$1 USD, that's like $1 CAD?

[Andrew]

Canada creates more jobs in June than USA

Canada: 28,000

USA: 18,000

USA still doing poorly.

Canadian dollar worth $1.04

Most likely an interest rate hike by end of year by Bank of Canada.

[Andrew]

Ha, todays market news is much worse than yesterday.

>=4% drop in us/canada stock market.

TSX, Dow erase 2011 gains

Italy 'to default' but Spain may 'just' escape

Apparently lots of people bought up Canada bonds because we are deemed "safe" and because Bank of Canada said might increase interest rates by end of year.

Canada Bonds Rally As Global Uncertainties Rattle Investors

So looks like this could signal end of the dead cat bounce of the economy? To further explain my last sentence, we had 2008 recession with markets dropping dead, then it went back up just as fast as it went down (Dow Jones bottom of 6600 March 6 2009 all the way up to 12,000 February 4 2011 in 2 years a 74% increase?), and now finally correcting itself to a lower position that is more in line with reality.

Either way, now probably a good time to buy stocks(or ETF) long term, much like it was when DOW was at 6600.

EDIT:

Mortgage rates plunge, flirting with new lows

Good news for home owners looking for low interest rates. I thought it was the end of low mortgage rates.

[Andrew]

Thought Friday was bad? Monday is going to be even worse.

Tel Aviv Stock Exchange opens to 6% losses as global crisis felt in Israel

Standard and Poor downgraded US debt. Not that it really matters though because 4 years ago they gave toxic mortgage packages AAA ratings that were in actuality worthless.

European Central Bank buying Italian and Spanish bonds to stem crisis

So the ECB is now buying debt from Italy and Spain to try and prevent them from collapsing. Can't wait until opening bell.

[TheCurtOne]

Weep and mourn, Jack Layton has passed away.

[Andrew]

Weep and mourn, Jack Layton has passed away.

Yep, state funeral as well. I should have went to one of his press conferences that was only a 10 minute drive away couple months ago. :(

Gold hit $1900.

[Andrew]

Is Greece About To Default?

Yields on two-year Greek government bonds reached 46.84% recently. This is roughly comparable to yields on Argentine bonds in early December 2001 - only a month before the country defaulted on its debt.

I didn't realize yields were so high. Looks like Greece might default.

Attached file is for railroad tycoon2 forum.

camp1.zip

[Andrew]

The Average Canadian is Now Richer than the Average American

Wasn't expecting this story. Guess USA still hurting. Seems to be mostly caused by USA home price crash, and Canada prices still increasing (that bubble will eventually pop).

[Andrew]

http://www.ctvnews.ca/world/plan-to-seize-savings-accounts-draws-fury-in-cyprus-1.1199967'>Plan to seize savings accounts draws fury in Cyprus

So if you have money in your bank account, the greek government will be taxing it at 6.75% up to $~130,000, and any above that at 9.9%.

 

Pretty crazy thing to do. I really don't see how that would help the economy when you start a bank panic.

Not sure about how their entire taxing system works (do they have high income tax and goods and services tax already?), but I know if my government tomorrow decided to tax everything I put into a bank account at 6.75% I would not be using a bank.

[Davidu]

Cyprus is not Greece :D technically speaking. Cyprus is usually used as an offshore for ghost companies doing shady business in Europe. People back home are joking that all the Balkans and East European mafia has been gratly hit right now. The problem is that normal people will also get hit and that is not fair. 

 

Not using a bank these days is highly problematic, especially in developed countries where people freak out if you try to use a 50 euro bill to pay anything. Nothing short of calling the police. Not to talk about getting a salary. Or paying your employees, etc. The system forces you to use banks. And once you do... :)