'Black Wednesday'
Ok, is it just me or has the MSM just jumped the shark? I mean comparing the loses on the TSX yesterday, which by the end of the day were less than 3% of total value, to something like 'Black Monday' is just absurd. I mean what day was it when the TSX lost this amount in a single day two and half years ago? There was some market fallout, but as you can see by the graph below, there was only a small percentage difference by the end of the day from the Income Trust announcement and a whole lot of general market decline for the Stock Exchanges in the Americas.
As you can clearly see, after the large move at the opening, the trends follow very closely with the NASDAQ. The Dow and S&P were also following similar trends although not at the same level of % decline. I find it funny how socialist rags like the Toronto 'Red' Star and Grope and Flail are now defenders of Corporate Canada and the Rich Capitalist Investor. Not that I think you need to be rich to invest, but that how the MSM has portrayed things in the past when governments have made announcements favoring investors.
Is it any wonder that the Toronto Star and other MSM conglomerate are losing money and readership at a steady decline?
As you can clearly see, after the large move at the opening, the trends follow very closely with the NASDAQ. The Dow and S&P were also following similar trends although not at the same level of % decline. I find it funny how socialist rags like the Toronto 'Red' Star and Grope and Flail are now defenders of Corporate Canada and the Rich Capitalist Investor. Not that I think you need to be rich to invest, but that how the MSM has portrayed things in the past when governments have made announcements favoring investors.
Is it any wonder that the Toronto Star and other MSM conglomerate are losing money and readership at a steady decline?
posted by "Expert" Tom at 2:37 PM
13 Comments:
You obviously don't have any income trust investments otherwise you wouldn't be asking this question. The overall market may have only dropped by a couple of percent but some of the trusts dropped nearly 20 percent. For a pensioner relying on these investments for monthly income, it really was a very BAD day...
Its a good thing that seniors recieved a whole lot of help with taxes as part of this. The name of the game in the stock market is to diversify. I remember last year when income trusts nose-dived because of speculation this might happen but I guess since it happened over several months its not as dramatic, right?
So, do you think this day is equivalent to the only two other days in history that were called 'Black' days? I'm not saying that this won't hurt, I just don't think it can be equated to stock market crashes that sparked the Great Depression and a fairly major recession.
As a pensioner , I've had to pay income tax every year on my pension which is barely enough to live on to start with. All the while the corporations and the wealthy have found themselves a great tax shelter. This means that myself and all the other pensioners are paying for the services that most of the wealthy and the corporations use. It's about time we can say, "GOTCHA".
btw, since last April, the TSX Income Trust index still shows a net gain of over 50% on your investment. It might not be the 80% it was last week, but its still nothing to cry in your beer and popcorn about.
Calling this "Black Wednesday" is a farce. It was a bad day for one group of investments, that's all. And in terms of drops, it's laughably obvious what the media is trying to do by even attempting to call it "Black" anything.
Did we hear about some "Black" day back in April of 2004 when the market dropped even further in one day?
Did we hear about some "Black" day in March and in July of this year when the market dropped nearly the same amount in a single day?
No.
What does that say about the reaction to this? It's a "Black" day only because it can be directly tied to the timing of a financial action of the government. What a joke.
And they say there is no bias against the Conservatives. Considering that everybody is admitting that this is what would have to be done, it's kind of an overreaction in the doom-and-gloom reports, isn't it?
If you check the income trust index on the TSX, it shows an annualized growth rate over the last five years of 8.5% per annum.
I know this statement has some redundancies in it, but I want to be very clear. The sector still shows a respectable rate of return, even after yesterday's adjustment. Before the adjustment, this growth would have been 12.5%.
Before we cite various personal financial setbacks, we must acknowlege the overall context. The claims of a diasterous "Black Wednesday" are largely nonsense.
jackm and any other people with most of their portfolio in income trusts...
From all of us financial planners over the past few years who have been stressing not to put more than 10, or maybe 15% into income trusts... "told you so".
First rule of investing: "Don't put all your eggs into one basket". Did I lose some money on my investments on Wednesday... sure, but not that much, as gains in the rest of my diversified global portfolio evened it out, so that it seemed like any other average day.
Funny how no one here seems even the slightest bit concerned that Harper, who got elected by providing a 'moral alternative', has now successfully joined the BALD FACED LAIRS CLUB!
As pensioners lick their substantial wounds and vow to never vote Tory again, one thing our beloved PM will not be able to do in future campaigns, is claim the moral high ground!
sp - BALD FACED LIARS CLUB
Go back to your lair, anon. It works so much better. LOL
As for moral high ground? Perhaps he can't claim to be as high as he was. But he certainly is head and shoulders above the rest considering you have a Seperatist party, a would-be socialist party who want to abandon progressive human rights in Afghanistan to extremists and a party whose biggest claim to fame these days is that they are working on not being the most corrupt government in North American history anymore.
Not hard to be above that group Anon.
Jesus Christ, is that psycho Surecure still on the loose?
Ok, is it just me or has the MSM just jumped the shark?
It's just you. Now shut up.
anony-mouse (Candian Cynic?),
I guess you are a great proponent of free speech and progressive human rights, as long as the speech agrees with your ideology. I find it surprising how so many 'liberals' these days are so authoritarian and not so much into individual freedoms. I guess thats because most people who consider themselves 'liberal' these days are really socialists.
oh, and btw, NO YOU SHUT UP, so there!!!
This won't succeed in reality, that is exactly what I think.
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