A low-pressure trough is sometimes called a depression. I have been talking of an impending depression for years (not here, but elsewhere, and verbally). Most people just thought that I was a crank, but it is starting to come to fruition.
Bear-Stearns was trading at around $70/share last week, but today, sold off the whole shebang for $2/unit. I'm sure that a lot of people thought that BS was different. Bear-Stearns is just one banking house in trouble, there are more to come - by all accounts.
I know that a high CDN dollar is problematic for exports to the US, but our dollar slipped below par today. That is bad news for us. We do not want to follow the US to the bottom, but it appears that we will. All those fools that bought RE at exorbitant prices in the last few years are going to be in big trouble when the carbon tax comes in, property taxes sky-rocket to pay for the Olympic scam, TransLink is putting in a new tax, Hydro rates to increase some 25%, job losses coming soon, etc.
Here is an interesting article at rense.com proclaiming that Black Friday is back. The article is a bit long to keep one's attention, and is kind of spectacular in writing style - it is also aimed more at the US reader, but there is some stuff of interest about halfway through.
There is one more player in this quagmire of failure and defeat that has yet to show its face. That is the face of those that have supported all this criminality and horror with their greed and with their interminable silence throughout this most treacherous chapter in all of American history.
These are the would-be emulators of those in power, regardless of how corrupt or jaded the individual criminal-figures might actually be. These are vulture capitalists in-waiting, not yet fully fledged, but still very eager to find a way to get their own piece of the corpse that was the USA. They are the reason that so many have remained silent and complicit with all that has transpired. In reality these seemingly ordinary people, have made it possible for the owners to get this far without a violent public backlash.
Now while the real players have begun to pull their money out of everything, it is these small-time opportunists who will be left with nothing, because they weren't smart enough to get out before the major dominoes began to fall. Now they, along with us, will be left holding the bag and screaming about "what could have been!" Because whenever any major 'bubble' bursts, the key players not only escape, but they always have made huge new fortunes from each new chaos-while the suckers lose it all.
This time there are literally millions of suckers that did not study the Stock-Market Crash of 1929, so they've just been waiting in the wings to be crushed by this burden: which was always part of this design that was created to insure that this failure will be total!
The lesser beings that sought to profit..."believed implicitly" that they would end up on the winning side with their own smart-money profits as a bonus. But re-born Robber-Barons do not suffer fools or casual opportunists-instead they eat these 'hangers-on' that would have cluttered up their kill. So, once again only the few will profit, while all the rest of us will pay because 'the run on the banks' has begun and the Fed can't print money fast enough to stop this, if it reaches beyond the business class and into the general population. (emboldening and clipping mine)
I think that Rense may be a bit sensationalistic - like Alex Jones, but still speaks to the truth.
Things are going to get nasty. Forget schadenfreude, we are all going to hurt. Get rid of debt, and stash some cash while you can.