Please be advised that any commentary on financial markets does not constitute advise. It is opinion only and any actions you take should be based on consultation with a registered financial planner.
Lehman Brothers was barely able to get a bid from Bank of America yesterday as it crumbled into financial ruin. At the root of this financial disaster is a situation that we’re all too familiar with: the sub-prime mortgage crisis.
Here are a number of stories:
Derivative terrorism being driven by robber barons:
http://www.berkshireeagle.com/ci_10446996?source=email
Derivatives traders given preferential market access during off hours:
http://news.yahoo.com/s/nm/20080914/bs_nm/lehman_specialsession_dc_3
US government next on the default list?
http://sify.com/finance/fullstory.php?id=14757636
Wall Street has become fundamentally corrupt:
http://www.kansascity.com/business/moneywise/story/795353.html
Record bailouts show bankruptcy of American capitalism:
http://wsws.org/articles/2008/sep2008/fafr-s10_prn.shtml
OK … so what does it all mean?
At the core, we are seeing the rationale for losing faith in the markets as the ‘cure all’ of all of our woes. The market is a disaster, mainly because of the ‘laissez-faire’ approach of regulators over the last two decades. In Canada, we’ve been sheltered from this storm, but the reality is that we’re always close to getting sucked in because so much of our fate is intertwined with that of the US.
The connection to the Canadian election: Harper wants to deepen those relationships. He wants to tie Canada to a sinking ship, given his support for more privatization, more foreign access to Canadian companies, tying us to the SPP and connecting us irreversably to the North American Union.
While his foundation made of sand is washing away, he wants Canadians to take a big gulp and stand in the financial and economic hurricane with an umbrella.
What we need instead is someone who is committed to the strength of Canada, the future of Canada and the institutions that have made Canada resolute against this kind of macho bullshit.
Wall Street in Financial Ruin
By liamPlease be advised that any commentary on financial markets does not constitute advise. It is opinion only and any actions you take should be based on consultation with a registered financial planner.
Lehman Brothers was barely able to get a bid from Bank of America yesterday as it crumbled into financial ruin. At the root of this financial disaster is a situation that we’re all too familiar with: the sub-prime mortgage crisis.
Here are a number of stories:
Derivative terrorism being driven by robber barons:
http://www.berkshireeagle.com/ci_10446996?source=email
Derivatives traders given preferential market access during off hours:
http://news.yahoo.com/s/nm/20080914/bs_nm/lehman_specialsession_dc_3
US government next on the default list?
http://sify.com/finance/fullstory.php?id=14757636
Wall Street has become fundamentally corrupt:
http://www.kansascity.com/business/moneywise/story/795353.html
Record bailouts show bankruptcy of American capitalism:
http://wsws.org/articles/2008/sep2008/fafr-s10_prn.shtml
OK … so what does it all mean?
At the core, we are seeing the rationale for losing faith in the markets as the ‘cure all’ of all of our woes. The market is a disaster, mainly because of the ‘laissez-faire’ approach of regulators over the last two decades. In Canada, we’ve been sheltered from this storm, but the reality is that we’re always close to getting sucked in because so much of our fate is intertwined with that of the US.
The connection to the Canadian election: Harper wants to deepen those relationships. He wants to tie Canada to a sinking ship, given his support for more privatization, more foreign access to Canadian companies, tying us to the SPP and connecting us irreversably to the North American Union.
While his foundation made of sand is washing away, he wants Canadians to take a big gulp and stand in the financial and economic hurricane with an umbrella.
What we need instead is someone who is committed to the strength of Canada, the future of Canada and the institutions that have made Canada resolute against this kind of macho bullshit.