Loading ...This funny, shocking and surprising satire tells all about the pre subprime crisis days. Just what happened? How did this American (US) sub-prime crisis all start? Who screwed up? Why was it so predictable and why is the current US governemnt reaction, by cutting interest rates, the wrong course of action. Play the Video below […]
Housing:
There were more negative housing statistics released this morning. The most reliable measure of housing prices is the S&P Case/Shiller Home Price Index. The index (for 20 cities) reported that y/y prices were down 12.7% for February. This represents the biggest fall since the index was created. For the month, the price decline accelerated to […]
Economics:
The Bank of Canada reported that it doesn’t see credit conditions returning to normal until 2010. Growth in 2008 is expected to be weak but still positive 1.4%; 2009 should see strengthening to 2.4% and 2010 should see growth of 3.3%. Given the weakness forecasted, expect the BOC to continue cutting interest rates at […]
Interest Rates:
Bank of Canada did as expected and cut interest rates by 0.50% Analysts are still expecting at least another 25 point cut at the next meeting.
Commodities:
Crude oil was up again setting another record high at $119 a barrel. China reported that Angola overtook Saudi Arabia as the top supplier of oil in the […]
Recap:
Another US bank reported poor earnings, as Bank of America’s profits fell 77% on $6 billion of write downs. So far this quarter most of the poor earnings have been restricted to the companies with financial exposures i.e. banks.
Commodities:
Interesting stat by the International Energy Agency (EIA) that shows oil consumption by the emerging markets […]
Recap:
Wow, another big day in the market with the Dow up 228 and the TSX up 121. Citigroup posted another loss of $5 billion after writing down another $15 billion of assets. Oddly enough the markets were happy with the results, as they were neither as bad as the previous quarter $-10 billion, nor as […]
Recap:
Dow was up 1, TSX up 16. Merrill Lynch wrote down another $6.5 billion and posted its 3rd straight loss, 3000 jobs to be cut. On a positive note, Google’s profit rose 30%.
Economics:
Canada’s inflation for March was up 0.4% on a m/m basis and up only 1.4% on a yearly basis; this represents a 14 […]
