Posts Tagged ‘financial crisis

Here’s another barometer to tell us times are hard financially. Brothels in Europe are closing and laying off staff. (This is new: a business lays off staff who get laid.) However, it’s no funny business to the brothels as it seems to be a world-wide phenomenon- even the famous Mustang Ranch of Nevada has laid off 30 of its employees. (Put that on your resume and apply for- well- any position you want.)

Here’s the news story from the New York Times.


Looking for a video lead for this post. Found the best one on Aljazeera, of all places.

Fed moves to deal with financial crisis, from Associated Press

From Bloomberg.com http://www.bloomberg.com/news/index.html

Headlines from Reuters include “Struggling to Survive” and “Wall Street mauled by Lehman bankruptcy, AIG fears”

Problems at Lehman spill over into several Canadian companies” (the damage is minor) Canadian Press story from CanadianBusiness.com which includes quotes:

“…Lehman Brothers collapsed under weight of $60 billion in soured real estate holdings…”
“Sun Life said Monday it holds US$334 million worth of Lehman bond securities and about $15 million in Lehman derivative instruments.”

Diane Francis, of the National Post, in her story today “Wall Street Gamblers Out,” she quotes James Grant, of Grant’s Interest Rate Observer, saying last year: “Capitalism without financial failure is not capitalism at all, but a kind of socialism for the rich.”

Think it can’t happen here in Canada? Think again.
Here is a link to a story headlined: “Steeper drop in Canada’s existing home prices” by Garry Marr
of the Financial Post

Canadian markets feel U.S.’s pain by Eoin Callan, Financial Post.

Markets crumble on financial woes by Steve Ladurantaye, The Globe and Mail

CEO’s talk  Bank of America Meryl Lynch deal on video, below:

Thank you for reading AardvarkCola

Great story on the bank industry meltdown in the United States by Bill Jamieson of The Scotsman, filed today at 11:38. The head honchos of the American banking giants were called in by United States Federal Reserve chairman, Ben Bernanke for a meeting. How does a newspaperman from Edinburgh write such a rich I-can-see-it-happening, on-the-spot story on the bank crisis in the U.S.A.? As they might say in Scotland, it’s bloody well done. Who knew Royal Bank of Scotland is the biggest overseas bank in America? They were called in with the rest of them.

What’s the value of bank paper anymore? The people Jamieson calls “The Masters of the Universe” are trying to figure that out

Meanwhile, the financial world is teetering a bit.

Oh, yes, I try to make it a habit of mentioning where I find links if someone else found them first. I found the above link on the Drudge Report.

Thank you for reading AardvarkCola

In Canada it seems business as usual, but in the United States, there is a whole lot of hurt. But don’t hold your breath. If the U.S. financial system gets sick, we sneeze, too.

Across the border hundreds of thousands of home foreclosures, 11 bank failures, and lately the U.S. Treasury takeover of Fannie Mae and Freddie Mac – the superstar backstops on the ball diamond of the entire United States home loan system, guaranteeing half of the $10 trillion market. (How much is 10 trillion? Well, 10 trillion seconds equals 316,880 years. That is a time well before anyone drank capicino. It’s actually about the time homo sapiens woke up in Africa and walked around.)

Banking giants have fallen and more threatened. Imagine, Bear Sterns survived the 1929 crash and was felled by the 2008 American banking crisis.  Another investment banking giant, 158-year-old Lehman Brothers, with $275 billion in assets at its peak, is  on the ropes and looking for a buyer to survive.

What the heck is happing and how far will this go?

Who better to turn to for a comment than Diane Francis, financial commentator and National Post Editor-at-Large. This is the most dangerous financial period in the United States since the 1930s,  Francis says in a September 7 article,  well worth reading.


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  • wordbeeps: No, he doesn't deserve an apology. Who tweets during a funeral? If you do, expect feedback. I didn't say the mourners were faking it. I think they we
  • Holly Stick: Look you fuckwit, are you too stupid to realise that Ghomeshi was an actual friend of Layton's, when you tweeted to him that the mourners were faking
  • aardvarkcola: Thank you. I see the rest of your message now. i'm honoured to to have your words on my blog. That alone is a delight. Lawrence