Followers

December 1, 2008

TSX loses 864 points, worst one-day loss since '87

CANADA - The Toronto Stock Exchange crashed 864 points, down 9.3% to 8,406.21. This is the biggest drop since the 1987 fall erased 11.3% from the Toronto market.

The reason? Oil prices in the United States are falling, along with gold and other commodities frequently traded in Canada. Canada's economy is largely effected by the Canadian petro-dollar, so when oil prices collapse so does the Canadian dollar and markets take a tumble.

Some economists are predicting Canada's dollar may collapse to 65 cents US if the price of oil falls below $25/barrel.

Worry about the collapsing and unstable Harper government isn't helping either. Harper's lack of an economic plan has Canadian investors worried. It will be a collective sigh of relief when the leftwing Coalition takes control and provides stability and an economic stimulus package that includes infrastructure spending, home construction, renovations and financial support for "struggling sectors" that can demonstrate a viable business plan.

No comments:

Post a Comment

Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.

Affordable Website Design & SEO

Looking for a quality professional website designer? Why not go where the smart money is?! Toronto Website Design and Toronto SEO. Get free SEO advice from people who really know the business.

Featured Posts

The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge...
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t...
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun...
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism...
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n...
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20...
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ...
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a...
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a...
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb...

Popular Posts