The ongoing financial turmoil and financial discussion thread - Page 14 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

I-Hate-Hulse · 10-09-2008, 07:34 PM

Sunofabitch.... did anyone else see the Canadian dollar at 87 cents US today?

jammies · 10-09-2008, 07:58 PM

Quote:

Originally Posted by I-Hate-Hulse

Sunofabitch.... did anyone else see the Canadian dollar at 87 cents US today?

Yah - clearly the strategy when the US economy is about to tank, is to buy US dollars and sell Canadian.

Which goes to show you that the currency market is only vaguely related to reality, at least in the short term.

Wookie · 10-09-2008, 08:03 PM

Quote:

Originally Posted by I-Hate-Hulse

Sunofabitch.... did anyone else see the Canadian dollar at 87 cents US today?

1 CAD = 0.863552 USD

V · 10-10-2008, 12:20 AM

Huh, an 8.476 drop from our high on October 1st. That's pretty significant.

Coulda been worse. The AUD fell 14.3 cents to 66 cents in the same time frame.

Both currencies were very close to parity with the USD on July 15. Crazy.

RougeUnderoos · 10-10-2008, 12:34 AM

I know nothing and admit it, but isn't a low Canadian dollar good right now? At least for Alberta?

Circa89 · 10-10-2008, 12:51 AM

Good and Bad. Bad for consumers/importers great for the export market.
Very Bad for the Flames organization and a 1 cent drop equates to a 600 thousand dollar difference between income and output.

Then again I know nothing either and gladly admit it because Socrates said dumb people are smart or something along those lines.

Wookie · 10-10-2008, 12:55 AM

Quote:

Originally Posted by RougeUnderoos

I know nothing and admit it, but isn't a low Canadian dollar good right now? At least for Alberta?

Low dollar is... well... it's good for the rest of Canada. For Alberta.. it was kinda good. The dollar rose with the price of oil, so oil revenue did increase as the increase in oil price was greater than the dollar. Albertans as a whole had an increased purchasing power in NA and the salaries/income/employment to use it.

With the dollar going down so is our purchasing power. Oil has also come down, but it's come down a greater amount than the dollar, so Alberta is seeing smaller revenues.

It would have been bad to have a rising Canadian Dollar and falling oil prices for Alberta. The rest of Canada may have loved it though.

What would be good for the Canadian economy would be higher oil prices, say $100.00 and a low Canadian Dollar, the East would do a bit better, Alberta would do better.

Wookie · 10-10-2008, 01:00 AM

1 Cad = 0.860449 Usd
Ouch, almost at $0.85

RougeUnderoos · 10-10-2008, 01:15 AM

Quote:

Originally Posted by Circa89

Good and Bad. Bad for consumers/importers great for the export market.
Very Bad for the Flames organization and a 1 cent drop equates to a 600 thousand dollar difference between income and output.

Then again I know nothing either and gladly admit it because Socrates said dumb people are smart or something along those lines.

Socrates? Keep your high-falutin talk to yourself, Mr. Interlectual.

Anyway, this one time I had a job trying to convince Americans to buy stuff they don't need and then the Canadian dollar actually went above 1$ US and my employers were not happy, and then neither was I, because suddenly I wasn't cheaper than the guy in Chicago who was doing the same job, and my contract ended and I had to write a goodbye e-mail to my co-workers and the guy in Chicago got my job.

I was happy then, but I'd kind of like that job back now.

HotHotHeat · 10-10-2008, 06:32 AM

You know what, thank God the Conservatives are in power right now. Complain all you want about whatever you don't like about them, but they are business first politicians and they don't make terrible decisions.

Great idea to buy into the mortgage pools today...http://www.reportonbusiness.com/serv.../Business/home

Canadians better think about fiscal responsibility going into this election on Tuesday. Not to infuse politics into a thread about the economy...

And more notable news...GE's third quarter profit falls 22%. America's corporate empire is disappearing.

Bob · 10-10-2008, 09:51 AM

Oh boy, another bleak day capping off a terrible week.

I heard a report from Russia saying their banks are going to unilaterally rewrite mortgage conditions to force people to pay off their debt sooner, if they can't do so voluntarily, so as to avoid the fallout when the Moscow real-estate market crashes.

Edit: Here it is: http://www.cnbc.com/id/27114009/site/14081545

Wookie · 10-10-2008, 09:58 AM

Quote:

Originally Posted by Bob

Oh boy, another bleak day capping off a terrible week.

I heard a report from Russia saying their banks are going to unilaterally rewrite mortgage conditions to force people to pay off their debt sooner, if they can't do so voluntarily, so as to avoid the fallout when the Moscow real-estate market crashes.

Edit: Here it is: http://www.cnbc.com/id/27114009/site/14081545

Interesting, sounds like they may have just started the Moscow Real Estate Crash.

missdpuck · 10-10-2008, 10:17 AM

Quote:

Originally Posted by fotze

So, greedy lenders and irresponsible home buyers from one country have brought down the entire worlds financial system and decimated trillions and trillions of dollars of billions of peoples savings? HOW IN THE FLYING FATA COULD THIS HAPPEN? It is truly mind-boggling. It wasn't terrorists, it wasn't a nasty virus, it wasn't aliens or an asteroid, it was shows like Trading Spaces and Flip This House. HOLY FATA!

Yep and I blame Bob Vila and Norm from Yankee Workshop for starting the whole thing.( Not to be confused with Norm from Cheers, or our Norm! )

I-Hate-Hulse · 10-10-2008, 10:19 AM

Quote:

Originally Posted by HotHotHeat

You know what, thank God the Conservatives are in power right now. Complain all you want about whatever you don't like about them, but they are business first politicians and they don't make terrible decisions.

This made me think of this cartoon.

Not that I think the Liberals have the answer necessarily, but I think it's a little off to say that the Conservatives and Conservatives alone that know how to run a business minded government. It wasn't the Liberals that killed the Trust sector, a sector that was powering Calgary for a while...

Hey, maybe Paul Martin wasn't that bad after all...

troutman · 10-10-2008, 10:26 AM

Quote:

Originally Posted by HotHotHeat

You know what, thank God the Conservatives are in power right now. Complain all you want about whatever you don't like about them, but they are business first politicians and they don't make terrible decisions.

Yes, thank god for MPs like Rob Anders.

Bobblehead · 10-10-2008, 10:31 AM

I've read a few novels where the premise was that the "bad guys" wanted to take down America, and attempted to do so by corrupting the banking systems and preventing monetary transfers between banks (I think one was a Tom Clancy book, but it has been a while). Pretty much like what we are seeing here.

Bobblehead · 10-10-2008, 10:33 AM

Quote:

Originally Posted by troutman

Yes, thank god for MPs like Rob Anders.

I saw a story on CBC before the hockey game. Anders refused an interview after an all-candidates meeting at U of C yesterday? Is he just hiding in his office trying not to say anything wrong?

burn_this_city · 10-10-2008, 11:07 AM

Quote:

Originally Posted by fotze

Italian Prime Minister Berlusconi said political leaders discussing idea of closing world's financial markets while they 'rewrite the rules of international finance'...

Wow if true

I wonder how Canada would fair with a closed banking system..

missdpuck · 10-10-2008, 11:14 AM

Did I hear correctly that Scotland Yard is almost broke due to crisis in Iceland? Kind of caught tail end of that.

Finner · 10-10-2008, 11:33 AM

Sweet I just made a few grand on RIMM calls. Sold some $60 calls at 10 bucks and bought them back at $2. Slowly averaging down my buy at $110.

..think i'm down to an ACB of $91...

I think we might see a bounce back on monday...selling pressure has to subside eventually, and we might get more news on where the bailout money is going to go.