My notes from the Money Expo, held in...Victoria, BC, this last Saturday.
Doug Casey led off the day with a video presentation from his home in Auckland, New Zealand. The message was bearish from beginning to end. Said the markets still have a long way to fall and that there are almost no places to hide. Referred to the Bush administration's past actions as moronic, which got one of the few chuckles of the morning.
Then came Garth Turner. He showed a graph of US housing prices and then an overlay of Canadian housing prices - t wo years delayed - and it is following the same lower prices pattern. Showed a chart of the 20 biggest housing price bubbles in the world and four of them are located in British Columbia. Vancouver (#4), Victoria (#7) Kelowna ( #17) and Abbotsford (#20).
Said Canadian real estate is going to go through a major correction. Said that the last two or three years has been all about speculators buying and this is always the peak of the market. If you need to sell, price your home/property aggressively and even below market if you have to.
Referred to the historic FDR New Deal from the Depression and that the coming bailout in the US is completely different, as back then the USA did not owe all this money to the rest of the world. THE USA is broke.
I just stuck around for these two presentations, which were the first two of the day, and decided that it was time to leave and get some productive, positive things done with the rest of my Saturday.