Economic woes

The Toronto Stock Exchange lost 9% of its value today.  Thanks to Wonkette for the succinct explanation:

the current global recession… was caused by unmitigated over-leveragingof fanciful mortgage-based securities whose existence was encouraged by artificially cheap and unscrutinized credit and the resulting collapse of those securities’ values and the resulting credit crunch combined with the deeply intertwined decline of the real estate, construction, mortgage, investment and commodity markets, which was the primary and undisputed cause of the halt in consumer spending which has unarguably created a feedback loop of unemployment, debt default, foreclosures and negative economic activity all over the planet Earth

They said they weren’t going to do that any more, after the last one in 1929.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: