Western Standard - Myke Thomas on real estate Will the bubble pop？

00:00:00.000 Real estate's your turf.

00:00:01.580 Putting out some of those homes to die for,

00:00:04.180 those incredible giant...

00:00:07.040 You know, Navi invented the term real estate porn.

00:00:11.480 And really, that's what it is.

00:00:12.760 A chance to sneak inside and look inside

00:00:14.880 the big expensive houses that otherwise

00:00:17.140 you're not going to get anywhere near.

00:00:19.160 I don't understand them.

00:00:20.520 I really don't understand them.

00:00:23.780 I guess if you've got that kind of money,

00:00:25.560 you've got to spend it on something.

00:00:26.980 But if I had that kind of money,

00:00:28.180 I'd be doing other stuff with it.

00:00:30.480 Yeah, I mean, to each their own.

00:00:31.540 I mean, if I wanted all those lottery things,

00:00:32.680 I don't think I'd need some 20,000 square foot house.

00:00:35.020 I mean, I mean, I'd stay in some luxury hotels

00:00:36.480 while I travel the world and get my foot massages.

00:00:38.920 Buy a beachfront in Hawaii.

00:00:41.100 Yeah.

00:00:41.700 See?

00:00:42.120 But there's some amazing places out there all the same.

00:00:44.400 But you know, it is interesting looking at them

00:00:46.140 and looking at how people decorate them.

00:00:48.540 Because, I mean, obviously, they're all custom done.

00:00:50.740 And how they furnish them.

00:00:53.460 There's some...

00:00:55.800 Almost...

00:00:56.560 You can almost tell the age of the people.

00:00:58.620 Who own the house because of the furniture.

00:01:01.080 You know, you've got the old big stuff,

00:01:02.680 sofas and stuff like that.

00:01:04.000 Well, that's an older couple.

00:01:05.120 Yeah.

00:01:05.500 Then you've got the...

00:01:06.920 Well, there's a younger guy.

00:01:08.220 So it's interesting.

00:01:09.500 Well, it's like us with music.

00:01:10.580 You know, everywhere you hit a certain point in age

00:01:12.580 where you just kind of lock on to a style and a trend.

00:01:15.040 And we stick with it.

00:01:16.660 So we're never going to see, you know,

00:01:18.220 us more elderly getting on there,

00:01:21.920 you know, holding on,

00:01:22.620 doing well with the hip new styles or anything.

00:01:25.040 We stick to our older stuff.

00:01:26.260 But, yeah, it is amazing what people will do to their houses.

00:01:30.520 What were some of the prices on some of those ones?

00:01:32.380 The most expensive one, I think, in Montreal was $39 million.

00:01:36.020 $9 million for a house.

00:01:37.260 The most expensive one in Alberta was $12 million up in Canmore.

00:01:41.680 And it's...

00:01:43.400 I'm reasonably familiar with the housing so much as that years ago

00:01:47.900 when they opened the Three Sisters Village up there.

00:01:50.500 We went on a tour of all the houses.

00:01:53.880 But it looks totally different than it did back then.

00:01:57.440 I can imagine the property taxes and maintenance.

00:01:59.740 Oh, it's huge.

00:02:00.420 I mean...

00:02:00.680 It's not just that purchase price you're dealing with.

00:02:02.400 You know, a lot of the houses come listed with

00:02:05.600 what your down payment is going to be.

00:02:08.260 The down payment is more than most people spend on a house

00:02:11.060 in our life or in the world we live in.

00:02:15.000 So it's...

00:02:16.000 And then the taxes are running, I don't know,

00:02:18.300 $2,500, $3,000, $4,000 a month.

00:02:21.160 So I have no idea how you could manage that.

00:02:25.540 It just escapes me.

00:02:26.400 I mean, there's just people that are at a level of wealth

00:02:28.700 that we just can't imagine, really.

00:02:31.620 No, no.

00:02:31.920 And I don't even know if I'd want to be.

00:02:33.800 I'd rather have the same amount of money as you've got.

00:02:36.500 Well, that's a modest amount.

00:02:39.020 I mean, you know, set your bar somewhere

00:02:40.620 where it can be accomplished.

00:02:42.160 And you've got it.

00:02:43.360 You know, I'm not starving.

00:02:44.600 But yeah, Gene and I aren't in the market

00:02:46.880 for any monster places in the near future.

00:02:50.680 But so, yeah.

00:02:51.860 And here's your most recent one.

00:02:53.140 I mean, this is what people have been hearing on the news

00:02:56.260 and talking about, though,

00:02:56.960 and a lot of people are sweating right now.

00:02:58.340 It sounds like the bubble could be popping in the real estate.

00:03:00.940 You know, I hate that phrase.

00:03:01.980 Okay, well.

00:03:02.720 I hate that phrase.

00:03:04.880 For the bubble to pop means that every housing market

00:03:09.400 across the country has to implode.

00:03:13.840 The bubble burst of the United States in 2008,

00:03:16.900 that was the sign of that's a bubble bursting.

00:03:19.100 That was government intervention made a mess.

00:03:21.560 Well, it was lack of government intervention,

00:03:25.100 if the truth be told,

00:03:26.380 because what they were doing down there in 08

00:03:28.320 and prior to that is they were the mortgage companies.

00:03:32.740 And there's a, I mean,

00:03:33.460 it's a whole different set of rules down there

00:03:35.120 than what we have.

00:03:36.500 But they were giving mortgages to people

00:03:38.220 who never should have had them.

00:03:39.760 Should never have had them.

00:03:41.240 And then what they did is they bundled them up.

00:03:43.980 So what these small guys do

00:03:46.160 is they say they put 50 mortgages into a bag,

00:03:50.480 basically, take them to the big financial companies.

00:03:54.120 The mortgages in that bag were not all good,

00:03:56.720 but they had a value

00:03:58.000 because each mortgage obviously has a value.

00:04:00.660 So what happens is you've got a bag full of mortgages

00:04:03.200 that are worth $5 million, pick a number,

00:04:06.500 that they're selling to the big guys for $3 million.

00:04:10.100 So they're thinking this is a good deal,

00:04:12.040 but they were all bad mortgages.

00:04:14.420 That's why those big guys went down.

00:04:16.040 Well, I did a bunch of American work after that.

00:04:19.060 And I was working in the Northeast a lot in Pennsylvania.

00:04:21.800 And I remember doing a job in Bradford.

00:04:23.820 And there was this, this was around 2008, 2009,

00:04:26.380 just after the crash.

00:04:27.240 And there was this mansion.

00:04:29.320 It had to be 70,000 square feet,

00:04:31.360 Victorian brick, beautiful on probably an acre.

00:04:34.340 They're asking 90,000.

00:04:36.340 They were begging people just to take it off their hands.

00:04:39.420 I mean, it would have been a $5 million home in Calgary

00:04:41.840 and they were just trying to get out.

00:04:43.680 So the bubble that burst in the States,

00:04:46.380 I mean, that became a self-fulfilling prophecy in Canada

00:04:49.920 because you watch that and went,

00:04:51.360 oh boy, we're all in trouble.

00:04:53.540 There's panic, sell the house quick.

00:04:56.120 So now the number of homes for sale,

00:04:58.380 they're all over the place.

00:05:00.080 The selection is huge.

00:05:01.400 So in order to sell your house,

00:05:02.860 you've got to bring your price down

00:05:04.200 below the guy next door.

00:05:06.900 Otherwise, you're not going to sell it.

00:05:08.160 So that's what everybody did.

00:05:09.760 Not everybody.

00:05:10.760 The stress test came along after that.

00:05:12.460 After that, and that's right.

00:05:13.680 Which is the stress test.

00:05:16.000 When it initially came out,

00:05:17.400 I kind of went, well, I don't know if we need that.

00:05:19.180 And now in retrospect, absolutely.

00:05:21.440 That could save us.

00:05:24.220 Right now the stress test.

00:05:26.820 Well, it used to be whatever mortgage rate

00:05:28.780 you got plus 2% or 5.25%,

00:05:32.480 whichever was higher that you had to qualify at.

00:05:35.840 That qualification is now up around 6%.

00:05:38.380 And with the Bank of Canada probably going to hit it up again 50, 75 in points in September.

00:05:47.780 It'll go even higher.

00:05:49.400 So that's pulling activity out of the market.

00:05:51.860 So to say that people aren't necessarily in a panic to sell because of that stress test,

00:05:57.780 they had to be able to prove they could make the payments at 6.5% or 5.25%.

00:06:03.780 Otherwise, no mortgage.

00:06:05.240 And that's federal regulations.

00:06:07.380 Because a panic sale is what could really cause a bad domino effect.

00:06:10.060 Absolutely.

00:06:11.240 And that's what caused, that's what happened in Canada.

00:06:14.000 Not everywhere.

00:06:15.480 Canada recovered from that way a lot, a whole lot quicker than the United States did.

00:06:20.240 And that had a lot to do with Stephen Harper, who's back in the news.

00:06:24.920 But there's so many pieces to this puzzle.

00:06:30.780 Well, there's multiple markets.

00:06:32.180 I mean, the real superheated ones we always hear about are in Vancouver and Toronto.

00:06:36.660 The Golden Horseshoe in the Lower Mainland and Victoria in BC will be hit hardest.

00:06:42.440 Or I actually want to say.

00:06:43.960 Correct.

00:06:44.440 I guess the word you were using.

00:06:45.560 But only because they were so hot and the prices were driven up so high.

00:06:54.780 So if everything, if there's going to be a 23% reduction in sales,

00:06:59.800 which is what the economists are forecasting today,

00:07:03.320 23% value in Toronto is way a lot more money than it is in Calgary.

00:07:09.740 And so that's what people will look at.

00:07:11.920 The other thing to keep in mind right now, are sales down?

00:07:14.640 Yes.

00:07:15.100 Prices are down?

00:07:15.980 Yes.

00:07:16.380 Across the board.

00:07:19.000 But it's a slow season.

00:07:21.520 The spring season ended probably in the middle of June.

00:07:24.700 In Calgary, I looked at the numbers today.

00:07:27.420 They're down from June, but they're up year over year.

00:07:31.440 And that's very important.

00:07:32.760 People should not be comparing going from year over year.

00:07:36.980 Just what was it last year?

00:07:38.260 What was it last month?

00:07:39.680 Because that's where you see the trend coming in.

00:07:44.780 Calgary, I think, from what I can be told, and Edmonton, Regina, Manitoba, will, I guess

00:07:53.780 that's a province, Winnipeg, are not going to be hit as hard.

00:07:58.000 They will probably come through this a lot cleaner.

00:08:00.960 And when I say through this, we don't know exactly what it's going to look like.

00:08:04.260 We've got a pretty good idea.

00:08:05.440 It sounds like we've got more interest rate hikes coming down.

00:08:07.800 Oh, definitely.

00:08:08.340 The Bank of Canada wants their rate to be at least 3.25% by October.

00:08:17.000 The next rate announcement is in September, on the 7th of September.

00:08:21.360 And then there's two more after that.

00:08:22.720 So in order to get it to 3.25% from where it is now, they have to raise the 75 basis points.

00:08:29.400 They'll either do it all at once in September and then rest and see how things are going,

00:08:34.480 or they'll do it incrementally in the last three announcements.

00:08:38.620 And those rises, I mean, they can have a very significant impact depending on how much

00:08:42.360 balance you're carrying on your mortgage if you renew.

00:08:44.680 I mean, I know we just renewed recently, not extremely, but barely.

00:08:48.120 And it still hit us with a, basically we're up for a few hundred bucks a month, but we're

00:08:51.860 lucky at least for the next five years, we're in an affordable spot.

00:08:55.200 But if we had to renew by December, that could be a terrible hit.

00:08:57.980 Yeah.

00:08:58.500 You know, and again, it comes down to more than just housing and people buying and selling.

00:09:03.980 It's, I mean, we're headed into a recession.

00:09:06.100 There's no question about that.

00:09:07.680 I think we're in one now.

00:09:09.380 There's a big argument in the United States about how you define that, but we are in one.

00:09:13.340 How deep and severe that will be, I don't know.

00:09:18.620 Nothing like 2008, I don't believe.

00:09:22.040 So it comes down to employment.

00:09:25.500 If a lot of people lose their jobs because of the recession, then their mortgages are in jeopardy.

00:09:33.340 Well, then we see defaults and that's a whole...

00:09:34.760 And you'll see defaults.

00:09:35.500 You're going to see some defaults anyway.

00:09:36.720 But again, nobody wants that to happen, but it's only natural.

00:09:42.780 I mean, the housing market in Canada, all of the markets in Canada were so hot and so rapid,

00:09:50.880 it had to come down at some point in time.

00:09:54.360 Yeah.

00:09:54.700 Well, and I see it just from a question.

00:09:56.400 I mean, it all ties together anyways.

00:09:58.240 And Pamela Jones-Kenny asking for you, just saying, what happens to all the outrageous rent 1.00

00:10:02.020 that's being charged to a lot of renters in BC?

00:10:03.660 I know my daughter's got to go back to university this fall in Vancouver, and she's having...

00:10:08.340 She can't find a spot, much less afford one.

00:10:11.820 So, you know, would it trickle down at least to give some relief there?

00:10:14.640 I just about said a really stupid thing.

00:10:16.240 I was going to say that's the government's problem, but it's not.

00:10:20.220 It's a supply issue.

00:10:22.000 And the rents are going to go up anyway, because we've got half a million people moving to Canada

00:10:29.760 every year, most of them to Toronto and Vancouver.

00:10:31.920 We'll get some here.

00:10:33.940 And they've got to have some place to live.

00:10:37.000 So it comes down to supply.

00:10:39.080 The government should get out of it.

00:10:42.000 They come up with all these programs that are nothing more than bureaucratic nightmares.

00:10:47.120 You spend more money hiring bureaucrats than they do in building apartments.

00:10:52.020 They need to go sit down with the Canadian Home Builders Association or just travel around

00:10:56.180 to each city and say, look, to the builders, look, here's a hundred million dollars, which

00:10:59.940 to the government's nothing.

00:11:01.140 Here's a hundred million dollars.

00:11:02.300 Go build some apartments.

00:11:04.000 Or just even get out of the damn way.

00:11:06.100 I've had Shane Wenzel on a couple of times, and he's good, and he's outspoken.

00:11:11.180 And I mean, the ridiculousness in Calgary is far from alone with it.

00:11:14.540 It's eight years from proposal to construction on an area.

00:11:19.860 And I mean, the investment in long-term thinking involved, and that's assuming you get approved.

00:11:24.320 You could get stopped any step along the way with a new development.

00:11:27.600 Nobody wants to invest, or at least they're investing because they have to, but it's reducing

00:11:31.560 the pool.

00:11:32.680 And meanwhile, I look at discussions online, though.

00:11:34.680 I mean, City Hall, the hipsters, and everybody's still screaming, no more development, no more

00:11:37.540 development.

00:11:38.060 I mean, they're only going to make it worse.

00:11:40.140 That's like being part of a clique.

00:11:42.140 Let's run around and be stupid.

00:11:43.720 But the clique is running the city.

00:11:45.120 That's the problem.

00:11:45.960 Unfortunately, that is true.

00:11:46.840 Yeah.

00:11:47.800 But the other thing, I mean, in terms of the type of housing that's required, which is

00:11:53.320 multi-family apartments, not the towers they're talking about downtown, Calgary, that doesn't

00:11:59.080 work.

00:12:00.720 One of the things that gets in the way is the money from the banks, because a builder has

00:12:07.240 to sell, I think, 50% of the building before the bank will say, here's your money, go build

00:12:14.440 it.

00:12:15.000 So that takes a while.

00:12:16.280 But if the government, instead of coming up with these horses' ass programs that they 0.99

00:12:21.400 do, just took the cash and said, here, here, Shane Wenzel, go build some apartments.

00:12:26.940 Shane would be out there building them right now.

00:12:29.140 Hopefully the dirt be moving the week afterwards, and it would put some people to work and take

00:12:32.640 some inflationary pressure off.

00:12:34.080 Exactly.

00:12:34.720 I mean, I don't want to see government throwing money out.

00:12:36.260 That's a separate discussion.

00:12:37.000 But it'd be better than what they're wasting it on.

00:12:38.820 I mean, $87 billion climate plan in Calgary.

00:12:41.520 Which is never, I mean, that's just virtue signal.

00:12:44.180 Pying in the sky, crap.

00:12:45.200 But they'll spend a lot of money trying.

00:12:46.980 Of course.

00:12:47.480 Well, they already have.

00:12:48.180 Yeah.

00:12:48.320 You know, but the, you said the government throwing money, I agree with that.

00:12:57.540 But if the government gave them money, it got out of their way in terms of development

00:13:02.180 permits and crap like that, it would, it's not throwing it away.

00:13:06.400 It's providing cheap accommodations for people in BC and well across the country and places

00:13:12.920 where it's needed because you can target it.

00:13:14.860 And supply is still an issue, big time issue all across the country, regardless of the

00:13:22.560 fact that sales are going to slow down and the demand is going to weaken.

00:13:26.360 Supply is still a major, major problem.

00:13:29.620 Yeah.

00:13:30.000 So, I mean, it's, it's, it's not something that changes quickly.

00:13:32.620 I mean, even if suddenly the government woke up, cut a bunch of the red tape out of the

00:13:36.200 way and yeah, threw some money out, you're looking at a year before these new places

00:13:39.560 are habitable.

00:13:43.820 I don't know.

00:13:44.700 I think if, if, I think they could be fast tracked.

00:13:47.500 I don't know the exact building cycle, but I mean, the problem you're going to have there

00:13:53.260 a bit more than anything else is the labor to build them.

00:13:55.380 Yeah.

00:13:55.740 You know, that's what I mean.

00:13:56.580 Just because you have the money in the space, but you got to find some skilled help.

00:14:00.100 I mean, I remember also during the boom, you know, back in the early 2000s and some of

00:14:04.680 the quote unquote contractors and the amount of people who bought new houses and were realizing

00:14:09.760 my pipes already leak or my place is, you know, the electric's on fire.

00:14:13.560 We just got a lot of challenges all at once hitting right now.

00:14:15.840 Yeah, we do.

00:14:16.620 We do.

00:14:17.440 It's almost feel like going down to the rabbit hole to see if Alice in Wonderland is still

00:14:23.200 kicking around.

00:14:23.740 Yeah, well, and as you said, we're probably already there and it's kind of undeniable.

00:14:27.600 We're moving into the R word. 0.97

00:14:28.980 A recession is coming.

00:14:31.560 I mean, the advantage, the advice, I guess we could give most people is just, you know,

00:14:34.800 batting the hatch is try to, try to reduce your debt load, but don't panic and sell.

00:14:38.600 Yeah, the worst thing that can happen is, is do a panic sale.

00:14:43.700 One thing that people should not try to do is forecast what the price is going to be two

00:14:48.980 or three months from now.

00:14:49.940 That's just wrong to do that.

00:14:51.340 The last two years, it was easy because everybody, it just did this.

00:14:57.500 It's doing this, but not like that.

00:15:00.100 It's like this, you know, and if it stays that way, we'll be fine.

00:15:03.860 Ride it out a few years later, it'll come back.

00:15:06.960 But once again, if you start seeing a ton of for sale signs in the city, we got a big problem

00:15:13.380 coming up.

00:15:13.880 I got a feeling we got a few years of insanity.

00:15:16.440 I mean, you can't, it's unavoidable to point out.

00:15:18.880 I mean, definitely the pandemic has a lot to do with this.

00:15:21.580 It's just messed up markets in every sort of way.

00:15:24.180 I mean, was it two years ago down in Prentice where I live?

00:15:26.680 I was watching the odd neighbors.

00:15:27.640 They throw a for sale sign out front and the place was gone in a day.

00:15:32.180 And they were getting people bidding wars to get into these houses.

00:15:36.040 And again, I mean, that's just not a healthy market either.

00:15:39.840 I mean, that's a superheating.

00:15:42.040 But that's, again, that's the Bank of Canada's fault, if there is a fault.

00:15:48.140 By putting that interest rate down to 0.25%, that just started a fire.

00:15:54.100 You're paying a mortgage of 1.8%.

00:15:59.200 That's unheard of, really, on a fixed rate.

00:16:03.800 And so people just went, okay, let's go.

00:16:07.000 Get her done.

00:16:09.060 Well, I don't know.

00:16:10.480 What else do you think we got to look forward to before I let you?

00:16:13.580 Labor Day.

00:16:14.200 Labor Day.

00:16:15.040 I don't know.

00:16:16.300 I think next Monday is a holiday.

00:16:17.820 It is.

00:16:19.020 It is.

00:16:19.600 We're supposed to have some nice weather and such.

00:16:21.320 It's supposed to be hot this week.

00:16:23.320 I don't know.

00:16:24.200 In terms of housing, I think that's about it.

00:16:26.380 I mean, it's really, it's hard to nail it down, so to speak, because it's still kind of developing.

00:16:35.640 I think we'll know, have a better sense for things by the time August is over.

00:16:41.820 That'll be, I think, a much more clearer picture of what's going on.

00:16:45.440 I mean, a lot of people right now have just said to hell with it, and they're on vacation, and it's like, to heck with it.

00:16:50.860 I'll deal with it when I get home.

00:16:52.060 Exactly.

00:16:52.560 It's been such a rotten couple of years.

00:16:54.360 Oh, yeah.

00:16:55.200 But, you know, that's a good thing to get going, get out, have some fun, enjoy your family.

00:17:00.220 You'll see the people that you haven't been able to see for a while, and just forget everything.

00:17:04.580 Because, number one, if you dwell on it forever, it just gets worse.

00:17:09.440 Yeah, well, we can lighten up now and then.

00:17:11.700 That's part of the problem I have in this show.

00:17:12.920 I'm always, you know, ranting, raving, and angry, but that's what it's all about.

00:17:15.740 But, I mean, yeah.

00:17:16.320 I see what you wrote about the Brad Pitt and some other stuff in a story a little while ago, too.

00:17:21.020 It doesn't always have to be real estate and dry stuff, I guess.

00:17:23.620 Well, no, no.

00:17:24.380 And I don't focus just on that.

00:17:26.460 I've got a couple of things in the works.

00:17:27.840 I've got a really good one that you're going to like.

00:17:29.660 A company down in the States did a survey, media survey, Rasmussen Reports, and they

00:17:36.840 went to the big media outlets and asked the reporters and the editors what they thought

00:17:41.500 were the major issues that they should be reporting.

00:17:45.580 And then they went out and talked to the people on the street and said, what issues do you

00:17:50.400 have that are most important?

00:17:51.980 The two lists are entirely different, entirely different.

00:17:55.920 That's not very surprising.

00:17:57.240 No, it isn't.

00:17:57.780 But it's an indictment, I think, of the mainstream media, the legacy media.

00:18:03.760 Without doing any homework, they just decide in the editorial meetings, oh, no, it's all

00:18:08.360 about COVID.

00:18:09.440 And then the people go, no, no, no, it's inflation.

00:18:14.740 And so the media, legacy media wonders why everybody's turning them off.

00:18:21.100 Because they're not reporting what people care about.

00:18:24.340 Well, that's what I keep, I've been pointing out a lot lately.

00:18:26.600 And when it comes to climate change or COVID or all of these other things that may or may

00:18:29.960 not be real threats, fine.

00:18:31.580 But when a person can't make the bills, none of that crap matters anymore.

00:18:34.720 If you can't pay the mortgage, you can't put food on the table.

00:18:37.460 You can't get to work with your vehicle.

00:18:40.480 You don't care if the temperature might go up a degree in 50 years or if there's a disease

00:18:45.860 going around that's killing one in 100,000 people.

00:18:48.400 Well, you've got more immediate concerns.

00:18:50.020 Oh, yeah.

00:18:50.400 It's the kitchen table issues.

00:18:51.980 You know, people don't sit down at dinner and say, geez, I wonder if COVID's coming back.

00:18:56.160 They're going, how are we going to pay the mortgage this month?

00:18:59.200 That's the concern, obviously.

00:19:00.980 The other one I'm going to tackle, and this will probably get me in trouble, is the climate

00:19:05.380 change thing. 0.82

00:19:05.980 I found some really good stuff that you'll also enjoy about from the way back in the

00:19:12.260 beginning when they started first talking about this back in the middle 70s, 80s, using

00:19:18.840 exactly the same phrasing that they're using now, except by 1980, the world would be just

00:19:24.960 burned up, all gone.

00:19:26.500 Oh, there's only so much, you know, apocalyptic copy out there.

00:19:29.720 I mean, you just cut and paste, change the dates and whatever the cost is.

00:19:33.420 And I mean, it never stops.

00:19:35.840 I just remember, you know, I was a voracious reader in a used bookstore, and I pulled out

00:19:39.980 just randomly and bought this old used book back in the 90s, and that was the population

00:19:44.900 time bomb all the way back from, I think that came out in the late 60s, and that was the

00:19:49.800 prediction that, oh, we're all going to die because we're going to overpopulate.

00:19:53.740 And it's the same thing they're using now.

00:19:56.440 It's just there's always something.

00:19:57.780 There's always an apocalypse around the corner.

00:19:59.820 There's always a boogeyman that we've got to be afraid of.

00:20:02.360 It gets exhausting.

00:20:03.180 Well, it's exhausting, but it's also it's unfortunate because people buy into it, you

00:20:08.680 know, and you got one or two percent of the people in the world who are promoting all this

00:20:13.760 apocalyptic stuff and the woke people and that everybody's catering to.

00:20:20.000 And there's like 98 percent of the people out there who are kind of like, huh?

00:20:24.780 But so why are we?

00:20:26.960 I think just pay them no mind.

00:20:29.380 Yeah, go away. 0.99

00:20:30.620 Well, I think that's starting to happen.

00:20:31.760 I mean, we're looking at the ratings for conventional media outlets and unfortunately, the government

00:20:36.620 response is to try and bail them out.

00:20:38.120 But instead, as you said, they should be listening to what people want to hear and providing it.

00:20:45.020 There you go.

00:20:45.920 Well, lots to look forward to.

00:20:47.280 I am looking forward to that one.

00:20:48.500 And also, I mean, I just enjoy, you know, putting up those pictures.

00:20:51.960 Well, you'd be Brad Pitt wearing a skirt. 0.88

00:20:54.120 Come on.

00:20:54.740 Well, that's news.

00:20:56.180 I noticed that the picture had Jolie next to it, too.

00:20:59.880 And so, I mean, there's eye candy for both sides, even if she might be crazy.

00:21:03.400 I'm sure she has a lot of other assets that would have been admirable. 0.59

00:21:06.160 So, yeah, I think so.

00:21:09.020 All right.

00:21:09.540 Well, thanks for coming in to talk to me today, Mike.

00:21:11.580 It was good to see you.

00:21:12.360 Always enjoyable.

00:21:13.700 We'll chat again, I'm sure, soon.

00:21:15.620 Okay, great.

00:21:16.340 All right.

00:21:16.780 Take care.

00:21:17.160 Take care.

00:21:17.780 Bye.

00:21:21.900 Bye.

00:21:22.340 Bye.

00:21:23.100 Bye.

00:21:23.520 Bye.

00:21:23.660 Bye.

Western Standard - July 28, 2022

Myke Thomas on real estate Will the bubble pop？

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