Tuesday, September 30, 2008
Yikes! Ouch! The TSX gave up 840 points today, DJ took it's biggest single-day loss ever. Tokyo closed down 340-something just a bit ago, Hang Seng down over 400 with an hour or so to go. Stephen Harper said today that the Canadian economy has "good fundamentals", and that what is happening down south, well, we are insulated. It's different here. Jeebies, doesn't that sound familiar? I might have felt better had he been wearing a cardigan when he said it.
The TSX is down 9% today, and my memory bank echoes with the words that the losses were $104 B-B-B-Billion - out of Grampa's retirement pension fund. Out of those Mutual Funds that were sold to you so adroitly. Market-linked GIC's? They did not sound good to me, and I didn't buy 'em. Oil down 10 and a half bucks on the day. What else?
The meltdown is upon us. I made sure today that all of our cash holdings were spread out to be covered by CDIC. I would advise you to do the same. I have to say though, that I do not even trust CDIC solvency if this keeps going. This is historic. Remember it. Oh, never mind my admonition, you will remember it. Alberta's boom may be on hold for a while if this continues (and I am sure that it will).
I'm looking forward to buying a house in Shaughnessy for $300K when this is over.
Still want a Harper majority? A Dion majority? Forget it. The only hope we have is for coalition gov't. A co-operative government, where decisions are made by consensus amongst the parties that represent the majority of Canadians. Don't want to see Young People Fucking? How about All of Us are Fucked? Pardon the vulgarity, but it is that stark.
There are those who say that this is a manufactured crisis, and I lean toward that. Here we have right-wing governments - under Bush and Harper gutting our treasuries, cutting taxes while increasing spending. Harper's gov't has turned a 14 billion $ surplus into a near deficit in 2.5 years. Some say that the only reason we are not in deficit, is the sale of frequencies to cell phone companies (reaped about $3.4 billion, if I remember correctly. We would be a billion-seven in the red else). That was a one time deal. Kinda like when Campbell sold BC Rail, and tallied a surplus. And look where that got us. 400,000 jobs have disappeared under Harper's regime, with plenty more to be lost.
Watch The National on CBC tonight. It is worth the watch. There is a very good interview with Elizabeth May. The Greens are the most centrist party of all of them, but they don't have the vicious experience of the House. I think that May could tame the Liberals, and pull them back to the centre in a coalition. That is what Canadians really are. We also pull together in difficult times.
Here are some vids to relieve you from my rantings - which will continue manana. Some of the vids are amusing, some stark. A good few have tunes. I hope you like at least one. There is some really heavy schtuff to come.