Investors expected Ben to cut interest rates today in advance of the next meeting on October 29 and he didn’t. In turn, U.S. stock markets sold down by approximately 3%.
Bernanke spoke to the National Association for Business Economics this afternoon in a prepared speech. The speech was bleak. Maybe he was even talking a [...]
Yesterday the Toronto Stock Exchange (TSX) dropped by almost 1,200 points or 11% at one point. From the market high just 8 days ago when we first heard about the Troubled Asset Recovery Plan (TARP), to yesterday’s low, the TSX has dropped by 23.68%.
Unprecedented panic has set in, sellers are selling at any price [...]
Where were you when history was made today?
The Toronto Stock Exchange’s index tumbled more than 1,200 points at one point today which is more than a 10% drop this morning. This is the biggest percentage drop since October 1987 (same in Europe). The market ended the day down 572 points or 5.3% thereby, recouping more [...]
The TSX Energy Sector has made a substantial retreat today declining by almost 15%. The overall stock market is down more than 9% amongst growing investor anxiety that the U.S. bad debt crisis which is engulfing Europe and other countries will lead to a worldwide recession and kill demand for oil and other commodities.
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Today will be another unprecedented day in an unprecedented time.
Over the weekend, many European governments moved in a similar fashion as the U.S. government to save banks in trouble and to protect depositors from the growing credit crisis. Leaders from France, Britain, Italy and Germany and European Central Bank [...]
As mentioned this morning, U.S. payrolls plunged in September with the economy eliminating 159,000 jobs versus the expected 100,000. We have not seen job losses of this magnitude in the last 25 years as the credit crisis that started on Wall Street last August is hitting Main Street today.
Companies [...]
Congress has approved the ‘Plan’ with a vote of 263 yes and 171 no but the Democratic Representatives pushed it through (this could be bad for the McCain campaign)
The U.S. House of Representatives (Congress) cleared the way after Senate passed the $700 billion financial market rescue or bailout package that [...]
There is opportunity in the ‘perfect storm’.
The ‘perfect storm’ is a combination of tighter credit markets (unable to secure loans), declining residential real estate prices and higher unemployment and inflation.
In fact, we have not seen this type of storm since 1991. The ‘misery index’ which adds the unemployment [...]
Canadian stocks ended another dismal day today, down more than 6% and over 12% for the first 4 days of the week.
Their total decline since June 18th has been over 27% since their height just over 3 months ago. That is worse than the stock market crash of 1987 [...]
Stocks are down in the United States by 2.5% this morning and twice that much in Canada.
Although, all ‘eyes’ have been fixed on Capital Hill this morning, these ‘eyes’ have quickly refocused on how quickly the global economy (especially in the United States) is slowing down and going [...]
