Flaherty announces measures to stabilize lending industry
CBC News
Finance Minister Jim Flaherty on Friday announced new measures to ease pressure on financial institutions and stabilize the lending market, in an attempt to assuage concerns over the burgeoning global financial crisis.
Flaherty told reporters in Ottawa his government would buy $25 billion in insured mortgage pools from financial institutions for the purpose of maintaining long-term credit.
"This program is an efficient cost-effective and safe way to support lending in Canada that comes at no fiscal cost to taxpayers," he said.
Flaherty said the action would "make loans and mortgages more available and more affordable for ordinary Canadians and businesses."
On Thursday, Flaherty said he had no doubts over the health of Canada's banks, adding the government has no plan to undertake a massive government bailout similar to those mounted by the United States and other Western countries.
Friday, October 10, 2008
Financial Update
Stocks tumble in classic 'bear market' pattern
*Bear MarketA market in which stock prices are falling. The rule of thumb is at least 20%.
However, a lot depends on how long the drop lasts. The quicker the rebound, the less likely investor psychology will turn from optimism to the pessimism that usually accompanies a bear market
Within bull markets you buy on the dips but in a bear market you sell on the rallies and that's what we're seeing. So the bear market mentality is still very firmly entrenched and still gripping the markets(CP)
· TSX -456.13pts
· Dow -678.91pts.exactly 1 yr after hitting a record high, the Dow moved below the 9,000 mark for the first time since Aug,03, led by sharp declines in financial and energy stocks
· Dollar -1.78c to $87.28US.
· Oil -$2.36 to $88.95US per barrel
· Gold -20.00 to $883.10US per ounce
OTTAWA -- Canada's unemployment rate was unchanged at 6.1% in September, as a record 107,000 jobs were added to the economy, Statistics Canada said Friday.
Last month's job growth was the biggest increase in 30 years, and defied economists' expectations for an actual decline in employment -- following a drop in July and just small gain in August.
There were 96,600 part-time jobs added in September and 10,300 full- time positions.
"Five provinces accounted for the overall employment increase this September: Ontario, Quebec, Alberta, Saskatchewan and Nova Scotia," Statistics Canada said. "There were widespread gains by industry in September.
"The largest increase in employment came from health care and social assistance, followed by business, building and other support services, and manufacturing. Employment also increased in transportation and warehousing, agriculture and construction."
*Bear MarketA market in which stock prices are falling. The rule of thumb is at least 20%.
However, a lot depends on how long the drop lasts. The quicker the rebound, the less likely investor psychology will turn from optimism to the pessimism that usually accompanies a bear market
Within bull markets you buy on the dips but in a bear market you sell on the rallies and that's what we're seeing. So the bear market mentality is still very firmly entrenched and still gripping the markets(CP)
· TSX -456.13pts
· Dow -678.91pts.exactly 1 yr after hitting a record high, the Dow moved below the 9,000 mark for the first time since Aug,03, led by sharp declines in financial and energy stocks
· Dollar -1.78c to $87.28US.
· Oil -$2.36 to $88.95US per barrel
· Gold -20.00 to $883.10US per ounce
OTTAWA -- Canada's unemployment rate was unchanged at 6.1% in September, as a record 107,000 jobs were added to the economy, Statistics Canada said Friday.
Last month's job growth was the biggest increase in 30 years, and defied economists' expectations for an actual decline in employment -- following a drop in July and just small gain in August.
There were 96,600 part-time jobs added in September and 10,300 full- time positions.
"Five provinces accounted for the overall employment increase this September: Ontario, Quebec, Alberta, Saskatchewan and Nova Scotia," Statistics Canada said. "There were widespread gains by industry in September.
"The largest increase in employment came from health care and social assistance, followed by business, building and other support services, and manufacturing. Employment also increased in transportation and warehousing, agriculture and construction."
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