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Rime posted:http://www.bloomberg.com/news/articles/2015-07-08/china-bans-stock-sales-by-major-shareholders-for-six-months hahaha holy poo poo
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Jul 8, 2015 18:26
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So, in layman's terms, what sort of impact will China freezing stockholders from selling have? Has it ever been done before during a massive selloff?
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Jul 8, 2015 18:51
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They've been freezing up to 60% of the listed shares within minutes of opening for days, anyways. Regardless, I feel like this summer is gonna be fuuuuucked up for the global economy and this is just the opening chords.
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Jul 8, 2015 18:56
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Who cares? Retail investors drove the bubble and they will drive the crash. Preventing holders of 5% or more really wont have any effect in this case. In a stable market major shareholders selling can drive a panic crash of that stock but this situation isn't being driven by major shareholders.
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Jul 8, 2015 18:59
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cowofwar posted:Who cares? Retail investors drove the bubble and they will drive the crash. Preventing holders of 5% or more really wont have any effect in this case. In a stable market major shareholders selling can drive a panic crash of that stock but this situation isn't being driven by major shareholders. As someone pointed out in the China thread, it does shackle the biggest rats to the sinking ship. It's a good move.
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Jul 8, 2015 19:09
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One of my coworkers is drinking to Kool Aid so hard when I asked her what would happen after her planned condo buy if prices dropped she looked me in the eye and said "Toronto real estate will never ever drop in price from here on in" and then went on to try to justify it. Like never as in she honestly believes prices can only continue to rise literally forever never dropping once. This is woman with a business degree  On the flip side, my other coworker is convinced they won't raise interest rates in the next decade because the economy is in the toilet (and will be for the next ten years) and raising even a little would cause it to toilet harder, so why not buy now. That feels kinda dumb to me but I don't have anything to counter it with, so does anyone got some ammo for me? I'm getting really invested in these lunchroom debates because I think I'm the only one left who thinks condo buying is retarded in this market.
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Jul 8, 2015 21:52
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Mr Luxury Yacht posted:One of my coworkers is drinking to Kool Aid so hard when I asked her what would happen after her planned condo buy if prices dropped she looked me in the eye and said "Toronto real estate will never ever drop in price from here on in" and then went on to try to justify it. Like never as in she honestly believes prices can only continue to rise literally forever never dropping once. Well to be fair, does she believe prices will continue to rise, or does she think that we are reaching the peak and it will then plateau forever? I know people who think that way, that prices won't go down but they won't go much higher either.
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Jul 8, 2015 21:56
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triplexpac posted:Well to be fair, does she believe prices will continue to rise, or does she think that we are reaching the peak and it will then plateau forever? The first.
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Jul 8, 2015 21:58
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Mr Luxury Yacht posted:The first. Well then I'm glad she's getting in on buying a condo before she's priced out of the market!! The supply is limited in TO after all
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Jul 8, 2015 21:59
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I don' t know why you're not encouraging her to buy. Remember, you're here to entertain us with stories about financial failure.
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Jul 8, 2015 22:11
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Mr Luxury Yacht posted:On the flip side, my other coworker is convinced they won't raise interest rates in the next decade because the economy is in the toilet (and will be for the next ten years) and raising even a little would cause it to toilet harder, so why not buy now. That feels kinda dumb to me but I don't have anything to counter it with, so does anyone got some ammo for me? I'm getting really invested in these lunchroom debates because I think I'm the only one left who thinks condo buying is retarded in this market. What exactly are you gaining from those debates other than potentially annoying your coworkers?
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Jul 8, 2015 22:14
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Brannock posted:What exactly are you gaining from those debates other than potentially annoying your coworkers? Maybe trying to help someone from making a potentially life ruining decision? Not everyone just wants to watch the world burn you know. 
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Jul 8, 2015 22:56
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Furnaceface posted:Maybe trying to help someone from making a potentially life ruining decision? Not everyone just wants to watch the world burn you know. I'm happy to try to sway people who are sitting on the fence, but I don't know if it's possible to convert someone who's that far gone and that unversed in economics that they think a price increase can continue in perpetuity.
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Jul 8, 2015 23:01
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Furnaceface posted:Not everyone just wants to watch the world burn you know. Those people should buy in Nelson https://www.youtube.com/watch?v=jGZF9KnJFmc&feature=youtu.be
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Jul 8, 2015 23:06
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Twitterati are suggesting that mainlanders are going to need to repatriate their cash since it's tied up in the stock market and they're not allowed to sell.
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Jul 8, 2015 23:48
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Cultural Imperial posted:Twitterati are suggesting that mainlanders are going to need to repatriate their cash since it's tied up in the stock market and they're not allowed to sell. What? They think people who engage in capital flight are going to liquidate foreign assets to put them back in the reach of the PRC? If anything this is going to inflate the Vancouver/Toronto/Melbourne/Auckland property bubbles even further as anyone who can gets their poo poo the gently caress out of China while they can.
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Jul 8, 2015 23:52
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the talent deficit posted:What? They think people who engage in capital flight are going to liquidate foreign assets to put them back in the reach of the PRC? If anything this is going to inflate the Vancouver/Toronto/Melbourne/Auckland property bubbles even further as anyone who can gets their poo poo the gently caress out of China while they can. Creditors in Canada send you angry letters and take you to court. Creditors back in China give your Aunty Wei the rubber hose treatment in a basement until you cough up the money.
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Jul 8, 2015 23:55
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I cannot imagine capital controls getting looser in the aftermath of this either.
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Jul 8, 2015 23:56
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ocrumsprug posted:I cannot imagine capital controls getting looser in the aftermath of this either. Oh yeah, I have to believe HSBC has been informed that anybody looking to move money overseas is to be flagged immediately.
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Jul 8, 2015 23:58
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Franks Happy Place posted:Oh yeah, I have to believe HSBC has been informed that anybody looking to move money overseas is to be flagged immediately. HSBC, notable bastion of integrity and honest reporting.
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Jul 9, 2015 00:04
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Ceciltron posted:HSBC, notable bastion of integrity and honest reporting. Yeah, I was going to post something sarcastic about HSBC never being involved in massive money laundering or other illegal activities.
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Jul 9, 2015 00:53
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Ceciltron posted:HSBC, notable bastion of integrity and honest reporting. See Frank's earlier post about the difference between Canadian and Chinese creditors. I think something similarly applies to law enforcement.
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Jul 9, 2015 00:54
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ocrumsprug posted:See Frank's earlier post about the difference between Canadian and Chinese creditors. I think something similarly applies to law enforcement. Beaten, but yes. If you think the Chinese government is going to play by the SEC's Marquess of Queensberry Rules playbook at a time when trillions of dollars of wealth are evaporating... well uuh, good luck with that.
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Jul 9, 2015 00:56
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Franks Happy Place posted:Oh yeah, I have to believe HSBC has been informed that anybody looking to move money overseas is to be flagged immediately. It will be be Ok to move your money if you have the special HSBC mafia or terrorist leader account. Mr Luxury Yacht posted:One of my coworkers is drinking to Kool Aid so hard when I asked her what would happen after her planned condo buy if prices dropped she looked me in the eye and said "Toronto real estate will never ever drop in price from here on in" and then went on to try to justify it. Like never as in she honestly believes prices can only continue to rise literally forever never dropping once. Don't forget that due to the bubble owning a condo ends up being much more expensive than renting a apartment. Somehow being exposed to highfinancial risk is worth a $1000 housing cost each month. There morons would rather own at $3500 a month than rent for $1500 to $2000 a month.
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Jul 9, 2015 01:28
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Furnaceface posted:Maybe trying to help someone from making a potentially life ruining decision? Not everyone just wants to watch the world burn you know. It was originally that, but to be honest at this point it's just from an insane fascination with the mental gymnastics they're going through to paint it as an impossible to fail investment. Plus I mean, poo poo I'd rather have a lively debate over lunch than just stare at my food. It's a far safer topic than politics anyway. Mr Luxury Yacht fucked around with this message at 05:37 on Jul 9, 2015 |
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Jul 9, 2015 05:30
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quote:http://www.cbc.ca/news/business/shadow-mortgage-lending-on-the-rise-as-house-prices-soar-1.3144317?cmp=rss ahaha borrowing against your house to invest back into real estate  quote:http://www.cbc.ca/news/business/nine-west-store-owner-in-canada-files-for-bankruptcy-protection-1.3142837 Mentioned here, only retail losses. Other sectors are on the downturn or flat. quote:http://www.cbc.ca/news/business/value-of-building-permits-drops-three-times-more-than-expected-1.3142982 Our real estate driven economy is not in a recession 
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Jul 9, 2015 14:16
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etalian posted:It will be be Ok to move your money if you have the special HSBC mafia or terrorist leader account. The absolute key here is that owners truly believe every cent they pay towards their mortgage they will get back, plus growth. That $2000 a month you're blowing on rent is vanishing, you won't ever get it back. The $3500 a month they're spending is basically just them investing, in their mind it's no different than a family managing to tuck $3500 a month towards their TFSA e-series funds for their retirement, except way safer and with way better returns. It's an investment that makes you money plus you get to live in it, why renters are just idiots blowing their money getting nothing in return. This of course would all be true if prices were to always go up at the rate they are currently going up. This has never happened before, but before doesn't matter because this time it's different and you're an idiot not to see how different it is this time. Baronjutter fucked around with this message at 17:22 on Jul 9, 2015 |
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Jul 9, 2015 16:42
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I simultaneously love and hate History's penchant for repeating itself
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Jul 9, 2015 16:58
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quote:Soaring Vancouver home prices spur anger toward foreign buyers I'm sure the government doesn't want to release data because they don't want the populace to latch onto foreign investors as a scapegoat for high prices, but without data, people of course assume the worst and have latched onto foreign investors as a scapegoat for high prices.
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Jul 9, 2015 17:09
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Every healthy market has simmering racism ready to explode at any moment, nothing out of the ordinary here.
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Jul 9, 2015 17:15
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Femtosecond posted:And indeed, many wealthy newcomers from mainland China are permanent residents of Canada. I like how they pointedly refrain from mentioning that acquiring such residency was a simple matter of handing over enough cash, up until quite recently.
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Jul 9, 2015 17:42
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Off topic question----where is the best place to convert Canadian pesos into Euros in Toronto? My nephew is going to Poland for a month and I want to give him some money for his trip. I've already told him to stay there permanently because Canada is sure to implode while he is gone, maybe I'll even join him....
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Jul 9, 2015 17:57
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jet sanchEz posted:Off topic question----where is the best place to convert Canadian pesos into Euros in Toronto? My nephew is going to Poland for a month and I want to give him some money for his trip. I've already told him to stay there permanently because Canada is sure to implode while he is gone, maybe I'll even join him.... Poland isn't in the Eurozone, they use the Zloty. The government seems to have abandoned any plans to adopt the Euro for some strange reason.
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Jul 9, 2015 18:01
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This works out in your favour though since the zloty is fuckin' cheap. 1:3 ratio. Tell your nephew not to get into a drinking contest with a pole, assuming he's old enough to do so. I did this, it ended extremely poorly.
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Jul 9, 2015 18:17
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You can buy things in Euros in Poland just fine, just make sure you know the rough exchange for Złoty and it'll be fine. I would personally live in Canada over Poland, but ymmv. If you want złoty you need to hit up the polish credit unions, polski town is Roncesvalles in Toronto and Dixie/Burnhamthorpe in Mississauga.
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Jul 9, 2015 18:18
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Jul 9, 2015 18:19
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jm20 posted:You can buy things in Euros in Poland just fine, just make sure you know the rough exchange for Złoty and it'll be fine. I would personally live in Canada over Poland, but ymmv. Thanks guys, yes, he is two blocks away from the Polish credit union on Roncey, I honestly thought Poland used the Euro. Wow. The kid has an EU passport, he is seriously thinking of staying somewhere over there, teaching English for a couple of months.
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Jul 9, 2015 18:38
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Rime posted:I like how they pointedly refrain from mentioning that acquiring such residency was a simple matter of handing over enough cash, up until quite recently. Not even handing over, loaning. The government has to give back that 750k. And I think they re-opened the program again?
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Jul 9, 2015 19:29
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One of the cheapest ways to buy Zloty is to go to your bank and ask them to order it for you, it'll take a few days but at least you'll get the bank rate which is usually lower than that of money exchange bureaus. When I went to Poland I forgot to check the exchange rate before I went so I got to an ATM and just pressed a random number in the middle of the options and it turned out I got like $90 worth of Zloty. Which doesn't sound like much, except you can get an awesome restaurant meal for under $10 including a tip.
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Jul 9, 2015 20:14
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Rime posted:Tell your nephew not to get into a drinking contest with a pole, assuming he's old enough to do so. I did this, it ended extremely poorly. Yeah I wouldn't do that with anyone in Eastern Europe...
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Jul 9, 2015 22:16
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