Winnipeg Free Press

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Save with Sci where the rates Are tipped in your favour. 2100 Mcgillivray blvd 222.2100 305 main St. Steinbach 326.3495 All deposits Are guaranteed without limit by the credit Union Deposit guarantee corporation of Manitoba. Rate is subject to change without notice. Some restrictions apply. Ask for details. Taking care of the worlds most important Money. Yours. 3.15 % Sci regular savings rate top news Winnipeg free press tuesday september 30, 2008 Winnipeg repress. Com a 3 manic monday Market meltdown tax drop Toronto is up tax Index fell 840.93 Points to close at 11,285.07, a loss of about $ 108 billion in Market value. Size of decline biggest daily Point drop in Canadian history edging out the 840.26 Points the tax fell oct. 25, 2000. Percentage drop tax fell 407 Points or 11.3 per cent oct. 19, 1987, during that years Wall Street crash. That is the biggest percentage drop in history on the Canadian Market. Wall Street Dow Jones Industrial average the key u. Stock Market measure also had a record Point drop falling 777.68 Points to 10,365.45 the reason the House of representatives rejected a us 700 billion bailout plan creating uncertainty Over the future of the banking sector and the global Economy. Whats ahead the Republican administration says it will continue to work to win approval in Congress for a Rescue package. Analysts say a revised package May be resubmitted for a congressional vote within Days. W Ashington in a stunning vote that shocked the capital and worldwide markets the House of representatives Defeated a us 700 billion emergency Rescue for the u. Financial system on monday. Members of the House ignored urgent warnings from u. President George w. Bush and congressional leaders of both parties the Economy could nosedive without it. The Dow Jones industrials plunged nearly 800 Points the most Ever for a single Day. Democratic and Republican leaders alike pledged to try again though the democrats said Republican legislators needed to provide More votes. Bush huddled with his economic advisers about a next step. The House plans to reconvene on thursday instead of adjourning As planned so that its members can Campaign for the election in november. Stocks began falling even before the 228 205 vote to reject the Bill was officially announced on the House floor. The 777 Point decline for the Day surpassed the 684 Point drop on the first trading Day after the sept. 11, 2001, terror attacks. Treasury Secretary Henry Paulson looked grim afterwards if not shaken. We need to work As quickly As possible he said. In the House chamber As a digital screen recorded a Cascade of no votes against the bailout democratic representative Joe Crowley of new York shouted news of the falling stocks. Bush and a Host of leading congressional figures had implored the legislators to pass the Bill despite loud protest from their constituents Back Home. Not enough members were willing to take the political risk just five weeks before an election. More than two thirds of republicans and 40 per cent of democrats opposed the Bill. In All 65 republicans joined 140 democrats in voting yes while 133 republicans and 65 democrats voted no. The overriding question for congressional leaders was what to do next. The legislation May have failed the crisis is still with us said House speaker Nancy Pelosi d Cal Fin a news conference after the defeat. What happened today cannot stand Pelosi said. We must move Forward and i Hope that the markets will take that message. At the White House Bush said ism disappointed in the vote. Weave put Forth a plan that was big because weave got a big problem. He pledged to keep pressing for a measure that Congress would pass. The associated press Toronto the defeat of the u. Financial bailout Bill sent Shivers of fear through the heart of Canadas financial Community monday prompting already anxious Bay Street traders into a Selling frenzy As global economic fears multiplied. At one Point in afternoon trading the Toronto is up tax composite Index plunged More than 900 Points and wound up suffering its biggest Point drop in history. I dont think theress any Point in panicking at this Point said Scotia Bank economist Patricia Mohr who has been tracking volatile trading in financial and commodity markets for a while. You just have to hang Tough. Canadas dominant Market lost nearly 841 Points at the close shaving about $ 108 billion in value from the Toronto Stock exchanges main Index As investors worried that the battering of the american Economy will increasingly bleed across the Border. It was the biggest tax Point drop Ever surpassing the 840.3 Point decline on oct. 25, 2000. The Dow Jones industrials americans most influential Stock bellwether fell 777.7 Points also the biggest daily Point decline in the Downs history. No bailout Means no Relief for companies stricken by the collapse of the u. Housing Market and president George w. Bush has warned that without it the u. Economy is headed straight for a recession. And when prospects for Canadas no. 1 trading partner begin to look Bleak it Means Confidence in this country is fortunes begins to falter. Were heading towards a global slowdown warned Adrian Mastracci portfolio manager at Kim wealth management in Vancouver adding that More volatile trading lies ahead. In my View weave got More bad news to come before we get the better news he said. We May not get All the bad news at once we May get a Little Good news and there May be a bit of a Bounce from the Depths of destruction today. But Well go Back and do it again. Liberal Leader Stephane Dion said he was extremely concerned about the effect to Days events will have on our Economy and the savings of Ordinary canadians. This crisis illustrates Why it is essential to practise sound fiscal management in order to be prepared for sudden downturns such As this or other unforeseen events that can have a dramatic Impact on the fundamentals of the Canadian Economy Dion said. The monday tax drop alone will be a significant drag on the investments of Many canadians from Stock portfolios to rasps and Mutual funds. But it comes on top of a 25 per cent slide since the tax peaked in june that shows investors were already seriously concerned about the health of the Economy. The Canadian press markets plunge As bailout nixed leaders from both sides pledge to try again More on financial crisis / a9, b5, b8 by Julie Hirschfeld Davis Stephen Chernin / the associated press a weary trader takes a break in front of the new York Stock Exchange As the Dow Jones Industrial average plummets. Taking Stock what happened the Toronto Stock Exchange composite Index and the Dow Jones Industrial average had their biggest Ever one Day drops monday falling 841 Points and 778 Points respectively. Is this the worst Day in the history of the markets from a Points perspective yes but not in terms of the percentage losses. Mondays drops represented a nearly seven per cent decline on the Day. On oct. 19, 1987 a. K. A. Black monday the Djina fell by 22.6 per cent or 508 Points and the tax lost 22.5 per cent of its value. The Stock Market crash that kicked off the great depression in 1929 saw a two Day decline of the Djina of 23 per cent. Will this affect the Manitoba and or Canadian economies considering the majority of Manitoba exports Are sent South of the 49th parallel a possible recession and drop in consumer Confidence in the u. Will definitely be Felt both in the province and across the country. If the u. Goes into a serious recession theress no Way were going to be immune to it said Charlie Spring ceo of Wellington West capital. Recessions Are not Good for the Market. If the Federal Reserve does not solve the liquidity crisis in the u. S., things will fall further. Whats going to happen to my mortgage rate Banks will Likely be much More stringent on lending out Large sums of Money said Scott Stewart an investment executive at Scotia Mcleod. The effect of poor lending practices in the u. Will inevitably have some Impact on Canadian lending practices. I think it will be tougher to get a mortgage and rates will be a Little bit higher. Are Canadian Banks Safe Spring said Canadian Banks Are much More conservative by nature than their u. Counterparts and have More responsible lending practices. Canadian Banks May be some of the safest in the world he said. Compiled by Geoff Kirbyson fear seizes Bay Street traders by Andrew Flynn a 03_ sep 30 08. Ind a3 9/ 29/ 08 10 02 12 pm ;