The Conservatives won the election, right? With a majority? So what the fuck is happening to the market? I thought all of the business papers said that such an outcome would calm the markets down, provide stability, etc., etc. I didn’t want to jump to any conclusions about a trend on Tuesday, when the markets dropped by about 1.5%. I thought that one day does not a trend make. So here we are, five days later. What’s happened? This:
That’s a 4.5% drop in the TSX index in one week. The commodities bubble is bursting, and once again none of the geniuses who report on the market called it. They claimed stability would be the result of this election, if we elected a Conservative majority, not an immediate devaluing of Canadian wealth. Investors were supposed to be calmed by the steady hand of Stephen Harper and Jim Flaherty.
Lest anyone accuse me of wishing for this to happen because of my political bent (NDP), you can fuck off. I have painstakingly saved into mutual fund RRSPs for the past ten years, and I also have a small non-RRSP investment portfolio. I’d like to see reasonable growth on both of these, because I know that the underfunded CPP is not going to take care of me in the future, given who we (and by we I mean the 24% of eligible voters who actually voted for these idiots) elect.