Oh well, now I know why stop losses are a good idea (but only if you have them)!!

Hope you aren't getting burned.

for about 90secs it was career over, but i held my position until the dust cleared and did alright. Sorry if i have been the bearer of bad news, good luck on Monday whatever you decide to do.

Chris

You must have nerves of steel.

We live, unfortunately, in "interesting times"!

I'm starting to think I might just change my pounds at whatever rate is going on the day, and buy a house. Then that's the end of it.... no more worrying whether the bank is going to collapse and leave me penniless (they wouldn't pay me back my savings, but I bet the administrators would hound me to recover my credit card balance!). I'd have nothing left to lose! And if house prices collapse, I won't care because at least I'll have a roof over my head! (albeit a drastically devalued one!)

OMG.... maybe the loonie isn't so indestructible after all!

http://www.tickerforum.org/cgi-ticke...www?post=34581


The Québec Pension Plan (Caisse) and the Ontario Teachers' Pension Plan are on the hook for some $33 billion in ABCP as are 40 other trustholders, mining companies, paper companies, etc all of which thought they were buying short term easily marketable notes.

This story has been brewing since last summer (see Global Credit Crisis Canadian Style). However bailout plans have now blown up as deadline after deadline for coming up with a solution has been missed.

With the Bank of Montreal Missing Margin Calls earlier this month, what had to happen did: ABCP players to seek bankruptcy protection.

Hi guys,

We are booked to fly to canada in July. I now need to sort out transfering money there. Has anyone got recommendations of the best way to transfer say 50,000 to Canada.

Thanks

Have you already changed the currency into CAD$?? Of so should be very easy just pay your bank about GBP 30 and they will do a BACS transfer. Otherwise you need to find a Forex company you are happy to deal with.

Chris

G586, just an update for you. JP Morgan have purchased Bear Sterns over the weekend for US$240 mil, 10% of their value a week ago. This money was lent to JP Morgan by the Fed. The other big news, the FOMC cut discount rate Sunday night by 25bp....bearing in mind they have a scheduled meeting Tuesday night. This is a huge panic measure, the first time in my 13 years i have seen it happen over a weekend. It happened just before Toyko opened for business, and stocks there don't like it, down 3% already.

Good luck whatever you decide to do.

Chris

Have you seen the Euro > USD rate recently

Yes, i love it. 95% of my trading is in the euro.

Rumours circulating earlier this morning that Lehmans and Barclays are in trouble.

Chris

How is all this turmoil likely to affect the pound/CAD exchange rate??!

Must have been great for the Irish (from Ireland) over in New York this weekend
Guiness at half price.

Both economies are experiencing slow downs and both central banks are in a cutting cycle. If a Canadian bank were to have difficulties then we would be getting much more CAD$ for our £. So you know what to pray for!!

Chris

I was going to convert my RRSPs from GICs to mutual funds about ten days ago. I think I might have regretted that.

I need to look into that actually, anyone know how you go about switching a UK private pension into a Canadian RRSP.

Chris

Thanks!

Appreciated - been watching Bloomberg this pm....

Let me know if you hear RBS is in trouble........I'm already stuffed but I wouldn't want to lose the lot.

Ta!