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Thoughts about the relationships between transport and the urban area it serves

Financial crisis ‘worst I have ever seen’: BMO economist

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CBC

There are some splendid soundbites here

“The rhythm of the shoes that drop has accelerated.”

Lehman Brothers has declared the biggest bankruptcy in American history. Merrill Lynch & Co. has been taken over by Bank of America. This is not small stuff folks. Of course it’s all down there and not up here and our leaders are trying to talk us up. Try this for size

“My own belief is that if we were going to have some kind of big crash or recession, we probably would have had it by now.” Stephen Harper

Now that is not quite as quotable as my favourite hostage to fortune from former UK Labour PM Jim Callaghan “Crisis? What Crisis?” (which became the title of a best selling progressive rock LP by Supertramp) but I suspect that he is going to regret saying that before very long and certainly this kind of over confidence is what you expect from a sitting PM facing an election. But do not forget that the US is our biggest trading partner – and if they are coming unstuck, we are going to slide as well. And we no longer have all those safeguards that keep foeign investments out oif ouyr RRSPs, do we. The chickens of free trade and globalisation are coming home to roost. And just remember who was so keen on those changes.

UPDATE Tuesday September 16

I forgot to mention AIG which may be the biggest shoe yet to drop. And Nancy Zimmerman has a neat summary for us Canadians on what this all means – and it is in Plain English, which is a style I like to encourage and use myself wherever possible.

Written by Stephen Rees

September 15, 2008 at 4:14 pm

Posted in Economics, politics

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