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都嚷嚷动了,连GOOGLE也来了… 这到是抑制房价的好办法.

Google’s Move Into Online Property Poses Threat To Agents

Andreas Pouros, COO at search marketing agency Greenlight, reckons such a move sounds the death knell for traditional estate agents.

“While Google’s new property portal will be open to estate agents to exploit ,as well as private sellers, if it becomes incredibly popular, (and there’s every reason why it will), and the average private seller becomes more technologically savvy, estate agents as we know them, will cease to provide any real value to sellers and offer no value as part of the supply chain.”

Moreover, according to Pouros, the role of the intermediary in online supply chain mechanics overall, is changing.

“In its early years the Internet was heralded as the great disintermediator – removing the need for middle-men across the entire spectrum of commercial affairs, and allowing manufacturers and suppliers to have direct interaction with their customer bases – present and future. This was Phase 1. It was rapid.

HELOC　在加拿大是如何打包＂流动化＂＂．．．хотелско обзавеждане

说实话这个数字蛮恐怖的…

how much wealth other Canadians like yourself have accumulated.

Appliance411

“If there is no sign of this over the next few months, then the Bank of England might consider a negative interest rate. In essence, it is a fine on banks that refuse to lend.”

Swedish interest rates goes subzero

要说EBAY卖掉部分SKYPE, 也算是成功脱手,原本和我们关系不大, 不过你看CPP炒股变成股东了… 这SKYPE又不用SIP,咱是不看好…

In a Sale, Skype Wins a Chance to Prosper

这位对老巴还是客气的
…
Warren Buffett is back as the nation’s financial conscience, publishing an op-ed in yesterday’s NYT lamenting the dangers of too much monetary and fiscal stimulus. As regular readers of this blog are aware, that’s a message with which I wholeheartedly agree. My problem with Buffett’s piece is that he makes a good argument and then totally undercuts it in his conclusion:

Our immediate problem is to get our country back on its feet and flourishing — “whatever it takes” still makes sense. Once recovery is gained, however, Congress must end the rise in the debt-to-G.D.P. ratio and keep our growth in obligations in line with our growth in resources.

This have-your-cake-and-eat-it-too approach is typically what we get from Paul Krugman: Yeah, debt is a problem and has to be dealt with long-term, but in the meantime we should jack up deficit spending in order to boost growth. To paraphrase St. Augustine, make us fiscally and monetarily prudent, just not yet. Ben Bernanke said something of that sort in a speech. He was trying to be funny.

The problem, it seems to me, is that rising GDP and employment—i.e. “recovery”—is not compatible with de-leveraging, which is what Buffett is talking about.

When consumers try to cut debt and boost savings, the economy goes into a deflationary spiral that Keynesians argue must be counteracted with fiscal and monetary stimulus.*

Consumers de-lever, government re-levers.

Private consumption and government spending now drive something like 80% of GDP. It can’t keep rising unless consumers, the government or both continue borrowing huge sums.

The goldilocks economy Buffett describes, in which we can have “recovery” without increasing debt, is a fantasy.

My point is that in order to reduce debt we have to endure some sort of deflationary recession. The alternative is to spend and print perpetually, which Buffett points out is the worse option.

What Buffett should have said? Suck it up folks, we’ve no choice but to learn to live with less.

——

P.s.: I think Buffett actually knows this, but being asset-rich, he’s boxed in. Deflation hammers the value of all non-cash assets, so he has to support monetary/fiscal stimulus in order to preserve his own and his shareholders’ wealth. Hence the opening of the piece, which lauds the “wisdom, courage and decisiveness” of the Bush and Obama administrations in the face of collapse, and the end of the piece, which says their emergency measures continue to be necessary. He maligns the effects of stimulus, but he’s stuck supporting it.

*The “Paradox of Thrift” this is called, a particularly problematic economic theory used to justify heavy government borrowing.
…

与其等美金贬值，不如买些硬资产－－想法到是不错的，可是任何时候 overpay 都不是好主意．

借贷成本是愈来愈小,不是好事:-).

If you sold in May, you did OK. If you bought in June, it might have been too soon. But if you hold in July, you might ask yourself why?

calls for wider use of yuan

….

 

It was the first time the head of a major Chinese bank has called for the wider use of the yuan, although a chorus of senior government officials have already voiced their concerns about the stability of the dollar and have said the yuan should be used more widely.

 

….

sell the banks

…

For many years, I wandered through life as an agnostic.  The supernatural beliefs of organized religion just didn’t make sense to me.  But lately, I have been witness to evidence which has caused me to alter my views.  There is a God, and He is a nineteenth century Russian novelist.  For who else, I ask, could devise a tragedy so bitter as the one which appears to lie ahead for shareholders of the Canadian chartered banks?

 

Singled out for praise by the IMF and even complemented by President Obama himself, the big Canadian banks appear to be an island of calm amidst this financial tempest.  We in Canada are the fortunate beneficiaries of a “conservative” banking culture and are blessed with excellent financial regulators.  As other banks around the world are wiped out or trade at a fraction of tangible equity, Bank of Nova Scotia and Royal Bank of Canada now cruise serenely at 2.2X book.  However, this comfortable situation may not persist for long.  The Canadian banking crisis has not been averted.  It is just arriving with a lag.

 

…

What’s your age?

2009年 6月 15 日

2008年 6月 15 日

二十年前,你在那里,你在做什么,你还记得吗? 看来看去,还是先生写的最好.

鲁迅：纪念刘和珍君

一

　　中华民国十五年三月二十五日，就是国立北京女子师范大学为十八日在段祺瑞执政府前遇害的刘和珍杨德群〔２〕两君开追悼会的那一天，我独在礼堂外徘徊，遇见程君〔３〕，前来问我道，“先生可曾为刘和珍写了一点什么没有？”我说“没有”。她就正告我，“先生还是写一点罢；刘和珍生前就很爱看先生的文章。”

　　这是我知道的，凡我所编辑的期刊，大概是因为往往有始无终之故罢，销行一向就甚为寥落，然而在这样的生活艰难中，毅然预定了《莽原》〔４〕全年的就有她。我也早觉得有写一点东西的必要了，这虽然于死者毫不相干，但在生者，却大抵只能如此而已。倘使我能够相信真有所谓“在天之灵”，那自然可以得到更大的安慰，——但是，现在，却只能如此而已。

　　可是我实在无话可说。我只觉得所住的并非人间。四十多个青年的血，洋溢在我的周围，使我艰于呼吸视听，那里还能有什么言语？长歌当哭，是必须在痛定之后的。而此后几个所谓学者文人的阴险的论调，尤使我觉得悲哀。我已经出离愤怒了。我将深味这非人间的浓黑的悲凉；以我的最大哀痛显示于非人间，使它们快意于我的苦痛，就将这作为后死者的菲薄的祭品，奉献于逝者的灵前。

　　二

　　真的猛士，敢于直面惨淡的人生，敢于正视淋漓的鲜血。这是怎样的哀痛者和幸福者？然而造化又常常为庸人设计，以时间的流驶，来洗涤旧迹，仅使留下淡红的血色和微漠的悲哀。在这淡红的血色和微漠的悲哀中，又给人暂得偷生，维持着这似人非人的世界。我不知道这样的世界何时是一个尽头！

　　我们还在这样的世上活着；我也早觉得有写一点东西的必要了。离三月十八日也已有两星期，忘却的救主快要降临了罢，我正有写一点东西的必要了。

　　三

　　在四十余被害的青年之中，刘和珍君是我的学生。学生云者，我向来这样想，这样说，现在却觉得有些踌躇了，我应该对她奉献我的悲哀与尊敬。她不是“苟活到现在的我”的学生，是为了中國而死的中國的青年。

　　她的姓名第一次为我所见，是在去年夏初杨荫榆女士做女子师范大学校长，开除校中六个学生自治会职员的时候。〔５〕其中的一个就是她；但是我不认识。直到后来，也许已经是刘百昭率领男女武将，强拖出校之后了，才有人指着一个学生告诉我，说：这就是刘和珍。其时我才能将姓名和实体联合起来，心中却暗自诧异。我平素想，能够不为势利所屈，反抗一广有羽翼的校长的学生，无论如何，总该是有些桀骜锋利的，但她却常常微笑着，态度很温和。待到偏安于宗帽胡同〔６〕，赁屋授课之后，她才始来听我的讲义，于是见面的回数就较多了，也还是始终微笑着，态度很温和。待到学校恢复旧观〔７〕，往日的教职员以为责任已尽，准备陆续引退的时候，我才见她虑及母校前途，黯然至于泣下。此后似乎就不相见。总之，在我的记忆上，那一次就是永别了。

　　四

　　我在十八日早晨，才知道上午有群众向执政府请愿的事；下午便得到噩耗，说卫队居然开枪，死伤至数百人，而刘和珍君即在遇害者之列。但我对于这些传说，竟至于颇为怀疑。我向来是不惮以最坏的恶意，来推测中國人的，然而我还不料，也不信竟会下有残到这地步。况且始终微笑着的和蔼的刘和珍君，更何至于无端在府门前喋血呢？

　　然而即日证明是事实了，作证的便是她自己的尸骸。还有一具，是杨德群君的。而且又证明着这不但是杀害，简直是虐杀，因为身体上还有棍棒的伤痕。

　　但段政府就有令，说她们是“暴徒”！

　　但接着就有流言，说她们是受人利用的。

　　惨象，已使我目不忍视了；流言，尤使我耳不忍闻。我还有什么话可说呢？我懂得衰亡民族之所以默无声息的缘由了。沉默呵，沉默呵！不在沉默中爆发，就在沉默中灭亡。

　　五

　　但是，我还有要说的话。

　　我没有亲见；听说，她，刘和珍君，那时是欣然前往的。自然，请愿而已，稍有人心者，谁也不会料到有这样的罗网。但竟在执政府前中弹了，从背部入，斜穿心肺，已是致命的创伤，只是没有便死。同去的张静淑〔８〕君想扶起她，中了四弹，其一是手枪，立仆；同去的杨德群君又想去扶起她，也被击，弹从左肩入，穿胸偏右出，也立仆。但她还能坐起来，一个兵在她头部及胸部猛击两棍，于是死掉了。

　　始终微笑的和蔼的刘和珍君确是死掉了，这是真的，有她自己的尸骸为证；沉勇而友爱的杨德群君也死掉了，有她自己的尸骸为证；只有一样沉勇而友爱的张静淑君还在医院里呻吟。当三个女子从容地转辗于文明人所发明的枪弹的攒射中的时候，这是怎样的一个惊心动魄的伟大呵！中國军人的屠戮妇婴的伟绩，八国联军的惩创学生的武功，不幸全被这几缕血痕抹杀了。

　　但是中外的杀人者却居然昂起头来，不知道个个脸上有着血污……。

　　六

　　时间永是流驶，街市依旧太平，有限的几个生命，在中國是不算什么的，至多，不过供无恶意的闲人以饭后的谈资，或者给有恶意的闲人作“流言”的种子。至于此外的深的意义，我总觉得很寥寥，因为这实在不过是徒手的请愿。人类的血战前行的历史，正如煤的形成，当时用大量的木材，结果却只是一小块，但请愿是不在其中的，更何况是徒手。

　　然而既然有了血痕了，当然不觉要扩大。至少，也当浸渍了亲族；师友，爱人的心，纵使时光流驶，洗成绯红，也会在微漠的悲哀中永存微笑的和蔼的旧影。陶潜〔９〕说过，“亲戚或余悲，他人亦已歌，死去何所道，托体同山阿。”倘能如此，这也就够了。

　　七

　　我已经说过：我向来是不惮以最坏的恶意来推测中國人的。但这回却很有几点出于我的意外。一是当局者竟会这样地凶残，一是流言家竟至如此之下劣，一是中國的女性临难竟能如是之从容。

　　我目睹中國女子的办事，是始于去年的，虽然是少数，但看那干练坚决，百折不回的气概，曾经屡次为之感叹。至于这一回在弹雨中互相救助，虽殒身不恤的事实，则更足为中國女子的勇毅，虽遭阴谋秘计，压抑至数千年，而终于没有消亡的明证了。倘要寻求这一次死伤者对于将来的意义，意义就在此罢。

　　苟活者在淡红的血色中，会依稀看见微茫的希望；真的猛士，将更奋然而前行。

　　呜呼，我说不出话，但以此记念刘和珍君！

GETTING PERSONAL CANADA: Many DRIPs Are Sweeter Than Ever
By Monica Gutschi 22 May 2009

TORONTO (Dow Jones)–A growing number of Canadian companies are adding discounts to their DRIPS, making the plans even more attractive for small investors.

The discounts, which in most cases range between 1% and 5%, are meant to encourage shareholder participation in the Dividend Reinvestment Plans, which allow companies to preserve cash and raise capital levels.

Rather than take the dividend payments as income, DRIP participants use them to buy additional company shares. Proponents say such plans are a cost-effective way for small investors to increase their share holdings. The issuer saves significantly on administration fees and holds on to the cash – a key consideration in this era of tight credit.

Just this month Sun Life Financial Inc. (SLF) and Manulife Financial Corp. (MFC) amended their DRIPs to include discounts and will issue shares from treasury rather than purchase them on the market. Other companies that recently added discounts to their DRIPs include Bank of Montreal (BMO) and Royal Bank of Canada (RY).

“A number of firms are interested in raising their capital, and this is an easy way to raise it, particularly in a situation where the shares are offered from treasury as opposed to purchased in the market” says James Hinnecke, director of product development at CIBC Mellon, which is the transfer agent for many of Canada’s DRIPs.

While that slightly dilutes shareholders, Hinnecke says the programs still appeal to small investors.

Yields on many dividends right now are quite high, Hinnecke says, which adds to the attraction. “If I have an option to invest in something that has a very, very high yield and offers a discount, it strikes me as a no-brainer,” he says.

In fact, before Bank of Montreal began offering a discount in January, about 9% of shareholders participated in the DRIP. After introducing the discount, uptake rose to 27%. Royal Bank says it expects 20-30% of its shareholders to participate in its newly discounted DRIP, while Toronto-Dominion Bank (TD), which added a 1% discount in May 2008, saw a noticeable increase. In 2007, 1.2 million common shares were issued from treasury with no discount. In 2008, 600,000 shares were issued with no discount, and 4 million issued with a discount.

“If you’re a small investor, the DRIP is a great idea,” says Tony Demarin, principal at BCV Investment Management. Since it’s relatively costly to buy small lots of shares, the DRIPs work best for individual investors. “The best way to get long-term returns is not only getting a dividend, but reinvesting it,” Demarin says.

Others aren’t so sure. Independent financial planner Jim Otar, who wrote the Handbook of Canadian DRIPs and SPPs, says he no longer recommends them to his clients. Under a DRIP, the investor has no control over the price at which the shares are purchased, he notes. Back when large commissions were charged for small-lot purchases, DRIPS made sense. But now, he says, commissions are smaller and investors who hold just one share can even send money directly to companies to purchase more. There’s also the problem of keeping track of the dividend payments for tax purposes.

However, he says DRIPs do have an advantage: “the nice thing is you don’t have to think about what to do with the dividend. You leave them there, and they compound.”

-Monica Gutschi, Dow Jones Newswires; 416-306-2017; monica.gutschi@dowjones.com

I love my DRiP …

Rich kid poor kid

…
Jon LeBlanc is the moderator of digitalhome.ca, a popular discussion board about the airwaves. He says that, in the five years the forum has been open, he has seen a “huge increase” in interest from people asking questions about how to take advantage of the free HD signals. The Delta, B.C., resident gets 14 HD channels using an antenna and contends the over-the-air signals he gets are superior in sound and picture to compressed HD signals from cable and satellite providers.
…

How to get free HDTV

…
As if mutual funds’ plummeting returns last year weren’t bad enough, paying large fees to watch your money disappear just made it worse.
…

Why you’re not beating the market

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