Haydain Neale, 1970–2009
The Making of a Medley
Newsstand: November 23, 2009
Transit City and Transit Cities
The Daily Photoist: November 23, 2009
The stock market roller coaster is continuing unabated, last week's $700 billion bailout notwithstanding. Mid-morning, the TSX was down more than 1,100 points from Friday's close, or just over 10%. It's rebounding slightly at the moment—the loss had been cut to about 650 points as of 1 p.m. today—but with several hours of trading ahead, and the credit concerns that have been plaguing the U.S. now spreading to the European markets, stability is still nowhere in sight. While Canadian banks are not closing or restructuring as their American counterparts have been, our market is taking a severe hit in part because of dropping oil prices and concerns that the American crunch will depress our trading with that country. Combined with forecasts of a Canadian recession by several top economists this morning, look for this to dominate the news cycle and campaign trail in the days ahead.
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I'm an atheist but it's hard to disagree with the pope on this. Glad I don't invest.
Yep, and to think, Steven Harper looks up at the sky and says, 'Look, the sky is blue and so is my sweater'.
Oh rilly?
We trade so much with the US, that it will affect us, a lot.
One look at the GDP at basic prices, by industry. Look at Manufacturing and Finance and Insurance figures... you know this is not 'all is good', contrary to what Harper tells us.
I look forward to david topping's forthcoming exegesis on the economy's affect on street art.
There have been two great This American Life episodes that look at it how it all came to be. Well worth a listen
thislife.org
on the positive side: if you have a pantload of cash sitting around, its a good time to dump it into the stock market and mutual funds :)
why are falling oil prices bad for the economy again? cheap gas puts money into our pockets and lowers the cost of doing business, thus increasing profits. any answer that includes "1%", "fake economy", and "funny money" would be great.
Just wanted to offer a brief response to sanchex's question. The idea, as I understand it, is that as the price of oil comes down (which it has in the last couple of weeks) and the demand for it dwindles (which is predicted to occur as part of our collective belt-tightening), the stock of oil companies goes down in value. Even though gas will be cheaper, in harsh economic conditions both individuals and businesses try to cut costs wherever possible, and so the oil companies won't be able to make up for the lowered prices by increasing their volume of sales. And because the TSX is heavily weighted towards resource stocks such as oil, a weakening of oil stocks leads to an overall decline in the market.
I am certainly no economist, however, and really encourage anybody with good insight into the operations of the oil industry and/or the TSX to comment.
My point is that there seems to be no consistent links to the economy, both real and virtual (stock market). Do a google news search for "oil prices economy" and compare this past weeks stories to stories from 2006-07. Basically, rising oil prices was bad for the economy in 06-07 and failing oil prices are bad for the economy in 08. Will the real effect of oil prices on the economy please stand up.