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http://www.timescolonist.com/business/receiver-ready-to-sell-oak-bay-beach-hotel-1.1809071 Huge disaster of a hotel in Victoria forced to sell. Most of the units remain unsold, apparently people didn't want to pay about double per square foot for a lovely hotel room that also had huge monthly fees. The whole thing is a clusterfuck and they'll not get close to what they owe selling it. "Meanwhile, bondholders and other creditors remain in limbo. Bondholder Darlene Belford of Winfield, Alta., said she and her husband paid $490,000 for a unit in the hotel to use in winter months. They were assured that they were receiving clear title to the real estate, she said in an affidavit. It turned out the documents they signed were for bonds, not real estate. The unit they thought they had purchased was subsequently sold and no money has been paid back." 500k for a loving hotel room to use in the winter. They could have bought a house, or just stayed in a 4-star hotel every single winter. And they thought they were buying a condo not some loving time-share hotel scam. How are people with so much money so stupid? Baronjutter fucked around with this message at 19:23 on Apr 1, 2015 |
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Apr 1, 2015 19:20
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sauer kraut posted:Isn't most peoples retirement plan Social Security anyway? A surprising amount of "hipsters" that I know in Vancouver are just straight up planning suicide, holding the blunt opinion that the world will be so hosed in forty years that they have no desire to experience it.  Frankly, I can't say I disagree. Burn the money while it still buys fun, check out when the lights start going dim.
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Apr 1, 2015 19:31
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I'm just glad my employer has a good saving plan. They match up to 10% of your gross 1.5 times if you put it in a savings plan, (rrsp or TFSA). I just hope they keep the plan for the long term. Also I know a depressingly large number of my coworkers that don't take advantage of the plan. The refrain "I need the money to pay my bills!" comes up far too many times Gorau fucked around with this message at 20:07 on Apr 1, 2015 |
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Apr 1, 2015 20:01
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Baronjutter posted:http://www.timescolonist.com/business/receiver-ready-to-sell-oak-bay-beach-hotel-1.1809071 People are very stupid. Apparently there's a new scam going around where Canadians go to Mexico, and get told they can buy a condo and rent it out as a vacation property when they aren't using it and/or until they're ready to retire, and people actually see this as being a good idea. Protip: if there were any kind of significant demand for these things as vacation rentals, why the gently caress would the developer be selling them to you instead of reaping that sweet, sweet profit themselves?
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Apr 1, 2015 20:12
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PT6A posted:People are very stupid. Yup. In general, you'll go far in life if you frequently ask yourself the question "if this is such a great financial deal, why are they willing to sell it to me?" edit: perfect example: those Brad Lamb 18% yearly return investment condos posters.
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Apr 1, 2015 20:16
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Yep, Oak Bay Beach was exactly that scam. Except instead of little 50k Mexican resort condos they were 300-500k being sold to idiots from Alberta and Ontario mostly or even locals actually thinking they'd make money renting the units out. Some people in their 40's and 50's were buying them to rent out as a hotel room for the next 10-20 years and then retire there. Great investment! Why not make money while you wait to retire? Why not having your future retirement condo pay for its self while you wait??? Wonder why most of these didn't sell. Baronjutter fucked around with this message at 20:20 on Apr 1, 2015 |
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Apr 1, 2015 20:18
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Who would want to live in Mexico, I think, is the better question? At least Victoria is first world and not very lovely. Andalusia's where it's at for being warm and speaking Spanish, all while being an environment that's safe and modern! I can't believe more North Americans haven't figured that out. It's only like 3 hours of extra flying, too, and it's not all that much more expensive in any sense.
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Apr 1, 2015 20:21
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Lol you try enjoying life in a loving one horse Spanish village while not having white skin.
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Apr 1, 2015 20:43
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A few of my parent's boomer friends have the whole "retire in mexico" plan. Obviously money goes a lot further there, but none of them speak a lick of spanish.
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Apr 1, 2015 20:45
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Gorau posted:I'm just glad my employer has a good saving plan. They match up to 10% of your gross 1.5 times if you put it in a savings plan, (rrsp or TFSA). I just hope they keep the plan for the long term. You'd be surprised the number of employees who don't use workplace plans or if they do, don't at least contribute up to company match. I remember reading a article on Boeing on how the employees gave up 100 million in free matches since many of them didn't use the 401k plan or didn't max out their match. etalian fucked around with this message at 21:02 on Apr 1, 2015 |
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Apr 1, 2015 20:55
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Baronjutter posted:A few of my parent's boomer friends have the whole "retire in mexico" plan. Obviously money goes a lot further there, but none of them speak a lick of spanish.
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Apr 1, 2015 21:30
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There hasn't been many Canadians murdered in Mexico lately, but a few years ago it was all the rage. At least the cost of living represents a good value. http://humbernews.ca/timeline-canadians-killed-in-mexico-in-last-8-years/
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Apr 1, 2015 21:44
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Cultural Imperial posted:Lol you try enjoying life in a loving one horse Spanish village while not having white skin. Or you could live in a mid-sized city like a normal loving person instead of some rear end-backwards rural town probably full to the brim with Franco supporters. Villages are poo poo the world over, man. Probably still less poo poo in Spain than Mexico, mind you.
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Apr 1, 2015 21:47
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Some people we know moved to mexico to live the dream in their 40's. Sold their house here for good money and bought a big property in some village. They had to pay protection money to the local mafia, had to pay so so many bribes to get permits to do anything done on their property or any interaction with the city, suddenly realized they had basically no health care or services and a corrupt useless government/society, then a flood took out their home and they were left with nothing. Mexico!
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Apr 1, 2015 22:00
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Hahah So what happened to them?
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Apr 1, 2015 22:25
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PT6A posted:Andalusia's where it's at for being warm and speaking Spanish, all while being an environment that's safe and modern! I can't believe more North Americans haven't figured that out. It's only like 3 hours of extra flying, too, and it's not all that much more expensive in any sense. The socialists run Andalusia and podemos had huge gains there last week, so i guess it makes sense you love it.
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Apr 1, 2015 22:39
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Cultural Imperial posted:Hahah They moved back to Canada, a place where they could actually get jobs and poo poo, and are rebuilding their lives.
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Apr 1, 2015 22:41
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Everyone my age in Vancouver is just getting by until they get that fat inheritance cheque/$2 mill house, which of course will never come because our parents will live to be 90 and heloc themselves to death.
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Apr 1, 2015 22:46
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Furnaceface posted:My dad came to this realization a few days ago. He actually looked a little depressed when he realized that almost everyone he knew was living day to day and probably cant ever retire, meanwhile he is poised to retire this summer at age 60. Its kind of terrifying that something as simple as saving/investing for the future is something that most people would consider not normal. This is going to blow your mind; Two or three generations ago you could work your 35 - 40 years and expect to be taken care of by the company you worked for for the rest of your days. It all worked miraculously well until of course you know "markets" and "bootstraps" and voilŕ here you are all frustrated because a few decades later people don’t like gambling on stocks. And you talk about "saving/investing" like its something we've done since time immemorial. "Of course you need to gamble on asset prices if you want to survive when you're old, what else would you do?!?"
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Apr 1, 2015 22:54
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Professor Shark posted:Film-makers in Nova Scotia are getting very upset that their millions of dollars in subsidies are going to dry up, saying that it will almost certainly collapse the film industry in the province because, as one finance guy said, they depend on the subsidies for 2/3's of their labor costs. I work in the Nova Scotia film industry right now, and yeah, this might kill us. Quebec is also paring down their subsidies, so that will leave Ontario and BC with all the work. Lucky. I'm American, so I can go back there if need be, but sucks to have just broken into the industry with a work permit tied to a specific company, with the risk that it might all get taken away. But that's the double-edged sword of subsidies.
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Apr 1, 2015 22:55
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Mexplosivo posted:This is going to blow your mind; Two or three generations ago you could work your 35 - 40 years and expect to be taken care of by the company you worked for for the rest of your days. It all worked miraculously well until of course you know "markets" and "bootstraps" and voilŕ here you are all frustrated because a few decades later people don’t like gambling on stocks. And you talk about "saving/investing" like its something we've done since time immemorial. You can be mad at how capitalism has absolutely hosed over 99% of the population and think people that don't understand the current financial realities and plan for them are dumb/irresponsible at the same time. I'm aware how hosed up our society has become, which is why I'm both saving for my own retirement AND voting for people who at least make noises about sort of maybe addressing the massive power imbalance between labour and capital in this country. What I have zero sympathy for are idiots voting liberal or conservative and not saving for their retirement.
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Apr 1, 2015 23:06
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Mexplosivo posted:This is going to blow your mind; Two or three generations ago you could work your 35 - 40 years and expect to be taken care of by the company you worked for for the rest of your days. It all worked miraculously well until of course you know "markets" and "bootstraps" and voilŕ here you are all frustrated because a few decades later people don’t like gambling on stocks. And you talk about "saving/investing" like its something we've done since time immemorial. To be fair this model only worked because we had half the global population back then and most of it was still living an uneducated near-feudal life. If you insist on 7 Billion people all having the same standard of living, it's going to bring those at the top a long loooooooooong way down. God bless the hippies, the sacrifice of their descendants futures so that everyone on earth could live in poverty was truly noble. 
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Apr 1, 2015 23:08
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Rime posted:If you insist on 7 Billion people all having the same standard of living, it's going to bring those at the top a long loooooooooong way down. Yes, but it begs the question, do the people at the top really deserve to be all the way up there? The question for our time gentlemen.
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Apr 1, 2015 23:17
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I really am curious what our standard of living would be if we were all equals and whether or not I'd be willing to take my turn filling the boot that stomps on the faces of the masses forever if that's what I needed to do to avoid being sunk to that level.
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Apr 1, 2015 23:31
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Rime posted:To be fair this model only worked because we had half the global population back then and most of it was still living an uneducated near-feudal life. If you insist on 7 Billion people all having the same standard of living, it's going to bring those at the top a long loooooooooong way down. Only if there's been literally no efficiency gains in the past century. (There have been, orders of magnitude worth)
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Apr 2, 2015 00:15
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Rime posted:To be fair this model only worked because we had half the global population back then and most of it was still living an uneducated near-feudal life. If you insist on 7 Billion people all having the same standard of living, it's going to bring those at the top a long loooooooooong way down. I expect if we somehow managed to achieve full global communism all the wealth wouldn't be instantaneously redistributed so that every person had the exact same standard of living. It would probably be a bit of a process. Not to mention, making 30k per year may technically put you in the global top 1% of earners, but given cost of living difference between developed and developing countries it isn't really a meaningful distinction. A bank teller in the west who makes $34k per year obviously is not in the same category as a billionaire who got rich off of sweatshop labour. To put it another way, do you really think that if all the worlds slum-dwellers were given a decent apartment and access to good healthcare, they would suddenly demand that everyone in the first world gave up their houses so they can be slightly more equal?
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Apr 2, 2015 00:27
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computer parts posted:Only if there's been literally no efficiency gains in the past century. Yes, but that doesn't allow you to place the blame on poor brown foreigners. Whiskey Sours fucked around with this message at 00:47 on Apr 2, 2015 |
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Apr 2, 2015 00:43
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tsa posted:It's incredibly cheap to blanket these tiny euro countries with high population densities with infrastructure, the prime difference between the costs in NA vs Europe can be attributed to that over any conspiracies about telecoms. In any major US city speeds are incredibly fast and prices are cheap- it's just that we have this humongous middle of the country where it's a house every mile. It's incredibly expensive to provide services to these areas. The thing is, even in the euro countries with smaller population densities you still can't make direct comparisons because the structure of the populations are still very different. In Europe you tend to have these isolated communities with high densities- much easier to cover than the US and Canada where you have these huge areas without any real major compaction of people. Given that most Canadians live between Quebec City and Windsor, this is kind of bullshit
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Apr 2, 2015 01:06
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computer parts posted:Only if there's been literally no efficiency gains in the past century. Yes, and this made the value of skilled labour even more worthless than it already was from several billion workers entering the market as things globalized. I don't see what your point is. Sidakafitz posted:To put it another way, do you really think that if all the worlds slum-dwellers were given a decent apartment and access to good healthcare, they would suddenly demand that everyone in the first world gave up their houses so they can be slightly more equal? Under our capitalist society and not a utopian fantasy land it is impossible for everyone to live at the standard the first world held for decades, yes. That is why we are sliding. Rime fucked around with this message at 03:37 on Apr 2, 2015 |
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Apr 2, 2015 03:33
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 https://twitter.com/BenRabidoux/status/583429152226713600
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Apr 2, 2015 03:34
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Rime posted:Yes, and this made the value of skilled labour even more worthless than it already was from several billion workers entering the market as things globalized. That has nothing to do with raising other people's standard of living.
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Apr 2, 2015 03:34
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computer parts posted:That has nothing to do with raising other people's standard of living. Raising international standards of living was a natural side effect of a globally distributed workforce and production chain.
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Apr 2, 2015 03:39
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Jesus, some of you guys talk like it's the loving end times, and you're getting in that one last post before the boot of capitalism on your neck snuffs you out forever.
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Apr 2, 2015 03:43
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Rime posted:Raising international standards of living was a natural side effect of a globally distributed workforce and production chain. And that has nothing to do with efficiency gains (at least inherently; it is a practice that has developed in the same time period as efficiency gains).
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Apr 2, 2015 03:47
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Lexicon posted:Jesus, some of you guys talk like it's the loving end times, and you're getting in that one last post before the boot of capitalism on your neck snuffs you out forever. Bro do you even read the canpol thread? Next thing you know we're all going for a forced walk across Canada and throwing our parents into re-education camps
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Apr 2, 2015 03:54
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Alright you dumb motherfuckers it's time to interrupt your marxist wank-off for some science http://www.ft.com/intl/cms/s/0/ddd8...iteedition=intl quote:Emerging markets: The great unravelling  quote:Analysts say that while emerging markets have been the setting for several recent financial squalls, the current exodus of capital could herald more fundamental changes. Indeed, although the “taper tantrum” of mid-2013 — triggered by the US Federal Reserve signalling its intention to unwind its monetary stimulus — caused turmoil in financial markets, its impact on real emerging market economies was transitory.  quote:Underlying such sober projections is a sense that an inflection point has been reached with the end of the commodity “supercycle” and the advent of low oil prices. “What is going on is a great unravelling of the market conditions of the past 15 years,” says Paul Hodges of International eChem, a chemicals and commodities consultancy.  quote:While in 2008-09 the US was a key catalyst of emerging market distress, this time China is seen as the chief bugbear. Slowing Chinese GDP growth, coupled with a slowdown in construction, is triggering a large bout of capital flight as investors think they will earn more by parking their money elsewhere. tl;dr third world shitholes be losing all their moneys yoooo
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Apr 2, 2015 04:02
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Cultural Imperial posted:Alright you dumb motherfuckers it's time to interrupt your marxist wank-off for some science We should really be on this list and it's sad they excluded us from our fiscally irresponsible brethren.
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Apr 2, 2015 04:09
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but but emerging markets have strong long term fundamentals like much younger population. Basically emerging market equities are the extreme side of risk-reward, which is why I allocate only 10% to them. etalian fucked around with this message at 04:18 on Apr 2, 2015 |
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Apr 2, 2015 04:09
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Why are we posting about China here, are we expecting a large immigration wave to Vancouver/Toronto after the inevitable Chinese economic meltdown?
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Apr 2, 2015 06:07
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jm20 posted:Why are we posting about China here, are we expecting a large immigration wave to Vancouver/Toronto after the inevitable Chinese economic meltdown? After?
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