A new UBS report confirms Canada’s two largest cities–Toronto and Vancouver–as being two of the four most egregiously-valued realty markets in the world and making them at risk of price collapse. Naturally, these are the same two cities with the largest Canadian mortgage balances outstanding as well. See: These are the world’s biggest property bubbles as ranked by UBS. Here is their chart.
Classic financial characters and behaviors in this story. Always worth remembering how susceptible humans can be to the slippery slopes of charismatic characters, greed and fraud.
Dana Giacchetto, was the money manager to the stars in the late 1990’s (including a close relationship with Leonardo Dicaprio). But his life came crashing down when the SEC got involved and found out that he was stealing some of his clients’ money to fund his parties and lavish lifestyle. He flew too close to the sun, but his stories of excess live on. Here is a direct video link.
For a different, more recent scandal with similar themes and insights see Pretend Billionaire threw insane parties for celebs and then disappeared:
What does Low’s story really tell us about high society and the elite of the post-financial-crisis world?
Wright: Everything is for sale! Even actors, models, bankers and businessmen worth tens or even hundreds of millions of dollars need (or want) more money.
We have to wonder how much more pain and suffering the masses will tolerate to keep subsidizing the reckless and unethical. Is there anyone alive who still doesn’t understand the direct connection here? When the coming bear market unveils the extent of the damage once more, the next test of the status quo will be at hand.
The financial crisis really began 10 years ago this month.
The American people have not forgotten the unimaginable costs they still face to this day.pic.twitter.com/0y9AJuevU0
— Better Markets (@BetterMarkets) September 25, 2018
