Glass house alert: “Nortel” Garth Turner gloating over Lukiwski’s 17-year-old blast

Garth Turner Stephane Dion

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.

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6 Comments

Filed under Politicians, The Sinking Ship Liberal

6 responses to “Glass house alert: “Nortel” Garth Turner gloating over Lukiwski’s 17-year-old blast

  1. James

    I can’t believe I used to watch that guys crap tv show. I thought he knew what he was talking about in those days. Well, you have to learn about the “promoters” and dishonest people in this world somehow i suppose. I’m glad I didn’t have much money in those days to follow his advice.

  2. Fred

    Nobody loves Garth like Garth does.

    He’s a legend in his own mind, as small, simple and unsound as that is.

  3. Thanks for picking up my quote on Garth Turner for your website.
    Please don’t use any of my copywrited material again on your website without my express permission or until you raise the intellectual level of your content.

  4. While I respect your writing and your professionalism, cited paragraphs from past newspaper articles residing in the public domain are not copywrited material, and earn you no right to dictate the “intellectual level” of my blog. If it annoys you that an ideological conservative is quoting your reportage…tough, suck it up.

  5. I know all about copyright law, believe me. And I don’t need newspaper articles to “earn” me the right to dictate the intellectual level of your blog. I’m not dictating anything – I’m simply expressing my annoyance that my name is associated in any manner – except this one, of course – with your babble. You have a right to express your views, as vacuous as they may appear to me, and I have a right to express my opinion. Whether you choose to erase them from your blog or post them, as you have chosen – an admirable action, I’ll admit – is up to you.

    Sure wish somebody would explain the term “ideological conservative” in this context. Sure looks like a lot of juvenile liberal-bashing to me.

  6. The best way to play penny stocks is to search for undervalued companys. Most stocks will always return to the value it is supposed to be at in time. Many are held down by shorts and mm’s. When you find one you just need to watch it for awhile if no news is coming soon get in at the lowest point possible and just sit there. when some catalyst comes along it will explode. 1. stay away from pink sheets as much as possible, information is impossible to verify and at least 75 % are scams. OTCBB is a great exchange to find these undervalued plays, example BFHJ is one of these that is very undervalued and being discovered now.
    These are alerted often on twitter at http://www.twitter.com/pennydealer

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