October has a history of bad news for the economy…with market collapses in 1929 and 1987.
There’s been a rising amount of negative news in the business sections, lately, like an “Economic View” column in the New York Times, “Sniffles That Precede a Recession.”
Major global banks have been hit by subprime mortgages crunch to the tune of billions of dollars.
There will certainly be more fallout from the subprimes.
The question is: how long will it take for the economy to shake off the subprime blues?
The say J.D. Rockefeller knew to get out of the market when his shoe shine boy gave him stock picks. The same thing happened during the dot-com crash, when everyone was trying to make a killing. It certainly seems familiar, what with easy credit and second mortgages fueling a lifestyle beyond the salaries of most Americans.
Right now, the worst, unimaginable thing is that the Canadian dollar is worth more than the US dollar. When it’s too expensive to visit Canada, I think we’re in trouble.Tagged: Canadian dollars, economy, mortgages, subprime, New York Times