“Have you guys seen food and gas prices lately? U.S. $ will soon be worthless if the Fed keeps printing money!”
- Lindsay Lohan tweet 27 Jun 2011
Need any more evidence that the USD will rally? -ed.
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- paydayloansyeehaw on Erroneous Theories For Falling Prices #5 – Tightening Of Mortgage Rules Caused The Crash
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- Nemesis on Chat Thread
- Hymie Garshman on Taking A Break
- Nemesis on Chat Thread
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Type of Anecdote
- 01. He Said, She Said (247)
- 02. Profiting from the Boom (441)
- 03. Changed my Life (103)
- 04. Changed my Career (38)
- 05. Where do Buyers get the money? (958)
- 06. Held my Nose and Leapt (96)
- 07. Avoiding Vancouver (375)
- 08. Overextended Buyers (1182)
- 09. Delaying Buying (315)
- 10. Demoralized Renters? (362)
- 11. Regrets about Investing in RE (417)
- 12. Effects of Development (274)
- 13. 2010 Olympics Related (74)
- 14. Social Effects of the Boom (1255)
- 15. Misallocation of Resources (958)
- 16. Missed The Boat? (236)
- 17. The Froogle Scott Chronicles (27)
- 18. Spot The Speculator (171)
- 19. BlastRadiusPostCards (17)
- 20. The Limitless Demand Argument For Ongoing Market Strength (70)
- 21. Vancouver RE-Verse [Found Poems] (8)
- 22. RE References In Popular Culture (41)
- 23. Jumping The Shark (1)
- 24. Policies On Housing (10)
- 25. Epigrams For The Bubble (1)
- 26. Premature Calls Of "Bottom" (3)
- 27. Seller Panic (3)
- 28. Erroneous Causation Theories For Falling Prices (7)
- 29. Bubblespeak (1)
- Uncategorized (176)
Blogroll
- 01 Vancouver Condo Info
- 02 AmericaCanada [retired, no archive]
- 03 Housing Analysis
- 04 RealEstateTalks BC
- 05 Vancouver RE and then some
- 06 Whispers from the Village on the Edge of the Rainforest
- 07 Greater Fool
- 08 Canada Bubble
- 09 Rob Chipman's blog
- 10 YatterMatters
- 11 condohype [retired; archives available]
- 12 vancouver (un)real estate
- 13 Agent Will's Stats [retired]
- 14 Landlord Rescue
- 15 The Economic Analyst
- 16 Canadian Housing Price Charts
- 17 Hoodsurf [retired Jun 2011]
- 18 World Housing Bubble
- 19 Vancouver Price Drop
- 20 North American Economics
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Latest Anecdotes:
- Chat Thread
- Taking A Break
- “My best guess: this property is now an ‘investment hold’ and will be built ‘when prices recover’. Good luck on that!”
- Man Loses $745,000 Vancouver Condo Deposit
- Graphic – Degrees of Housing Overvaluation in Canada
- The Rare Individual With A Negative Ownership Premium
- Advice Regarding Renting In Vancouver, Please – “Unfortunately, the Vancouver rental stock is absolutely atrocious. It just seems like every landlord is looking for someone to pay 100% of their mortgage on a crappy place through rental income.”
- “I just visited Manhattan for a week, and happened to snap some real estate ads on both the Upper West and Upper East sides of the island. Compare to Vancouver. It simply doesn’t compute.”
- Ben Rabidoux In Vancouver Next Week
- “The mortgage company told me they were calling in my 40-year, 0-down mortgage. I have paid nearly sixty thousand dollars towards it, but, nearly five years in, I have yet to touch the principal.”
- ‘Vancouver City Hall: Housing Report Card 2012′; Plus Revised Version
- “My folks find themselves at 65 still owing half the value of their home and recreation property to the bank. After almost 30 years of ownership in the BPOE and a number of boom markets, they have very little to show for it.”
- “Rent for $2,200 a month or buy and have a mortgage of $4,310 per month. Why would anyone buy?”
- “They were talking about two couples they knew who had recently bought a lot and planned to each build a house on it and live as neighbours.”
- Greater Vancouver Home Builders’ Association Annual First-Time Buyer Seminar Attendance Plummets
- Mom and Pop Get It Wrong In All Markets, Time And Again
- The average British Columbian homeowner is not going to pay off their mortgage by the time they retire.
- “He’s sold all his properties except his current one, which is now for sale. He explained that the market’s currently in crash mode, worst that he’s ever seen.”
- “One of my old high school buddies finally got her mother to sell the family home in Kitsilano – sold for over $1M, monies realized after debt paid off $185K.”
- “I know someone who just declared bankruptcy because her condo was assessed at $150k and she bought it presale north of $250k in 2005 or 2006.”
- Sturdy, With Views – “Calling Froogle Scott!… Is Dr. Scott ‘In The House’?” [Not In This One, Certainly]
- “She said the market was dead in Victoria and that it would remain so for a very long time. I asked how she knew. Her answer was fascinating and should scare the pants off the real estate crowd.”
- Kits Notes – “I’m pretty sure that this is the first 3+ bedroom property of any type that I’ve seen in the 5 years I’ve lived here that is priced below $700K.”
- “A beautiful Belfast home, in the equivalent of 1st Shaughnessy, bought at their RE peak in 2007 for £3.5 million, has now sold for £800K, almost 80%-off. The market didn’t suffer any significant economic shocks. Rates & unemployment didn’t skyrocket. They didn’t build more land. Sentiment just changed and the prices fell and fell.”
- “Two family members of hers are trapped, underwater, in condos on the East Side.”
- “Interprovincial migration is not saying good things about BC’s economy.”
- Vancouver RE: Not As Expensive Provided You Don’t Think – “It’s clear that our perception of affordability has been coloured by living on a continent where housing is unusually inexpensive.”
- More Undisclosed RE Industry Insiders Publicized As Clients – “In 1995, Allan and Karin Hoegg were mortgage-free. But no more. Today their Vancouver home is a valuable source of income as they plan for full retirement.”
- Rumor that some OV units will be reduced by 20%.
- Downside Weights On The Vancouver RE Market – “One of the older guys (over 60) mention to the guy beside him that he and his wife were thinking about selling their family home, and renting, in order to get some of the money that was locked up in the house.”
- “My buddy was looking to upgrade to a house in the Coquitlam area. With 200k extra for a home, that’s half of lifetime saving between him and his wife.”
- “I was walking in the Fraser neighborhood yesterday, I noticed that the population, on average, seem to be composed of workers. I belong to the top 5 percent in terms of income. Nevertheless, I cannot afford any of the houses for sale in that neighbourhood.”
- “Vancouver is an urban resort whose value mostly resides in its real estate and not much else.”
- “Rogers Communications is expanding into RE; aiming to relaunch website; providing critical data that can help potential buyers assess the value of a property from the comfort of their home computer.”
- I’m only 50 and I can just about retire if I want to, all because of a single simple decision – “When prices rebounded to their former highs, then rocketed another 30% higher to what I considered to be totally unsustainable levels, I decided that only a fool would pass up a second opportunity to harvest such a massive non-taxable capital gain, and in 2011 I sold my place.”
- The Vacant Lot of Versailles, Richmond.
- “I don’t think that most people think things are going to crash, just that there is going to be a slight correction, but it was amazing to me how sentiment has changed, and the fact Vancouver RE is too high was just understood.”
- “The ‘investor’ who purchased our house put it up for sale two months later, in January 1981, but the bubble had burst.”
- For A City To Have That Kind Of Vacancy, It’s Like Cancer – “Downtown, the vacant unit rate is so high that it’s as though there were 35 towers at 20 storeys apiece – all empty.”
- “What’s the worst that can happen? You can’t pay your mortgage, so sell your house! No fear.”
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- Chat Thread wp.me/pcq1o-5vD 3 weeks ago
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Guess being unemployed (and unemployable) is beginning to smart.
This wasn’t generated by LiLo… Somehow I don’t think the concept of the “Fed” and “Printing Money” has ever crosses her mind… Food and Gas? She doesn’t even pay for her own jewelry…
Actually it was a “sponsored” tweet (who knew such a thing existed)… from some organization which wants everyone to be aware of the dangers of hyper-inflation.
Thanks for the clarification.
Here’s the link from businessinsider.com…
http://www.businessinsider.com/lindsay-lohan-warns-of-imminent-hyperinflation-in-america-2011-6
It’s the National Inflation Association which sponsored LiLo’s tweet.
ooph..
the bernanke ‘helicopter’ quote is more relevant here
“Have you guys seen crack and meth prices lately? U.S. $ will soon be worthless if the Fed keeps printing money!”
Best laugh of the day, ATP!
On the other hand (and discounting,for the moment, that this was a sponsored ‘tweet’)…
What if LiLo had experienced some sort of ‘monetary epiphany’ in a rare, lucid moment in ReHab. Or had suddenly and unexpectedly become the ‘spirit medium’ for [insert name of your favourite dead economist] and was ‘channelling’ words ‘o wisdom?
Such “what ifs” are the very stuff of speculative fiction… and even better, comedy!
PS – ‘PreHab’ &’ReTox’ are infinitely more fun than ReHab.
Ha ha. +100 for you
Funny old world, AG… in as much as Vancouver thieves have apparently eschewed ‘BankJobs’ in favour of… ‘MintJobs’!
Did they switch venues/loot on LiLo’s advice???
[CBC] – Royal Canadian Mint store in Vancouver burgled
…”Staff said thieves smashed through an interior wall and stole goods from display cases inside the store. Police said they have no suspects.”…
http://tinyurl.com/444csxt
Judging by this morning’s metals action – an apparently astute choice.
This is a silly tweet.
However, things could get interesting if the Congress doesn’t get their sh*t together in the next couple of weeks. I’m a teeny bit worried about what the markets might do if they don’t raise the debt limit due to political fights.
There is a fight coming starting in August and it is entirely possible the US government will shut down, prompting furloughs for most government employees. At a time when the economy is nowhere near full capacity that is deflationary, to say the least.
well, it’s not really just about the US government shutting down. That was the last ridiculous game of chicken.
This game of chicken is about the US defaulting on its treasury debt interest payments.
Maybe nothing will happen if holders of treasuries don’t panic. Or maybe we’ll cause a global shock with this nonsense. Could be bigger then the Lehman’s collapse. Or maybe US politicians will decide not to blow up the joint and stop arguing.
Yes, it actually has to rally. The people who believe in the USD as bullet proof are as foolish as those who believe that Real Estate will always go up. The fundamentals in both markets just aren’t there. One can defy gravity only for so long.
vreaa, you’d like this prediction that came out in May from Savvas Savouri from the Toscafund hedge fund. Maybe best to archive this one alongside Sherry Cooper’s 50 Cent Canadian Dollar call.
Australian Dollar to hit $1.70USD by 2014:
http://www.theaustralian.com.au/business/rampaging-dollar-could-hit-us170-as-budget-and-industries-threatened/story-e6frg8zx-1226052152303
As long as consumers are deleveraging the money supply will continue to shrink and since we have a decade of consumer debt orgy that will take two decades to unwind, little is going to change.
Cost-push inflation != monetary inflation.