Again, why is it that we have a parade of people coming out and denying what they say doesn’t exist? Wethinks they doth protest too much.
“The evidence is not there that Canada has a housing bubble. In fact, the evidence with respect to affordability of mortgages in Canada is solid and we have a stable market” – Finance Minister Jim Flaherty, to the House of Commons finance committee, 23 Nov 2010
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This statement will be archived in the ‘What Bubble?’ sidebar page. Be sure to regularly check that archive, which, along with the ‘Bull Hubris’ quote collection, should make interesting reading in years to come.
Flaherty said there would be no recession.
Flaherty said there would be no deficit.
Flaherty delivered the biggest deficit ever.
Flaherty’s predictive and fiscal abilities are laughable.
Canada’s worst finance minister ever… and that’s saying a lot…
Sure, stable…until it crashes! And I don’t know how he can stand there and say housing prices are “affordable” when he has admitted that Canadians are taking on too much debt, and we’re basically screwed if interest rates go up!
He’s in a completely different income bracket. When the average house price in Canada hits a million he may feel a slight sting, until then though it’s all good.
At least the Brits are talking about homeowners being in a “fool’s paradise” with artificially low interest rates which will eventually revert to the mean. Here, all we talk about is temporary “affordability”… Flaherty mistakes this “snapshot” for a “full-length feature film”…
Keep quiet and don’t startle the sheeple like Wazzup.
Flaherty also justified his comments by saying “we’re not in a bubble – we’re a long way from Ireland’s situation”.
So, apparently there are only 2 types of economies:
“not in a bubble” and “Ireland”