Bruce Dowbiggin
How Retirement Money Now Funds The Radical Movement
The middle class has reportedly never been so educated, so informed. At the same time, the same middle class has never been so blissfully ignorant. Case in point: Much of this adult cohort have their retirement savings invested in IRAs, Registered Retirement Savings Plans, mutual funds and other institutional vehicles.
Where, as shareholders, they earn a consistent return from, among other things, dividends, stock increases and share splits. The Rule of 70 says that a few decades of growth will double your money and will render enough money upon which to retire.
This process is all overseen by benevolent CEOs, boards of directors and investment experts boosting shareholder value. So why should anyone lose sleep or attend shareholder meetings? After all, Bank of Montreal has only missed issuing a dividend twice since its founding in 1817.
Actually there is real cause for urgency. Shareholder value, the bedrock of these investments, is now a piggy bank being robbed by outside players who use ESG, DEI and other nefarious acronyms to intimidate said CEOs, boards of directors and investment experts into doing their bidding.
That bidding is portraying the traditional shareholder model as evil capitalism despoiling society. So now we see corporations such as Disney, Amazon, Coca-Cola, Starbucks and Alphabet (among many) diverting funds from shareholders to causes obsessed by racism, sexism, climate change and a host of other grievance issues.
For many in the middle-class this all seems like a corporate bun fight, a diversion for the Scrooge McDucks of Wall Street and Bay Streets. Even as the Left bleed shareholder value from the RRSPs and IRAs of citizens, deluded citizens cheer on the progressives who are impoverishing them— as if this were an episode of The West Wing instead of The Big Short burning through their savings.
They see hedge fund BlackRock as Robin Hood, redistributing the unseemly wealth of elites to the poor and downtrodden. Little understanding that they are funding this klepto-progressivism. If it wasn’t so sad it might be funny. But the wine moms and the Boy Scout liberals seem clued out on the real agenda.
What’s ironic is that corporate wealth has long resisted the impatient demands of bad actors. It was their resistance in the 1960s that ultimately stopped the revolutionary fervour of the Left from toppling the system. Well, those fanatical forces are back again, but this time they’ve found the keys to the vault.
Here’s how: Liberals and their far-left allies have always been thwarted in their glorious dreams of class revolution by the inconvenience of the electorate. Voters consistently have denied radicals such as AOC or Bernie Sanders the levers of power to activate their pet grievance issues. So they aligned with media and culture industries who portrayed the cruelty of them being denied ultimate power. Class warfare became a Hollywood staple— even as Tinseltown became a blank cheque for radicals.
In Canada and the U.S. the social-credit gambit also meant working the game through sympathetic Supreme Courts who’ve sought to make whole what the citizens want no part of. But the transformation of SCOTUS under Donald Trump scuttled this game. Suddenly the door to legitimizing unlimited abortion, admission quotas, election changes and student-loan forgiveness was slammed shut.
What to do? The solution for the politicians on the Left was to employ large money fund managers such as BlackRock, Vanguard and others to do what the electorate refuses to allow them. Going around the democratic process, these companies created social-credit scores such as ESG and DEI, ranking corporations on their wokeness. The rankings are used to judge their response on every progressive grievance aired by NPR, MSNBC, the Washington Post, CBC and the Toronto Star.
A bad social-credit score from Larry Fink at BlackRock has become a death sentence for executives or boards who balked. Employing their trillions in investments to buy up shares, the hedge funds then used shareholder meetings to whip boards and CEOs into line on the proper mix of social-media expenditures and political propriety. Next thing we saw CEOs saying that maybe shareholder value wasn’t the prime purpose of corporations.
Thus, Disney Corporation, once a bedrock of capitalist certainty under its founder and his family, transformed into trashing its history and brands to satisfy far-left agitators. See: the current iteration of Snow White in which the heroine is brown, the dwarfs look like car jackers and the prince is a ponce.
There is hope that some of these middle-class people have awoken from their coma and are using the market to slow this trend. Anheuser Busch’s disastrous foray into trans politics, celebrating a flamboyant influencer on 365 days as a trans woman, collapsed the mighty Bud Light brand and sunk the stock price. Target, too, blundered in its cloying response to pressure for progressives. Its brand and share price are in free-fall.
Meanwhile, Disney has admitted that tangling with Florida governor Ron DeSantis over Disneyworld was a losing proposition. It has replaced its CEO and fired a number of Woke executives responsible for Snow White. This may also have produced an unintentional outcome. Comedian Dave Chappelle’s prediction last November that Donald Trump was far from dead is suddenly looking prescient, as #orangemanbad leads the GOP polling by 30 points.
For now, however, the middle class snoozes along, content in its self-image as a caring, enabling society. While the investment managers drain their savings to fund windmills in the sky. Politicians are silent, reluctant to challenge the giant. And the media divert attention to shiny objects like Clarence Thomas’ friends. It’s go along to get along. And say bye to your savings.
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Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. Inexact Science: The Six Most Compelling Draft Years In NHL History, his new book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via http://brucedowbigginbooks.ca/book-personalaccount.aspx
The Toronto Maple Leafs made the “what colour is that green light?” decision to fire their head coach Sheldon Keefe last week. The removal of Keefe after five years followed a dispiriting first-round playoff series loss to a very ordinary Boston Bruins team. Coaching may or may not have been the root cause of that loss. (Keefe himself admitted “teams are waiting for the Leafs to beat themselves”.)
The real reason for the firing is 1967, and we don’t think we need add more than that.
In essence, the management of MLSE— the owner of the Maple Leafs and a lot of other sports stuff in Toronto— needed to throw a body to the baying hounds of disappointment. Also known as Leafs Nation. Newly minted CEO Keith Pelley, fresh from the PGA Tour/ LIV psychodrama, was certainly not going to pay the price.
Nor was GM Brad Treliving who has only been on the job for two seasons. The key decisions on Toronto’s lopsided salary cap were decided long before Treliving occupied his desk. That left two people in vulnerable positions. 1) Maple Leafs president Brendan Shanahan, who has been drawing an MLSE cheque for a decade. 2) Keefe.
When was the last time you saw a coach fire a team president? Precisely. Keefe joins the list of (briefly) unemployed coaches who circulate in the NHL like McKinsey consultants. Shanahan gets a lukewarm mulligan from Pelley. But after the failure of the Kyle Dubas experiment— “who needs experience?”— and now just a single playoff series win in a decade Shanny’s best-before date has arrived.
Toronto Maple Leafs president Brendan Shanahan attends a news conference in Toronto on April 14, 2014. Toronto Maple Leafs president Brendan Shanahan said Peter Horachek will remain the team’s interim head coach until the end of the season. Shanahan met the media Friday for the first time since coach Randy Carlyle was fired on Tuesday. THE CANADIAN PRESS/Chris Young
Depending on who he and Treliving enlist to coach— remember, Mike Babcock was too tough and Keefe was probably too player friendly— it had better produce instant results. Because Shanny, the pride of Mimico, is out of chances. The coach choice will also be affected by whichever player or players that management decides are superfluous to ending the Leafs’ ridiculous run of misery.
The Leafs brass’ press conference last Thursday did little to shed light on what happens after Keefe’s expulsion. Just a lot of MBA determinism on a bed of baffle gab. A crabby Steve Simmons question/rant briefly threatened the harmony of the moment, but order was restored. And the media bitching switched from the press box to social media and podcasts.
Speaking of the fourth estate, the other unmentioned aspect of this story— indeed every story in the NHL these days— is just how it was revealed to the public. When people sipped their morning Tim’s or Starbucks the (almost) coincident bulletins came down the social media pike about Keefe’s dismissal.
Predictably, Chris Johnston of Sportsnet and Daren Dreger of TSN announced the breaking news within heart beats of each other. While there had been speculation on Keefe’s fate for days, the announcement coming from the networks duo confirmed the story in the minds of the industry. That allowed everyone else drawing a cheque as a hockey journalist to pile in and swarm the dead body.
In today’s sports journalism, where social media has replaced newspapers, scoops are governed by a protocol. There are the heralds— in the NHL it’s currently Johnston and Dreger— and then there are the disseminators. The days of a rabble of reporters all scrambling to get a story bigger than who-will-play-in-tonight’s-game are gone. Today, it’s a very narrow funnel for scoops.
It’s the same in the NFL where Ian Rappaport (NFL Network) and Adam Schefter (ESPN) monopolize the tasty scoops on behalf of their employers, who also happen to be NFL rights holders. In the NBA, Brian Windhorst (ESPN) has the inside rail when it comes to the LeBron James/ Steph Curry scoops. In MLB… it’s probably Ken Rosenthal (The Athletic) but no one cares about baseball anymore, do they?
The leagues like it this way, doling out stories to guys they can trust. None of this is criticism of Johnston or Dreger, who have deftly maneuvered themselves into the coveted “from their lips to your ears” spots. From our own experience we can remember the exhilaration of having the best source or sources on the really big stories. Like Johnston/ Dreger, we worked hard for a long time to develop those sources and only very reluctantly let anyone else horn in on our stories.
It was also our observation that this order of things journalistic suited a lot of reporters who either couldn’t get good sources or didn’t want the stress of being first on stuff. It was enough that, like the Keefe story, they’d get the goods eventually and most fans would not care who was first. So long as you had a take. So be it.
Some resentful types took potshots at our work if it upset their pals in the dressing room or the management suite. On the Stephen Ames/ Tiger Woods story in 2001, we had the late Pat Marsden tell us on air that we’d done a great job on Ames’ criticisms of Tiger. Only to hear him lambaste us— again on FAN 590— only minutes later as we listened driving home from the studio. But we digress.
Many reporters are complacent in playing the game, so long as their bosses didn’t enquire why they are getting scooped all the time by the same few rivals. With the death of daily newspapers that doesn’t happen much any longer. (Many editors today may only see stories when publication brings a libel notice.) For them a salty take is good enough.
The scoop business is also affected by the multiple roles now demanded of sports media types. In addition to their “day job” on a beat they also have to supply digital content and talk-back hits to the Mother Ship. Most also are feeding a weekly podcast, dictating time on air rather than time working the phone. There are only so many hours in a day to chase a story.
Better to play the Breaking News waiting game.
Bruce Dowbiggin @dowbboy is the publisher of Not The Public Broadcaster A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. Now for pre-order, new from the team of Evan & Bruce Dowbiggin . Deal With It: The Trades That Stunned The NHL & Changed Hockey. From Espo to Boston in 1967 to Gretz in L.A. in 1988 to Patrick Roy leaving Montreal in 1995, the stories behind the story. Launching in paperback and Kindle on #Amazon this week. Destined to be a hockey best seller. https://www.amazon.ca/Deal-Trades-Stunned-Changed-Hockey-ebook/dp/B0D236NB35/
Have you ever been to a concert where a hot new product like Tesla is mentioned and many in the crowd applaud in approval? Have you been at a dinner party when you say you went to a new Thai restaurant, and everyone at the table explodes in rhapsodic glee? Have you ever been to see a comic and he mentions he has the latest iPhone with the nifty camera and people actually cheer?
You see those people cheering a piece of tech or a style of cuisine? Those are the people who believed Justin Trudeau when he told them to sink everything into real estate when interest rates were near zero. They. Will. Believe. Anything. So long as they think it makes them cool kids. Trudeau could say he can control the weather by stopping cows from farting, and they’ll be wearing a bovine flatulence T-shirts pronto.
Now, we can hear you laughing in derision at our skepticism about the real estate-economy that has taken over the nation— the new economy that Justin fed, watered and then bragged about. (To the exclusion of the other cornerstones of our once-dynamic nation state.) The one that will be going to Market one of these days for a meeting with an air compressor.
Again, you laugh. Despite the housing shortage Justin says we can easily accommodate two million new souls a year, no problem. He says Trump was a vile racist for wanting to exclude unhinged radicals from zombie countries back in 2017. The freshly-arrived from Trump’s “shithole countries” with “shithole value systems” and “shithole economies’ will prop up the value of Canada’s two-million dollar cash-cow bungalow in West Van or Etobicoke. And the Happy People believe.
Why? Because Justin and his cabinet are in Control, and they’ll just rein in these types when they get here and start asking that Jews be exterminated or white people surrender the merit system to DEI droogs. That little dustup at the universities where nervous trust-fund virgins claim to be onside with systemic rape? Justin can stop them anytime. Everything is cool. After all, Canada is the model for a postmodern state.
And that stuff about how the Canadian real estate market being 80 percent propped up by drug money, kleptocracy profits and Blackrock? Pshaw. That is just the Far Right Diagolons trying to panic you into hiding your money from the government which just wants to send it to the “shithole” countries in a kickback loop. If nothing else, the banks will save you— if there’s any shareholder value left after this deranged DEI diversion.
Can’t happen here? We know people who were around the EU in 2008 when the U.S. mortgage debacle cratered economies around the world. For years they’d been served by Poles in the service industry, Spaniards in the restaurant kitchens and Bulgarians doing the physical labour. Life was good. Everyone drove a Beemer and owned a condo overlooking the sea.
Then, one day, they noticed that all the airport parking lots were overflowing with Beemers that went unclaimed. No one had paid rent in months. The banks noticed that all these lovely fellow citizens of the EU had drained their savings, reached their cash credit limit on the Mastercard and skedaddled with the dough. Funny, they all must have gone on holidays to once, no?
No. They were gone. Bye bye. Adios. And the credit bubbles in Ireland, Norway, Iceland, France and other EU worthies popped like the champagne they’d been sipping for years on easy credit and idiotic notions of productivity. Nations like Iceland went bankrupt overnight. Counties in England threw their keys on the table. People’s life savings evaporated.
But Justin says that won’t happen here on his co-watch with Jagmeet the Bespoke. Sure, no one under the age of 40 can afford those two-million dollar cash-cow bungalows in West Van or Etobicoke. But those old Boomer geezers will die soon, and after we tax the daylights out of the estate, the kiddos will inherit the house. Probably after we turn it into a four-plex or fine them for having empty bedrooms because they couldn’t afford kids.
One of the ferocious beauties of market economies is their way of periodically turning on themselves when too many people are getting rich too easily. The Canadian RE economy of Justin Trudeau is one of them. It’s about a decade old without any sign of dropping. Life is good. Everyone drives a Tesla and rents a condo overlooking the sea.
Little wonder. Everything he and his faculty lounge of dimwits like Chrystia Freeland, Melanie Joly and Steven Guilbeault have done this decade has been to prop up the value of real estate owned by their real pals in Asia, Europe, the assorted kleptocracies in Africa or the sub-continent. It was like an ad for Chlorox the way these “investors” blithely laundered their dirty money in Canadian condos and low-rises. When news leaked out that mobsters were using casinos in B.C. (where Justin’s maternal side came from) as a laundering station it was covered up very quickly.
But the clock ticks. Even Justin’s former finance minister Bill Morneau is warning that the bubble is going to pop if Justin keeps printing more money to keep the real estate values so unsupportably high. The entire middle class of Canada, which has ridden the real estate train, will see their life savings evaporate like Jody Wilson Raybould’s political career.
No matter. Justin’s been living in government housing since 2015 (some of it with his Mommy). What does a trust-fund nit know about making rent cheques or a mortgage payment? Without Sophie spending like a dervish, he never needs to look at an America Express card again. He’s got 17 more months to build up credits with his future benefactors, and he’s not applying the handbrake now.
Okay, you can applaud now.
Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. Now for pre-order, new from the team of Evan & Bruce Dowbiggin . Deal With It: The Trades That Stunned The NHL & Changed Hockey. From Espo to Boston in 1967 to Gretz in L.A. in 1988 to Patrick Roy leaving Montreal in 1995, the stories behind the story. Launching in paperback and Kindle on #Amazon this week. Destined to be a hockey best seller. https://www.amazon.ca/Deal-Trades-Stunned-Changed-Hockey-ebook/dp/B0D236NB35/
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