Yikes! That picture is horrible, but man, the meltdown.
TSX closed below 10K, and so did Dow Jones. The $850 Billion is now a trillion, with much more to come. It's all over for the US. We are not insulated, and all of our banks are exposed to sub-prime (probably even the co-op banks). Thanks to Paul Martin (and others before them) our banks don't have the reserves to cover their er, assets. There is always the CDIC, but what happens when they don't have the cash? And what happens when the guv doesn't have the funds to back CDIC? Ask Iceland. Their guv was on the verge of bankruptcy today, until the Russians helped them out. (I know, Iceland is Iceland, but they have great hot springs, Bjork, and some high-powered, but otherwise unintelligible, bands.) A while ago I revised my TSX forecast to 6,000 from a previous forecast (Jan. 2008) of 8,500. I am wondering if that was too generous.
Mansbridge did a wicked interview with Harper tonight. He's (Harper) goin' back to the NCC next month. Christmas in a condo in Calgary. Comfy with a nice cerulean cardigan.
Building permits are down 18%+ in Vancouver. That is about $650 million out of the local economy. Things are unwinding fast, and big. I have more to rant about, but it's past my bedtime, and I'm tired and grouchy, and want my blankie. Manana.
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