Cheap money has created another bubble

Lenders seize Intrawest assets including Whistler resort.
Finally the Credit crunch is hitting home.Intrawest was bought for $ 2.6 billion mostly on borrowed money, as the credit markets dried up they were faced with mounting debt, unable to borrow more and unable to make the payments.Despite selling off chunks of its assets ( Nortel did the same) it still faced the same fate.
With the media focused on Vancouver the very place that the games are being held is in foreclosure and the sales will be taking place during the games.
What story does Vancouver have for the world now?
Yes history will repeat itself. US then to Ontario/Quebec then west to BC/Alberta.
A drive down any busy street in Vancouver's lower mainland you will encounter a business closing and for lease signs on almost every block.
Are we there yet? With BC/Alberta Real Estate We are very close.

In China, when speculators are buying empty buildings in ghost cities in the hope that the property boom will continue I know we are really close. well.http://wallstcheatsheet.com/breaking-news/economy/ghost-towns-in-china-prove-gdp-is-a-farce/?p=3702/

In the US jobless claims last week were 482,000!! And the economy is back on track??
Cycles. Trust the cycles. Numbers can be turned around to sell any story.
Cheap money has created another bubble over the last 12 months.