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Hey that's OK. You're Canadian so it's your god given right to drive like a loving rear end in a top hat.
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Jul 15, 2015 05:17
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EvilJoven posted:Picture hundreds of thousands of cars ... GTAtraffic.gif right there
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Jul 15, 2015 05:39
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http://www.economist.com/news/americas/21657396-recession-may-already-have-started-government-which-facing-election Its that time again! Canada's favorite gameshow, "Will Poloz Hike the Rates ???". On bad driving: http://www.vancouversun.com/driving+habits+Canada/6959964/story.html Should goon poll this thing. Hal_2005 fucked around with this message at 05:43 on Jul 15, 2015 |
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Jul 15, 2015 05:39
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Can you paste the economist article? It's paywalled to me. E: never mind thanks chrome porn mode. So basically the campaign to build up that "dry powder" is going to drive Canada into recession. Even worse, because there's an election coming up the Tories can't afford to lose face by risking their balanced budget by increasing infrastructure spending. Hal I thought you were smart but this article proves you're a Tory idealogue. Never post again. namaste friends fucked around with this message at 05:50 on Jul 15, 2015 |
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Jul 15, 2015 05:42
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Cultural Imperial posted:Can you paste the economist article? It's paywalled to me. THERE are many ways for a government to spin the news that the economy it manages may have entered a recession. Stephen Harper, Canada’s Conservative prime minister tried breeziness. “I’ve seen a lot worse,” he said at the Calgary Stampede, a rodeo that attracts about 1m visitors (pictured). Joe Oliver, the finance minister, went for stubborn optimism. “We are going to see solid economic growth this year,” he insisted. The numbers argue against him. The economy contracted at an annual rate of 0.6% in the first quarter of this year. The second was no better, says Emanuella Enenajor, an economist at Bank of America. If so, the economy was technically in recession. This is awkward for Mr Harper, who hopes to win another term in office in a national election to be held on October 19th. But with the sharp fall in oil prices over the past year, Canada now threatens to move from leader to laggard. The consensus forecast for economic growth is around 2% in 2015, which would put Canada in the middle of the pack of G7 economies, but that will probably be revised downward. In that rich-country group, only France and Italy have higher unemployment rates. Growth is now dangerously dependent on consumer credit and rising house prices, both of which could swiftly drop (see chart 2). The average price of a detached house in Vancouver is C$1.4m ($1.1m); in Toronto it is C$1.1m. The central bank thinks housing is overvalued by as much as 30%; the biggest domestic risk to growth is over-borrowing by consumers, most of which is housing related, it warns. Philip Cross, a former chief economist at Statistics Canada, points out that the share of income that households need to service their debt is at an all-time low. But he worries about what will happen if interest rates or unemployment suddenly rise. Canada, which escaped the worst effects of the rich world’s credit bubble, may be creating a smaller one of its own. As energy industries slowed, others were supposed to take over. Economists expected that a weaker Canadian dollar would boost demand for manufactured goods, especially from the United States. That has not happened. Exports to Canada’s southern neighbour, including oil, were 6.5% lower in May than during the same month last year. Manufacturing output shrank in April for the fourth consecutive month. Partly as a result, private investment is falling. Energy firms, which account for around a third of capital spending, are expected to slash investment by nearly 40% this year. This is just the first wave of cuts, warns Jock Finlayson of the Business Council of British Columbia. Manufacturers have little more appetite for risk. In 2012 Mark Carney, who was then governor of Canada’s central bank, chided firms for sitting on “dead money”. “That money is still dead,” says Glen Hodgson of the Conference Board of Canada, a think-tank. The only bright spot is tourism, which is not a big enough industry to lighten the national gloom. Mr Harper could, if he chose, provide a boost. Canada’s government debt burden as a share of GDP is the lowest among G7 countries. It therefore has room to borrow and build more roads and bridges. But the Conservatives, who believe in small government and low taxes, are loth to do that. Mr Oliver has ruled out spending any more on infrastructure than the C$5.8 billion he promised last November. The central bank faces a trickier task. It unexpectedly cut its benchmark lending rate to 0.75% in January, when the economy was already looking sickly. There is speculation that the bank will lower it yet again at the next opportunity, on July 15th. But that could push up house prices still further and encourage consumers to borrow even more. So the government’s main tactic for dealing with the slowdown seems to be hope. One possibility is that the slump in exports to the United States, by far the biggest foreign market, will prove to be temporary. Mr Cross argues that the recent drop was largely due to cold weather in the eastern United States and a dock strike in the west. If so, exports should pick up, lifting production and investment. Mr Harper must pray that happens soon. If it does not, he risks being unhorsed by angry voters.
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Jul 15, 2015 05:46
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Thanks etalian.
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Jul 15, 2015 05:51
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Cultural Imperial posted:Can you paste the economist article? It's paywalled to me. Yeah, most paywalls (NatPo, Globe, Vancouver Sun, Economist) can be bypassed by pressing ESC after the content loads, but before the paywall appears. The most creative I've seen was one paper if you tried to Ctrl-C the text, it'd put a bunch of gibberish in your clipboard instead.
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Jul 15, 2015 06:21
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Get ready for boc rate announcement at 10am est.
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Jul 15, 2015 14:02
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Rate cut for Harper? How independent is the BoC?
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Jul 15, 2015 14:12
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Bloody Hedgehog posted:TV Host - "So, what do you guys think of property number 1?" If you like those counter-tops so much, wouldn't it be cheaper to buy a house for less and then just make the upgrades that you like or require?
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Jul 15, 2015 14:13
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Cultural Imperial posted:Get ready for boc rate announcement at 10am est. This will be the most exciting bureaucratic announcement this year!
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Jul 15, 2015 14:20
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The loonie has dropped close to a third of a cent just this morning.
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Jul 15, 2015 14:43
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House prices are going up up up, borrowing costs are gonna stay  forever. Stoke the real estate economy given the fact all our oil and manufacturing jobs are falling through the floor to the south.
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Jul 15, 2015 14:50
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Remember, we're only in a technical recession. It is important to distinguish this from a non-technical recession because
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Jul 15, 2015 14:51
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eXXon posted:Remember, we're only in a technical recession. It is important to distinguish this from a non-technical recession because Because it was a perfect way to muddy the waters about the high priests of economics getting it wrong again, when clearly the Conservative voter is feeling more or less fine about the handouts they've gotten, and soft Liberals are only half hearted in their opposition because things don't seem that bad.
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Jul 15, 2015 14:54
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The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Baahahaha
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Jul 15, 2015 15:00
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Hahahahahahaha
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Jul 15, 2015 15:01
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If for some strange reason ( ) the Canadian electorate brought back the Conservatives, we are well on track to a ZIRP by the end of their next term.
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Jul 15, 2015 15:06
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"Constructive evolution in housing" 
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Jul 15, 2015 15:12
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Oh, gently caress you Poloz. gently caress you so hard.
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Jul 15, 2015 15:14
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quote:
Hahahahahahaha
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Jul 15, 2015 15:16
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quote:
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Jul 15, 2015 15:17
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jm20 posted:The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. 
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Jul 15, 2015 15:17
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quote:
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Jul 15, 2015 15:20
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jm20 posted:The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. This is just the thing that was needed to get businesses investing in their futures and convince tight-fisted consumers to finally loosen their pursestrings and and
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Jul 15, 2015 15:24
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eXXon posted:This is just the thing that was needed to get businesses investing in their futures and convince tight-fisted consumers to finally loosen their pursestrings and and quote:The Bank expects growth to resume in the third quarter and begin to exceed potential again in the fourth quarter, led by the non-resource sectors of Canada’s economy. Outside the energy-producing regions, consumer confidence remains high and labour markets continue to improve. This will support consumption, which will also receive a fiscal boost. Recent evidence suggests a pickup in activity and rising capacity pressures among manufacturers, particularly those exporters that are most sensitive to movements in the Canadian dollar. Financial conditions for households and businesses remain very stimulative.
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Jul 15, 2015 15:32
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Sucking and blowing at the same time.
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Jul 15, 2015 15:38
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So it is a very competitive time for me to get a mortgage?
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Jul 15, 2015 15:45
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32MB OF ESRAM posted:So it is a very competitive time for me to get a mortgage? Yes. Buying a house has never been more affordable.
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Jul 15, 2015 15:57
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OhYeah posted:If you like those counter-tops so much, wouldn't it be cheaper to buy a house for less and then just make the upgrades that you like or require? lol look at this noob
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Jul 15, 2015 16:10
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Really? I mean, I guess Im really not that surprised anymore but really? We are so very, very hosed in the near future arent we? https://www.youtube.com/watch?v=HIWHMb3JxmE
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Jul 15, 2015 16:31
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Furnaceface posted:Really? I mean, I guess Im really not that surprised anymore but really? We are so very, very hosed in the near future arent we? Well we were always going to be screwed by this. 0.75 or 0.5 for a few months probably doesn't matter to much, the damage has already been done over the last 7 years, and we are just waiting for it to finally happen. On the positive side, I doubt this will be any more effective than the earlier rate change, so it won't help Harper much. And probably makes him look like a bigger idiot to anyone actually paying attention. Houses will continue to escalate in TO and Van though, sucking up any possible economic growth.
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Jul 15, 2015 16:43
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In a way, poloz is telling Oliver that he doesn't give a gently caress about pet tory economic policies, by reducing the overnight rate. Yes, it will probably drive housing in Toronto and Vancouver to stratospheric heights, but that's not really poloz's problem. Oliver holds the macroprudential keys to cooling off the housing market and ensuring that the risk that the taxpayer will have to bail out shithead homeowners is kept to a minimum. Poloz is desperately trying to make sure the economic wheels don't fall of the Canadian wagon through export conditions which are favorable to the Americans since they're or biggest trading partner. He's applying the tourniquet to the bleeding manufacturing sector and trying to staunch the effects of cheap oil. That Canadians are ostentatious idiots with and insatiable hunger for "premium" and "luxury" possessions isn't his loving problem.
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Jul 15, 2015 16:47
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ocrumsprug posted:
Woah woah, you mean rising home prices/equity is NOT real economic growth? Surely you're mistaken. The ROI is so great that it's only surpassed by the Chinese stock market!
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Jul 15, 2015 16:48
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Freezer posted:Woah woah, you mean rising home prices/equity is NOT real economic growth? Surely you're mistaken. The ROI is so great that it's only surpassed by the Chinese stock market! Poloz has said as much that he expects home buyers to be rational. That is, he expects that those people who have low household debt who are sitting on the fence about buying, be the ones who actually but a house and not the shitheads financing their down payments. If only his desire were reflected in fact.
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Jul 15, 2015 16:51
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If any of you are bored, check out Luke kawa's twitter feed. He's tweeting out commentary on the ignorance of the financial press as they ask Poloz and Wilkins stupid questions like, WILL THIS HELP BALANCE THE BUDGET WHAT ABOUT FISCAL POLICY
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Jul 15, 2015 16:55
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gently caress everything I'm buying a house it's obvious that interest rates will never be allowed to rise and the BoC will let the entire country go to poo poo before it lets the air out of the housing bubble.
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Jul 15, 2015 17:31
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I find it amusing that, as many people argue government budgets should be managed like household budgets, we're increasingly seeing household budgets being managed like national budgets.
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Jul 15, 2015 17:40
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PT6A posted:I find it amusing that, as many people argue government budgets should be managed like household budgets, we're increasingly seeing household budgets being managed like national budgets.
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Jul 15, 2015 17:49
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Canadian Debt Bubble: still don't know what the BoC actually does
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