It’s no surprise that Canadian’s are having a hard time getting by financially. Canadian’s are currently burden down by heavy debt (Canadian household debt hits 1.5 Trillion), bills and are really having a hard time getting by. That is why about 30% of people surveyed said that they are cutting back spending simply because they feel that their financial security right now is not sound.
Read the article, copy and paste link to your browser:
http://ca.finance.yahoo.com/news/Economical-turmoil-Canadians-capress-827274697.html;_ylt=Amtg7.AFOq9PaYk0HuEPizFyzJpG;_ylu=X3oDMTE4aWJpYWZuBHBvcwMzBHNlYwN5ZmlUb3BTdG9yaWVzBHNsawNlY29ub21pY2FsdHU-?x=0
Gary Schilling the author of “The Age of De-Leveraging” thinks there will be more pain ahead. As the economy stalls, demand for goods and commodities will fall causing deflation and subsequently stock markets will fall.
Raj Rajaratnam, a self-made hedge fund tycoon convicted in the biggest Wall Street insider trading scandal in a generation, was ordered to serve 11 years in prison, the longest sentence ever in an insider-trading case but far less than prosecutors sought.
The judge also fined him $10 million and ordered him to forfeit $53.8 million, which approximated the illegal profits and avoided losses from the trading scheme.
As more and more normal people, lose their jobs and middle class is being wiped out because of politicians mismanaging and bankers stealing taxpayers money and then making the taxpayers pay for the loss, the anger and disdain will boil over. More protest and civil unrest will happen. It should be off with their heads in many countries, including the United States.
According to many Indian nationals and Indian immigrants to U.S and Canada , there home country is one of the most corrupt nations in the world. Many say that things don’t get done until someone is bribed…sounds a lot like Washington politics.
Here is a quote:
“From the time of birth until death, nothing will move in India without paying bribe.”
American’s are angry and protesting and that is why the “Occupy Wall Street” movement is gaining traction. Wall Street in bed with the U.S Government = Facism, which means the 99% of working American’s get screwed by the ultra rich.
American society has becoming more divided than ever before with the middle class being wiped out, and the gap between rich and poor is now comparable to that of Russia. Most American’s who have been asleep at the wheel, are now waking up to see the truth.
I recently added more HQD.TO (Horizon Nasdaq Bear ETF on TSX) position, the reason is because I foresee limited upside and more downside risk within the next 1.5 years. The Nasdaq from here might pop a little higher towards 2700 but I do not think that would happen this year.
In August there were announcements of many large companies laying off employees, like the following:
UBS – cut 40,000 jobs
HSBC – cut 30,000 jobs
Barclays- cut 3,000 jobs
Credit Swiss – cut 2000 jobs
The above is the most amount of financial firm job cuts since 2007-2008 before, during and after the big crash. The pattern is similar, and it would seem like everything is just getting worse.
