REIT Spells Rental Rip Off

There are renters in Alberta to be exploited yet through rent gouging.

Alberta's CEO Ed Stelmach refused to bring in rent controls as advocated by his appointed public committee on housing, because it might impact the 'free market'.

His in-action on the rental crisis in Alberta has influenced the market, in favour of the REIT's and against the interests of those he is elected by the worker/consumer/taxpayer/citizen.

GE snaps up Dundee's eastern properties

LORI McLEOD

Globe ad Mail, Print Edition 05/06/07 Page B4

Dundee Real Estate Investment Trust is selling two-thirds of its properties to a division of General Electric Co. for $1.5-billion, amid a wave of consolidation of Canadian real estate trusts and assets.

The trust decided to sell its Eastern Canadian assets in the belief that properties in Western cities such as Calgary, Edmonton and Vancouver will continue to perform well. For example, Dundee expects to raise rents in Calgary by about 50 per cent when they expire, compared with 20 per cent for the current portfolio over all.

Dundee is the second largest REIT owning and profiting from apartment and real estate investment, behind Boardwalk. And like other REIT's they are busy transforming exiting apartments into Condo's they can sell off in the Alberta's hot market.

This is the Income Trust business transforming itself once again back into a private capital enterprise.

Income Trusts are a ponzi scheme where upon private capital moves into the public market, profits in barely legal schemes in that market, and then when it is no longer to their advantage they return again to the shadow world of private equity hedge funds.

Just how questionable these schemes are can be told in the Dundee offer which changed in the headlines in a few hours. Prior to the article above an earlier edition of the Globe and Mail carried this headline; GE buys properties from Dundee REIT for $2.4-billion

Which is a lot more than $1.5 Billion apparently finally settled on. Which may explain this;Investors question Dundee's asset sale

PROPERTY REPORT

REIT watch

June 4 close

Weekly change

Y-to-d total return

Dundee

$39.96

4.10%

5.80%

REITS success relies upon their making steady earnings distributions to their shareholders. Those earnings are made off the back of renters.

And it is clear that thanks to Ed Stelmach the Canadian REIT's look at Alberta as the sole base for their business in Canada. Which is scary for working families in Alberta as we have found out this past year.

The changes made by Stelmach in only allowing a rent increase once annually, with no cap on its size means that the REITs look forward to even bigger profits next year when they can charge 50% mark ups on their rent like they did this year.

The smart real estate money is heading West, which is not to say that GE fumbled the ball by snapping up Dundee REIT’s Central and Eastern Canadian investment properties for $2.4-billion, including debt, but rather Dundee’s decision to keep its bricks and mortar located primarily in Alberta.

For that reason, Desjardins Securities analyst Jeff Roberts is recommending Alberta-centric real estate stocks like Melcor Developments Ltd., Mainstreet Equity Corp., Genesis Land Development Corp. and Boardwalk REIT, all “top pick” rated.

For investors who like distributions and dividends, his “top picks” include Boardwalk REIT, with a 34 per cent total 12-month expected return; Calloway REIT, offering a 33 per cent total return; and First Capital Realty Inc., 26 per cent.

This is the so called free market, which you can regulate, the Alberta Government as usual just doesn't want to be bothered because after all they are partners with business. And business calls the shots in their partnership.

So no one should be surprised when Dundee REIT looks forward to raising rents 50% next year, thats the regulation the Ed Stelmach created for them.

See:

Income Trusts

Housing




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Conservatives Ban Mandela

Rob Anders of the Reform Alliance Conservative Party has always claimed Mandela was a communist and a terrorist.

Now he gets his wish as the Conservatives deny Winnie Mandela a visa and as usual give no reason for their actions.

Consider it payback, for when they were in Opposition and could not confront Nelson like Anders wanted them to.

Ironically he just as big a criminal as she is.

Canada Denies Visa to Winnie Mandela

Ottawa's decision to deny her entry brings Winnie Mandela to tears

Despite four consecutive election victories in the seemingly unassailable Tory stronghold, Anders has been at the centre of unwelcome attention for the Conservative party and its predecessors.

In 2001, he was the only MP to vote against making Nelson Mandela an honorary citizen of Canada and he defended his actions by calling Mandela a communist and a terrorist.

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Liberal Republicans

From last nights Republican Presidential Candidates debate there were detectable liberal tendencies.

This gives a new meaning to neo-liberal as Republican candidates move left. Making them sound like Canadian liberal social democrats.

Brownback Is Pro-Labor Union!!!! In Iran that is...

And Mike Hucakbee embraced the social gospel....from the right

"Many of us who are pro-life, quite frankly, I think, have made the mistake of giving people the impression that pro-life means we care intensely about people as long as that child is in the womb. But beyond the gestation period, we've not demonstrated as demonstrably as we should that we respect life at all levels, not just during pregnancy. We shouldn't allow a child to live under a bridge or in the back seat of a car. We shouldn't be satisfied that elderly people are being abused and neglected in nursing homes."

Ron Paul sounds like Jack Layton.....

TEXAS REP. RON PAUL called pre-emptive war the most pressing moral issue in the United States: "I do not believe that's part of the American tradition. We, in the past, have always declared war in defense of our liberties or go to aid somebody ... And now, tonight, we hear that we're not even willing to remove from the table a pre-emptive nuclear strike against a country that has done no harm to us directly and is no threat."

You can't tell the difference between the players without a program....

Obama, Brownback want Iran divestment

Congressman Duncan Hunter contested the myth that the reason to import foreign workers is because American workers don't want to do these menial jobs. He sounded like AFL-CIO President John Sweeney.

“If you had your way with immigration who would fill the jobs that no one wants?” asked Tom Fahey of the New Hampshire Union Leader. Hunter referred back to the employment “sweep” in a meat packing plant in Iowa. “There were American citizens lined up the next day to get their jobs back at $18 bucks an hour” said Hunter.

And of course Rudy Gulliani cannot hide his very Canadian view on abortion.

'My view on abortion is that it's wrong,' he said, 'but that ultimately government should not be enforcing that decision on a woman.'

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Ron Paul Quotes Ayn Rand

Ron Paul quotes Ayn Rand in the Republican Presidential Debate last night on the controversy of Gays and Lesbians in the Military.

Should gays and lesbians be allowed to serve openly in the U.S. military? The audience applauded Texas Rep. Ron Paul’s answer.

“We don’t get our rights because we’re gays or women or minorities. We get our rights from our creator as individuals. So every individual should be treated the same way,” Paul said.

“If there is homosexual behavior in the military that is disruptive, it should be dealt with. But if there’s heterosexual sexual behavior that is disruptive, it should be dealt with.

“So it isn’t the issue of homosexuality. It’s the concept and the understanding of individual rights,” he said.

Individual rights are not subject to a public vote;

a majority has no right to vote away the rights of a

minority; the political function of rights is

precisely to protect minorities from oppression by

majorities (and the smallest minority on earth is

the individual).

- Ayn Rand

Of course discrimination is never against an individual but against a social group the individual belongs to. Bigotry does not recognize the individual or their rights. Prejudice lumps people into categories of; them and us. Which is why it is discrimination.

See:

Ron Paul

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Rich Getting Richer

This is rich....with the full ironic meaning behind the word.

Much Too Golden Years
Elizabeth MacDonald
A growing number of chief executives, like AT&T's Ed Whitacre, are getting rich, lifetime compensation deals.

Fat cat chief executives are almost always used as Exhibit A in the national debate about the rich getting richer.

Bolstering that case is a growing body of evidence showing that a burgeoning cohort of chief execs are getting lush compensation deals that last long after they've driven out of the corporate parking lot.

Whitacre's golden parachute has quite the platinum lining. His pension package includes $4.5 million in annual payments for life, plus an $18.8 million lump sum. He'll also get $25,000 in country club fees, $6,500 in annual home security costs and access to the corporate jet for 10 hours a month. AT&T will also cover up to $19,000 in taxes for these benefits, except for use of the aircraft. Whitacre and his family will also receive free health insurance for life. Plus, he'll get just over $1 million a year for three years to work as a consultant to AT&T during his retirement.

• Gilded Greetings
• Special Report: CEO Compensation
• Complete Coverage: Leadership

See:

CEO Cream Sour Milk for Workers

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Casey Up To Bat

In a stunning move the longest serving Conservative MP in parliament; Bill Casey from Nova Scotia has announced he will vote against his Party and its Government over its budget, which he claims is a broken promise.

Flaherty repeated that Nova Scotia can't enjoy the benefits of a new equalization formula and its offshore accord at the same time.

This is the point that Danny Williams and Lorne Calvert have been making.

If only Alberta CEO Ed Stelmach and his PC crew could muster the indignation of betrayal that Casey has, and denounce this resource royalty grab, this unequal national transfer program, this new NEP, might well be dead.



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Not The Nations Team

Not after last nights loss. The Senators put it out there again but the problem is that they are not a 'Team'. There are a lot of 'i's on the ice but there ain't no 'i '
in Team.

It doesn't matter that by being in this years playoffs have been in more playoffs than the Leafs.

Well to the Leaf establishment and its fan base yes it does. They would like nothing better than 'that other Ontario' team to fall flat.

For example here is some so called analysis of the game. Do you detect a Leaf/Toronto bias?

History is against the Ottawa Senators in the Stanley Cup final

June 5, 2007

By: CHRIS JOHNSTON

OTTAWA (CP) - It might be time to turn out the lights on the Ottawa Senators' dream season. Only the 1942 Toronto Maple Leafs have ever erased a 3-1 lead in the Stanley Cup final and these Senators don't have the look of a team about to join them in the history books. Ottawa thoroughly outplayed Anaheim in the first period of Game 4 on Monday night before going completely flat in a 3-2 loss. "It's hard to explain," said forward Mike Fisher. Indeed, none of the Senators seemed to have any explanation for what had just happened.

While ESPN, the Americans, report the same story like this;

The victory gives the Ducks a 3-1 series lead and the opportunity to win their first-ever Stanley Cup at home on Wednesday. Of the 28 teams that have taken a 3-1 series lead in the Stanley Cup final since 1939, only one has failed to win a championship and that was 65 years ago.

There is joy in Hogtown as the Senators appear to be flaming out. Our Nations team. NOT.

Which is unfortunate but exposes the Toronto domination of Canada's Sports media. After all its not called the Toronto Sports Network for nothing.

Toronto fans should embrace the Senators after all their team has not been in the playoffs since Canada's Centennial. Forty years. F O R T Y.

Despite all their wishful thinking, simulated video game victories, and Mike Meyers best efforts.






See:

Hockey

Shane Doan

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Nessies Relative

Is this skeleton any relation to Nessie since there have been reports of that fresh water monster being seen and filmed in Loch Ness.

Whatever was filmed is a shadow underwater, which could be a large sturgeon.

This at least is a skeleton. Though how it got into an iceberg is a puzzle itself.




Scientists are puzzled by pictures that appear to show a mammalian skeleton jutting out of an iceberg that recently drifted past the east coast of Newfoundland. (CP PHOTO/HO/Department of Fisheries of Oceans)

See

Nessie was an Elephant?

They Walk Among Us

Shark

Cryptozology Part 1

Cryptozoology Part 2

Dinosaurs

Fossils

Monsters


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Ron Paul

Even the Democratic Candidates for President have not been this radical when it comes to the war in Iraq. Ron Paul is the self styled 'Libertarian' candidate in the Republican Primaries. He is not as libertarian when it comes to other issues like abortion, gay rights, or immigration.

Of course he has as much chance as the Democratic libertarian Dennis Kucinich does.

This is from the last Republican candidates debate.

Ron Paul

Voted against use of military force in Iraq. Supports withdrawing troops from Iraq, but opposed war spending bill which included a plan to withdraw most U.S. troops by March 2008. Calls for repealing authority given to the president in 2002 Iraq war authorization vote. Opposed Bush plan to increase the number of American troops in Iraq. Says military victory in Iraq is "unattainable."

You’d abolish the Department of Homeland Security in the middle of a war?

Ron Paul: We were already spending billions of dollars on homeland security prior to 9/11 and it didn’t prevent the attacks; inefficiency was the problem. Adding another huge, expensive, inefficient level of bureaucracy makes things worse.

You’re the only one on this stage who opposes the war. Are you out of step with your party, and why are you seeking its nomination?

Ron Paul: The Republican Party has lost its way. The conservative wing was always anti-interventionist: Taft was against NATO; Bush ran on a promise of a humble foreign policy, anti-nation-building, anti-global-policing; Republicans were elected to end the Korean and Vietnam wars; it’s the Constitutional position; the founders’ advice was to pursue friendship with other nations but avoid entangling alliances. We should negotiate, talk, trade with other countries; we lost 60,000 soldiers in Vietnam and lost the war, and now we invest there. We shouldn’t go to war so carelessly.

Follow-up: Is noninterventionism still a viable position after 9/11?

Ron Paul: 9/11 was a response to our previous interventions. We’d been bombing Iraq for a decade; we’re now building 14 permanent bases there and an embassy bigger than the Vatican. If China were doing this in the Gulf of Mexico we’d be upset.

Follow-up: Are you suggesting we invited the 9/11 attacks?

Ron Paul: I suggest we believe their reasons are what they say they are; also bin Laden says he’s delighted our soldiers are over there where they can be targeted more easily.

Giuliani intervenes: As NYC mayor during 9/11, I’ve never before heard such a shocking claim that we invited 9/11 and I ask Ron Paul to withdraw it or clarify whether he believes it.

Ron Paul: I believe the CIA is correct when it warns us about blowback. We overthrew the Iranian government in 1953 and their taking the hostages was the reaction. This dynamic persists and we ignore it at our risk. They’re not attacking us because we’re rich and free, they’re attacking us because we’re over there.

(Later on Tancredo also attacked Paul, saying that regardless of what our foreign policy was or whether Israel existed, the terrorists would still attack us because they view it as a religious imperative. Paul did not have a chance to respond.)

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Made In America Royalty Scheme

Alberta has the dubious distinction of being at the bottom of the royalty payments made by oil companies to governments. It is in good company though.

GAO: U.S. gives oil companies a big break

Revenue cut for feds from resource taking is far below states like Alaska, Louisiana

Apparently we have a made in the USA royalty scheme here in Alberta. And Big Oil would like to keep it that way.CAPP Presents to the Alberta Royalty Review Panel


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