Canada Housing/Debt: Trust me, I'm a landlord.

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

Kafka Esq.: Jan 1, 2005; "If you ever even think about calling me anything but 'The Crab' I will go so fucking crab on your ass you won't even see what crab'd your crab" -The Crab(TM)

PT6A posted:

Yes, but the Aston Martin is a small car meant for the gentleman who is satisfied with the size of his member, whereas the giant luxury truck, barring the 1% who actually use it for work, is for the sort of person who needs a microscope to find their penis and wishes to compensate for it.

Don't kinksh - oh gently caress it, I just exceeded my tolerance for that joke.

# ? Jul 30, 2015 00:37

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# ? May 22, 2024 02:28

etalian: Mar 20, 2006

Baronjutter posted:

How would anyone tell the difference?

Calgary looks really different now

https://www.youtube.com/watch?v=LwinMu7-ZrI

# ? Jul 30, 2015 00:41

egg tats: Apr 3, 2010

Kafka Esq. posted:

Don't kinksh - oh gently caress it, I just exceeded my tolerance for that joke.

That joke only really works nowadays when it's clearly not a real kink.

These people would absolutely gently caress their trucks.

# ? Jul 30, 2015 00:45

Albino Squirrel: Apr 25, 2003; Miosis more like meiosis

Seat Safety Switch posted:

Note that some German cars are actually getting much better for resale and not falling apart immediately after the second owner takes delivery (Mercedes, although the CLA remains to be seen) but there are also some real minefields in places the average Canadian customer wouldn't expect (Mini).

The luxury car treadmill absolutely pulls a poo poo ton of otherwise productive cash out of homeowners' pockets and out of the country, and easy financing only makes doing so more popular, even for families that realistically can't afford to take those risks. They're overwhelmingly the McMansions of cars.

It is amazing how eager dealerships are to get you into a lease. I had to to fight for an unreasonably long time to convince the most recent car dealer that I didn't want to lease, because I was paying cash.

And yeah, that's true about Minis. Although my old one fell the gently caress apart while I still owned it...

JawKnee posted:

loving

probably would have been cheaper to have one installed

e: assuming you want one in the Canadian Prairies haha

Sunroofs are fine in Alberta; my station wagon has one and it doesn't seem to lose heat any faster than the rest of the roof in winter. I don't think any kind of roof would help that degree of idiocy though.

# ? Jul 30, 2015 00:45

Wistful of Dollars: Aug 25, 2009

PK loving SUBBAN posted:

Every story like this makes me feel unreasonably good about my 8 year old used compact car. Thank you.

Seriously. Makes me feel good that I currently owe $25 on my vehicle. (that's not a typo)

I want to replace it with something more fun, but this whole chat reminds me I'm smart to wait.

Also, I see loads of people buying bare-bones luxury cars for the badge alone, when a cheaper American or Asian car would give them more features, room and/or performance.

# ? Jul 30, 2015 00:53

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

The sunroof makes a convenient chimney for smoking in the car, without the cross-breeze that opening the side windows will get you.

Still, I've never actually owned a vehicle that had one and I've never missed it.

# ? Jul 30, 2015 00:54

Bip Roberts: Mar 29, 2005

Imagine driving a DB9 in the snow.

# ? Jul 30, 2015 02:12

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Bip Roberts posted:

Imagine driving a DB9 in the snow.

I doubt it'd be much worse than a Mustang, and I drive that in the snow just fine.

# ? Jul 30, 2015 02:25

blah_blah: Apr 15, 2006

PT6A posted:

Yes, but the Aston Martin is a small car meant for the gentleman who is satisfied with the size of his member, whereas the giant luxury truck, barring the 1% who actually use it for work, is for the sort of person who needs a microscope to find their penis and wishes to compensate for it.

Buying a giant truck = compensating for something
Buying a supercar = definitely not compensating for something?

# ? Jul 30, 2015 03:10

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

blah_blah posted:

Buying a giant truck = compensating for something
Buying a supercar = definitely not compensating for something?

An Aston Martin is a dignified car for a gentleman of means. A supercar, such as a Lamborghini or Ferrari, assuming you don't use it for racing, is a lurid penis compensation tool.

# ? Jul 30, 2015 03:22

Bip Roberts: Mar 29, 2005

PT6A posted:

An Aston Martin is a dignified car for a gentleman of means. A supercar, such as a Lamborghini or Ferrari, assuming you don't use it for racing, is a lurid penis compensation tool.

I cannot tell which parts of this are ironic.

# ? Jul 30, 2015 03:27

Baronjutter: Dec 31, 2007; "Tiny Trains"

Sorry anything more than a compact hatch back is ridiculous unless you're a landscaper or quiverfull.

# ? Jul 30, 2015 03:37

namaste friends: Sep 18, 2004; by Smythe

It blows my mind that english cars have somehow managed to overcome their service records.

For gently caress's sake, people think FIAT 500s are PREMIUM LUXURY small cars which a loving laugh.

# ? Jul 30, 2015 03:38

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

I was given a Fiat 500 as a rental not too long ago and when the rental company called me for a random survey I told them that the 500 was a god damned death trap of a clown car that rattled my teeth on the highway and drat near killed me if I went faster than a walking pace on gravel roads.

The same people that call 500s good cars are the same people that can't admit that every square meter of Ile de Paris smells like piss.

# ? Jul 30, 2015 04:00

etalian: Mar 20, 2006

EvilJoven posted:

I was given a Fiat 500 as a rental not too long ago and when the rental company called me for a random survey I told them that the 500 was a god damned death trap of a clown car that rattled my teeth on the highway and drat near killed me if I went faster than a walking pace on gravel roads.

The same people that call 500s good cars are the same people that can't admit that every square meter of Ile de Paris smells like piss.

German joke (such a thing exists) is best FIAT= f�r italiener ausreichende technik

# ? Jul 30, 2015 04:12

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

etalian posted:

German joke (such a thing exists) is best FIAT= f�r italiener ausreichende technik

Or a similar English version: Fix It Again, Tony!

# ? Jul 30, 2015 04:51

etalian: Mar 20, 2006

PT6A posted:

Or a similar English version: Fix It Again, Tony!

It's also fun reading FIAT reviews in the auto magazines.

# ? Jul 30, 2015 05:32

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

etalian posted:

It's also fun reading FIAT reviews in the auto magazines.

I have to confess I have no idea why two of the automakers with the worst reputation for reliability looked at each other and said, "Oh yeah, this is the best merger possible!"

Like, are they trading new and exciting methods of building lovely cars that fall apart, or what?

# ? Jul 30, 2015 05:35

Cromulent_Chill: Apr 6, 2009

OhYeah posted:

For around 65k you can get an Aston Martin DB9. Sure, it will be expensive as hell to insure and drive, but on the other hand, you've got an Aston Martin while your friends are driving around in trucks like some God drat hillbillies. Just think of the girls you would pick up with an Aston vs "ladies" you will be picking up with a truck.

Bwahaha like an Alberta Gurl would gently caress a guy in an Aston Martin. City boy.

# ? Jul 30, 2015 06:31

flashman: Dec 16, 2003

A truck or whatever James Bond car you've got your "knickers" wet for are equally stupid if you can't afford it so who gives a gently caress which one means your cock is smaller.

# ? Jul 30, 2015 06:45

Pimpmust: Oct 1, 2008

From my experience with a FIAT Punto the biggest issue was some electrical wiring having a minor meltdown every other year

That and rust on the underside. But the car's like 15 years old and obviously not made for northernly conditions. Didn't need that brake fluid anyhow.

And the frost on the inside of the window during winter.

Loud as gently caress on the highway too.

But except for that, a fine car! (At least the repair bills were pretty tiny)

# ? Jul 30, 2015 08:47

OhYeah: Jan 20, 2007; 1. Currently the most prevalent form of decision-making in the western world

2. While you are correct in saying that the society owns

3. You have not for a second demonstrated here why

4. I love the way that you equate "state" with "bureaucracy". Is that how you really feel about the state

blah_blah posted:

Buying a giant truck = compensating for something
Buying a supercar = definitely not compensating for something?

I don't know about NA, but in Europe Aston Martin has a pretty special reputation, even among the rest of the supercars. If you are in a 100k Mercedes or a BMW, people will not let you pass most of the time, but they will let an Aston go through first.

Killin_Like_Bronson posted:

Bwahaha like an Alberta Gurl would gently caress a guy in an Aston Martin. City boy.

Why not? DB9 is probably one of the best looking cars ever made, without an ounce of hyperbole.

# ? Jul 30, 2015 11:13

Blacknose: Jul 28, 2006; Meet frustration face to face
A point of view creates more waves
So lose some sleep and say you tried

PT6A posted:

An Aston Martin is a dignified car for a gentleman of means. A supercar, such as a Lamborghini or Ferrari, assuming you don't use it for racing, is a lurid penis compensation tool.

Nah the only difference is people think 'posh wanker' instead of just 'wanker'.

# ? Jul 30, 2015 12:02

Kafka Esq.: Jan 1, 2005; "If you ever even think about calling me anything but 'The Crab' I will go so fucking crab on your ass you won't even see what crab'd your crab" -The Crab(TM)

You loving people.

# ? Jul 30, 2015 13:00

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

Hey man it's just the idle chat until the next actual thing happens that shoves us another foot closer to the brink. I'm not about to sit here holding my breath the entire time.

# ? Jul 30, 2015 13:35

namaste friends: Sep 18, 2004; by Smythe

The following article is burning up finance twitter right now and it's fantastic disaster porn for everyone craving financial collapse.

http://www.bloomberg.com/news/articles/2015-07-29/what-no-one-ever-says-about-corporate-bond-market-liquidity

quote:

Everyone’s worried about bond market liquidity. That much we know. Whether it’s high-yield corporate bonds sold by junk-rated companies or the ultra-safe Treasuries sold by the U.S. government, investors’ ability to buy and sell these securities without "overly" affecting prices has moved to front and center of the proverbial market concerns.

The causes, we hear, are myriad. Regulation that has curbed banks’ ability to hold vast sums of bonds on their balance sheets is often blamed. We are also told that years of low interest rates have herded investors to the same positions, spurring billions of dollars worth of inflows into global bond funds. The worry is that should those inflows reverse, bond prices could hit an air pocket and face a rapid descent.

There’s a long list of potential solutions to the problem. A shift toward electronic trading was once supposed to save a corporate bond market in which many trades are still done over the phone (although so-called electronification hasapparently impeded liquidity in the U.S. Treasury market). Exchange-traded funds that give investors the ability to instantly dart in and out of positions are promoted as a quick fix for a longer-term problem. BlackRock, the world's biggest asset manager, is pushing standardized bond issuance and wants to delay trade reporting for corporate debt.

All these solutions miss the point, however. None focus on the real reason behind deteriorating liquidity, which is that vast swaths of the corporate bond market have simply been cornered.

The Corner

Corners have a long history on Wall Street. They very often do not end well.

Take, for instance, the corner mounted by Clarence Saunders, founder of the Piggly Wiggly grocery stores that once proliferated across the American South. Saunders bought up 196,000 of the 200,000 outstanding Piggly Wiggly shares as he sought to fend off an attack by short sellers. The corner collapsed after securities regulators gave short sellers extra time to settle their trades. Although stock market corners have since been outlawed, they still pop up here and there: JPMorgan’s accidental cornering of a credit default swaps index back in 2012 ended in tears and a $6 billion trading loss.

The present corner in corporate bonds works like this: Big investors muscle their way into a corporate debt sale, often influencing the pricing and terms of the new issue and buying large chunks of the resulting debt. Then they wait. They can make hefty profits simply by holding the new bonds before they are added to the benchmark indexes against which most investors are judged. The practice, according to Citigroup analysts, can add 20 basis points of annual additional returns at a time when it's difficult to outperform the overall market.

Beyond outperforming the benchmark, having sizable chunks of a new corporate issue locked up in big investors' portfolios creates an immediate squeeze upward in the price of the debt. Examples abound. When Verizon sold $49 billion worth of bonds last year, analysts estimated that investors lucky—or powerful—enough to get a slice of the mega-deal made $2 billion in paper profits in just 24 hours. In April, Fortescue Metals sold $2.3 billion of bonds that went on to gain $63 million in value in two days.

"In the bigger deals, [bankers] are going to get the larger funds to take down the balance. Those deals can hinge on the big funds. They might say that they're in at 'x' spread, so that could put a floor on what the deal will come at," says David Schawel, portfolio manager at Square 1 Bank in Durham, N.C.

If you can do the Corner, it’s free money. It also leads to a virtuous cycle for the big investors involved. Gobbling up corporate bonds allows you to beat your benchmark, so investors give you more assets. As your assets under management grow, so does your clout in the market, enabling you to buy even more debt.

"The asset managers are addicted to new issues. It's the candy that they need every day," says Paul Reynolds, a former Citigroup trader who founded the now-shuttered bond trading platform, Bondcube. "As a process, new issue allocations could be a lot better."

While it's not unusual for investors in new-issue deals to be compensated for the risk of buying new securities, the rewards for doing so have increased as the biggest buy-side players get bigger and competition for higher-yielding assets intensifies. A Bank for International Settlementspaper released last year estimated that the bond holdings of the 20 biggest asset managers increased by $4 trillion in the four years immediately following the crisis. Back in 2002, the top 20 managers accounted for 50 percent of the total assets under management assets of the 300 biggest investment firms. By 2012—at the end of the BIS's data series—the proportion had climbed to 60 percent.

No one likes to talk about the Corner in corporate bonds. Dealers don’t like to admit that big players on the buy side now have more pricing information and influence than dealers do. The big buy-side players don’t want added scrutiny at a sensitive time for the asset management industry; many have been struggling to fend offadditional regulation that would put them on a par with "too big to fail" banks, as well as rules that could impose exit fees on funds that promise instantaneous access to illiquid assets.

But the Corner is real, and it has consequences.

Cornering a market is tricky because the more successful you are at doing it, the more you become the market. It moves as you move. As you buy, prices move disproportionately upward. When you sell, prices can fall quickly and dramatically. The Corner is not a problem as long as big investors continue to buy and hold corporate securities. The Corner will become a problem if something—such as an interest rate rise or nervous retail investors—sparks a forced and sudden rush for the exits.

We know that everyone is worried about bond market liquidity and the possibility that prices will tumble excessively as investors rush to sell. No one is publicly worried about the corollary to that argument, which is that low bond market liquidity has already helped force prices much higher than they would otherwise be.

Basically large investors have been cornering the market for corporate debt. That is, they buy so much of it that they can influence the terms of the debt and more importantly, the price or value of the debt. This is quasi legal and the holders of this debt are going to be in deep poo poo event the feds raises rates. This is because the value of this debt will approach zero.

loving lol 2 big 2 fail yall

# ? Jul 30, 2015 14:02

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

flashman posted:

A truck or whatever James Bond car you've got your "knickers" wet for are equally stupid if you can't afford it so who gives a gently caress which one means your cock is smaller.

Buying things you can't afford is a bad idea!
/

# ? Jul 30, 2015 14:22

Wistful of Dollars: Aug 25, 2009

What else are the super rich supposed to spend their money on? They banned (legally) buying people long ago.

# ? Jul 30, 2015 14:36

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

El Scotch posted:

What else are the super rich supposed to spend their money on? They banned (legally) buying people long ago.

Jets. I like cars, but if I had a billion dollars (or even a few hundred million) I'd have at least two private jets -- one certified for single-pilot operation that I could fly myself, and one with longer range and a bigger cabin, like a Global Express or G550.

# ? Jul 30, 2015 14:39

OhYeah: Jan 20, 2007; 1. Currently the most prevalent form of decision-making in the western world

2. While you are correct in saying that the society owns

3. You have not for a second demonstrated here why

4. I love the way that you equate "state" with "bureaucracy". Is that how you really feel about the state

PT6A posted:

Jets. I like cars, but if I had a billion dollars (or even a few hundred million) I'd have at least two private jets -- one certified for single-pilot operation that I could fly myself, and one with longer range and a bigger cabin, like a Global Express or G550.

Nah mate, that's ridiculous waste of money. If you're on a budget (let's be honest, 100 million isn't *that* much), best get a Gulfstream IV. I've seen 20 year old aircraft go for 4-5 million with the most luxurious cabins and they have the same range as G450 (~8000 km). You can get pre-1990 models as low as 3 million. Unless you literally have a billion+ dollars sitting on your bank account, there's no reason to buy a G550. And even in that case I'd for Embraer Lineage 1000: http://www.embraerexecutivejets.com/en-us/jets/lineage-1000e/pages/overview.aspx

# ? Jul 30, 2015 15:15

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

Screw jets, what horse would you buy if you were rich?

# ? Jul 30, 2015 15:36

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

OhYeah posted:

Nah mate, that's ridiculous waste of money. If you're on a budget (let's be honest, 100 million isn't *that* much), best get a Gulfstream IV. I've seen 20 year old aircraft go for 4-5 million with the most luxurious cabins and they have the same range as G450 (~8000 km). You can get pre-1990 models as low as 3 million. Unless you literally have a billion+ dollars sitting on your bank account, there's no reason to buy a G550. And even in that case I'd for Embraer Lineage 1000: http://www.embraerexecutivejets.com/en-us/jets/lineage-1000e/pages/overview.aspx

This is very true. The IV would be more than sufficient.

triplexpac posted:

Screw jets, what horse would you buy if you were rich?

gently caress that.

# ? Jul 30, 2015 15:39

Wistful of Dollars: Aug 25, 2009

One of my favorite quotes about filthy lucre came years ago from Larry Ellison when asked why he was spending 120m of his own money to try and win the Americas Cup.

To paraphrase, the answer was "do you know how hard it is to spend 120m?"

# ? Jul 30, 2015 15:52

Baronjutter: Dec 31, 2007; "Tiny Trains"

You could buy and kill your own horses, no need to wait for the stampede.

# ? Jul 30, 2015 15:52

OhYeah: Jan 20, 2007; 1. Currently the most prevalent form of decision-making in the western world

2. While you are correct in saying that the society owns

3. You have not for a second demonstrated here why

4. I love the way that you equate "state" with "bureaucracy". Is that how you really feel about the state

triplexpac posted:

Screw jets, what horse would you buy if you were rich?

A beautiful one.

# ? Jul 30, 2015 15:54

Twerk from Home: Jan 17, 2009; This avatar brought to you by the 'save our dead gay forums' foundation.

Can you imagine if the credit markets found some ownership and lending model to put private jet access in the hands of normal people? I bet people would start taking chartered jets if they could spread the cost out over years at 0% interest.

# ? Jul 30, 2015 15:54

cowofwar: Jul 30, 2002; by Athanatos

Twerk from Home posted:

Can you imagine if the credit markets found some ownership and lending model to put private jet access in the hands of normal people? I bet people would start taking chartered jets if they could spread the cost out over years at 0% interest.

Timeshare/fractional ownership.

Flexjet.com

quote:

Designed for the traveller who flies 50+ hours per year, fractional jet ownership allows you to purchase equity in a specific Flexjet aircraft. The number of hours you can fly per year is dependent on how much of the jet you own.

# ? Jul 30, 2015 16:02

Twerk from Home: Jan 17, 2009; This avatar brought to you by the 'save our dead gay forums' foundation.

cowofwar posted:

Timeshare/fractional ownership.

Flexjet.com

Amazing, so like the timeshare model I'm betting you can buy "jet equity" that is impossible to offload for anywhere near what you paid, and you get murdered by fees whether you use the jet or not.

# ? Jul 30, 2015 16:07

Seat Safety Switch: May 27, 2008; MY RELIGION IS THE SMALL BLOCK V8 AND COMMANDMENTS ONE THROUGH TEN ARE NEVER LIFT.; Pillbug

There are a lot of layoffs in Calgary this morning. Cenovus 400 and cut guidance, Shell "6500 this year," Suncor cut guidance.

Housing vacancies also up to 2.64%, according to the census results released yesterday: http://calgaryherald.com/news/local-news/calgarys-housing-vacancies-up-census-data-shows

triplexpac posted:

Screw jets, what horse would you buy if you were rich?

Horses are inferior to goats. My pet goat, Henri, mows my lawn for me, provides valuable fertilizer and is a trustworthy companion despite his racist beliefs.

Seat Safety Switch fucked around with this message at 16:20 on Jul 30, 2015

# ? Jul 30, 2015 16:18

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# ? May 22, 2024 02:28

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Twerk from Home posted:

Amazing, so like the timeshare model I'm betting you can buy "jet equity" that is impossible to offload for anywhere near what you paid, and you get murdered by fees whether you use the jet or not.

It's quite expensive, but I think there's a use case if you often need last minute flights. Those tend to be expensive and frequently unavailable, and if you're sending 4-6 people to the same place at the same time, all of whom would be flying business class, it's questionable whether it's really that much more expensive.

If you're using it on a personal level, though, you just might be a retard.

# ? Jul 30, 2015 16:38

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