Comments on: Flaherty On Housing

By: Chris

Chris — Thu, 24 Dec 2009 10:23:27 +0000

I understand their fear that a US-type situation could occur anywhere, but we never had the crazy lending practises here, so the system prevented such a meltdown. I don’t want things like mortgage tax deduction; I don’t agree with 110% financing. I’d be a whole lot happier if they left things as they are in this area and expended the time, $$, and effort on maybe, oh, keeping jobs in Ontario, paying their fair share of things, perhaps even building 100 more arenas so girls aren’t treated like 3rd-class citizens when it comes to hockey, or, a really radical thought, raising the calibre of education or helping kids via funding for social agencies. Nope, can’t do that, it wouldn’t get enough of a splash in the media.

By: Chris

Chris — Thu, 24 Dec 2009 10:22:53 +0000

Barry replies: He is wrong in his premise. I have met him a few times. Decent man but wrong on this issue. A free market is the ideal but we do not have that in North America. Too much government intervention. Ayn Rand said that true capitalism has rarely existed because of government intervention.

By: Chris

Chris — Thu, 24 Dec 2009 02:55:48 +0000

Funny how they do that kind of stuff, eh Barry. I am really gobsmacked by the ridiculous premises that Flaherty appears to be relying on, however, maybe he is more concerned in leaving a legacy than he is in doing what he is supposed to do.

By: Chris

Chris — Thu, 24 Dec 2009 02:55:18 +0000

Barry says: Chris, April 9, 1974 Ontario Conservatives kill the real estate market with their Land Speculation Tax. I was 26 and had 53 houses. The market just died for the next few years and it was unecessary as the market was correcting itself. Mortgage rates hit 12% and prices were too high. Markets always correct themselves. In Canada we do not crash, we just catch up. Down times reflect corrections, booms the same. There is a balance but it is hard to ride the roller coaster. The Spec Tax was repealed some years later and acknowledged as a bad piece of legislation and government interference in the marketplace. I survived and did not go broke but I worked like a dog. Lost a fortune but paid everyone off. Rich and then wiped out by a stupid piece of legislation.