Connect with us

Bruce Dowbiggin

Getting Real About Justin’s Real Estate Economy. It Won’t Last

Published

9 minute read

Have you ever been to a concert where a hot new product like Tesla is mentioned and many in the crowd applaud in approval? Have you been at a dinner party when you say you went to a new Thai restaurant, and everyone at the table explodes in rhapsodic glee? Have you ever been to see a comic and he mentions he has the latest iPhone with the nifty camera and people actually cheer?

You see those people cheering a piece of tech or a style of cuisine? Those are the people who believed Justin Trudeau when he told them to sink everything into real estate when interest rates were near zero. They. Will. Believe. Anything. So long as they think it makes them cool kids. Trudeau could say he can control the weather by stopping cows from farting, and they’ll be wearing a bovine flatulence T-shirts pronto.

Now, we can hear you laughing in derision at our skepticism about the real estate-economy that has taken over the nation— the new economy that Justin fed, watered and then bragged about. (To the exclusion of the other cornerstones of our once-dynamic nation state.) The one that will be going to Market one of these days for a meeting with an air compressor.

Again, you laugh. Despite the housing shortage Justin says we can easily accommodate two million new souls a year, no problem. He says Trump was a vile racist for wanting to exclude unhinged radicals from zombie countries back in 2017. The freshly-arrived from Trump’s “shithole countries” with “shithole value systems” and “shithole economies’ will prop up the value of Canada’s two-million dollar cash-cow bungalow in West Van or Etobicoke. And the Happy People believe.

Why? Because Justin and his cabinet are in Control, and they’ll just rein in these types when they get here and start asking that Jews be exterminated or white people surrender the merit system to DEI droogs. That little dustup at the universities where nervous trust-fund virgins claim to be onside with systemic rape? Justin can stop them anytime. Everything is cool. After all, Canada is the model for a postmodern state.

And that stuff about how the Canadian real estate market being 80 percent propped up by drug money, kleptocracy profits and Blackrock? Pshaw. That is just the Far Right Diagolons trying to panic you into hiding your money from the government which just wants to send it to the “shithole” countries in a kickback loop. If nothing else, the banks will save you— if there’s any shareholder value left after this deranged DEI diversion.

Can’t happen here? We know people who were around the EU in 2008 when the U.S. mortgage debacle cratered economies around the world. For years they’d been served by Poles in the service industry, Spaniards in the restaurant kitchens and Bulgarians doing the physical labour. Life was good. Everyone drove a Beemer and owned a condo overlooking the sea.

Then, one day, they noticed that all the airport parking lots were overflowing with Beemers that went unclaimed. No one had paid rent in months. The banks noticed that all these lovely fellow citizens of the EU had drained their savings, reached their cash credit limit on the Mastercard and skedaddled with the dough. Funny, they all must have gone on holidays to once, no?

No. They were gone. Bye bye. Adios. And the credit bubbles in Ireland, Norway, Iceland, France and other EU worthies popped like the champagne they’d been sipping for years on easy credit and idiotic notions of productivity. Nations like Iceland went bankrupt overnight. Counties in England threw their keys on the table. People’s life savings evaporated.

But Justin says that won’t happen here on his co-watch with Jagmeet the Bespoke. Sure, no one under the age of 40 can afford those two-million dollar cash-cow bungalows in West Van or Etobicoke. But those old Boomer geezers will die soon, and after we tax the daylights out of the estate, the kiddos will inherit the house. Probably after we turn it into a four-plex or fine them for having empty bedrooms because they couldn’t afford kids.

One of the ferocious beauties of market economies is their way of periodically turning on themselves when too many people are getting rich too easily. The Canadian RE economy of Justin Trudeau is one of them. It’s about a decade old without any sign of dropping. Life is good. Everyone drives a Tesla and rents a condo overlooking the sea.

Little wonder. Everything he and his faculty lounge of dimwits like Chrystia Freeland, Melanie Joly and Steven Guilbeault have done this decade has been to prop up the value of real estate owned by their real pals in Asia, Europe, the assorted kleptocracies in Africa or the sub-continent. It was like an ad for Chlorox the way these “investors” blithely laundered their dirty money in Canadian condos and low-rises. When news leaked out that mobsters were using casinos in B.C. (where Justin’s maternal side came from) as a laundering station it was covered up very quickly.

But the clock ticks. Even Justin’s former finance minister Bill Morneau is warning that the bubble is going to pop if Justin keeps printing more money to keep the real estate values so unsupportably high. The entire middle class of Canada, which has ridden the real estate train, will see their life savings evaporate like Jody Wilson Raybould’s political career.

No matter. Justin’s been living in government housing since 2015 (some of it with his Mommy). What does a trust-fund nit know about making rent cheques or a mortgage payment? Without Sophie spending like a dervish, he never needs to look at an America Express card again. He’s got 17 more months to build up credits with his future benefactors, and he’s not applying the handbrake now.

Okay, you can applaud now.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. Now for pre-order, new from the team of Evan & Bruce Dowbiggin . Deal With It: The Trades That Stunned The NHL & Changed Hockey. From Espo to Boston in 1967 to Gretz in L.A. in 1988 to Patrick Roy leaving Montreal in 1995, the stories behind the story. Launching in paperback and Kindle on #Amazon this week. Destined to be a hockey best seller. https://www.amazon.ca/Deal-Trades-Stunned-Changed-Hockey-ebook/dp/B0D236NB35/

BRUCE DOWBIGGIN Award-winning Author and Broadcaster Bruce Dowbiggin's career is unmatched in Canada for its diversity and breadth of experience . He is currently the editor and publisher of Not The Public Broadcaster website and is also a contributor to SiriusXM Canada Talks. His new book Cap In Hand was released in the fall of 2018. Bruce's career has included successful stints in television, radio and print. A two-time winner of the Gemini Award as Canada's top television sports broadcaster for his work with CBC-TV, Mr. Dowbiggin is also the best-selling author of "Money Players" (finalist for the 2004 National Business Book Award) and two new books-- Ice Storm: The Rise and Fall of the Greatest Vancouver Canucks Team Ever for Greystone Press and Grant Fuhr: Portrait of a Champion for Random House. His ground-breaking investigations into the life and times of Alan Eagleson led to his selection as the winner of the Gemini for Canada's top sportscaster in 1993 and again in 1996. This work earned him the reputation as one of Canada's top investigative journalists in any field. He was a featured columnist for the Calgary Herald (1998-2009) and the Globe & Mail (2009-2013) where his incisive style and wit on sports media and business won him many readers.

Follow Author

Bruce Dowbiggin

From Heel To Hero: George Foreman’s Uniquely American Story

Published on

“The more you learn, the more you realize how much you don’t know.”— George Foreman

For those who thought Donald Trump’s role progression (in WWE terms) from face to heel to face again was remarkable, George Foreman had already written the media book on going from the Baddest Man in the World to Gentle Giant.

It’s hard for those who saw him as the genial Grill Master or the smiling man with  seven sons all named George (he also had seven daughters, each named differently) to conjure up the Foreman of the 1970s. He emerged as a star at the 1968 Olympics, winning the gold medal in heavyweight boxing. His destruction of a veteran Soviet fighter made him a political hero. In an age that already boasted a remarkable heavyweights Foreman was something unique.

Muhammad Ali, Joe Frazier, Ken Norton, Ron Lyle and Jimmy Ellis were still bankable household names for boxing fans— but on the downside of famous careers. They each had their niche. Foreman was something altogether different. Violent and pitiless in the ring. Unsmiling as he dismantled the boxers he met on his way to the top. He was the ultimate black hat.

With the inimitable Howard Cosell as his background track , he entered the ring  in 1973 against the favoured ex-champ Frazier, coming off his three epic fights with Ali. While everyone gave Foreman a chance it was thought that the indomitable Frazier, possessor of a lethal left hook, would tame the young bull.

Instead, in under two rounds of savagery , Foreman sent Frazier to the canvas  six times. Cosell yelled himself horse crying, “Down goes Frazier! Down goes Frazier!” This was a whole new level of brutality as the poker-faced Foreman returned to his corner as the most feared boxer on the planet. For good measure Foreman destroyed Norton in 1974.

Fans of Ali quaked when they heard that he would face Foreman’s awesome power in Africa in the summer of 1974. They knew how much the trio of Frazier brawls had taken from him. The prospect of seeing the beloved heavyweight champ lifted off his feet by Foreman’s power left them sick to their stomach. Foreman played up his bad-boy image, wearing black leather, snarling at the press and leading a German shepherd on a leash.

Everyone knows what happened next. We were travelling the time in the era before internet/ cell phones. Anticipating the worst we blinked hard at the headline showing the next day that it was a thoroughly exhausted Foreman who crumbled in the seventh round. The brilliant documentary When We Were Kings is the historical record of that night/ morning in Kinshasa. The cultural clash of Ali, the world’s most famous man, and the brute against the background of music and third-world politics made it an Oscar winner.

But it’s largely about Ali. It doesn’t do justice to the enormity of Foreman’s collapse. Of course the humiliation of that night sent Foreman on a spiritual quest to find himself, a quest that took the prime of his career from him. It wasn’t till 1987 that he re-emerged as a Baptist minister/ boxer. With peace in his soul he climbed the ranks again, defiantly trading blows in the centre of the ring with opponents who finally succumbed to his “old-man” power.

Instead of the dour character who was felled by Ali, this Foreman was transformed in the public’s eye when he captured the heavyweight title in 1994, beating Michael Moore, a man 20 years his junior. He smiled. He teased Cosell and other media types. He fought till he was 48, although he tried to comeback when he was 55 (his wife intervened)

And, yes, for anyone who stayed up late watching TV there was the George Foreman Grill, a pitchman’s delight that earned him more money than his boxing career. HBO boxing commentator Larry Merchant commented that “There was a transformation from a young, hard character who felt a heavyweight champion should carry himself with menace to a very affectionate personality.”

There was a short-lived TV show called George. There was The Masked Singer as “Venus Fly Trap”. And there were the cameos on Home Improvement, King Of The Hill and  Fast ’N Loud, delighting audiences who’d once reviled him. He cracked up Johnny Carson.

Foreman’s rebound story was uniquely American. Where Canadians are enthusiastically damning Bobby Orr and Wayne Gretzky for political reasons, Foreman never became a captive of angry radicals or corporate America. He went his own way, thumping the bible and the grill. Rest easy, big man.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, his new book Deal With It: The Trades That Stunned The NHL And Changed hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.

Continue Reading

2025 Federal Election

Chinese Gangs Dominate Canada: Why Will Voters Give Liberals Another Term?

Published on

There’s an old joke that goes, the Japanese want to buy Vancouver but the Chinese aren’t selling. Glib, yes. But with enough truth— Chinese own an estimated 30 percent of Vancouver’s real estate market— to pack a punch; Especially in this truncated rush to anoint Mark Carney PM before anyone finds out exactly who’s his Mama.

The advertised narrative for this election is Donald Trump’s vote of no confidence in the modern Canadian state. A segment of Canadians— mostly Boomers— see this as intolerable foreign interference in the country’s sovereignty. So rather than look inward at why Canada’s closest partner is fed up with them the Liberal government has chosen a pep rally rathe than any uncomfortable questions.

Namely about Chinese interference in Canada’s politics, the distortion of real-estate prices in Canadian urban markets, the exploitation of banking and the thriving drug trade that underpins it all. And how it’s driving a wedge between generations in the nation. As we like to say, Canada’s contented elites have been sitting in first class for decades but only paying economy.

They’d like you to forget insinuations that Canada is a global money-laundering capital. Better to blame Trump for the “willful blindness” that has Americans and others losing trust in Canada to keep secrets and contribute its fair share tom protecting against the growth of China. (The same geopolitical concern that saw Trump kick the Chinese out of the Panama Canal Zone.)

Thanks to the diligent reporting of journalist Sam Cooper and others we know better. And it’s ugly. An estimated trillion dollars from Chinese organized crime has washed through Canada since the 1990s. They’ve used underground banks and illegal currency smuggling to circumvent the law. They’ve bribed and intimidated. And they’ve poisoned elections.

This penetration of the culture/ economy by well-organized Asian criminal gangs have been around since the 1990s, but under Trudeau they hit warp speed. By the time Trump inconveniently raised the issue of border security in January, Canada’s economy could fairly be characterized as a real-estate bubble with a drug-money-laundering chaser.  The Chinese Communist Party now operates “police stations” in many Canadian cities to supervise this activity and report to Beijing.

In his 2021 book Willful Blindness (and subsequent reporting) Cooper patiently records this evolution with brazen Asian gangs using casinos in BC and Ontario as money-laundering outlets to wash drug money and other criminal proceeds, turning stacks of dirty twenty-dollar bills into clean hundred-dollar bills or casino chips. (When Covid closed the casinos they used luxury mansions as private casinos.)

All financed by underground banks and loansharks. This process became known internationally as The “Vancouver Model” to help establish Chinese proxies overseas and extend the CPP ‘s reach. Hey, the real estate kingpin is named Kash-Ing. (Kaching!) It’s currently being used to buy farm properties in PEI, much to the anger of residents (who will still vote Liberal to protect their perks.)

While investigators and some authorities attempted to expose the schemes the perps were protected by compromised government officials, corrupt casino employees and the inability of courts to deliver justice. It’s why Canadians were so shocked that TD Bank was fined $3B in the U.S. for allowing money laundering. “Not us! No way! We’re Simon pure”.

Much of this money ended up in Canada’s feverish real-estate market, with vacant properties creating insane price spirals across the nation. It’s driven the inability of under 40s to buy homes— another major crisis the Liberals are trying to disguise under Mark Carney the compliant banker. Still more of the proceeds were used to build stronger drug-supply chains between Asia, Mexico and Canada— with heroin and fentanyl then distributed to the U.S. and in Canada.

Against this explosion of housing and drug debt were stories of the political influence of these gangs into the Canadian system. The sitting Canadian prime minister, who praised the Chinese form of governing before he reached the PM post, has been seen in photos with underground Asian gang figures. As were previous Liberal leaders like Jean Chretien who made no secret of his lust for the Chinese market. Chinese money was used to build extensively in Chretien’s Shawinigan riding.

Donations to Trudeau’s Montreal riding association and to the Trudeau Foundation were favourites of shadowy Chinese figures. “In just two days (in 2016), the prime minister’s (Outremont) riding received $70,000 from donors of Chinese origin, and at the same time, the government authorized the establishment of a Chinese bank in Canada,” Bloc leader Yves-Francois Blanchet said on Feb. 28.

Donations to Trudeau from all across Canada constituted up to 80 percent of the riding’s contributions that year. In May 2016, one such fundraiser saw Trudeau hosted by Benson Wong, chair of the Chinese Business Chamber of Commerce, along with 32 other wealthy guests in a pay-for-access event. The patterns exposed by Cooper finally prompted a commission by Quebec justice Marie-Josée Hogue looking into Chines interference in Trudeau’s successful 2019 and 2021 elections.

An interim report released last year by Hogue determined that while foreign interference might not have changed the outcome of Canada’s 2019 and 2021 federal elections, it did undermine the rights of Canadian voters because it “tainted the process” and eroded public trust.  So petrified was Trudeau of the full Hogue Report that he prorogued parliament for three months and handed in his resignation rather than test his 22 percent approval rating in a Canadian election. Or his luck with the courts.

Luckily for Liberals Trump came along to smoke out Trudeau and allow for the current whitewash of the party’s record since 2015 under Carney. So instead of agreeing with Washington about Canada’s corrupted economy Canadians have decided to engage in a Mike Myers nostalgia fest for a nation long gone. A nation overly dominated by its smug, satisfied +60 demographic that sits back on its savings while younger Canadians cannot get into the economy.

Reaching past the sunset media to those people is Pierre Poilievre’s task. He has a month to do so. For Canada’s long-term prospects he’d better succeed. The Chinese are watching closely.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, his new book Deal With It: The Trades That Stunned The NHL And Changed hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.

Continue Reading

Trending

X