The final toll:
Dow – down 777.68
TSX – down 840.93
Oil – down 10% to $98.22
Colour this the nightmare scenario for George Bush and the American political establishment. The American Congress has reached a total stalemate on the passage of the $700 billion bailout of Wall Street. At this hour, the bill has been technically defeated, a development which has caused the Dow to sag more than 500 points and the TSX to plunge over 800 points.
This comes just hours after three more banks failed – one in the US, one in Britain and another in Europe. Without the bailout, American leaders are warning of the possibility of Depression-like consequences, including the failure of dozens, perhaps more than a hundred, banks.
Congress is paralyzed at the moment, as members horsetrade in the corridors and hallways, with the White House desperate to find enough votes to get this deal done. With the US Presidential election less than 40 days away, this has the potential to be a game-changing development of historic proportions, virtually guaranteeing the defeat of Republican John McCain, and seriously hobbling the coming presidency of Barack Obama.
If Congress does not pass this bill when it comes before the legislature once again, the market drop seen thus far will pale in comparison to the consequences at the end of the day.
From the Globe and Mail, and wire services:
Mr. Bush and his economic advisers, as well as congressional leaders in both parties had argued the plan was vital to insulating ordinary Americans from the effects of Wall Street’s bad bets. The version that was up for vote Monday was the product of marathon closed-door negotiations on Capitol Hill over the weekend.
“We’re all worried about losing our jobs,” Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. “Most of us say, ‘I want this thing to pass, but I want you to vote for it — not me.’ “
With their dire warnings of impending economic doom and their sweeping request for unprecedented sums of money and authority to bail out cash-starved financial firms, Bush and his economic chiefs have focused the attention of world markets on Congress, Mr. Ryan added.
“We’re in this moment, and if we fail to do the right thing, Heaven help us,” he said.
From the Wall Street Journal:
Investor sentiment on Monday also suffered a blow from aggressive selling in European markets after four financial institutions there sought rescue plans. Three governments bailed out Fortis, the U.K. government nationalized mortgage lender Bradford & Bingley, Germany’s Hypo Real Estate Holding was rescued by a consortium, and Iceland stepped in to save a local bank. All major European indexes were down more than 4% , with financial stocks leading declines.
The troubles in Europe sent the dollar rallying against the euro and the British pound. The U.S. Dollar Index, which measures the greenback’s value against a basket of six overseas denominations, rose 0.7%.
Oil futures dropped slid almost $8, trading under $100 a barrel in New York as fears about slowing demand due to global economic weakness gripped the commodity markets. The broad Dow Jones-AIG Commodity Index slid more than 4%.
Analysts said the flurry of developments around the world is confirming fears that the global financial contagion is likely to spread further before any recovery. “There’s an increasing realization that the cleanup and the mending of all that’s gone wrong is going to take an extended period to work through, and we’re going to see an extended recovery period,” said Jamie Spiteri, senior dealer at Shaw Stockbroking in Sydney.
Well, it looks like there will be no further voting in Congress today – at least, that’s the buzz. Too dangerous. Too much risk of another failure. Stakes far too high.
The immediate consequences are unknown, but it would appear this development will accelerate the financial meltdown currently taking place. Given current events, consumers might well expect higher borrowing costs, just as homeowners face stiffer mortgage costs and new home buyers encounter a cold shoulder from bankers. In our modern world, credit is the lifeblood of commerce, and the failure of this bailout is potentially monumental.
So, are there consequences for Canada? For our election? For the government?
The coming few days will tell, of course, but the fact remains we are vulnerable. As detailed in the post below, the current administration has not taken defining steps to safeguard Canadians.
The middle class is at risk. Will it notice in time?
104 comments ↓
The Capitalism Racket
http://www.ahealedplanet.net/other.htm
“This essay could present the racketeering aspects of many other industries and professions, but the point has probably been made: they are all self-serving above all else, because people are mostly self-serving. When American executives candidly admit the only purpose their industries have in existing is not serving the public, but making a profit, it is admitting that serving others is a charade, as the real purpose, the overriding purpose, is serving one’s self.
This site’s series of racketeering essays has examined industries and professions whose revenues total far more than half of America’s economy; none of them deserve to be the size they are, and industries such as energy and war do not deserve to exist at all. To state that half of America’s economy is worthless might be conservative. It might be more than two-thirds.
In the medical racket, monopolistic practices are not undertaken by one company, but there is a monopoly of method. The life insurance racket was also that way, as are the oil companies. There can be a number of players, usually a few big ones, but they all sell the same shoddy product for about the same price. The “innovations” are never significant, with far more flash than substance, and the cash registers keep ringing. It is not a law of nature that a few big players come to dominate all those industries. It is how earthly power works, always grabbing for more. Greed is always insatiable, because it is rooted in an irrational fear. That is why all industries tend towards monopoly: it eliminates the competition so huge profits can be made from milking the captive consumer. There are no free markets. Wall Street’s mega-merger mania is part of the phenomenon.
Capitalists hate the idea of competition, and their primary goal is eliminating it (John Rockefeller even called competition a “sin”), as Adam Smith observed. It is the essence of capitalism. Capitalists eliminate the competition any way they can. If their competitive adversary is too big, they either collude with them or buy them out. If their adversary is somebody small like Dennis, they squash them using the system they control, which includes the press and legal system. It does not always have to be a “conspiracy,” as such. The Western press is corporately owned, virtually without exception. Therefore, corporations can do no wrong, and the general worldview the media presents is how great capitalism is, because the capitalists own them. The same people own the government and legal system, just as John Jay said, so the media and legal system can deliver a devastating one-two punch to Dennis and other hero/martyrs, with only a few people really being in on it.
Capitalism, organized religion, nationalism and all the “isms” have degenerated into rackets. Adam Smith had interesting ways to look at capitalism, something that existed before he gave it a name and provided a theoretical framework. Smith would not have approved of today’s corporate capitalism. Smith called the profit motive the “vile maxim of the masters.” Corporate capitalism, as with colonialism, is another way to exploit the masses, while calling it “progress.”
http://www.ahealedplanet.net/other.htm
I’m tired of the Republican, neoconservative relationship in this scam, and this is exactly the same school of thought that the American Tom Flanagan has been schooling people in, especially the student he befriended, campaign managed and is now the right hand man of….. Stephen Harper.
More coming in deed…. Not to worry Canadians, Steve Harper is an educated economist and he stated just a few days ago or couple weeks “Note to worry markets go up and markets go down” Trust me…..Stevie knows best, it’s all written in the Tory platform…????????????? yup questions lots of questions for the Canadian MSM.
Garth, with $700 Billion dollars (utlimately 3 Trillion), they could establish at least a few “We The People” new Banks. New banks which would not be encumbered by toxic loans and an infinity of shares. People’s Banks that would lend at reasonable rates AND pay an interest rate above inflation for deposited money.
The taxpayers would earn a profit from their money and worthy creditors, with collateral, would be able to borrow at non-userous rates.
Sounds absolutely socialist doesn’t it? Especially when you compare it to the taxpayer dollar being thrown at debts that nobody wants and bailouts of the parasitic class.
Finally, the REAL Congress, you know the one that represents ‘Main Street’, aka, Middle Class America, aka The People, has spoken together and the word to George Bush is NO!
GOOD! It is long overdue. Now, go after the assets of the morons that caused it and start with the CEO’s who couldn’t manage a Pay Toilet operation.
Funny things how crap goes in circle. Some would say karma. Same would say greed. It is US’s time now.
Truth be said, it is the corporatocracy. They did it to Latin America in the 70′s and it continues today with the “eternal” (i.e. joke for “external”) debt. It is all a game. Global domination. Think I am paranoid? Sure… Think again. Just because I am it does not mean somebody is not out to get me.
People continue to be stupid. They think that wealth dissapears in a crisis. Not so. It only changes hands. Whose hands? Ah… grasshopper… glad you asked. Those controlling the strings. Those ABOVE the failing banks, ABOVE the governments. Look high and you shall find them.
Meanwhile, down in earth, it is misery and sorrow for the like of us. Welcome to globalization!
Vote Conservatives. Have some more!
Oh, and Steve, take note that this is what you want for the drig addicts in Vancouver…it is called COLD TURKEY! Enjoy the aftermath. BTW, this Drug Bust has finally hit where the drugs really come from…Wall Street! The drug is money and power, such a nice mixture that is completely addictive.
The bill will eventually pass in some modified form, however that is both the good news and the bad news on this issue. You just know that once it passes many more bad debts that have been hidden will step up and be counted.
Garth I’m more interested in how this bail out, less assume it passes, will affect everyone still. 700 billion has got to show up somewhere and somehow on a balance sheet. Perhaps in a coming post you could explain how this whole thing is supposed to work and what it will actually do the middle income people. Thanks.
Sounds absolutely socialist doesn’t it?
By PTDBD on 09.29.08 2:23 pm
No!.
It sound exactly like the original, capitalistic mission of banks, to take in small deposits from many investors, pay them a reasonable interest rate, and then loan it out to those worthy creditors that needed it at a slightly higher rate. The banks made their profit on the spread.
Problem, it got to the point where the banks didn’t need those small investors as they had the cash to lend themselves.
They then had all the bargaining power when it came to interest paid and interest charged.
Ah for the good old days.
By Required321 on 09.29.08 2:28 pm
Add me, John Ralston Saul, Jared Diamond, and many others to the ‘paranoid’ list because reality is NOT paranoia, it is REALITY.
The reality is that unregulated globalism that allows untraceable and unethical, criminal (not to mention organized crime) ‘business’ to be conducted at will, has finally met up with its easily predictable end.
Let us not forget that the MONEY went somewhere. Trace it down, and take it back, and that includes the Shadowy ‘Stockholders’ and ‘money managers.’ They have committed FRAUD on the masses.
The taxpayers would earn a profit from their money and worthy creditors, with collateral, would be able to borrow at non-userous rates.
Sounds absolutely socialist doesn’t it? Especially when you compare it to the taxpayer dollar being thrown at debts that nobody wants and bailouts of the parasitic class.
By PTDBD on 09.29.08 2:23 pm
Is that not what Credit Unions are?
this event should certainly shake things up. So, should the Leaders debate be reformatted to be 100% on the Economy? Maybe I will e-mail moderator Steve.
By Bill-Muskoka (not anymore) on 09.29.08 2:26 pm
Sorry Bill, the reason they voted no was because they didn’t want to loose their jobs. I don’t know if the bailout is the right or wrong thing to do. Maybe we need to let some more banks fail, just like the Japaneese did, so that the system will cleanout the mess and be stronger for it.
But the elected folks in congress didn’t want to be seen as the ones bailing out corporate America by the average Joe on the street who would not return them to office.
‘Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. “Most of us say, ‘I want this thing to pass, but I want you to vote for it — not me.“’
BTW Did you know that the stock markets have fallen 30% or more 13 times since WWII!
PS.
That’s one advantage of an unelected Senate, they don’t have to be concerned about what voters think when it comes to making the tough decisions.
Ah for the good old days.
By James- Chatham on 09.29.08 2:40 pm
They don’t even remember those days when accountability was reality. They have played with the smoke and mirrors Voodoo Reganomics and Trickle Down ‘Theory’ so long, they are blind like any other religious nutbars.
1+1 still equals 2 and 2-2 still equals ZERO! Maybe this will become known as the ‘New Math!’ (which is the Old Math raised from the dead)?
BTW, maybe somewhere in the dark recesses of the Power Houses (aka House of Cards) someone will realize that this very belief system is what brought about Terrorism in the world. The gluttonous, unrepented, never ending GREED of the U.S. in particular, and Western nations in general. What was struck down…the World Trade Centre? Why that particular building is a question everyone needs to ask. What did those Twin Towers really represent?
Oh F***
“confirming fears that the global financial contagion is likely to spread further before any recovery. “There’s an increasing realization that the cleanup and the mending of all that’s gone wrong is going to take an extended period to work through, and we’re going to see an extended recovery period”
I’m no analyst but I reckon Canada needs the leadership of Stephane Dion and a government with it’s pulse on the people of this country to see us through troubled times – NOT the guy who’s been spewing that all is fine, the guy with no plan, the guy keeping canadians in the dark, and the guy that loathes our input.
Canadians are going to be worried and they’ll quickly listen to the smart leader with a plan, not a dictator who’s blown all the money in 3 years.
Let me say to journalists, and in particular the television media that you had better go back to truthful, important, relevant and hard-hitting journalism. That is what the gift of communication is about, to share our human experience — TO INFORM — NOT MIS-INFORM. So quit with this corporate agenda-pandering of the New Conservatives. Corporations are not responsible human beings. They need rules, to protect the innocent. Free markets yes, but not wildly free markets as Harper espouses, and always has.
If you lose your job, too bad, you’ll lose it anyway when people turn away in disgust, en masse. Do it before this runaway media campaign completely funnels a false representation of our misleader Harper and Layton whom he has stealthily partnered with all the way.
There is only one honest fellow who is running for leader, Mr. Dion. Since the media, (big corporations), are only interested in their own bottom line as connected to the promise from Harper who will hand them CBC’s market share, so Canadians must either start picking up the phone, getting some guts and TALK to each other about a new direction, or we’ll just end up with a shallow media and shallow “culture”.. Our general population will receive non-news, faux news reframed, political and corporate untruths. Corporations want to run – profit from – our present publicly run social safety nets such healthcare. I personally enjoyed Canada’s past sense of fairness, equality and justice for everyone. Do not buy into the long-running neoconservative scam that is now gripping our country, and which gripped Americans in their last two faux elections.
Canada is undergoing a soft-peddled, phony election process, in an election that is itself a broken promise. But it may in fact work if people who are able to speak out, do not speak out with the truth.
Do not be complicit, don’t fear for your perks, fear for your children and grand children. You’ll have no one to blame but yourself. Each person has their own responsibility to TRY to do the right thing. Remember, you have to live with yourself the rest of your life.
Do you, as a journalist, (or you Canadians gripping the truth), want to look back one day and say “I could have done more at the right moment — could have taken action by communicating one’s own little or big piece of the puzzle — that might have changed the dirty tide that will soon be predominant, if we remain silent or complicit.”
It’s up to us all. If you understand Mr. Dion is a great man, and a great leader, fight for him.
Muskoka Bill:
Yeah, that’ll teach them. Want an example of what happens when the credit market comes to a grinding halt? It means you’ll need a FICO score of over 750 to buy a car in the USA. No biggie right? Until you realize that means 7 MILLION LESS cars sold in the USA because there is no credit. Better hope those cars aren’t built in Ontario
This is..economic Armageddon man. It’s a worldwide problem & it just got MUCH worse.
Oh F***
BY ZORPHEOUS ON 09.29.08 3:00 PM
Yup.
such drama
they’ll cave
China and Japan are waiting in the wings.
It is actually a shame that nothing will come out of all this. The “package” will eventually pass in some form or another. Maybe Bush will borrow a page from Latin America and “decree” a bailout. Maybe they will “convince” Congress. It is not important. The “package” shall pass. And then another. And then another. People will loose count. It will become a non-event. Markets will go into a classic “bear” trend, full of bullish traps. People will not care. Pople will be too busy just trying to survive. Nothing will be learned by the stupid people.
Funny thing though.
There is actually ONE economic theory that forcasted this demise, LONG time ago: the Austrian school (i.e. Mises and Hyek).
Time for Root Cause Analysis: politicians were sold the “Keynessian” way because it allows them to inflate forever. THIS is the root cause.
Solution? Go Austrian. Go cold-turkey. Close down Central Banks. This is the ONLY permanent solution.
Will this come to pass? Not a chance in hell! Know why? Because the powers that be, those WAY, WAY above are still gathering the REAL (i.e. physical) sources of wealth. And, they need a global ponzy scheme. Welcome to Central Banking! Welcome to globalization!
Vote for a political pupet. Have some more!
People continue to be stupid. They think that wealth dissapears in a crisis. Not so. It only changes hands. Whose hands? Ah… grasshopper… glad you asked. Those controlling the strings. Those ABOVE the failing banks, ABOVE the governments. Look high and you shall find them.
Meanwhile, down in earth, it is misery and sorrow for the like of us. Welcome to globalization!
Vote Conservatives. Have some more!
By Required321 on 09.29.08 2:28 pm
Let us not forget that the MONEY went somewhere. Trace it down, and take it back, and that includes the Shadowy ‘Stockholders’ and ‘money managers.’ They have committed FRAUD on the masses.
By Bill-Muskoka (not anymore) on 09.29.08 2:41 pm
While I agree that there will be big winners out of this where I disagree is that the “money” you are talking about ever really existed.
Money tends to be a confusing term in the modern sense. Most of the problem is derived from the fact that the system was rolling along on credit and debt without any real value. Many were getting rich off a system of “virtual” money.
It was a system that anyone with commonsense would understand was unsustainable.
That’s one advantage of an unelected Senate, they don’t have to be concerned about what voters think when it comes to making the tough decisions.
BY JAMES- CHATHAM 29.08 2:49PM
Great point James.
Also, an unelected senate is the only way to have a true cross-section of the Canadian population, women, minorities.. an important reason why the agenda-pushed ‘elected’ senate is a very, very corruption-driven idea. Elections are not “fair” nor democratic once the media fix and corporate funding fix is in place as it is now.
Shouldn’t our fearless leader and/or flatulating flaherty made or make some sort of statement about our market? At least offer some reassurance to calm the market on this side of the border???
Someone politically educate me please???
Here is a link that describes how and why this is happening and what has Canada been doing about it.
http://www.tmac.ca/misc/speakers-present/neal-oswald.ppt
Notice on Pg. 14 the small table that outlines the write downs taken by each of the big six banks as of early 2008.
I would say that by this time next year, CIBC and National Bank will no longer exist and RBC will be teetering on the brink.
Don’t worry all you CIBC and National Bank account holders you’ll soon be TD Bank or BMO customers. Enjoy the ride!!
Harper believes in Cutting Taxes, Spending Money, Increased Military Spending and Deregulation.
Has anyone heard of another Country and with leaders/administration that has recently tried out this experimental fiscal policy for the last eight years? Can anyone tell me how it turned out?
Oh ya,…. OH F***!!!!
If Canada re-elects Harper we can expect this nightmare in the USA to spread like a wildfire on the prairie during a hot, dry and windy day.
Should I start to stockpile cans of Chef Boy-R-Dee or should I stick with my plan to loot the neighbours houses when we are in a disaster?s
Garth, could you please but into a clear and concise perspective the speech Nancy Pelosi made wrt President Bush tenure & policies as compared to Prime Minister Harper’s short term in office? Boys oh boys do they ever sound familiar…..birds of feather….or should I say Neoconservative birds of a feather….
With these developments it is this voters firm belief that we cannot go down the road travelled by the Republican’s failed ideology that all regulation on industry and trade is bad. It is my opinion that we cannot afford monetarily, we cannot afford ethically, we cannot afford the risk involved with continuing on the right wing path of Harper and the Conservatives. It is the middle class that will dwindle under these policies choosing a few winners and sending everyone else to atrophy on the tundra.
Garth — What is Harper doing to protect my RRSP’s in light of this economic mess created by his buddy Bush and his de regulation policies?? Nothing!!!!! God help us if Harper gets a majority!!! P.S. You are already re-elected.
COMPLIMENTS OF KADY O’MALLY, AND CONTRIBUTOR, “comment by Tim” on Monday, September 29, 2008 at 1:29 pm:
http://www.youtube.com/watch?v=4e4yw6Pnfr8
THIS IS NOT A ‘STYLIZED WORK’ BECAUSE IT OFFERS REAL-WORLD IMPRESSIONS OF POLYMORPH CONSERVATIVE REFORM ALLIANCE CANDIDATE MCGARRY, WHO APPARENTLY FAILED TO INGRATIATE HIMSELF WITH MORE THAN A ‘FEW’ OF THE PUBLIC WHO ATTENDED THE ALL-CANDIDATES’ MEETING. MY IMPRESSION UPON VIEWING THE TAPE, IS THAT MCGARRY MIGHT ACHIEVE .000001% OF THE POPULAR VOTE OF THE MARIJUANA CANDIDATE, WHO IS AN ARTIST.
OTHER VIDEO COVERAGE BELOW: “TIM”
http://www.youtube.com/watch?v=YblVNBO5WdM
http://www.youtube.com/watch?v=-4fqx-cAZJA
MIKE GIFFORD:
http://ca.youtube.com/user/mikegifford
MOMMY, WUSS A BLOW-HARD XENOPHOBE?
Oh F***
BY ZORPHEOUS ON 09.29.08 3:00 PM
SINCE WE’RE TWINS, I’LL FINISH THAT FOR YOU ‘FOOE!’
This is..economic Armageddon man. It’s a worldwide problem & it just got MUCH worse.
By Irvine on 09.29.08 3:04 pm
Welcome to reality Irvine.
Garth — As a retired Banker I am always leary of sending good money after bad. You never win when you deal with scoundrels in such situations.
oops. I think i’ll store my money in a sock from here on.
Nice to know as the TSX takes another massive drop that “We’re fine” according to the Cons.
Elections are not “fair” nor democratic once the media fix and corporate funding fix is in place as it is now.
By Barb the proofreader on 09.29.08 3:16 pm
Which is precisely what Bush means when he speaks about ‘exporting demoicracy’, aka, corruption via influence to get their people in place. Most countries on this planet know what he really means, except North Americans it would seem. Putin knows it. Cuba knows it. Venzuela knows it. iran knows it. Iraq knows. Pakistan knows it. Palestine knows it.
The list is far greater than those who are taken in by waving a flag which, as George Carlin so aptly said ‘It’s a symbol, for the symbol minded!’
Welcome to The Fall of Rome II coming to financial institution near YOU! Brought to you by the Far Right and our very own Caesar Disgustus.
Time for Root Cause Analysis: politicians were sold the “Keynessian” way because it allows them to inflate forever. THIS is the root cause.
Solution? Go Austrian. Go cold-turkey. Close down Central Banks. This is the ONLY permanent solution.
Will this come to pass? Not a chance in hell! Know why? Because the powers that be, those WAY, WAY above are still gathering the REAL (i.e. physical) sources of wealth. And, they need a global ponzy scheme. Welcome to Central Banking! Welcome to globalization!
Vote for a political pupet. Have some more!
By Required321 on 09.29.08 3:11 pm
I am not sure where people have learned their economics but your comments about Keynesian economics suggests you have only been exposed to what I would call “sound bite” economics.
“Sound bite” economics takes bits and pieces out of a variety of economic theories and puts them together either to make a point in favour or opposed to a specific agenda.
What I have taken the time to do is to actually read economics and it would be laughable if implications were not so serious to see how “sound bite” economics has been used by the “self-serving” to promote their own perceived interests.
Well its not all bad gasoline futures are down 10%
http://www.washingtonpost.com/wp-srv/politics/documents/bailoutbill_092808.pdf?hpid=artslot
DRAFT OF THE BAILOUT BILL [110 PAGES]
NOT APPROVED YET –04:08PM MON SEP 29
Mr Garth TurnerMP, FYI anyone
This T-shirt seems to go along the lines of were PMSH is trying to take us,
down the road to ‘corporate fascism’,
like his buddy Bush has been doing will our freinds to the south.
Remember the secrative SPP deal PMSH signed and is implementing to haranize Canada’s laws and standard with thows of the USA.
Why have we heard almost nothing in this election about the EU trade deal that PMSH is going to sign just 3 days after the election? It’ll open Canada up to being taken over and out sourcing
even our present governmnet services.
No wander PMSH keeps so quiet and does not allow open questioning. He sure knows how to LIE to us all, and will a straight face!
‘Denver cops’ tshirt depicts their pride in beating protesters (pic)’
http://rawstory.com/images/other/2008dnc-beat-092808.jpg
This Seems to reinforce the info. in the movie, A must watch before you vote!!!! The whole movie, so you can stop this insane plan that PMSH is part of, and helping to implement!
The technology is avalible, the clock is almost at midnight. Can you say yes big bother.
America: Freedom to Fascism – Director’s Authorized Version – 111 min – May 5, 2007
http://video.google.com/videoplay?docid=-1656880303867390173&q=America%3A++Freedom+to+Fascism&total=630&start=0&num=10&so=0&type=search&plindex=0
That’s one advantage of an unelected Senate, they don’t have to be concerned about what voters think when it comes to making the tough decisions.
BY JAMES- CHATHAM 29.08 2:49PM
That’s an interesting point of view considering that Liberals criticize Harper for muzzeling his MPs. It is correct however for unelected senators to be at the beg and call of their party masters when it is time to make ‘difficult’ decisions.
Consistency please, Liberals.
Mr. Garth TurnerMP,
Is it just a coincidence that the USA is going to have a military division that can patrol the street starting on Oct. 1? Have you been paying attention?
Or is there a plan that is being implemented right now?
By Barb the proofreader on 09.29.08 3:16 pm
Well spoken Barb, I hope the CON-Reformers stay with message of “The Economy” and drop this and other non starters…. having said this Where is the Conservative Plan for the future……Where’s the Beef Steve?
PS.
That’s one advantage of an unelected Senate, they don’t have to be concerned about what voters think when it comes to making the tough decisions.
By James- Chatham on 09.29.08 2:49 pm
…an issue like this proves its case – if you are elected you can be blackmailed by your voters to keep your job.
It was a system that anyone with commonsense would understand was unsustainable.
By C. B. Innes on 09.29.08 3:14 pm
Funny you should say those words. I was just talking with our financial manager and we are in good shape because our investments are in solid areas. He said he has a lot of clients who are very paniced right now because they wanted it all sooner.
You are absolutely right, they have been playing with virtual money and that is another fine policy brought in by the Republicans who, under Nixon, took the U.S., and hence the world, OFF the Gold Standard.
This is, as I said early, their Cold Turkey experience and their addiction to money and power is far worse that a Crack addict’s problems because they are a real group and affect the entire world. I think of this not as a recession, but a large scale Rehab. Finally, the Congress got the right wording NO!
This will take a tad longer than 28 days to heal. Still, the assets of those who have raped and pillaged should be found and taken to pay for it all. Let them work it off, the same they love to do to others. This will be a very serious test of the Bankruptcy Laws in many countries.
Maybe one after effect will be the employees will own the companies and the ‘investors, can go to work for them? LOL Let their lawyers sweep the floors for minimum wage. That would be justice I think!
Jack Layton is calling for an all party meeting on the economy, the day before the debates.
http://www.theglobeandmail.com/servlet/story/RTGAM.20080929.welexnecon0929/BNStory/politics/home
Layton upstages the libs again by saying things canadians want to hear. THat’s gotta hurt.
Credit markets ready to implode says analyst (G&M)
I guess they deserve a bailout, eh?
OFF TOPIC but interesting politics.
Try the “leadership evaluation in the G&M fond at:
http://www.theglobeandmail.com/politics/#polls
It seems Ghandi & I are VERY SIMILAR!!!
Whoodathawtdat
TTFN
By LiberalTaxMan on 09.29.08 4:12 pm
Interesting comment and thats what makes politics so interesting. Hopefully, politicians are viewing a bigger picture than the average person on the street, and need to make unpopular decisions. Being elected makes that more difficult.
It has nothing to do with being muzzled.
Every congressman could say exactly how they felt. They are notorious for not following party line ala. Harper’s MPs.
The same is also true of our unelected Senators. If they choose they can break party ranks. Being kicked out of a party for doing so, doesn’t mean they are no longer a senator. In fact I would prefer that all senators were independent.
Now if they were elected, they would need the party support to be reelected.
Breaking party lines, and especially going against the PM, would have the same consequences we are seing now with MP’s like Garth and others who have been unceremoniously booted from the CPC.
That’s one advantage of an unelected Senate, they don’t have to be concerned about what voters think when it comes to making the tough decisions.
BY JAMES- CHATHAM 29.08 2:49PM
Great point James.
Also, an unelected senate is the only way to have a true cross-section of the Canadian population, women, minorities.. an important reason why the agenda-pushed ‘elected’ senate is a very, very corruption-driven idea. Elections are not “fair” nor democratic once the media fix and corporate funding fix is in place as it is now.
By Barb the proofreader on 09.29.08 3:16 pm
This is specifically why we need a Primary Election System to vet who gets nominated! In the Primaries, the party hierarchy can parachute in a candidate if they like, but We the People will and must have our say to chose a different candidate or even a “write in” selection!
Today is an example of how democracy should and does work. Many Americans called their House Reps and told them they do not like nor want this financial bail out! It worked particularly because in just days, 36 to be exact, these same law makers will face the voters at the polls! If and until the deal drafters write up a bail out package that stops house/home repossessions, there will be no mercy in the ballot boxes on the 4th of Nov.’08! If Wall Street is to get a bail out it will only be if Main Street is also bailed out!
Another example some years ago, the US Gov. was going to implement a trial test of metrication in a tri-state area in the corn belt. Iowa, Illinois, and was it Nebraska? Well those farmers told their Senators, if they forced the use of hectares, meters, centigrade, etc. those same Senators would never see the inside of the Senate except from the visitors gallery ever again! That ended that fiasco pronto!
But we are still suffering the economic handicap of enforced metrication in this country since we sheeple don’t have the gonads to stand up and tell our politicians where to go! Metrication has cost Canada Billions and it has not helped our exports to any justifiable extent! I am from Saskatchewan originally, the show me Province, show me proof that metrication made Canada more profitable!
This is..economic Armageddon man. It’s a worldwide problem & it just got MUCH worse.
By Irvine on 09.29.08 3:04 pm
You do not understand the American way. The people have phoned, faxed, and emailed their Reps and Senators that they do not like this deal. In 36 days there is a National Election. A lot of politicians are very vulnerable to what We the People are thinking and saying right now. I predict that by weeks end there will be a deal, but that deal will take care of Main Street as well as Wall Street or better! Like Former Pres. Wm. Clinton said, the problem will be solved when we find a way to stop the 2 million foreclosures each year [repos on peoples homes] FIRST!
There is an old program from the 1930s where they allowed people to pay less for longer and keep their homes. Remember also the bailout of 1989 of the failed Savings and Loans businesses in which Geo Bush Sr. implemented to amongst many others bail his sons Dubya and Jebb out of their bankruptcies! Well the wheel has come around again!
http://mutualfunds.about.com/cs/history/a/marketcrash.htm
If you thought the 2000-2002 crash was painful, think again! It barely made the list of the ten worst markets crashes in U.S. history.
I sifted through Dow Jones Industrial Average (DJIA) market data going back to 1900 (unfortunately I can’t go this far back with S&P 500 data) and compiled a list of the 10 worst stock market crashes. To make this list, the market (as represented by the Dow) had to be down over 37 percent from high to low!
One interesting note before we get to the list, is that most market crashes are long (lasting over a year) and 6 out of the top 11 crashes started in either September or November. Okay, let’s get to the list:
Continue with: The 10th worst market crash!
Batten down the hatches.
The economy is in good shape according to CRAP. Well, as it unwinds, you may not know it but you will have the choice of going off the CON PLANK or laughing from atop the Gallows Pole with the smart choice.
A B C
Here ya go…Adam Smith’s ‘Invisible Hand on the Market’
And we KNOW the U.S. Congress can be trusted with those Bush Republicans remaining Washington’s As Usual
Get ready Canada our turns coming…..just imagine with Harper in command when the crunch hits the oil patch (who i might add have been thumbing their noses at the rest of Canada)…….hmmmmmmm guess where our tax dollars will be going?
Ah, yes, a few more excellent visuals illustrating the Truth!
Wardrobe malfunction
Pigs, No Lipstick
Oink!
Banks are the criminals of the age and must be treated as such. Banks should be required to send in monthly reports on the deposits received and the loans made. Spot checks should be mandatory. If banks are found to be giving false information, they should be arrested for fraud. Salaries must be reasonable and no big severance pay package. If you are fired or leave,you get the propotionate amount of what the tellers or other employees. If your bank is involved in the brokerage business as well, they must be kept separate and monies cannot flow from one entity to another on the whim of the executives!
One thing that comes out of this for me, is regardless of Democrat or Republican, the elected American representatives are voting independently and not whipped.
They are voting against the bill, as an election is pending, and they want to get re-elected and so must answer to their constituents. Apparently those constituents are voicing their displeasure directly to their representatives, and they do not want to bail out the “rich guys”.
We could use a lot more of that here in “democratic”(?) Canada.
Something to think about….Foreign ownership of companies of Canada has long been a controversial political issue in Canada. Concerns regarding foreign ownership generally regard ownership by individuals or companies based in the United States, though foreign ownership occurs from entities and individuals based in other countries as well.
Note that the exact definition of “foreign-owned” is debated, and that this article uses the working definition established at foreign ownership. Some estimates state that more than 50% of the petroleum and gas industry and more than 50% of all manufacturing in Canada is foreign-owned and foreign-controlled. In no foreign country does Canadian investment play a dominant role. Canada’s largest foreign investment, which is in the US, gives Canadians control over only a minute portion of the US economy, in contrast to the very large fraction of the Canadian economy that is controlled by American interests.
By LiberalTaxMan on 09.29.08 4:12 pm
A rather cynical and largely inaccurate opinion from what I have seen.
To the majority of decisions, the Senate is a rubber stamp. Only when it goes significantly against the rights, wants, or needs of the majority of Canadians, does the Senate delay, and very rarely do they ever completely stop a piece of legislation.
Remember, even with 33-36% potential in voter support for the CPC, that means the MAJORITY of Canadians – about 2/3 – do not support the government presently in power. Legislation is supposed to be for the people, not the party power brokers.
Our Senate is doing just fine…
“What I have taken the time to do is to actually read economics and it would be laughable if implications were not so serious to see how “sound bite” economics has been used by the “self-serving” to promote their own perceived interests.”
By C.B.INNES
The only thing I can say is: WTF are you smoking??? “Self-Serving” WTF??? there isn’t a SINGLE GOVERMENT on Earth that follows the Austrian school of business. ALL of the governments on earth have Central Banks (aka “fractional reserve banks”) except Monaco. They are much, much more honest. They have a casino!!! There, at least, you have a chance!!!
Go doing some more reading. Obviously Kindergarden economics was not enough for you!
Garth:
I love how you categorically state that Senator John McCain will be defeated because of today’s vote in the House of Representatives.
95 Democrats opposed the bill. Hmm, perhaps they understand along with the 133 Republicans that the majority of Americans oppose the bailout.
http://www.vivelecanada.ca/article/235930362-did-stephen-harper-have-prior-knowledge-of-financial-crisis
A very serious charge.
Forget the economy — shit happens — there are far more important things to attend to.
This is what happens when senility sets in . . .
****************************************
Tom and Roger, two elderly friends, met in the park every day to feed the pigeons, watch the squirrels and discuss world problems.
One day Tom didn’t show up. Roger didn’t think much about it and figured
maybe he had a cold or something. But after Tom hadn’t shown up for a week or so, Roger really got worried.
However, since the only time they ever got together was at the park, Roger didn’t know where Tom lived, so he was unable to find out what had happened to him.
A month had passed, and Roger figured he had seen the last of Tom, but one day, Roger approached the park and — lo and behold! –there sat Tom!
Roger was very excited and happy to see him and told him so. Then he said, ‘For crying out loud Tom, what in the world happened to you?’
Tom replied, ‘I have been in jail.’
‘Jail?’ cried Roger. ‘What in the world for?’
‘Well,’ Tom said, ‘you know Sue, that cute little blonde waitress at the coffee shop where I sometime go?’
‘Yeah,’ said Roger, ‘I remember her. What about her?’
‘Well, one day she filed rape charges against me and, at 89 years old, I was so proud that when I got into court, I pled ‘guilty’.
‘The damn judge gave me 30 days for perjury.’
****************************************
“. . . [it would appear this development will accelerate the financial meltdown] currently taking place. Given current events, consumers might well expect higher borrowing costs, just as homeowners face stiffer mortgage costs and new home buyers encounter a cold shoulder from bankers. . . .”
Therein lies the ‘false-flag’ operation, not performed by terrorists from a far-off land, but instead orchestrated from 1600 Pennsylvania Ave. and the Pentagon.
Further deterioration over the next few weeks will allow dubya to give himself unbridled powers, impose martial law and curfews for sheeple, suspend elections — now, do folk realize why harpo called this election? He aleady knew the economy was toast, but needed an excuse to align CRAP with the WH — and ramp up the war rhetoric with Iran.
With China still recovering from the ‘quakes and the Olympics, WW3 will be rearing it’s ugly head soon.
Stay tuned for further updates!
@Truthbetold…Bespoke Investment Group has the list of past S&P declines….this one ranked 15′th in % terms
Jack Layton is calling for an all party meeting on the economy, the day before the debates.
http://www.theglobeandmail.com/servlet/story/RTGAM.20080929.welexnecon0929/BNStory/politics/home
Layton upstages the libs again by saying things canadians want to hear. THat’s gotta hurt.
By blondey on 09.29.08 4:38 pm
And it’s Jack who got smacked down with the ever-ready Harper “NO”. Libs aren’t stupid enough to ask Harper for anything. Layton is. That’s why it was so easy for Harper to manipulate Laytong; maybe Layton will figure out he’s being used in time… I doubt it though.
_____________
Mr. Garth TurnerMP,
Is it just a coincidence that the USA is going to have a military division that can patrol the street starting on Oct. 1? Have you been paying attention?
Or is there a plan that is being implemented right now?
By Greg W., Oakville on 09.29.08 4:18 pm
Greg, Naomi Wolfe reported the battalions in the streets for October 1. I haven’t heard anyone refute here. On February 14, 2008 Stephen Harper signed a deal with the USA that allows American troops to cross our border and enter our cities and towns if Harper wants them to. I wonder what Stephen Harper would want foreign troops to do in Canada?
Will Harper tell us? Or do we just wake up one morning and step outside for our paper to find ourselves staring down the barrel of a foreign soldier’s gun? I wonder if Harper will tell us before he calls them in?
Isn’t it interesting to note that the American politicians were inundated with letters, calls and emails from constituents and they LISTENED to them?
Contrast that to Harper and his goon squad. Any chance Harper’d listen to the constituents?
Nope,
Even worse, imagine the good people of Halton expressing their concerns to Ms. Raitt, parachute candidate for the Harper regime. Anointed by Harper, disdained by the local conservative association, forbidden from answering questions. What are the chances that SHE’D listen to constituents?
Less than zero.
I believe that I just described a Harper DICTATORSHIP.
I read a statement today that the U.S. is going the wrong direction by giving the bailout money to bankrupt companies that caused the problem in the first place. They suggested giving the money to the people to buy their way out of the mess. After thinking about it I decided this makes the most sense I have heard the last few weeks.
A trillion dollars give or take 10 or so would be enough money to give every taxpayer a hundred thousand dollars with a few strings. This money can only be used to pay off personal debt, car loans or mortgages. Any money left over can only be used to buy real estate as this would be those people not currently owning a home. By doing this three things occur.
First most personal debt will be gone which if combined with strict limits on personal credit lies and especially a total limit to stop people from owning a deck of credit cards would stabilize much of the banking industry in regards to real assets and liabilities and prevent a quick slide back into old habits.
Second by paying down mortgages this will take pressure off foreclosures as most people will be able to afford their homes as long as they are working. As well the lower mortgage payments will allow these people to spend more money on other things which will help reduce the effects of the coming depression.
Third all those people with money left to buy up the millions of forclosed homes will start moving the real estate and related industries moving again especially in those areas of the country that dont have a large supply of housing available. The demand in some areas for modest houses, townhouses and condominiums, not to mention mobile homes would create a mini-boom employing a portion of the constuction industry whch in turn will ripple through the economy to slow down the bad news.
For those people left like seniors who can’t spend their money perhaps a 5 year payout in the form of a special monthly pension would make their lives easier and boost the economy when they spend it.
In all of this most U.S. banks and companies will likely go bankrupt or be forced to downsize radically and shed all of the assets that aren’t real which are the cause of the problem in the first place. The remaining companies should be much stronger and provide the base for a recovery. The best news is that the vacuum created by collapsing corporations wll provide unlimited possibilities for new companies to emerge. A strong growing economy is built around aggressive small and medium sized companies striving to grow a new market. In contrast a dying economy like ours today has only a few huge companies only interested in the bottom line and eliminating any competition to their profits.
While a deptression is a tough lesson to learn over and over again someday we will figure out that not allowing takeovers of any kind in industry is the only way to keep it growing. Better to have a consortium of medium sized companies working on a large project than one huge one if we want to see a maximizing of jobs and value to our economy. Besides any government controls are easier to enforce the smaller the company.
Breaking party lines, and especially going against the PM, would have the same consequences we are seing now with MP’s like Garth and others who have been unceremoniously booted from the CPC.
By James- Chatham on 09.29.08 4:57 pm
This is not restricted to the CPC. The Liberals have also kicked MPs out of their caucus. In fact I will go as far as to say that Garth would likley have been kicked out of the Liberal caucus for the things he said while a Conservative. So to imply that only the CPC do it is not being honest.
Two Liberal MPs left caucus, one for a run-in with Elections Canada, the other for supporting the Harper budget. No Liberal MPs have ever been dismissed for an opinion, for speaking to the media, for having a blog, for allowing dissenting viewpoints (like yours) or for criticizing the leader or any colleagues. There is democracy within this party, just as there is very little within the Conservative caucus. I know. You don’t. — Garth
http://www.vivelecanada.ca/article/235930362-did-stephen-harper-have-prior-knowledge-of-financial-crisis
A very serious charge.
By keith phibbs on 09.29.08 6:48 pm
I can’t get the full story==just the introductory. Do you think the neocons have hacked this site? I would think that Harper did know. Why else would he call a general election so fast when he already had four general elections called?
I obviously don’t trust this devious man.
The opposite of pro is con, so the opposite of Progress is Congress!
Another bailout or good economic policy? The Yanks are going to have trouble finding USD if this keeps up…
” Auto industry to get Federal loans of up to US$25 billion
The Associated Press is reporting that in the next few years, consumers could see the fruits of US$25 billion in government loans for the auto industry through a broader lineup of gas-electric hybrid vehicles, new plug-in electric cars and an expansion of fuel-efficient engines.”
http://www.autoserviceworld.com/issues/isarticle.asp?id=89996&issue=09252008&PC=ASW&story_id=&link_targ=DailyNews&link_source=aypr_ASW
Garth,
Would you support Bob Rae running our national economy?
What do you think of Bobby Rae?
I thought that was my job. — Garth
CBC caved on the Mallick article. Now they are going to be editing articles.
And since they will be editing articles, I will be questioning the integrity of each and every word printed. Bad enough they’ve taken a biased approach towards some issues. Now this?
http://www.cbc.ca/canada/story/2008/09/28/f-vp-cruickshank.html
That is the thing that is winning me over with Dion, he comes across as a real democrat, him being the only leader who welcomed Elizabeth May to the debates even though it could be to the party’s detriment, and in yesterday’s Cross Country Checkup, expressing a desire for electoral reform that consisted of one of the variations of Proportional Representation. I’m counting on the likes of you and Dion to keep the back-room sorts at bay, because with them comes cynicism.
By Ben on 09.29.08 7:16 pm
Was Brent Fullard appointed, or did he win the ridings nomination? He was parachuted into a riding he apparently does not live in, and because he seems to be a one issue candidate, it seems he is handing the riding to Jim Flahrety.
By Bonnie L on 09.29.08 7:36 pm,
Most people were aware that the U.S. was in trouble when Harper called the election so Harper would have known unless he was in an even more isolated bubble that we think. It was one, of several, reasons that he was willing to risk over-riding his own fixed date legislation. It was his last chance to get a majority before a number of issues emerged to threaten it.
Chretien called an early election just before Adscam broke in order to get his majority first. He expected that the issue would be behind the Liberal Party by the time it went to the polls again.
It is common practice for governments to use this strategy to prevent defeat. What was different this time was Harper’s about face on fixed election dates.
Stupid government policies all over the world (e.g. 40 years mortgages in Canada) that have allowed lax credit policies have prolonged the inevitable economic shift, generated huge unsustainable pools of consumer debt, and magnified the crisis that is now upon us.
Even if this US bailout is negotiated and passed we can all expect a lot more finanical turmoil ahead!
The world economy, based on erroneous assumptions of perpetual growth, is in the early stages of reorientation. A new model based on a fixed world economic output, and a slow regression in incomes and prices will take shape. This will be driven by the notion that a sustainable economy is based on a capped world output driven by limited resources – consumed by a growing population of humans…therefore our individuals shares of the total will decline over time. As commodity prices rise, overall consumer prices can only fall by reducing the amount that is paid for work of any kind. So, wages will fall faster than prices as people scramble for employment of any kind, ‘consumerism’ will die, and there will be a significant contraction in our physical lifestyles…reuse, recycle, renew is the future.
In the face of the new world reality that is now only faintly looming in the future – Dion is the only leader with even the faintest idea of what is needed for the future. We do need to balance economics, the environment and social policy.
And, in case you are wondering if this post is just a mindless meandering not backed up by actions…. We nuked all of our equity based funds in August 2007, nuked the majority of our other holdings in early July 2008, and we will be converting the balance into cash this week. We will then be allocating our RRSP cash holdings to a number of insured institutions to ensure that all amounts are under the $100,000 insured limit in each institution.
Folks, with what’s coming, we all have to be careful with even our supposedly ‘secure’ cash holdings.
Good luck to everyone. And, for the sake of your children and those you love…. vote for Dion.
“Garth:
I love how you categorically state that Senator John McCain will be defeated because of today’s vote in the House of Representatives.
95 Democrats opposed the bill. Hmm, perhaps they understand along with the 133 Republicans that the majority of Americans oppose the bailout.
By Dave Warner on 09.29.08 6:48 pm”
Americans oppose the bailout because the majority have not yet gone to their bank and discovered it is closed and all of their money is gone.
“700 billion has got to show up somewhere and somehow on a balance sheet. Perhaps in a coming post you could explain how this whole thing is supposed to work and what it will actually do the middle income people. Thanks.
By Stephen Smith on 09.29.08 2:40 pm”
Foreign governments like China that are flush with US cash will take up the increased US debt load…at a premium rate. Domestic lending rates in the US will rise sharply as the US government competes for available capital investment, inflation will rise, and the value of the US dollar will fall. A prolonged depression in the US dollar will make US produced goods cheaper on the world market and allow the US economy to slowly crawl out of the basement. Canada will limp behind the US. China will emerge and the new world economic power since it will hold the key cards in the deck…. foreign government debt that can be used in a multiple of ways in terms of negotiation strength.
Better to have a consortium of medium sized companies working on a large project than one huge one if we want to see a maximizing of jobs and value to our economy. Besides any government controls are easier to enforce the smaller the company.
By W. D. on 09.29.08 7:31 pm
That is precisely what the Japanese do. There are, as one poignant example,. only four plants that manufacture plasma and LCD TV’s. Those four plants produce ALL the different brands according to the brand name’s specifications.
William Demming gave them that capitalist model. He also presented it to GM, Ford, Chrysler and the U.S. Government, but they rejected it in favour of their pyramid management structure.
Who’s your Daddy? LOL
We waste more electricity and resources with meaningless competition and then wonder why we have a Climate and Energy Crisis?
Perhaps a lesson could be learned from the Intel/AMD/Motorola/Texas Instruments Chip manufacturers.
Intel and AMD compete, and in a very healthy manner, plus they add strategic source protection which prevents a monopoly.
Motorola and Texas Instruments each deflected from the CPU manufacturing in favour of specialized chips. All are succeeding nicely.
Likewise, IBM had the opportunity to have the Lion’s share of the Operating System market with their superior OS/2, but their lawyers failed to acquire a license for the WIN32 API from Microsoft, and then it was too late. Ironically, Bill Gates (via his father the Lawyer) got a contract with IBM to write DOS, and the rest is history.
As is historic, the best ideas fail because of human greed, not lack of ideas. Consider what history would have been had Marx incorporated the variables of Human Nature into his Das Capital?
Therein, always lies the failure point, and it is why we will always need government regulations to control those whose egos far exceed their intellect and societal comprehension.
BTW, there are a number of nice Two-Story homes for sale as of today. Here is the MLS listing pic
here is the MLS listing pic
1600 Pennsylvania Ave.
By Charles Oxley on 09.29.08 6:56 pm
Is that deflation hitting the White House now, too?
Last time I looked it was 16000 Penn. Ave.!
“. . . Naomi Wolfe reported the battalions in the streets for October 1. . . .” — Liz, 7:14 pm
wrh.com reported yesterday that 14,000 troops wll be deployed in various US cities. Additional troops may be added.
The take down is well underway, and the fiscal meltdown is merely a smokescreen for what is really happening.
Don’t rule out the Cdn. election being suspended. After all, Paulson and Carney are working in collusion; they run the ship, and the ship is deliberately sinking.
We are expendable.
By Charles Oxley on 09.29.08 6:56 pm
LMAO! Thanks for the laugh Charles. On the more serious side you have described a scenario that ranks as a possibility.
Consider, if you will, that perhaps those earthquakes were ‘planned’ and caused by the HARPP Project in Alaska. Just a bit of information that should be included in the analysis.
By W. D. on 09.29.08 7:31 pm
You may be on to the solution, and giving the money to the taxpayer is definitely a better solution than giving it to the failed corporations to pad their own petards.
In every crisis, there is both a danger and an opportunity.
Times of economic slowdown and even recession can be turning points in our nation if we sieze the moment to unite as fellow Canadians against our common enemy which is NOT each other.
Whatever the economic situation is, we will be in the situation together as Liberals, Consvatives, NDP, Green, etc.–fellow Canadians all.
A politician will think only of the next election, but a statesman will think of the next generation.
The next generaton is tired of the political bickering and name-calling, pity parties and petty politics. The time has come for us to unite for the common good.
If a time of economic crisis can lead us to government by consensus rather than a confronatation-adversary approach, the crisis will, in the end, leave us better off, and will leave us better off.
Let us jointly embrace the challenges ahead. Our mutual interests are all intertwined and interconnected, and what affects one, affect all.
Let’s stand together, and understand together!
One interesting note before we get to the list, is that most market crashes are long (lasting over a year) and 6 out of the top 11 crashes started in either September or November. Okay, let’s get to the list:
Continue with: The 10th worst market crash!
By Truth B Told on 09.29.08 5:25 pm
Interesting that the MSM (i.e. Stephen Colbert) has picked up on the fact that the 1929 Black Thursday occured in October as well. History continues to repeat itself…and will this coming Thursday.
This raises a serious theophilosophical question to me…Is there a cult that only acts out in October? Who are they? What are their origins? What is their belief regarding economic collapses in October? It would seem Dim Jim is part of that cult as he instituted the IT fiasco on Halloween last year.
Let’s stand together, and understand together!
By Jake on 09.29.08 9:20 pm
Beautifully stated mon ami!
Agreed! The guy was sharp as a rapier, funny and charming. No apparent dulled effects from his party’s namesake. McGarry, on the other hand, came across as being in bad need of a sample from the sacred herb.
By Charles Oxley on 09.29.08 9:08 pm
Charles, trust me, if Bush tried using the U.S. Military on American streets there WILL BE a serious revolution and lots of bloodshed. Americans are not wimps like Canadians when it comes to those principles. The last straw would be such an action by Bush, or any other politician. The Governors, who control the National Guard would rise up against him as well.
Remember, the military is made up of American citizens, and they each took an oath to defend the Constitution, not the Commander in Chief.
Bush would be uttering the words of Admiral Yamamoto ‘I fear
weI have awakened the Sleeping Giant!’By Charles Oxley on 09.29.08 9:08 pm
Likewise, we saw but a glimpse of the REAL reaction Harper has received on his ‘tour de force’ of Canada with the auto-workers. No wonder he is scared (like the coward he is) to appear without precise planning, security, and total control of the media. They are supposed to be HIS photo-ops, not his opponents.
By Truth B Told on 09.29.08 9:08 pm
No mon ami, it has been 1600 since the White House was made the home of the President…except it used to be brown after Canadians burnt it down in the War of 1812. Another Washington White Wash job to ve sure.
I just got back from 1 of 2 all candidates debates in Kitchener. This encompassed candidates from the ridings of Kitchener–Centre and Kitchener–Waterloo.
Not surprisingly, both Conservative candidates were no-shows.
William Demming gave them that capitalist model.
By Bill-Muskoka (not anymore) on 09.29.08 9:00 pm
More importantly, Demming gave them the Statistical Process Control Method along with his colleague Wade W. Weaver whom I knew personally. That was what was rejected by North American managements. With SPCM everything can be measured and predicted. The Japanese bought it outright and practice it. Lip service to the method doesn’t work, either. I saw that up front!
This is one of the best suggestions I’ve read on the issue:
http://tinyurl.com/3zzdlw
Agreed! The guy was sharp as a rapier, funny and charming. No apparent dulled effects from his party’s namesake. McGarry, on the other hand, came across as being in bad need of a sample from the sacred herb.
By Dube on 09.29.08 9:33 pm
The penalties obviously didn’t fit the crime in this case.
Reverend Michael Baldasaro received two years in a Federal Penitentiary and Reverend Tucker one year in Hamilton jail.
They obviously believe marijuana is some sort of sacrament in their rituals. “Carrying for personal use” rather than “Trafficking for sale” should NOT result in a criminal charge.
Some say as many as 600 thousand Canadians have ‘criminal’ records for this type of misdemeanour.
Although I’ve never ‘tried’ or ‘used’ I think those kinds of ‘stats’ for criminalization are an abomination.
http://www.marijuanaparty.ca/article.php3?id_article=406
Ha ha! Why is October or November the months when bad stuff happens? hmmmm. Could it be that the wingnuts start scaring their children and sundry others with visions of witches, goblins, ghosts ohmy! But never recession or depression. Uh uh, Gawd help us!
Did any of you catch the Palin excorcism? Seriously freaky folks. Do they really believe that stuff? Seems odd. If Gawd is on their side, why do they worry?
Should I start to stockpile cans of Chef Boy-R-Dee or should I stick with my plan to loot the neighbours houses when we are in a disaster?s
By Marc on 09.29.08 3:27 pm
No, you need to put in a large supply of rice and beans.
Your neighbour is probably armed and so that option is chancy at best.
You can vote for harpo but I can’t really see how that would help.
No mon ami, it has been 1600 since the White House was made the home of the President…except it used to be brown after Canadians burnt it down in the War of 1812. Another Washington White Wash job to ve sure.
By Bill-Muskoka (not anymore) on 09.29.08 9:43 pm
We also captured Detroit in that War, but we gave it back pretty quick! Ha ha ha
I think the best definition of ‘just desserts’ will be when the children of ardent opponents of decriminalization end up with criminal records after being caught with small amounts during their days of youthful experimentation, a record that will prevent them from foreign travel and any hope of ever getting a professional education. Punishment should fit the crime.
We also captured Detroit in that War, but we gave it back pretty quick! Ha ha ha
By Truth B Told on 09.29.08 11:56 pm
And look at the result! LOL
No mon ami, it has been 1600 since the White House was made the home of the President…except it used to be brown after Canadians burnt it down in the War of 1812. Another Washington White Wash job to ve sure.
By Bill-Muskoka (not anymore) on 09.29.08 9:43 pm
Sure, Bill. Rewrite History. Even the official White House website has a different story.
http://www.whitehouse.gov/history/facts.html
White House Facts
Photo of the White House from the Rose Garden. For two hundred years, the White House has stood as a symbol of the Presidency, the United States government, and the American people. Its history, and the history of the nation’s capital, began when President George Washington signed an Act of Congress in December of 1790 declaring that the federal government would reside in a district “not exceeding ten miles square…on the river Potomac.” President Washington, together with city planner Pierre L’Enfant, chose the site for the new residence, which is now 1600 Pennsylvania Avenue. As preparations began for the new federal city, a competition was held to find a builder of the “President’s House.” Nine proposals were submitted, and Irish-born architect James Hoban won a gold medal for his practical and handsome design.
Construction began when the first cornerstone was laid in October of 1792. Although President Washington oversaw the construction of the house, he never lived in it. It was not until 1800, when the White House was nearly completed, that its first residents, President John Adams and his wife, Abigail, moved in. Since that time, each President has made his own changes and additions. The White House is, after all, the President’s private home. It is also the only private residence of a head of state that is open to the public, free of charge.
Should I start to stockpile cans of Chef Boy-R-Dee or should I stick with my plan to loot the neighbours houses when we are in a disaster?s
By Marc on 09.29.08 3:27 pm
You might just better rethink your plans. In some neighborhoods, you could become the meat in the pot of pork and beans! There maybe more Willy Picton’s out there than you realize! Stay in your own castle and guard the moat!
By C. B. Innes on 09.30.08 11:46 am
Yeah, what do I know? Where did you get that spin doctored history…Wikipedia edited by the Americans? LOL
I suggest reading this one The White House