Monday, September 29, 2008

Elections Will Take Far Back Seat To USA Economic Meltdown - Depression Looming?

If you local Langley politicians and wannabe politicians were hoping for a bit of press attention, forget it. The US Government voted against the economic rescue plan just a few hours ago and the stock markets closed today and had the worst single day losses in history! Dow registered a loss today just over 777 -points! (The 777 numbers should really freak out the Asian markets and christian markets too given their symbolic bad luck The TSX (torontro stock exchange) fell by a record 840.92 points and oil dropped to $95 US today! This is the news that will bury all attention about Municipal elections folks. Worse still the drop in the US caused an instant credit freeze which will cause at minimum any short term borrowing freeze that will cause missed payrolls, layoffs, defaults, bankruptcies and much worse. Folks, The Western economy is on the edge of a precipice so quite frankly the local elections will amount to a hill of beans. Old hat to us in Langley though since Township Council's Mayor Alberts' council slate has been also as bad with our tax monies on a much smaller scale obviously than Wall street and the US government. So get ready to hunker down folks. It's not going to be pretty....

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