5 reasons why bailing out rich Vancouver condo developers with taxpayer money is what the free market is all about, by Mark Carney
Source: gorschkov
5 reasons why bailing out rich Vancouver condo developers with taxpayer money is what the free market is all about, by Mark Carney
Source: gorschkov
32 Comments
I will never vote Con or Lib ever again ✌️
Just a repeat of 2008 again. Protect Bay Street and let Main street pay for it.
From another post I commented on that was deleted…
The fact that “can’t sell at a loss” was said infuriates me. I know dozens of people that have had to sell homes at a loss due to relocation requirements. If a developer goes bankrupt, so what? Do the buildings get torn down? Or are they liquidated?
You know the thing about forest fires? They get rid of the deadwood. Yes, it’s traumatic but it’s healthy for the ecosystem. We have been propping up zombies since 2008…it’s time to purge the books of toxic assets. Is it scary? Yep. However, I would rather take a chance on something new than the decaying economy we have now.
let em default.
[deleted]
I have a mortgage.. can I be bailed out?
I’m starting to think some of the really rich people are working together and against our interests
Vote banker, get banker.
“can’t sell at a loss” ok them let them default when they are bankrupt. WHY ARE TAX PAYERS BAILING OUT MILLIONARES AND THEN REBUYING THE UNITS AT DISSCOUNT. this is a scam and should NOT happen. want affordable housing? BUILD IT. don’t buy over priced condo’s and let US eat the cost. stupid move.
Surely some friends of the carney and liberals are getting rich off of this.
These developers are big boys like any big time investor and you win some and you lose some.
Billions here billions there ….. billions billions everywhere seems to be the motto of the carney. Future generations will thank this POS when he bankrupts Canada or saddles it with so much debt its like having a fiscal anchor around your neck.
What should happen here is when the developer defaults on their financing these units get liquidated at a discount which will drive prices down in the area. We should not be on the hook for any losses.
Perhaps I will change my tune when the govt steps in and compensates me for picking a losing stock or property.
Hope all you liberal supporters are happy.
Elbows up. Pay your taxes. Eat less.
Why is it that the big guys always get bailed out?
They made a bad investment and sometimes to need to take an L
Carney sucks, man.
This isn’t the free market, this is corporatism.
There’s a difference between different types of capitalism. Carney is a state capitalist, he believes the state should pick winners and losers to guide the economy. The Conservatives meanwhile are free market capitalists. They believe the state should get out of the way and let the economy grow naturally. This is what people who think Carney is economically right wing don’t understand, free market capitalists don’t believe in the state building stuff like Carney does, they believe in the private sector building stuff and the state letting them.
I can’t believe Pierre did this.
Don’t worry though guys, we have a ~~fiscal conservative~~ who’s all about the ~~free market~~….
It’s like we took a liberal, then took out all the good things about liberals, and put in all the bad things about conservatives.
I honestly liked this guy when I voted for him. His honeymoon phase is over and I can’t wait for a new election already…
EDIT: Yes I know the article is satire.
Lpc is in bed with big real estate, much of their mps are sleazy realtors
Apparently Canada voted for this.
If you are rich, you can afford to take the hit.
Lots of middle-class people don’t get a break from the government. I remember when my wife’s employer fucked up on taxes and she ended owing over $3,000. And when you live paycheck to paycheck that is a really big deal.
Elbows up! That’s the direction Carney’s is in as he fist fucks this country.
Can Canada be done pretending Carney is the guy that’s going to get Canada back on track? And can Canada also be done pretending that Pierre is some “Trump Clone?” Yall need different leadership and pretending that the party who kicked you while you were down for 10 years was the right choice again made you guys look like fools.
Let the developers and banks that lent them money fail, its the cost of doing business
I’d like to be bailed out next for making a bad decision of not buying before COVID.
We did not just lay off tens of thousands of public servants all over the country just so we can line the pockets of your billionaire developer friends. There’s the door, and let it hit your diabolical butt on the way out.
Real estate in Canada is not a free market. It’s unfortunate because these politicians just need to stay the fuck away to fix the housing crisis.
govt bailouts should result in govt ownership. Any time the govt uses taxpayer money to help airlines, fossil fuel companies, or housing developers, they should own a proportional chunk of the business and receive profits that eventually offset the cost of the bailout or subsidy. Otherwise they are just stealing money from working folks and stuffing it right into the pockets of the 1%.
Prime Minister, I bought a few stocks that haven’t done well. You see I misjudged the market. (Who could have dreamed that pet rocks were a passing fad). When should I expect to receive my bailout cheque?
How can the gov claim to be doing anything for housing affordability by bailing out overextended friend developers preventing the market from lowering prices.
This is why they wanted a majority government.
This honestly just pisses me off so much. I feel like this isn’t any different than what Trudeau would have done.