Updated: Fri Oct. 10 2008 19:07:59

CTV.ca News Staff

The world's top finance officials have pledged to take all actions needed to stem the worst global financial crisis since the Great Depression.

The so-called Group of Seven countries released a five-point plan that they say will unfreeze the credit crisis that has hit Wall Street and worldwide markets.

The G7 said they would take "decisive action and use all available tools" to protect major financial institutions from failure.

They also committed to get credit flowing again, support banks' efforts to raise money, bolster deposit insurance and revive the mortgage financing market.

They did not provide specifics besides the sweeping five-point plan.

"The actions should be taken in ways that protect taxpayers and avoid potentially damaging effects on the countries," the finance officials said in a statement.

U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke met with their counterparts from the G7, including Canada's Finance Minister Jim Flaherty, in Washington Friday.

Paulson made another major announcement Friday evening, saying that the U.S. will buy an ownership stake in a number of American banks -- for the first time since the Great Depression.

"This is a period like none of us has ever seen before," Paulson said in a rare Friday night news conference. He said the move will help banks raise desperately needed money.

Besides the United States and Canada, the G7 countries are Japan, Germany, Britain, France, and Italy.

Wild week for markets

A turbulent week at the markets came to a wild close Friday with the loonie posting a record one-day decline and the Toronto stock exchange briefly dropping below the 9,000 level for the first time in three years.

The main S&P/TSX composite index closed at 9,065.2, down 534.98 points on the day. But at one point on Friday it was down nearly 750 points.

The TSX index lost 1,738 points or 16 per cent of its value this week.

The Canadian dollar fell nearly five cents against the U.S. dollar to a low of 82.41 cents US Friday, but rebounded at close to 84.69 cents US.

Since November 2007, when the dollar hit an all-time peak of 110.3 cents US, the loonie has fallen more than a quarter.

The Bank of Canada's exchange rate website says the dollar hasn't fallen more than three cents in one day since June 21, 1961, when it lost 3.38 cents US. It hasn't been below 83 cents since Feb. 21, 2003.

The TSX index was particularly hit hard by energy stocks, which have lost value as oil prices continue to retreat.

The November crude contract on the New York Mercantile Exchange closed at US$77.70 down $8.89 a barrel Friday.

New York's Dow Jones industrials closed down 128 points to 8,451.19, following up on a 679-point retreat yesterday.

The Nasdaq composite index gained 4.39 points to close at 1,649.51 while the S&P 500 index lost 10.70 points to close at 899.22.

"Momentum is running against the market and you don't want to get hit by a train," Jack Ablin, chief investment officer at Harris Private Bank in New York, told The Associated Press.

"This is now about market psychology. There's extreme fear and panic out there."

Overseas, Asian and European markets slumped sharply on Friday as investors there also continued to sell hard.

London's FTSE 100 index slumped 5.24 per cent while the German DAX was down 6.9 per cent and the Paris CAC-40 fell 9.8 per cent.

In Japan, the benchmark Nikkei 225 index in Japan lost 881.06 points, or 9.6 per cent, to 8,276.43 -- the lowest closing level since May 2003.

Hong Kong's Hang Seng index fell more than 8 per cent while the Kospi index in South Korea lost 7.4 per cent. Shanghai's index fell 4.1 per cent and Singapore's Straits Times index lost 7 per cent.

In Australia, observers called the slump "Black Friday" after the key S&P/ASX200 dropped 8.34 per cent, or 360.2 points -- its sharpest one-day percentage loss ever.

The freefall was largely in response to the massive sell-off on Wall Street on Thursday and rising global economic uncertainty.

"Selling is unstoppable in New York and Tokyo," said Yutaka Miura, senior strategist at Shinko Securities Co. Ltd. in Tokyo told The Associated Press.

"Investors were gripped by fear."

Also Friday, Flaherty announced that the government will buy $25 billion in mortgage-backed securities from Canadian banks in a bid to maintain the availability of credit.

The banks responded by cutting their prime rates.

With files from The Associated Press

Comments are now closed for this story

Mark M
The world still needs oil. Once this economic crisis is over, the loonie will be flying high again. Hopefully some plants took advantage of it when it was high and upgraded their gear to make them more competitive as exports will probably start to go up, even with the US slowdown, after all, a bargain is a bargain!

Two edged sword.
The falling dollar is a two edged sword. It costs more for imported good but it also makes exports of Canadian made goods cheaper and helps keep manufacturing jobs going at a time like this.

Dave from Toronto
How can Flaherty stop a Global Economic Resession from affecting Canada? We are in a global market, or has he forgotten? Is he going to cancel free-trade? The more he talks, the more it seems he doesn't understand. The instability is affecting every industrialized country in the world. Ireland, Britian, Russia, Japan, Europe as a whole, China, US...how exactly can Canada avoid it, if our economies are intertwinned?

conservatives are panicking
and i thought the conservatives were just talking about how strong our financial system is in canada. they are just trying o lead us to believe that until after the election. harper we are not stupid. looks like they are panicking to me. time to get rid of harper and get someone we can trust that will at least tell the truth.

Canada comes out a winnner.
Both the above posters are correct.

Manufacturing should be thankful the CAD$ is floating at a sustainable level while the rest of the world wades through a mess of uncertainty.

nc
Ontario should be happy for awhile. When the dollar was up, all we heard how bad it was for Ontario. The dollar is down and I suspect for next few years Ontarians will be churning out those manufacturing goods.
Life is a barrel of fun.

PEI Fella
If the price of oil is where it was in the late 90s then why are we pay double what we were at the pumps then what we did then?
If the price went up this quick they'd be tacking it on right away, but because its dropping the consumers will have to wait weeks until we see any relief...
Who's looking out for us?

Robin the Hood
This is really out of hand now! American capitalism has failed us miserably and, to my surprise, went down with a bang and not a decades long whimper. The G7 need to include some other major countries like China, India Brazil and Russia and they need to accept nationalization of banks and buy controlling shares into them. The money will then be earmarked for lending only and immediately. Later on they can sell the stocks gradually. Right now everything on the markets are undervalued out out stupid fear because a stupid economic system totally based on fear and greed. Its regulation that is the only control over this sort of debacle and is the only method of imposing democracy on the wealthy and their reckless behavior. Barring this kind of drastic action this will become more than just a recession. My greatest fear now is whether those leaders have the intelligence to act quickly and in that direction?

BB in B.C.
We should call a meeting of all the top people and have 30 days of meetings to decide where to insert the green shaft in the rectum of Canada.....can we start again? I'm buying an electric car, turning off my gas heater, stoking up the air tight wood burner and I'll be burning my emergency pile of dry wood. After that I'll burn the greenest most polluting crap I can find.

Looking For Vision
Dion is our only hope.

ARJAY
@PEI Fella

No one's looking out for us- it's called the free market. The coming recession (or depression) is a logical consequence of capitalism- it's built into the system.Free markets expand until they burst from over-inflation:consider the crash of '29, and the dot.com bubble of the '90's.
And now this debacle.

This logical flaw will lead us to even bigger swings between boom and bust until the entire worldwide economic system collapses.

And the bigger the system, the harder it is to get stated again.

That's why some form of regulation by society is called for- free markets work wonders for short periods, but if we want stability linked to modest growth and limited profit, we need a regulated economy, albeit linked to free market enterprise.It's called socialism, where the interests of society as a whole are placed ahead of individual's desire for unlimited profit.

But there's no way the Americans are going to buy into even a limited socialist system, since they can't seem to distinguish it from pure communism.Until America no longer dominates global markets, we are stuck with this insanity.

Somebody in Ottawa
Dion is our last choice. Sure,let's bring on a new tax. Everything is shipped over our large country by truck, train and plane and everything will be hit hard. Unless my taxes are cut in half things will be expensive. No new taxes, Mr. Dion!

Dion can't even answer a simple question !
Dion proved yesterday he is a joke.

If your "vision" includes stammering stand up comics who doesn't understand questions posed to him by interviewers then he's your man by all means.

Peter
Elect Dion and it's over. Canada will be toast as cost of goods rises and disposable income shrinks. At least the air we breathe after being put out of our houses will be cleaner. Meanwhile, China prospers.... I was going to do a do-over on this comment but changed my mind.

KJ in Kingston Ontario
Dion our only hope...? Okay will someone please ask him again what his plan really is. 30 days of meetings is not a plan. He couldn't even say what he would be doing different from the current leader. Having Dion as Canada's next PM sure doesn't raise my confidence in Canaada's economy, but I guess we will see on Wednesday.

Game over
So the world's governments are taking over all the banks, next there will be one World bank/currency. (Oh ya, there already is) Then money will no longer be required as you will just have a mark on your head or hand to have access to the basics of life... Where have we heard this before? All we need now is a major war to break out and a couple huge natural disasters and it is game over. Better start going to church... or maybe it's all just a blip... you decide..

pp
...Here is how economics 101 works with regards to a 'carbon tax'.

-> Corporations have input costs EG: Cost of goods to create products, Salaries, Maintenance, heating, electicity, Marketing, Shipping, TAXES. etc

-> All these things are taken into account to reach an economic Return On Investment (ROI) - which must include input costs - which is then placed on manufactured items as a PRICE TAG (output cost) to reach a profit.

-> The higher your input costs then the higher the PRICE TAG. After all businesses need to make a profit.

-> If companies are spending too much on input costs they will move somewhere where those costs are lower. Thus jobs are lost.

-> So it doesn't matter if Dion gives a tax credit to consumers. If they have no jobs to make money with then they will not be able to spend money to buy consumables.

Therefore other companies are now affected as no one is buying their stuff! This snowballs out of control till prices readjust themselves and peoples disposable income can now afford consumables...

It's just a simple way of explaining it but it holds true. The more you tax corporations the higher their input costs.

Why do you think companies are moving to China and India - A big part is worker Unionization and costs associated with salaries and benefits (workers are the single biggest input in most companies. BUT taxation but another big part.

If companies stayed in Canada (or even US) and tried to remain competitive with high input costs like taxation, then they would go under fast.

It's only simple business people - money makes the world go round.

GREEDY CONSUMERISM FAILED US
until recently, I've been wondering what ever happened to the concept of saving money before buying a car, a house or that big flat screen TV.
Then I remembered that everyday folks are greedy: they must out do the Jones': they want it all, they want it now and they wanna pay for it later.
To those folks out there with 10 maxed out credit cards, with that big SUV in arrears and that big 0 down, 40 year mortgage 3 months behind, you are responsible for this mess. Enjoy your bankrupcies. None of my savings will ever go to charities.
Thanks for nothing.

Roger T
We don't need tips from the Harper Gov't about investments but need a leadership that can pull the economy together.

We need change and need to face the fact that we are in a recession.

Ken
Nearly everyone making comments and reporting in the media is being awfully reactionary and pessimistic. The world is not coming to an end and neither is capitalism. Recessions are inevitable and they are painful to be sure, but this is why people have a responsibility to save during productive cycles. Capitalism requires individual responsibility. The government, as it is in the States and other places, should not be bailing anybody out. Fortunately, Harper is one of the few world leaders it seems that is not overreacting or using these events to justify nationalization and socialization, and so greater accumulation of power in the central government. It's not needed. Those who were financially prudent and prepared need to give a private, not public, hand up to those who are hurting-- Harper should increase the charitable tax creditto encourage this--and, in time, the market will expand again, more resilient than ever. To throw out capitalism in favor of nationalization and socialization is the same trap into which Europe fell in 1930s and 40s. It makes no sense to abandon the most efficient and effective means of wealth creation and productivity in human history simply on account of a down cycle. The bottom is not falling out.

Niagara George
Mr. Harper might talk about the glories of Canada's economy, but apparently many in the business community do not agree.

The USA is heading downhill quickly, but our dollar continues to drop faster than theirs. If Canada was really such a great place to invest, our dollar would go up, with each mortgage failure south of the border.

Harper and Flaherty are lost. They have no idea which way to turn. When you govern by the polls, it must be difficult to react to real problems.

Stop the corporate sociallism.
If a corporate entity is not profitable, it won't be paying tax.

If it can't make itself profitable, I'm not going to pay taxes to subsidize it.

Adapt or die.

It's called freedom. Learn it, love it, live it.

Andy
The sky is not falling and if you got cash, there will be lot's of bargains available soon.

Too bad for you people who did not live within their means. Would not want to be you over the next couple of years. Hope you learned for the future that if a credit company is willing to lend you money, it does not mean you are able to afford it.

Larry....Vancouver
Dion our only hope?? After Iggy and Ray tell him what his plan is!!

Larry....Vancouver
Dion our only hope?? After Iggy and Ray tell him what his plan is!!

Anne Ottawa
sometimes the devil you know is better than the devil you dont. The two devils in this scenario are Harper and Dion in case you dont know. Change is really risky in this shaky situation, dont you get that? Who would have confidence in that stumble bum Dion who cant even speak coherently? A leader needs to project leadership and he does not. You may not agree with Harper but at least he projects the right image. Vote conservative or my advice, move to another country. More taxes will just degrade our economy further. I have less free cash that I did 5 years ago. I know that because I was paying more on each mtg payment 5 years ago and was forced to lower my payments as things have gone up so much. I cant part with more cash and that carbon things scares the bejeesus out of me. Govts have to stop taking taking taking from us. Something has to give. City, federal, prov, all grabbing more and more while we arent earning more money enough is enough.

How much deeper in recession will Harper run us?
Conservatives had their chance.

They've squandered the budget surplus bequeathed to them and left Canada vulnerable.

Canada's banking sector is sound, relative to the casino economies of other countries, but the Conservatives are resorting to handouts, bailouts, or as they call it "investments."

Canada can't afford more Conservative ineptitude.

STOCK GURU:
If the next two Friday’s closes are below those of September 12th & 19th then a seven week count will be in place and an upside reversal becomes likely. ...

Right Message
Let's see now, left hand more taxes, right hand less taxes. What shall I choose?

Oh ya, the majority of people are right handed.

Anne Ottawa
the good thing about this blog is that I find I learn alot (you have to pick and choose between the ranting and raving). I now think what Flaherty did makes sense. I may be wrong but I sense now it is the right thing in this situation.

to stock guru:

I sure hope you are right about it going up in the not too distant future because I am nervous not about my rrsps, which I wont have to use for some time, but our daughter's resp, which has lost over a thousand in value, and she just started university. your advice guru? wait to withdraw until it goes back up?

Dayton
Sure would be nice to have a majority govt. in power right about now. You would see the investment pour into our economy and take the stress load out of the equation. Then the NDP and Liberals could take time out as they are really not helping the situation.

George from Winnipeg
The Harper government does not have the ability to guide the economy in these tough times. Mr.Harper rather than saying something
constructive about the economic crisis insults Mr. Dion, because Mr. Dion did not understand a question. Harper insulted all respectful Canadians and especially Canadians whose first language is not English, and persons with hearing disabilities. Harper should focus in what he plans to do, and not insult people because they do not understand a question.

GP
There is no rational reason for our dollar to be falling. Certainly to the levels we are seeing over the last week.

We are far and away in a better position than most countries.

Just another example that the system is broken.

Anne
Well folks....TSX 6000 coming to you soon....just like August of 2003. So for all of you folks that have not felt the effects of rising gas/food prices or sufferred losses in the income trusts, do as the Cons say...support Canada and buy Canadian stocks now! For the rest of us, wait until the TSX is at the bottom and then if you can scrap anything together, buy then....

Lowell
I can't believe Mr. Harper that you are so shallow. Up until a few days ago, the economy was doing fine, steady she goes, and other malarky. Now all of a sudden you have had an epiphany. Things don't look so rosy and, you are slipping in the polls and now u are looking for the right things to say to get that support back. I don't think the voters will buy your lack of sincerity. Thanks but no thanks Mr. Harper. Your brand of leadership is not what Canada needs right now. I mean the wishy washy kind. We need someone who has the ability to think through global crisis that affect Canada and come up with viable solutions. That is not you sir. And you had the gall on the national news last night to castigate Dion for not coming up with an answer to a question in a few seconds. At least Dion thinks about his answers before he says them.

Kelly O
The stock market had everything way OVERVALUED and now it is getting back to where it should be. If it wasn't for speculators and the media this downturn never would have happened. Speculators and analysts should shut up and go find a real job.

lowell
comment on Dion not answering question. Sometimes people ask unintelligble questions. I am sure that Harper has come on that situation on more than one occasion. You neo-cons will stoop at nothing to demonize Dion. You will grasp at any little straw to make this man look bad. You have been way over the top trying to attack his character and yet when the favor is returned, belive me Harper has his flaws, you get all uppity about it as though some great injustice has been done. The worst thing that can happen to us is to have to endure even another month of Harper as the PM. We don't need someone with a giant ego as a leader. For you liberals out there, throwing your support to Harper, please think that through a little more.

How many of you critics of Dion's language
know a second language?

I suspect none.

The conditional tense used in a question involving speculation and mixture of present and past circumstances was confusing.

Come back when you master a second language.

Laurie in Moose Jaw
Hey, "Looking for Vision",

Dion has no plan. Plans to have meetings to develop a plan, but only if he is elected. Both iggy and rae said the Green Shaft may have to be dropped, then of course recanted ( typical liberal), and dion can't answer questions on the economy!! the only vision any liberal should get is Ottawa in their rear view mirror.

JF, Southwestern Ontario
It's time for everyone to tighten the reins and learn how to be creative and live within their means. Remember how our grandparents did it? ... what smart people they were. We're all guilty of squandering money on the very un-necessaries of life. It's time to get back to living conservatively ... so come on Canada ... PLEASE VOTE CONSERVATIVE!! You won't be sorry, their way is the right way FOR EVERY ONE OF US.

tony
stocks are worth nothing

I invested in gold and silver when it was at the $300 mark now its hovering at $900

gold and silver is always worth something it might go up it might go down but its something solid you can hold in your hand. Not like Feddie mack stocks its almost not worth the paper its printed on.

gold, silver and realestate its something solid it might go up might go down but its worth something

C in Nova Scotia
Jack Layton has awesome campaign promises. Lets spend tax payer money on Grand Prix racing. Hello Rhino Party at least they promised to pave the Bay Fundy. Think of all the jobs this would create. Non Directional Party.

Gerry in Cambridge, Ontario
No one in politics wants to accept the facts the we are deep into a world recession and moving towards a depression. They are in total denial. The makings of another depression are quite evident and what we are all to experience over the next several years will be very difficult to accept. The cost of housing, the debt burden that so many people around the world are carring is just unacceptable and now the moment of reality has arrived. Who is responsible for this current crisis, we the present generation, the ones that want everything today at any cost. The world is now in panic mode & that is why the markets are all in a free fall situation. Will it end? Of course it will, but my prediction is that until stockholders get a grip and stop the panic selling the sell- off will continue. Unemployment is on the rise and this is one of the major components of a depression. During the 1930 era depression unemployment peaked out at around 25%. In the end we'll all be different in the way we handle our finances. I'm sorry to express my thoughts in such a negative manner, however, I'm only telling it the way it is. Do you know who initiated the end of the 1930 depression? President J. Edgar Houver. He did it by spending money & putting people back to work. There are difficult times ahead of us and we are all going to have be there for each other whether it be a family member or a friend

Roger T
Mark M
The world still needs oil. Once this economic crisis is over.....

The crisis is TODAY, which our Gov't failed to act upon when it started awhile back. Lets not wait til over and fix TODAY! Sounds like you (Mark) and many thinkn the same as Harper and that's why our country is caught up in this mess.

Our oil is useless if car/air plane makers are pumping out cars/air planes and no one buys them or travel. What good is it when you've got oil reserve that sits there and not making money while the rest of the population suffers from a depression!

Rebecca
Harper or whoever else that appears to have power over us are using the Bank of Canada to print money to give to the banks that got in over their heads. This is going to cause hyper inflation. Can anyone say Argentina 2001? Harper is only there to take direction from the IMF, which is calling for a global currency due to the active destruction of our current currency.

Larry, Salmon Arm
Harper has done OK so far in keeping us out of the sub-prime mortgage mess. When a market is in panic mode, its best to hunker down, wait for the bottom, and plan investment strategy. If you aren't forced to sell, you haven't lost anything with these crazy numbers. It just means there is a shortage of buyers...they're waiting for the bottom.

Mike
So, what we learned from all this so far:
1. Don't accumulate too much debt.
2. Don't wait our investments will make us reach; there is no free money, we have to work hard for it.
3. Consume in moderation.

What would you add to this list?

0emissions
So what do you want to pay for with you taxes?

James
The only party that is going to do well for Canada in these times is the Conservative Party of Canada.

Nice that we live in a country where one is not told how to vote.

My confidence has always been with Stephen Harper since the minority government was formed in 2006.

This is democracy folks!

Betty Mah
I remember Sir Winston Church was a victim of bipolar disorder; he turned out to be the greatest prime minister of England.

English is my second language, every time I encounter speaking problem; people around me show no teasing but encouragement.

What is wrong with CTV (cheap shot) and Harper (worse than dropping from the bird)?

Laurie in Ottawa
Looks like Dion will win a Minority Government! A lot of people will get exactly what they want. A)Minority B)Liberals.
People are so worked up over the economy they aren't thinking clearly. If you think things are horrible now, just wait until we spend 40 Billion that we don't have. Good luck to us all.

retire by 45
WEEHOO!! What a great investment last fall this spring. I was buying up greenbacks as much as I could afford. Ended up with over 5K and next week will be selling them back to the bank at a profit of over 20% Now that is a great investment!!

Gas prices should drop soon and travel will be more affordable!

Exports will rise and I will make even more $$.

Forget the silver lining!! This is all GOLD baby!!

Phil
... Because credit and loans dried up, companies had to liquidate their stock in order to raise cash to keep their businesses going and to finish the deals they had already started. The result is a mass exodus of trillions of dollars. Here's the bright side. Once these companies have liquidated enough of their stock and once the credit comes back online these same companies will reinvest trillions back into the markets. Expect to see huge jumps next week in the stock market.

KJ in Kingston Ontario
I find it hard to believe Jack Layton wants to spend our tax dollars in the richest game in sport: GRANDE PRIX RACING... Where is the carbon footprint on that....? Let's see the priority of reducing child poverty or help Ferrari race their F1 at 2 miles per gallon. That's too hard. This guy is almost as fun to watch as Dion trying to answer unscripted questions in front of a camera.

Pro Conservative
Those who think that this is a Conservative problem and caused by the Conservatives are very much ill-informed!

This crisis is a world wide issue that has been in the 'planning' stages long before the Conservative minority government came along.

The 'guys' at the top have ammassed billions of $$ in profit in oil futures and have now sold off their futures. This crisis will level out and all will be good again.

Once the Conservatives have a majority and this 'crisis' levels out and Canada comes out shining, will these anti-Harperites step up and say that it was the Conservatives that fixed the problem? I doubt it!

GO HARPER GO!!

Now let's buy our Air Force new fighter jets!!

RVH
An 80 cent dollar is ideal for exporting and importing

Bob NS
Only Mr Harper and the Conservative Team can lead us through that financial Hurricane. Keep up the good work.
Voting them out is a sure recipe to a big financial fiasco for Canada. We don't want trying Balloons in this critical time.

Jack in BC
I am going to come out and say it: there is no ECONOMIC CRISIS.

Currently, we are facing a credit crisis pretty much everywhere except Canada, which never did sub-prime and has stringent mortgage requirements.

The panic surrounding the credit crisis has lead to a financial market crisis as people bail out of the markets completely, regardless of whether they were invested in solid, good performing companies or not.

You have companies now that are trading for LESS than the dividend their stocks pay - does that make sense?

Capitalism isn't dead but it certainly seems like common sense is right now.

And I may not love Harper but I prefer my leaders not to add to the panic by saying that Canada is doomed when it isn't.

kate
Interesting that other countries don't seem to think our economy is sound, otherwise they would be buying Cdn dollars and not dumping them for US dollars isn't it? I expect China is propping up the US as it owns 65% of it now. Another interesting note, OPEC is considering lowering oil production to reinflate the price again - what a farce that is, they blame the price rise on demand and now it's falling so they want to go back to their fat cat profits. I don't care what you idiots who don't want a carbon tax think, I want the oil companies to pay until it hurts. At least my kids will have a planet to inherit, those of you out west can drown in oil for all I care - some of us care for people and the planet more than profit.

Goldens
The markets go up! The markets go down! The economy keeps going round and round. Those who play the market have to expect it!

Pierre from Gatineau (Quebec)
A lot of comments are criticizing Dion...but in the end he wants to do something good for Canada. Do you really think he will go full force right away with the carbon tax??? Of course he wont...he said time and time again that it will happen in a span of four years. In the end we should think green for our children's sake and in the end we would be a good example to follow for a western nation.

Scene
How the heck does oil fall to $80.00 a barrell and yet gas prices go up 2 cents and hold at 106.9? This is ridiculous, how the heck are gas companies getting away with this?

I am glad to see the market and our dollar take the plunge, the market needs to corrct itself, and it's still not done yet, can't wait for the New Year I saving up some good $$$ to buy up some RSP's for a cheap price.

M. Cameron
How do you like your economy now, Mr. Harper?

Amanda
In response to "conservatives are panicking"- who exactly do you think you can trust? Dion, Layton?? Give your head a shake, I would be scared as hell if somebody other than Harper was leading the country in times like we're in now.

Shannon
Why do we continue to kowtow to the US when they have proved themselves time and again as not worthy of any sort of adulation or emulation?! They're selfish greedy bullies and they have managed to mess up not only their economy but the world's as well by their continued self absorption and lack of consideration for anyone but themselves. George Bush is a cancer that will thankfully be excised in a little while and one can only hope Americans prove they aren't as stupid as they currently appear to be and elect Obama.

Stephanie, Toronto
To the person saying to those that critic Dion's language - to come back when they master a second language...

Well, I can speak 3 languages fluently and can tell you that understanding a second/new language is not that hard. It actually comes pretty easy in the process of learning a new language, and yes, speaking comes a little later. However, since Dion can sure speak English, when he says that he didn't understand the question... that is just an excuse!! It just proves (I hope to many!!) that he has no idea what he would do as a prime minister. And it scares me that people are buying his 'I feel for you' tactics. And to those that believe he has a plan... well, what he calls a plan is bunch of meetings, which who knows how much is going to cost us the tax payers anyways??

People don't critic his language skills. He's just NOT a leader. They're running a dirty campaign full of scared tactics. They are crying recession -- when we're not techically in a recession... but we'll sure be there if he gets elected...

So people have a choice on Tuesday - Vote for Harper - who's a proven leader that can make decisions, or vote for Dion, who's going to spend more than he has, and get us into a recession in no time...

Walter Green
Hooray the dollar is falling the dollar is falling!! The company I own exports 100% of its product to the USA, this is great news for us!! Keep it coming down, back to .61 that was ideal!!

Jake of BC
Harper: “...specifically talking about the fact that many Canadians have seen big losses in their portfolios in the last couple of weeks.”

Harper: “Uh… I… I… I think there are probl… There are probably some great buying opportunities out their I just happened to attended a business luncheon were a number of businessmen…”

These “opportunities” must be as a result of those losses many Canadians have taken in their “portfolios”…

So Canada ask yourself, are you a conservative businessman, or a Canadian working man or women?

If you’re making a killing these past few weeks, of course you should vote conservative they created these DEREGULATED profits…

BUT, if you’re concerned of what may happen in the weeks following this election

VOTE ABC!!!

Doug BC
THis debacle is going to go on REGARDLESS of who we elect.The Canadian economy is far to small to have a major impact on global economic events.
That said,governments in Canada can provide some level of help for Canadians who will absolutely impacted by the world slowdown.
Since export markets will be slim,there is little chance we can make up for thse tough times via higher wages.Governments handouts via EI,welfare,etc,will only dive us deeper into debt.So it is likely that lower taxes will be one of very few options government has to mitigate the cost pressures faced by a lot of families.
I am not a big fan of conservatism,or of Mr.Harper.But there are a couple of undeniable truths to his ideology.Those being that high levels of debt are to risky for a small economy like we have.And that higher taxes are economy killers.
This mess was caused by DEBT.DEBT is the evil in this closet.And Mr.Harper's Conservatives are the ONLY NATIONAL PARTY to advocate for lower debt and lower taxes on a CONSISTANT basis.
And finally.WHen this market finally bottoms out I think those who still have some money,and the courage to buy stocks are going to make a great deal of money as stocks move up to reflect their asset values.Sadly those will likely be people already wealthy.
Until the recovery,we MUST protect future sovereignty by getting through these tough times WITHOUT massive increases to taxes and our national debt.If we can accomplish that,Canada will come out ahead of almost all other countries.
Harper has been exactly correct to prioritize DEBT REDUCTION during his term in office.I only wish there had been more time to lower it even more.

joe
Ive been saying for 2 years now the economy was away above the production .No production no money so most of the fatass money men may have to go looking for a job.

Ontario Taxpayer
Markets go up, markets go down. Right now, there is a massive correction taking place in the market place because of rampant speculation and greed in the world markets. Panic is the word du jour and panic selling is the result. I really enjoy the comments from the financially uninformed who are trying to make political hay out of this. How much are you being paid to post your partisan comments? Dion, Harper, Layton..remind me of the three stooges, Larry (Layton) wants to take what's mine and give it to everyone else, Curly (Dion, wants to take what's mine and give it to his friends...and Moe (Harper) is a big nasty meaney pants without a heart!

FrankCanadian
It appears the world is undergoing a fundamental change.
The U.S. is facing the possibility of emerging from all this as a middle power like the U.K., Russia, France, etc.
Several countries, including Canada, are poised to see their world status rise significantly if they can avoid the worst of this mess.
The world is an oyster and is opening up for Canada, Sweden, Switzerland et al.
Much as I dislike banks in general, I'm proud of how Canadian banks have fared, so far.
So, we shall see what we shall see.

KMC, Markham, Ontario
...First of all, there was no "president J. Edgar Hoover". J Edgar Hoover was the head of the FBI and rather a strangee fellow, indeed, who liked wearing women's clothing.The Great Depression oif the 1030s was not brought to an end by some sort of social spending as you seem to suggest.
The Great Depression was brought to an end with the advent of World War II. All the able-bodied unemployed men went into the army and off to war. The economy recovered when an enormous number of jobs were created making armaments for the war effort. Government "spending" had nothing to do with it.

Metro Man
Here's a little metaphor I came across which I modified a bit to suit this crisis.

We had a great summer of fun in the sun, but all Canadians know that summer does not last forever. You have to get rid of the flip-flops and get out the mitten, boots and coats. So what if there is some coming snow. The first one is a shocker and maybe some will stay off the roads the first day, but by day two or so and everyone is back to work. They just put on a little more insulation. (Of course, a snow fall in Miami would cause Americans absolute panic- they just can't handle a little cold).

Moral - Spring and then summer will come sooner than you think. The Big investors know this and buy when the market falls.

Steve in Aylmer
We`ll know exactly where we are when the newest inflation rates are announced. Because if they go up, let the bloodletting continue.

This is a credit crisis. Banks won`t lend to banks because no one trusts the banks books. They bought into an unsustainable mathamatical business model.

Don`t be surprised when your company can`t find a lending partner to provide the credit required to pay your salary. When that happens its lights out.

The banks in the states are finding out the company assests don`t translate into cash and thus choking on bad debt.

This isn`t panic, this is real.

Peter in Ottawa
Fellow Canadians, please consider that as of today Harper has achieved the endorsement of all of the following respectable publications. It is best for Canada to adopt these endorsements and support a Conservative PM in these trying times. We will all be better off if we do, and the goals we all share for the economy and for social justice depend on our leader having the mandate to assure our prosperity. For without prosperity, we'll never be in a position to afford what we need.

>Globe & Mail
>National Post
>The Economist Magazine
>Ottawa Citizen
>Vancouver Sun
>Kitchener Record
>Oakville Beaver

I encourage you all to read the endorements...they do acknowledge Harper's inadequacies, and they do reveal their rationale for why his mix of good and bad nets out to being the best overall choice for Canada.

Andy
This whole economic mess started when energy cost became to high.

Everyone like to blame Bush or conservatives.
Everyone seems to forget that countries like Iran were pushing for higher oil prices and refused to step up production as prices were rising out of control. Today as prices fall they want to have a meeting to curtail production and steady prices. Add to that the enviro-terrorist who relished the fact that oil was going up (morons who though we could switch energy sources overnight) and an over-reactive media that over-hypes every event that happen in oil producing countries (especially CNN which I like to call Al-Jezeera west) and you end up with panic.

When people ...stop blaming the conservatives and Americans for everything bad that happens, they may actually realize that they are part of the problem. People can't wait to see the downfall of the USA. Well guess what, when you knock down one of the worlds largest economy, everyone suffers. Also who will take there place in the new world order, Russia, China, Iran, or other Middle Eastern countries awash with money?

The fight on terrorism has taken an economic turn.

Stop supporting foreign countries who wish us harm and start supporting our goverment, armed forces and businesses and our lives will rebound from this.

Support your country, buy from companies that provide you with jobs and protect yourself from our enemies.

FreakAlert
Rebecca,

There is no point in trying to explain your position(I am with you). People are mere hurds of sheeple.

The majority of people believe in what 'leadership' and mainstream media tells them so. Only a very few do their own research and connect the dots for themselves.

Bill Halifax
I wouldn't worry about the dollar following. The dollar is still a dollar (100 penies) in Canada and people will buy in Canada. Stay at home people and buy Canadian.

Mich
Well I am not liberal but
as for Harper and anyone else on here making fun of
Mr Dion ... the man has a hearing disability but then how would you expect any understanding from Harper on that one!
He has never been caring honest or open with the Canadian people ever
He flip flops regularly to get a vote
Do your research on SPP or NAU to see where he is really taking your country!
All I can say is God help our
health care, natural resources and our water

Daniel R. Sudbury
....what I can't understand is why would the American dollar be worth more than ours when we're not the ones bailing ourselves out of the problem,...go figure!

Larry I Ontario
to Dave in Toronto,
Remember those famous words from your pal Flarrety: "Don't invest in Ontario"!
This man must be defeated as it is not juts a global ressesion that hurts us but the actions of this Conservative government who has spent the hard eaened surplus that paul Martin left us ! Its time to put the Liberals back in power who will manage my hard earned tax dollars way better.
Give Flarrey the ,"Boot"

Paul Vancouver Island
The Canadian economy is in real trouble. Too bad the current government failed Canadians by not levelling with us. If they were doctors, I'd replace them. Or better yet, sue them, like Harper sues everyone who disagrees with him.

steven john
To retire 45 - I also cashed in all my GICS last year and bought US dollars. Every dollar I could I could get my hands on. Are we the only two persons that did this? This was a good financial investment then,I have made a very good return. There is always an opportunity to be had even if things look bad.

ALG
I just love this statement - "Harper and Flaherty are lost. They have no idea which way to turn. When you govern by the polls, it must be difficult to react to real problems."
If you are really paying attention, the actions the Canadian government is taking is really no different than the actions of the British parliament and other countries. Is it the right course? Only time will tell. However, nobody is proposing corporate taxes increase as a way out, nobody is proposing introducing a carbon tax, and nobody is proposing the think about it for 30 days before coming up with an answer.
I honestly don't believe Canadians are as uneducated and gullible as Mr Dion and Mr. Layton would like to believe. However, the polls suggest otherwise.
If either one of these clowns becomes Prime Minister on Tuesday, what we have seen so far will only be the tip of the iceberg. There will be fewer jobs, there will be a deficit, and there will not be any tax breaks introduced.
Canada - your future is at stake!!

Gid'day
To C in NS

Right on.

To those who critize Dion for his English incompentence, leave him alone. Its not his language.

Dion expressed himself sayiung his plan was to spend 30 days putting a plan together.

We need better. Harper.

Jess
Don't sell, Don't buy! Sit and wait. That's all I have to say!

And to everyone that thinks the government is to blame and that the government has to fix this, your a joke. No PM can fix this not Dion, not Layton, not Harper. This is a US problem and unfortunatly when such a large economy goes to the you know what then there is a ripple effect that hits the rest of the world.

Kuulu Song
I am an expat Canadian overseas in Tokyo, and seen the biggest drop in the looney ever!.. Yesterday it was $1.10 for 100 Yen (used to be at par $1 = 100 Yen)... NOW (Friday 3pm) 100 yen = $1.20 !!! (Thats 10 cents difference in a day!) Crazy! ...what are they talking about a 5 cent drop!?..the real value over here in Japan is much different.

RayL
US banks lend money to people who can't pay it back. US banks run out of money. US has a liquidity crisis. US investors abroad liquidate their foreign holdings to bolster their liquidity at home. Canadian stock markets tumble. Canadian dollar tumbles as US investors sell their Canadian dollars and buy US dollars.

Not the whole story but part of it.

Going forward, US has much reduced foreign income in dividends and interest since they've liquidated their foreign holdings. US trade deficit worsens. US dollar falls. US prices on their imports escalate. The US goes into an extended interval of stagflation. Inflation probably the only way they'll be able to manage their accumulated deficits - both trade and domestic.

Canada must diversify trading interests. The US has become a real drag.

Paul B.
Wow!!!

To think, Harper and Flaherty both announced our economy is strong.

They both don't understand the economy nor the inter-twining of our economy with our major southern neighbor (the U.S.A.).

Lucky the Liberals did what they did while in power, otherwise Harper and Flaherty would really be up a creek!

Time to bail on Harper and Flaherty...I'm voting Liberal as these two can't be trusted.

bren in fredericton
here is where my money is..no pun intended...the economy might fall a bit more.Bog whoop. It will bottom out and og back up. This is..for the most part..panic reaction to the US economy tanking and its ripple effrect. I dont know of any mass layoffs in Canada right now. We are all eating. And for those of you who think voting in a guy that will impose a carbon tax or layton who is going to increase corporate taxes...hahaha. Well done. Hey the economy is buggered..lets raise taxes...good plan. Thanx..,.harper it is. IF dion was in power right now We all would have been buggered..and if Layton had been we would already be a third world socialist republic.

Jasper
An 80 cent loonie is great for our exporting businesses. Just be thankful we were not at 59 cents before the drops happened. Like when the loonie was at 59 Cents when the liberals were in power. Remember that?

JAW
Lower Price of oil = Lower Canadian dollar = Canadian government goes into deficit. (as per they are in profit only because of the billions they are taking in from the oil companies on Canadians backs)

Dion, Layton, and May are not panicing, they have just clearly pointed out that the U.S.'s problems affect Canada as the U.S. is our largest Trading partner, and as we have a lot of U.S. companies operating in Canada.

HMM... why are we bailing out our Banks when they are the stongest in the world, and they have been constantly quarter after quarter announcing Billions of profits.

Someone is panicing, and it is not the opposition parties it is Harper...

Joe
Hope that our stupid government and the Bank of Canada are happy. Back in the summer they were desperately trying to send our loonie into a decline. Mission accomplished and now look at us. Our country is following the U.S into a recession now instead of our dollar and country staying strong against the U.S like it was doing. See this is why we need to see a change of government this coming election and hopefully see a Prime Minister like Trudreau again take power. Someone that won't let Canada follow the Americans and doesn't think we need to depend on them for trade. The U.S is going bankrupt as anyone can see after this week's market crash. We can't let our country follow. We need to open trade doors with Asia and Europe to remain strong.

RAV
As I have said before in these postings the world is suffering because most countries accepted the philosophy of one person; John Maynard Keynes. He promoted the concept that money in its own right has value. From his teachings rose the phenomenal growth of unsecured credit. Today we are seeing the results of this concept. The markets are being forced to revaluate their positions and ultimately they will only survive if real assets become the standard for credit. People scoff at the banks when they say they will only loan money if you have equivalent resources. When they do not we now see the repercussions that can occur.

Optimistic Pessimist
Well, one thiing about a low Loonie, is that we will certainly get a bit of a boost for our exports. But then again, who's going to buy them?

I guess I should of bought up those yankee bucks when the dollar was at par, but hey, that's hindsight.

Regardless of our lower dollar, it's going to get more expensive for us to buy and still, with the world financial crisis, nobody is going to buy our product anyways.

May it's better to own some land, to grow my own food on, because if this is going to be worse than the depression, then I'll have to grow my own food for my family.

Optimistic Pessimist
Well, one thiing about a low Loonie, is that we will certainly get a bit of a boost for our exports. But then again, who's going to buy them?

I guess I should of bought up those yankee bucks when the dollar was at par, but hey, that's hindsight.

Regardless of our lower dollar, it's going to get more expensive for us to buy and still, with the world financial crisis, nobody is going to buy our product anyways.

May it's better to own some land, to grow my own food on, because if this is going to be worse than the depression, then I'll have to grow my own food for my family.

Shan
I am glad our dollar is slipping - it will help stimulate our economy as our goods will be cheaper to export to the US. The only unfortunate part is that the dollar is slipping because our economy is deemed to be slipping...

Mojo
The proof is here that Flaherty's "bailout" is going to stimulate the economy downward!
It's time for a change, give Flaherty the boot on Oct 14.

Matthew BC
In case anyone is wondering because many do not understand. One posted on another page. If oil went down why did gas go up??? Well the answer is we trade with the Canadian dollar if it goes down we pay more. We do not use our own oil from Alberta which is a shame, so we are going to pay more in the long run as the dollar begins to decrease value. So what do you say CARBON TAX? NOT!!!

James Edmonton
O.K in the last few weeks, we have see stock market come down at hundreds point everyday and worldwide is talking about "Bad News". I got a question what will make the market go back up? Do we need another war? Just like the pass history?

Jeff in Wpg
And of course if you're actually watching the stock market it is now (15:30 ET) trading at nearly 9400 well on its way to recovering everything lost today. Speculators and fearmongers at work to make a profit before the long weekend and the election. My bet (well hope actually) is that post Canadian and US elections and moving into the X-Mas buying season we will see a return to stability and marginal growth. Then everyone can come back here and debate again Dion's policies (except he will be in a leadership crisis in the spring) and Jack's as well(Oh wait he'll be in a leadership crisis as well).

Capitualtion in the markets
This is what would happen at the prospect of a Liberal government and their Green Shift socialist program.

We are approaching capitulation in the TSX certainly partly because Banks have chopped the amount they will allow hedge funds to borrow by 50% so they are scrambling to raise coin to stay solvent.

Far as I am concerned the fewer hedge funds the better and outlawing shorting of stocks would also help.

We are getting to the bottom.

Stock Guru
@Anne Ottawa

Anne, these are uncharted waters but I am more than confident that this shakeout will result in a much better healthier economy LONGER TERM (2-5 years) out.

Today we have more capitulation in the markets and yes it sure is ugly but I don't believe it is the retail investor as much as hedge funds scrambling to cover their margins and losses in the financial stocks and they just sell off and grab their money on relatively low volume.

When this bounces back AND IT WILL you will see the return will be robust but it can't happen until stability comes into the economies which at this juncture is a global situation. China if it is of any help still has a somewhat robust economy +10%GDP but they too will feel the pinch and I expect they will slow a little from here.

I suggest people do their Christmas shopping this weekend because with the CDN$ at mid 80's we will be paying upwards of 15% more in December.

What the Conservatives did with the banks today was smart and prudent planning. I personally wouldn't vote for any other party than the Conservatives because they have the best grip on the tiller and any major policy shift like Dion is suggesting or a coalition government could plunge us into recession. As it stands we are expected to have modest positive growth in 2009 (World Economic Forum announced yesterday)

So the truth is Harper has been keeping us between the lines and what else can you say. It's working!

The Globe and Mail gave their endorsement to Harper last night and I'm sure we will see more this weekend.

Why mess with a good thing - it just doesn't make sense to do otherwise.

Have a great weekend all!

Jeff
To everyone out there in law law land, the TSX fallout is not because of the Government!

It's a world stage recession, and it's proven that government intervention is not working (ie. US bail out package)

So for those people who think it's the government (what's happening) enroll in an economics class. You need to educate yourself.

brent-nb
Institutional investors need to grow up and recognize that their unjustified actions are feeding their losses. Governments around the world have thrown so much there way to soothe the crisis with absolutely no reaction. I was supportive of the bailout for Wall Street and now Bay Street. My patience is over.

Vote Wisely
Why did /does Harper deny our economic crisis?
Just an old trick to try and get us to vote for him! GET BENT!!
Smart Canadians won't be fooled by his B.S.!

Ian
I'm no expert by any means, but it seems awfully suspicious that the markets are dropping so drastically throughout all this. No doubt the same traders that made millions while the going was good, will be right back at it when the prices hit rock bottom and we can start this roller coaster ride all over again.

Niagara George
Whatever you lost on your investments today, you can add another 5% for the loonie.

Good thing the prime minister says our econmomy is strong, otherwise, I would have thought differently.

At least we don't have to bail out our banks. Maybe give them $25 billion, but not bail out.

Thank you to all our conservative friends for being so positive. Sorry, you didn't hear me. It must be because your heads are buried so deep in the sand!

JR from a Smaltown
I tend to get lost in all the rhetoric reading everyone's blogs, so let me see if I can simplify the situtation.

1. Low oil prices means low Canadian dollar. After all, we are a commodities based currency. Low Cdn dollar is good for the economy, as companies invest in Canada looking for a bargain.

2. High oil prices mean high Canadian dollar, which is bad for the economy. A high Cdn dollar means higher expenses for companies, thus more companies pull out of Canada.

Are we the puppet and OPEC is holding the strings? Or did I over simplify? So if OPEC has there big meeting on November 18th to cut oil production and thus raising oil prices, does this mean the Canadian dollar will quickly rise as well, meaning fewer companies willing to invest in Canada? I like my job folks. Can I keep it?

NJ in Northern Ontario
The lower dollar will NOT be helpful for southern Ontario for the next few years. The U.S. economy is not performing well and Americans will not be buying as many of the goods Canada produces no matter what the cost. I'm betting that Canada gets hits harder by recession than most other industrialized countries.

daf
haha makes me laugh, you conservatives on here throwing out the accusations. looks like big oil can't save you now!

Ian
This is what happens when people panic. For those who say that Harper is panicking, where do you get that from? Either he's too cool or he's panicking, make up your mind. And as for a plan, it's Dion that has no plan. To hold meetings within 30 days after the election is not a plan. If that's the best he can come up with then good luck. Anyone can hold meetings, but it's coming up with good solid strategies at these meetings that makes a difference. So far we've heard squat about what will be done at these meetings. And for Dion to cry that big bad Harper is being mean to him over his bumbling interview, well it's an election remember and I don't recall the Liberals ever being shrinking violets when it came to election wars. Oh and good on CTV for not agreeing with the Liberal's request to not publicize the out takes where Dion does his best impression of a Monty Python character. This parrot is dead!

DougB
The dollar is down, like most said that should help Ontario quit whinning. They complained to the governemnt about the manufacturing industry, now it has a chance to recover, yet now everyone is on Harpers back about the rest of the econemy. How does the Canadian PM have control over what goes on in the stock market. If the Candian PM ever had the power, regardless who was the PM, would make us all rich. As far as what the conseratives have done, well even with a minority gov. they have done more for us than the Liberals have ever done. As for the NDP, good god folks, just look at BC, they have had both Liberal and NDP gov. and they been run so far into debt, they have their hands out more than a newfoundlander has ever had when the cod industry went under. Alberta has had a conservative gov for so many years, through ruff times to good times and it appears alot of canadians from one end of this country to the other sure love coming to Alberta to live off the oil industry yet go back home and make stupid votes trying to get Liberal and NDP into federal powers. One reason why Alberta has never let the Liberals or NDP run this province, we want to stay free and better off. apparently it has worked and all who come here to live vote for the same reason and have kept the conservatives in power. So if you want a strong gov. and yes you cant please everyone, but vote harper back in. Go harper go, give Dion and Jack the green shaft.

Indy
I keep seeing people saying that the Conservatives have "squandered" 3 billion dollars worth of buffer. The "squandering" comes from tax relief. Do they not realize that that is the same as saying that the big banks will be "squandering" their profits when they cut their interest rates?

Valerie
I really hope that Canadians this election aren't as uneducated as the Americans were when they re-elected Bush for a second term causing their country to be on the brink another great depression. The Americans actually elected Bush twice and the world is still laughing at them over such stupidity. Hopefully the world won't be laughing at Canadians after the 14th cause we actually did a mind-boggling thing like re-electing Harper for a second term.

Jess
To Vote Wisley:

Get it out of your head that this is a government issue and that our government is responsible. All the candidates are playing people like you to get your votes. You think if someone else was in power this wouldn't happen? Keep dreaming!

Like I said before this is a ripple effect. The economy is finding it's low and will eventually fix itself.

John D Vancouver
Exports may go up for some manufacturing groups, however, if the raw materials are from an American resource that will hurt the bottom line.

Linda in Vancouver
If "squandering the budget surplus" means paying down the national debt,and returning most of the rest to it's righful owners,the Canadian taxpayer,then I thik we need a lot more of that kind of "squandering".
To me,the real "squandering" took place when Paul Martin stopped being a conservative finance minister to become the big tax and spend Prime Minister."Squandering" the budget surplus i a failed attempt to "buy" a new majority government for the Fiberals.
If he was still finance miister,and had not abandoned his efforts to reduce Canada's national debt,it is highly likely I would still be voting Liberal.
But the past is past.In the right here and right now world of poitics,Mr.Harper is the ONLY leader of any natonal party who totally believes that reducing the nation debt is of paramount importance.Ad,given that the current crisis is being caused by credit and debt,I think it is clear to most that he has always been right on this one file,at least.
I am not,nor have I ever been very conservative.But this is absolutely the right policy to follow AT THIS TIME.WE MUST GET OUR DEBT UNDER CONTROL.
Anyway,the LIberals ONLY represent most eastern domination of western Canada.We will have NO VOICE in a Dion government,and will revert to our "colonial status" with Ontario in charge of everything from soup to nuts.

DavidH
Overall, a falling dollar might be beneficial but it screws us over re holidays in the US eg Disneyland, it screws the NHL as the cap will be lower, screws the Canadian based teams etc

MM
Harper is the best of the WORST. One thing is clear though he will not get his majority which means the Canadian people do not trust him. The selection of candidates that we have to choose from is pathetic.

MM
@pp

pp you may be correct in your preliminary analysis but you forgot one important factor and that is taxes. 100% of what the government controls.

Dion carbon tax is interesting. Everyone wants global warmer to subside (if there even is global warmer) Anyhow doesn't seem like anyone wants to put forth the effort to see it go. No one really cares, it is not a benefit we will see right away.

Anyhow, the carbon tax will tax those entities that are polluters and give breaks to new energy sources like wind power or solar etc which is good.

ONE THING THAT IS NOT NOTED:
the fact that Dion has also commented that he will reduce the amount of corporate tax these companies pay as well. So really it is not as bad as one might think.

The decision is easy vote for the liberal party not necessary its leader. We need to take Harper out and the simple fact that he is not getting his majority should tell you that the Canadian people do not like him or this election would be over already.

Steve G
As an economic system, capitalism appears to have outlasted communism by a mere 20 years.

A strong socialist economy like Sweden, Finland, Norway and Denmark is the superior system-free enterprise with strong oversight and regulation that looks after the well being of citizens first.

Corinne
It sucks that the market has fallen and we are feeling the pinch. Ontarians always feel the benefit. We should all come together as a country and not forget who we all are together. Let's keep it together Alberta to Ontario and far beyond.

Calgary, alta
I am a Canadian currently on a vacation outside of Canada following the election. I find it ironic that the economy is Harper's fault. The news here reads Asian stocks follow USA's downhill path. IT MUST BE HARPER"S FAULT! Can everyone not see that this is not a Canadian gov't problem and that things will be fine. I would like to see my investments safe with a leader that will not tax us higher. Harper has the right idea to wait it out.
It has been said the Concervatives have had their chance. I disagree. In a minority gov't everything they have tried to achieve has been like pulling teeth. If it passed the senate made it difficult. Give them a mandate and they could prove to be one of the best gov't we have seen in many years. Fiscally responsible.

B. Kelley
The panic will end as it always does and the markets will slowly return to a normal state. Those who hang in with solid stocks and have the guts to find and buy the bargains now will come out smelling like roses. That's just what the good money managers are doing right now. As for what government does? Well, this is definitely not the time for the childish Liberal/NDP "tax, tax, tax" approach. A gentle fiscal nudging in the right direction and a little time for the emotional reaction to wind down and Canada will be just fine.

John
We are still being gouged by the oil companies. Even though the price of a barrel of crude has gone down 50% from its high price, we will never see the price of gas at the pumps go down by 50%. Even if the price went down to $25 a barrel, they will still make sure that we pay over a $1 litre..

No ship too big for God to sink
These G7 finance chiefs should get their Bibles out, get together in a circle, get onto their knees and ask their Creator to help them put together the next agreement. If they do not, then humanists will build the biggest Titanic of them all and hang a sign on it which states, "NOT EVEN GOD CAN SINK THIS SHIP"!