Newsstand: November 23, 2009
The Making of a Medley
The Daily Photoist: November 23, 2009
Transit City and Transit Cities
Today was the kind of day that sent financial reporters scrambling for their thesauri to look for synonyms for the word "plummet." In its biggest one-day point loss since the crash of 1987, the TSX fell 764 points, largely on the back of tumbling oil prices and bad news from TD Bank. The 9.02 percent hammering brought Canada's main stock market down to 7,726 points at the closing bell, the first time since 2003 that the exchange ended a day below 8,000. The loonie also faired poorly, falling 2.48 cents to 77.35 cents US. The abysmal market performance was not the day's only troubling financial news: Parliamentary Budget Officer Kevin Page earlier released a report predicting that the federal government is on track for a deficit of up to $13.8 billion next year, despite the Prime Minister's insistence during the election campaign that such an event was outside the realm of possibility. If all that doom and gloom has you feeling a bit down, think of it this way: at least we're better off than Iceland.
add to stumble upon
add to reddit
tweet this
post to facebookTIP US OFF
Most Popular
Rocket Talk: Can Sunday Subway Service Start Sooner? (39)
Googling Toronto (28)
TTC Approves Fare Hikes, Extends Student Discount (26)
Polling Booth: The TTC Fare Increase (25)
Looking for Leonids (18)
Gender Studies Coming to a High School Near You (17)- Sound Tracks: “I Wish I Knew Natalie Portman” by k-os (16)
- Newsstand: November 19, 2009 (16)
Edgewater Hotel Sign Comes Down (16)
Historicist: "The city that nobody loves" (15)
So much for capitalism.
You're right, I had to barter for lunch today and the widget orders came straight from the politburo.
If only the theory of capitalism had dealt with the concept of a business cycle ...
And the supposed cure for all of this: TAX AND SPEND, TAX AND SPEND!
Surprisingly, there are still a great many socialists.
x: Cute, confusing money with capital and authoritarianism with, well, whatever.
PickleToes: Tax And Spend makes more sense than the right's Lower Taxes And Increase Spending.
rek: If a Government is lowering taxes and increasing spending then they're not conservative, they're just stupid. Unfortunately this would make the CPC and the Republicans pretty idiotic.
Don't toss the system completely, just regulate it better and choose leaders who aren't morons. We didn't get rid of capitalism after the Depression, thankfully we have more of a socialist safety net this time.
Where in the "business cycle" is the stage where 40 year mortgages are granted for zero down?
The part where there is excess liquidity.
@rek: Where in the "business cycle" is the stage that consumers push aside personal responsibility?
@Svend: Like you say "regulate it better". And apparently, when it comes to financial regulation, Canada appears to be in a class of it's own - the "better" class.
More regulation does not mean better markets. Better regulations mean better markets.
Vincent: Someone had to sell them on the benefits of 40 year mortgages, someone had to look at each individual shitacular credit report and reach for his "approved" stamp, someone was minding the store the whole time. It was literally their job to see this coming.