting in Toronto, the Centre of the Universe. Carney & friends will see the bubble in about 18 months from now.
ReplyDeleteSo that's why they have to keep BoC rate very low.
ReplyDelete"...because the debt was owed to private banks, instead of being interest-free with the Bank of Canada, during that same period of time, the Canadian government paid the private banks $428 billion in interest payments.
Interest payments on Canada’s debt account for roughly 15% of Canada’s revenues. Statistics Canada provides information up until 2009 on the Canadian government’s expenditures and revenues. In 2009, the federal government’s expenditures amounted to $243 billion, with $26 billion spent on health care, $88 billion on social services, $5.8 billion on education, and $18.6 billion on debt charges."
"In 2000, Canada spent $10 billion on defense, and that rose to $21.8 billion in 2011. In 2008, Canada’s Conservative government set out a plan to increase defense spending over the following 20 years, setting the goal at $490 billion in total defense spending over that period."
It was carney that reduce the interest rate to 1% to help his buddies over at Bay Street. The ultra low interest rate did not help Bay Street, it went to fuel the housing bubble even more. Now that the bubble is starting to burst, he is crying wolf and trying to distance himself from it and leaving his buddy Flaherty to hold the bag. He is also looking to jump ship to the Bank of England. Bon Voyage!
ReplyDeleteWhat a joke. he puts interest rates 'on sale' and then blames people for shopping.
DeleteIdiot. It is a fact that the more anal-ysts praise central bankers the more they think they are actually fixing things, it is only later everyone realizes they were being led by a fool.
Volker was slammed for raising interest rates and causing a recession, only later did people understand that he did it to prevent an asset-bubble and run-away inflation.
The guys at our office burst out laughing at Bernanke on the tv today. B, C & F are still at Europe crisis, esp on Spain & Italy.
DeleteWhoops. Posted this in the wrong spot...
ReplyDeleteFish,
There is no end to government manipulation in the housing market. It is no longer a free market. Just pay up for your piece of the pie and wait passively to see how the government wants your investment to perform. It's their money after all. They each learn from each other. Here's what the Canadian gov can do if they want to manipulate spekers out and keep FTBs in:
http://www.bloomberg.com/news/2012-04-25/china-helps-first-home-buyers-as-market-cools-mortgages.html