And then there was the downgrade

What a crazy day both here in Canada and in the USA.

Jim Flaherty has abolished the 30 yr mortgage lending rule. It is flat out gone! Also he has tightened up on the re financing of mortgages for purposes of loans. I agree loans should only be taken out on a mortgage to improve the home you have purchased.

The Stock exchange fell hard, over 250 points on the DOW, the TSX in Canada over 350 points. Gold pushed up as the only exchange in green a solid .10 cents.

Then there was the huge banking downgrade, 15 of the USA's top banks including Goldman Sachs (rightfully so), JP Morgan,(rightfully so),Morgan Stanley, Bank of America (rightfully so), etc etc etc...


People need to put some serious thought into their 401k's and RRSPs/ RESPs


More banks downgraded

Guess all those means tests were smoke and mirrors make no mistake this is going to cost the consumer in more ways than one.

Who knows what is really going on the US credit down grade, and now the largest banks that hold the most assets then we have the Chinese buying that precious metal exchange in the EU.

There you go people all hail those who push for globalization pretty sure there are contributing factors from the EU that led to those downgrades.

1 goes down we all do.

Already posted:

www.abovetopsecret.com...

reply to post by misfitofscience


I think we're in big trouble, the media keep harping on just two main things, all the time in their broadcast, and ignore the rest of the news. The local msm here was broadcasting ad nauseum about the basketball finals.

While sports is all well and good, are any of those teams out there in any sport going to be paying our mortgage/rent or other bills, when the SHTF?