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Old 10-14-2015, 11:52 AM   #241
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http://www.nytimes.com/2015/10/13/bu...id=re-share#oo
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Old 10-14-2015, 12:15 PM   #242
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Yes. I don't think the desperation has really hit yet for people to be willing to sell their homes at a loss. That will happen eventually should interest rates increase or people simply can't afford their mortgages after EI or severance packages run out. Now, maybe some government intervention could prevent foreclosures. I don't think that would necessarily be a bad thing. Nobody really gets what they want in that situation, except prospective buyers.
This is the Bank of Canada stance on intervention (just released yesterday). "Not my job to protect borrowers from 'bad choices,' Stephen Poloz says." So the word is out now, plan or act accordingly.
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Old 10-14-2015, 12:18 PM   #243
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You are also seeing a construction boom across the country. We are in a bubble. With all the speculation, increased borrowing, bad debt, and stretched Canadian household budgets, it is just a matter of time.
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Old 10-14-2015, 12:25 PM   #244
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Yes. I don't think the desperation has really hit yet for people to be willing to sell their homes at a loss. That will happen eventually should interest rates increase or people simply can't afford their mortgages after EI or severance packages run out. Now, maybe some government intervention could prevent foreclosures. I don't think that would necessarily be a bad thing. Nobody really gets what they want in that situation, except prospective buyers.
I have to agree that neither the bank or the government is responsible for people making bad debt decisions. I don't think there should be foreclosure protection at all. It is part of the correction process. However, the role of the government will be in helping people from becoming destitute. This does not mean keeping you in your overpriced, luxurious house, it would mean some sort of basic housing to keep people off the streets. That is the government role, banks are never going to be out for your interest. They are out for themselves.
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Old 10-14-2015, 12:40 PM   #245
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It's been a matter of time for more than a decade now...
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Old 10-14-2015, 01:07 PM   #246
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I have to agree that neither the bank or the government is responsible for people making bad debt decisions. I don't think there should be foreclosure protection at all. It is part of the correction process. However, the role of the government will be in helping people from becoming destitute. This does not mean keeping you in your overpriced, luxurious house, it would mean some sort of basic housing to keep people off the streets. That is the government role, banks are never going to be out for your interest. They are out for themselves.

I don't think I would consider many of the 400-500k homes in Calgary or places like Fort Mac in the category of "luxurious" or bad debt decisions. I am maybe less sympathetic to somebody who spent way above and beyond that. Still, what does the bank really gain by taking what is likely to be a loss on a foreclosure and causing a more systematic decrease in home values and causing grief to the people who bought during this market. Who wants derelict homes in their neighborhoods either? I would hate for Calgary to turn into some ghetto city.
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Old 10-14-2015, 01:16 PM   #247
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Old 10-14-2015, 01:19 PM   #248
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It's been a matter of time for more than a decade now...
Fear the bubble burst!!!!!!!!!!
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Old 10-14-2015, 03:58 PM   #249
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Not O&G, but friend told me that Smart had some significant layoffs today.
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Old 10-14-2015, 04:04 PM   #250
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Not O&G, but friend told me that Smart had some significant layoffs today.
Their stock is under $0.50 today... I wonder how much longer that company will survive
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Old 10-14-2015, 04:23 PM   #251
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Well, even walmart stock is trading at 60$ that doesnot mean that it wont survive. SMART is own by PE firm Apex, whose main aim to to buy companies increase its value 3 times and sell it..so i guess we have to wait. Good time to buy walmart
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Old 10-14-2015, 04:38 PM   #252
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Not O&G, but friend told me that Smart had some significant layoffs today.
My friend worked there over the summer as a student intern. From his point of view, it sounded great. Trips to the U.S., got taken out for lunch and drinks all the time. Sounded like there was a lot of money.
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Old 10-14-2015, 04:56 PM   #253
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This is the Bank of Canada stance on intervention (just released yesterday). "Not my job to protect borrowers from 'bad choices,' Stephen Poloz says." So the word is out now, plan or act accordingly.
I read your quote as he was hinting that rates will go up, however, actually reading the article implies he will lower rates to me. That quote should be taken with care out of context, I would suggest all to read the link below if this stuff interests anyone

http://www.cbc.ca/news/business/step...debt-1.3268738
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Old 10-14-2015, 08:29 PM   #254
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I read your quote as he was hinting that rates will go up, however, actually reading the article implies he will lower rates to me. That quote should be taken with care out of context, I would suggest all to read the link below if this stuff interests anyone

http://www.cbc.ca/news/business/step...debt-1.3268738
Originally, I came across this headline through the Globe and Mail, which offers a slightly different content. If anything, the statement contains a warning that borrowing based on low interest rates is a bad idea ("we told you so trick", which I personally agree with. However, I don't believe Mr. Poloz is really genuine about it as quite the opposite is a desirable outcome for any private bank. Debt creation is what they live for.

In regards to the interest rates, given the debt loads (government and private) in Canada and across all western nations, the "central planners" won't raise them EVER voluntarily until the free market forces them to do so. That will be the ultimate end-game in the form of a full-blown currency crises. In the meantime, "the planners" are toying with the idea of negative interest rates, but they have to find a way to ban physical cash, which gets in the way. The masses are already being conditioned in Europe as the mainstream media has produced quite a number of articles calling for cash ban.
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Old 10-14-2015, 08:35 PM   #255
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It's been a matter of time for more than a decade now...
You'd better believe it won't be another decade. Rome didn't fall in a day either...
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Old 10-14-2015, 08:44 PM   #256
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Well, even walmart stock is trading at 60$ that doesnot mean that it wont survive. SMART is own by PE firm Apex, whose main aim to to buy companies increase its value 3 times and sell it..so i guess we have to wait. Good time to buy walmart
They went public like 5 years ago - and no one got shares or anything.
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Old 10-14-2015, 09:48 PM   #257
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They went public like 5 years ago - and no one got shares or anything.
I guess I could look, but they went public around $12-14 I think, so at $0.50 or so today, people didn't miss a lot by not getting them for 28 times as much.
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Old 10-15-2015, 11:57 AM   #258
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Old 10-15-2015, 12:09 PM   #259
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A sale lease back usually precedes trouble for a business. Because now you have unlocked cash (which it probably needed to support operations or pay down debt) but you have now created a fixed cost which is hard to manage in a downturn.
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Old 10-15-2015, 12:34 PM   #260
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You'd better believe it won't be another decade. Rome didn't fall in a day either...
Or you know, pricing could just level off. Why does everything have to be so extreme?

Bubble is going to BURST. Housing market is going to COLLAPSE. The bottom is going to FALL OUT.

These are seemingly the only sayings associated with Calgary's real estate market for literally more than a decade.
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