In recent news, MSM is touting Canada is "the best governed country" in the world after Harper's austerity budget was released... while other countries are revolting in disgust with their own government's austerity measures, we, like the good obedient Canadians that we are, will take it up the hoop as we always do....
It is obvious we must "be different here"... our housing bubble is 40% larger and household debt is at record levels far exceeding that of our US counterparts were when their bubble burst in 2007...
Yet for the love of midgets launched from cannons, despite those grotesque figures, most Canadians are either still bidding up homes awaiting another oncoming housing boom or on the sidelines, procuring fine granite and stainless steel, waiting for the opportunity to pounce on all the "cheap" homes that will come available upon the housing bubble finally bursting and all the grandeur it brings with it...
Thing is, whether housing corrects or not, everyone in Canada is still lapping up the Kool-Aid and buying up real estate based on pot lights and spray foam insulation; too ignorant to even notice the next credit crisis is ready to punch us all in the scrotum again.... student loans.
The US debt in student loans has surpassed a trillion dollars; and in Canada, less than 2 million people have over $22 billion in student loan debt...a problem caused by escalating tuitions and a weak job market in which students are graduating into at a time when generational low interest rates are the norm...
This is a burden that Graduates cannot walk away from as easily as a home default: In the US student debt is not covered under bankruptcy laws and Canadians do not fair much better as young grads must live with this burden for a minimum 7 years after they graduate before they can declare bankruptcy.... Couple this with the gong show in Ottawa's decision to remedy this via massive jobs cuts, new immigration, and foreign workers AND policies that necessitate Boomers and bed-shitters to work a few more years before they can retire but will still give them free money in OAS payments regardless of their income anyways..
But no worries here, it's all good -- let's not forget what's really important to us all here--home prices are UP, CBC's funds are getting cut off, and the penny is toast....FINALLY!!! The "best run government" indeed.. BRING ON THE WHISKEY AND HOOKERS!!!
April is upon us already marking the end of the BEST first quarter the stock market has seen since 1998...
Please do not question me as to why the markets keep going up if everything is so awful in the real world....because I will simply reply "Cocaine my friend, now fuck right off..."
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