The Globe and Mail's headline here offers an optimistic assessment - CIBC offers hope worst is over:
Only a tiny proportion of this quarter's writedown came from the obvious culprit, U.S. subprime mortgage exposure, the issue that's caused CIBC massive headaches in recent quarters and was expected to do so again this quarter.
Still, they are a lucky exception. It always feels good to be hopeful, but if the economists of the US are to be believed, we are nowhere near out of the woods just yet. I hesitated to credit Greenspan's article as I thought it might be overly pessimistic re: global events, but his point on the housing market is more or less the same as everyone else's - mortgage lenders have no reason to stop sweating. In the meantime, as expected, housing starts are set to take a tumble - probably not at all a bad thing, as supply needs to be much lower before prices stabilize.
Wednesday, August 27, 2008
Welcome to the Watergate
Wow. So I've joined the blogosphere - very exciting! I wonder how long I'll keep it up, and whether it will amount to something I actively enjoy doing (the two may yet go hand in hand). A little about me - I'm in my early 20's, am a student in Canada's national capital, and have a shortened version of the last name of one of America's more interesting presidents - hence the title.
I'm sure my story is not all that different from most people's who start these. I first kept a diary of sorts at age 9, when (in an exceptionally odd and morbid moment) I began cataloguing my thoughts of people I knew and decided which of them would get property I owned when I passed on. Suffice it to say, it didn't last long. At various points in my life since, I have kept a diary or a journal. That isn't really what I intend here though.
Inspired through other blogs I actively enjoy reading, it will involve less personal life entry - which certainly isn't interesting from my end - and more often, links to stories I find interesting, perhaps followed by a SMALL amount of commentary or opinion. They could be about anything, but they'll mostly relate to things like economics, politics (particularly North American), law, some sports, some history.
To paraphrase the Dread Pirate Roberts (The Princess Bride), I'll likely as not kill this tomorrow. But in the meantime, hello and welcome.
I'm sure my story is not all that different from most people's who start these. I first kept a diary of sorts at age 9, when (in an exceptionally odd and morbid moment) I began cataloguing my thoughts of people I knew and decided which of them would get property I owned when I passed on. Suffice it to say, it didn't last long. At various points in my life since, I have kept a diary or a journal. That isn't really what I intend here though.
Inspired through other blogs I actively enjoy reading, it will involve less personal life entry - which certainly isn't interesting from my end - and more often, links to stories I find interesting, perhaps followed by a SMALL amount of commentary or opinion. They could be about anything, but they'll mostly relate to things like economics, politics (particularly North American), law, some sports, some history.
To paraphrase the Dread Pirate Roberts (The Princess Bride), I'll likely as not kill this tomorrow. But in the meantime, hello and welcome.
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