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Old 09-17-2008, 11:50 PM   #16
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Another thing with Canada is that our businesses are not as reactive as the American ones. Take the legal and business fields, highly interrelated anyway, and at the first sign of trouble, in NYC they are laying people off. There is no loyalty and there is the belief that you can ALWAYS find people willing to work for those absurd salaries, so letting 100+ people go in a single day is no great loss. Canadian firms tend to have more foresight and think longterm so they'll underhire but they'll never wipe out a generation in the way that New York ones do.

Just do a Google search for Cadwalader if you want a really good example
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Old 09-18-2008, 08:30 AM   #17
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Originally Posted by deep View Post
I was going to say that would be a good idea

but looking at the exchange rates

you would have lost about 7-8 % since Jan 08
Actually, the rates are better now than since January, if you're converting USD to CAD. In fact, for the year, hovering around 1 CAD = 0.93/0.94 USD currently is the best rates we've seen in a while, albeit it's still historically high.
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Old 09-18-2008, 10:13 AM   #18
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Confidence in the European economy isn't that great either, so that the Euro is relatively weak as well.
It's a pity for me since the rate didn't improve that much.

And oil stays down which, I guess, keeps the Dollar a bit stronger as well.
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Old 09-18-2008, 10:29 AM   #19
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Raise your hand if you still want to privatize social security...
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Old 09-18-2008, 10:54 AM   #20
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Source: Spiegel Online
Code:
                      absolute  %
Oil ($) 	95,00 	+7,96 	9,15
Gold ($) 	863,00 	+50,00 	6,15
People get worried.
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Old 09-18-2008, 01:57 PM   #21
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Maybe we'll have a new Goldfinger
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Old 09-18-2008, 02:06 PM   #22
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i, for one, am going to start learning Mandarin.
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Old 09-18-2008, 04:21 PM   #23
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Treasury Secretary Henry Paulson is working on a plan that would set up a government facility to take on bad debts from financial institutions, preventing a worsening of the global credit crisis, Wall Street sources have told CNBC.

The facility would be similar to the Resolution Trust Corporation, which was set up in 1989 to take on all the failed thrift assets during the savings and loan crisis, these sources said.

Paulson is said to be shopping the proposal to lawmakers in Congress, a congressional aide told Reuters.
A 4% rally in stocks today because of this news. So us taxpayers get placed on the hook for hundreds of billions (if not trillions) of bad debt - incredible.
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Old 09-18-2008, 06:17 PM   #24
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If every one would donate an extra dollar with their premium subscription.

We will be able to buy Washington Mutual Savings.
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Old 09-18-2008, 06:21 PM   #25
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Actually, the rates are better now than since January, if you're converting USD to CAD. In fact, for the year, hovering around 1 CAD = 0.93/0.94 USD currently is the best rates we've seen in a while, albeit it's still historically high.

Did I read it backwards?

If you took $100,000 U S and exchanged for Canadian in Jan 2008
that would be worth around $107,000 + U S now?
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Old 09-18-2008, 06:37 PM   #26
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Quote:
Originally Posted by deep View Post
Did I read it backwards?

If you took $100,000 U S and exchanged for Canadian in Jan 2008
that would be worth around $107,000 + U S now?
No, other way around.

If you are converting US$ to CA$ you get more now

1USD on 31/1/2008 bought 0.99 CA$
1USD today buys 1.06 CA$.

If you took $100,000 in Jan 2008 and converted to CAD it would have bought you CAD99,838. If you foolishly held on to your socialist Canadian dollars and re-converted at today's rate, it would only buy you back $94,000.
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Old 09-18-2008, 07:15 PM   #27
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BBC NEWS | The Reporters | Robert Peston

The new rule for any bank or financial institution in the world is don't be too dependent on any one source of funding - because in the stormy conditions on world markets, that funding can disappear, sending said bank crashing on to the rocks.

That's the main reason why HBOS last night agreed to be taken over by Lloyds TSB for £12bn.

The buffeting its shares were receiving on the London stock market week after week, the perception that it was too dependent on a British housing market heading for serious difficulties, was gradually undermining the confidence of the big institutions that provide around 44% of its funding.

There were signs of lenders to HBOS and depositors taking their cash back and putting it elsewhere.

If that had continued, well the consequences would have been unthinkable.

So the main benefit of its merger with Lloyds TSB is that the enlarged group will benefit from more diverse sources of finance - which should mean, to put it in crude terms, that the beefed-up Lloyds TSB will be less at risk of a run than either HBOS or Lloyds on their own.

It was exactly the same logic which drove Merrill Lynch, the big investment bank, into the arms of Bank of America at the weekend - because all the big investment banks, like Merrill, feel dangerously dependent on retaining the confidence of the big money managers and institutions that fund them.

And it's why Morgan Stanley - Merrill's great rival - is also looking for a partner or owner with more stable sources of funding (it's talking to America's Wachovia and others).

Even Goldman Sachs, the pre-eminent investment bank - in its recent heyday, one of the most powerful institutions in the western world - cannot be confident it can thrive and survive as an independent.

Also the recent behaviour of the US and UK governments has sent out a worrying message to the investment banks and their backers.

The authorities on both sides of the Atlantic have demonstrated that they'll do all they can to protect and preserve institutions that directly touch the lives of millions of people, retail banks such as Northern Rock and HBOS, mortgage funders such as Fannie Mae and Freddie Mac, or even an AIG, which has a huge retail presence.

But the US Treasury refused to prop up Lehman, which was allowed to collapse - and the salient fact about this investment bank is that it was not in retail banking.

The credit crunch is creating a new world order in banking and finance.

It's striking terror into the hearts of hedge funds, who can see their backers head for the hills at the mere sniff of an investment boo-boo by hedge-fund managers.

Conservative institutions, and those with simpler business models and a history of careful management of their funding sources, are the new superpowers.

It's a world in which Bank of America, JP Morgan, HSBC, Santander and even Lloyds TSB have the whip hand.

It's a world in which the Chinese state, if it co-ordinated the investments of its cash-rich institutions, could end up owning more-or-less the entire financial system of the US and the UK.

And it's a world in which even Morgan and Goldman may well have to surrender their proud independence.
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Old 09-18-2008, 07:45 PM   #28
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Old 09-18-2008, 10:21 PM   #29
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Originally Posted by Irvine511 View Post
i, for one, am going to start learning Mandarin.
As a side note, it's my view that the rise of China will actually cement the importance of English as the language of business. Chinese, in any form, is considered a fairly difficult language to learn, and literacy is even more elusive. Since English is already learned around the world, including by the Chinese, it will remain the lingua franca of the world, if only because it is the one language that the global economy has in common. I do not fathom that the rise of China will also correspond with an imperative to know its native languages.
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Old 09-18-2008, 10:38 PM   #30
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Big things happening tonight:

Government planning a new bailout - Sep. 18, 2008
Quote:
New bailout planned
Paulson, Bernanke brief lawmakers on broad program to stem credit crunch.

By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: September 18, 2008: 10:04 PM EDT

NEW YORK (CNNMoney.com) -- The federal government, in what may be its most comprehensive attempt yet to contain the financial crisis, is poised to establish a program to let banks get rid of mortgage-related assets that have been hard to value and harder to trade.
Word is that this may potentially cost trillions of dollars.

Also, word that the SEC may put a temporary (supposedly) ban on shorting stocks in hopes of preventing investors from essentially causing shorted stocks to go down.

More may be hammered out by morning.
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