Here in the Greater Toronto Area it feels like the real estate bubble will never burst. Prices swell and then swell some more. Equity flows – as if up through the very drains in the monster home basements – to enrich the fortunate homeowner.
An unavoidable parallel to this frenzy is found in automotive finance. Where you have sprawl, you have cars, natch.
Is there an auto bubble on the horizon?
Canadians getting lured onto auto debt treadmill by signing on to long term car loans
What comes after the auto bubble?
What’s happening with subprime auto loans?
‘Deep subprime’ auto loans are surging
image: Heather Philips via Flickr/CC
This Globe and Mail piece looks at the cost of having a family in Canada. Not the prettiest view for a large, wealthy, peaceful country like this one.
Many Canadians too cash-strapped to raise children image: Chris White via Flickr/CC
Barely anyone at large in the industrial, consumer, automotive, real estate complex we call home has escaped the call of the lottery ticket. Deep down, even the most sensible and realistic of us harbours a fantasy of something for nothing here. We think of all the good things we could do for those we care about or all the crazy shit we could do for ourselves. Either way, we frequently line up at that most suburban of settings, the gas station, and lay down several hours pay in our minimum wage job for a piece of paper that could change everything. Time to think a little more about the psycho-social effects of the lotteries, yeah?
EIther way, good luck and don’t forget to give us some.
Robin Hoodwinked:how billion dollar powerballs reflect 21st century inequality. State lotteries take from the poor to give to the rich, but we have options and there is a game-changing alternative
US basic income activist Scott Santens on medium.com
image: Mark Turnauckus via Flickr/CC
Then they came for the suburbs. And I did nothing because I didn’t have a car, or a job, medical coverage, or mortgage insurance.
Hopefully the Trump presidency will be shortened by litigation, impeachment, or the man’s general unfitness.
Meantime, looks like Prince Cheeto isn’t wasting time putting the boots to people.
image: davitydave via Flickr/CC
Food and fuel will cost more next year. Not to diminish the ‘family’ angle these articles frequently employ but won’t single people also be taking a hit?
Where’d we leave that ODSP application form?
So, here’s a bright idea from Sweden designed to cut carbon emissions, resource consumption and garbage production. We think it might be a poverty fighter as well. Basically, Swedes should soon see a worthwhile tax break to fix their stuff. Those with a sense of thrift should get a lift from this policy. Canada needs this.
Waste not want not: Sweden to give tax break for repairs
image: TomD. via Flickr/CC
If this blog had a board of directors we would appoint Last Week Tonight’s John Oliver to upon it sit. He looked right into the dark heart of suburban poverty and social difficulty in a recent episode of his popular show to razor sharp effect. How so? He took the American sub prime auto loan industry out for a run, that’s how.
Oliver starts with the difficulty faced by many of his adopted country’s working poor: that trap between horrendously long commutes through the sprawl via public transit or buying some nasty set of wheels from a self-financing used car dealer. There’s some impressive research and real world tales of woe brought out and then capped off with a hilarious skit spoofing the whole sad machinery of extortionate high interest loans, overpriced shitboxes and repossessions. It has gotten so out of hand of late that some observers are seeing a repeat of the mortgage crisis of 2008 taking shape in US auto financing. We’ll see soon enough.
image: staci myers via Flickr/CC
When payday lending leads to poverty, it’s time for intervention
globeandmail.com (with video 1:58)
See also: (966) We are the loan sharks
image: Jason Comely via Flickr/CC