The End of the World As We Know It?
Torontoist has been acquired by Daily Hive Toronto - Your City. Now. Click here to learn more.




The End of the World As We Know It?

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.