Thursday, March 29, 2012
Friday, March 23, 2012
Here we have CEOs paid many millions a year saying...regulate us!
Like a obese glutton unable to control his appetite. Some on th blogosphere even have an excuse for the banks. They have to be easy or lose business. That is the same bs that chuck prince at Citi said before the US collapse. 'while the music plays we have to keep dancing'
BS !! - the result was huge tax-payer bail-outs. Not all banks did this. Not New York Bank of Mellon. This is the junkie's excuse. Would we excuse a barman from giving more and more drinks to a drunk until he died!
Of course not. Why can't the stupid banks self-regulate???
Then there is Flaherty who wants to shun responsibility too. It's not my market- he says!
Duh.... It is bozo. What about the CMHC.?
No CMHC, no bubble.
Nobody wants to take responsibility for what is going to happen, not the over-paid debt pushers, nor the windbag politician.
E are in a bind.
Sunday, March 18, 2012
Cristy is in a tough spot....If she tries to put the breaks on Re she will dealing with a huge bubble and help middle class families who are priced right out.
However she will also upset current owners, the housing lobby (developers and Realtors) and also take away a major economic driver ( short-lived and speculative yes, but that never stopped a politician)
In fact there is very little she can do. She has no control over the CMHC or the Bank of Canada rate or lax bank lending and if she speaks against Chinese off-shore ownership she risks alienating China and risking their investment in other areas, and I can assure you- that would lead to a major recession in BC. Tough bind.
The TD bank is the latest bank begging to be regulated more.
This is turning out to be a weak spring for sales. Sales haven´t blossomed and are on track to be amongst the lowest in the last decade.
HOWEVER listings haven´t exploded either which removes the housing crash scenario. This is perfect. As I have said if we had a quick correction the Federal Government would lose it´s resolve and their would be no changes.
Excuse any errors or mistakes ( and I cannot make the font bigger). I am paying $$ for the internet connection.
Thursday, March 15, 2012
Monday, March 12, 2012
Friday, March 9, 2012
Minister of Finance
2) Rates are at all time lows, banks are falling over themselves to lend at very low rates and prices are at all time highs. To provide insurance at such a time to vulnerable borrowers is setting these borrowers up for disaster should there be the slightest change from the current ideal circumstances and exposing us all to excessive risk.
May I offer some suggestions, at this late hour to mitigate the risk we are all now exposed to:
In fact the CMHC should have its horns clipped significantly. As mentioned, insuring vulnerable lenders at all time low rates and all time high prices is doing no one any favours. I would encourage you to continue on your path of tightening lending requirements.
Privatizing the CMHC would be the ideal solution to allowing the market-place to properly evaluate risk and reduce the burden on the tax-payer.
3) The Board of the CMHC needs to revamped. I have reprinted the names and occupations of the Board members taken from the CMHC site, below:
Chair of the Board of Directors, CMHC
Principal, Chiesa Group
President and Chief Executive Officer
James A. Millar
National Capital Region
The Sussex Circle
André G. Plourde
President, Groupe immobilier de Montréal Inc.
E. Anne MacDonald
Pictou, Nova Scotia
Chief Financial Officer
Partner, Practical Plumbing Co. Ltd.