Canada's hidden sub-prime problem

The Globe and Mail did a bit of investigative reporting and have come up with a sobering view of Canada's sub-prime exposure. Apparently we're no where near as well-off as we've been led to believe, and we have very few official tools to keep us apprised of the actual situation. What a blind-spot!

In light of Jon Stewart and The Daily Show's recent assault on CNBC's financial "reporting", this is a stellar example of the integral value of the fourth estate in keeping democracy and markets functioning properly by keeping public opinion informed with excellent research and challenging questions.

I'm calling it

GM is dead. Their auditors, Deloitte and Touche, have "substantial doubt" about whether they are viable. The taxpayer may even inject that additional $22B "loan" they are asking for to add to the pile of burning capital and the $13B "loan" they already received but i think it's time for us to start expecting the world to be without GM sometime in the next two years.

Understatement of the year: "consumers could be reluctant to buy bankrupt carmakers' vehicles, GM said."

No. Consumers could be reluctant to buy a bankrupt Toyota's vehicles. They were already reluctant to buy a GM vehicle. To anticipate consumer purchasing frequency for a bankrupt GM's vehicle you would have to consult weather forecasts for Hell.