Many political partisans spent this evening puffing up another Conservative-bashing non-scandal, trying to bring down Saskatchewan MP Tom Lukiwski for a drunken “faggot” blast caught on video tape 17 years ago. Among those attempting to make political hay over these intemperate, and sorely regretted, long-lost words of Lukiwski is none other than Parliament’s fool on the hill, Liberal MP Garth Turner.
Perhaps Mr. Turner forgot that he lives in a glass house. Time to pick up the shards, Gartho. Remember this? From John Lawrence Reynolds’ October 2002 Globe & Mail expose on unlicensed investment gurus:
In a Canoe “Money” chat room back on Sept. 27, 2000, Turner assured participants that the stock market was undergoing a mini-correction, that the Dow would hit 30,000 by 2006, and that “Nortel [then trading at $96.60] is a wonderful company and, given the recent decline, I think it is a strong ‘buy.'” That day, the TSE closed at 10,250.
Barely two months later his enthusiasm refused to wane, despite a TSE index of 8,945 and a price for Nortel stock of $56.35. “Will the Nasdaq again reach 5,000 and the TSE attain 11,000?” Turner asked. “Will it be warmer again in April? How about clipping this column and taping it to the fridge?”
Those who did would have noticed that, as of March 26, 2001, the TSE had slipped to 7,686 and Nortel, at $25.60, had begun its slide to penny-stock status. Turner remained confident: “By the time the flowers bloom in Saskatoon, the back of the bear market will have been broken. We will see sustained gains in Toronto and New York, and those who fled from stocks and equity funds into cash and money-market funds, taking a loss in the process, will be sorry indeed.” The bull was still charging.
Perhaps he should re-mortgage that shattered glass house, to buy more stock:
Turner promulgated his strategy of pulling equity out of one’s home and plunging it into diversified mutual funds in his book The Strategy: A Homeowner’s Guide to Wealth Creation. It includes some quite pointed advice. Turner writes: “If your real estate falls in value, to the point where the home equity loan is greater than the worth of your home, you can always take a walk. Then it’s the bank’s problem.” But it’s not just the bank’s problem, as any real estate lawyer or banker will confirm. In Ontario and most other provinces, a homeowner continues to be liable for mortgage debt.