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The housing market in Toronto is experiencing drops not seen in years. We’re seeing a whopping 35% decrease in sales this month over October of 2007, and houses are on the market on average 7 days longer. Buyers and sellers are certainly apprehensive. And builders are likely nervous as well.

HINT HINT: David Miller caused the housing market crash for Toronto. They were saying that Toronto housing sales were inflated even more because people looking to buy within six months or a year rushed to buy before the land transfer tax came in.

General Motors’ just released Q3 2008 earnings and said “Please help us!!! We’re in deep-shit and running out of things to cut”GM reported net loss of $2.5 billion!! Here’s the bigger story: General Motors burned through $6.9 billion of its cash reserves during Q3 2008 which reduced its bank account from $21 billion at the end of Q2 2008 to $16.2 billion today.

The simple truth is that GM makes ugly, inefficient cars that few people want to buy. GM is a company that is fundamentally dysfunctional. It must be allowed to fail.

READ — Philip Greenspun: ‘Let G.M. Go Bankrupt’

Read this article from BusinessWeek….it reveals a $443,000 luxury retreat for execs, and $7,000 golf tab, held days after the insurer was given a government bailout.

Today was a rough day for all investors across the globe! The TSX was down more than 1000 points and investors got out of their stocks today (Monday), as the financial crisis in the U.S. showed signs of moving into the European and Asian markets. All this market turmoil because a greedy American came up with a way to package dodgy mortgages in the U.S. in a way that profit hungry bankers would buy in. People made a lot of stupid investment choices that they couldn’t afford. Houses and stocks don’t always go up. The $700 billion bailout is not going to do anything. This bailout will only give U.S. banks the much needed cash but it does not solve the irresponsible practices of Merrill Lynch, Citigroup, AIG, Lehman Brothers and other Wall Street firms that gave rise to this crisis.

Don’t panic…. just be prepared for any coming recession or, hopefully not, depression.

Very good article for all who want to know how recessions work.

According to new study BMO Nesbitt Burns, Canadians continue to pay more for purchases, despite the stronger loonie. The study revealed Canadian shoppers have been paying 18 per cent more on average than Americans for the same items. This is the truth!! Example, Canon Speedlite 580EX II Flach in Canada is $519.99 compared to $420US at B&H Photo Video.

The Pentagon’s $1 Trillion Problem…..The Bush administration has emptied their bank account. This is the kind of thing you would expect to happen in a poor just-recently-modernized African country, but they’ve managed to do it here.