How much of the Canadian people’s money are the Conservatives willing to spend [on another election] in order to make a point?
The Storm Worm
Although it has been around for some time, the Storm Worm virus is back in the news. It doesn’t kill its host. In fact, most of the victims … will never know their machines are infected. It doesn’t cripple your computer (and can be removed once identified), but the Storm Worm does give its authors the power to quietly control your computer. What do they do with this power? Mostly they send out spam, but this virus is likely written by organized criminals looking to make money from fake offers.
Nobody knows who’s behind the Storm Worm, but they are very well financed and very smart. The best precaution is to always close your computer when you finish using it.
ABC Paper (ABCP)
This is a major global issue, not limited to the U.S. At this stage 120% of disposable income is in mortgage debt in the U.S. (Canadian statistics not available). The Montreal Agreement was designed to allow the major Canadian banks to take action to turn the short-term debt represented by the ABCP into very long-term debt (in some cases 10 years). Canadian banks control two-thirds of the $120-billion market in Canadian ABCP so, as the year-end for banks is October 31, the question today is how will they report these holdings - as a write-off, a loss or an asset?
Where are we heading? (Jacques Clément)
Before giving his brief summary, Jacques paid tribute to Ron Meisels, “the finest market technician in the country”, noting that he had accurately called for the recent market correction well in advance of the experts.
Continuing, he pointed out that the chief economist of the CIBC is now looking for $1.05 for the Canadian dollar by year-end, a prediction with which Jacques concurs.
Crude oil will reach $90-$95.
The U.S. dollar will continue to weaken which is basically beneficial. The trade deficit in August last year was $70 billion. Last week it was announced that it was at $57.6. The dollar will likely continue to weaken against the euro, with the latter reaching $1.42 - $1.43 U.S.
Gold prices will consequently be stronger, heading to $775 before the end of the year.
The TSX will continue to climb - 14,500, but not the record of 14,600. The Dow Jones will continue to decline 13,800 short term because of dramatic change in corporate profits. Third quarter profits likely to be negative and fourth-quarter results are not likely to be good.
The world economic outlook is being revised to 4.8% because of 10% growth in China and 9% in India while Europe revised down to 2 - 2.1%, Canada 2.3-2.6%, and the U.S. 1.9 - 2.1% because of the subprime crisis. The manufacturing sector has started to show fatigue in the U.S.; capital spending has receded. The Fed will likely ease a quarter on October 31 and another quarter in December. Bank of Canada will remain unchanged at 4.5% for the balance of the year because of the current strong economy and the fact that inflation is still above 2%.
News about Wednesday Nighters
We are delighted to hear that John Curtin has been awarded a Gemini for his brilliant biography of Terry Mosher (Aislin) “Dangerous when provoked“.
Robert Galbraith sends up-beat messages from Afghanistan, despite bureaucratic hassles that would try the patience of Job. Beryl Wajsman and The Suburban have been very supportive and helpful (not always the same thing!) and give great coverage to his articles.
Brian Morel is working with “De la rue à la réussite - From the Streets to Success” a new project founded by Susan McDougall and her husband Jean-Pierre Chartrand, an early-days Wednesday Nighter. [Note: The project website is under development by Bert Revenaz who has generously donated his time and professional skills] It is designed to ‘reclaim’ homeless people and integrate them into the work force through specialized job training suited to their skills. Brian reminds us that on Thursday, October 18, there will be a world premiere of the film Recyclage, based on the story of a classroom where the teacher tells the children to bring a musical instrument to class. One of the kids brings the Accueil Bonneau Choir and the film shows the exchange during which the members of the choir tell the class about their former lives. A number of very well-known Québec actors participated in the film which, it is hoped, will bring a new awareness to the public of the problems of the street people, reminding us that one-third of Montreal’s citizens live below the poverty line, a deep-rooted and immensely serious problem. The topic is particularly appropriate given that October 17 is designated UN International Day for the Eradication of Poverty with the theme "People Living in Poverty as Agents of Change".
What was remarkable tonight was the divergence of opinions and the civility of the discourse. It was eloquent and it was charming
Notes
What Robert Galbraith is up against
Canadian Forces Media Embedding Program // Programme d’intégration des médias avec les Forces canadiennes
“I understand you have expressed an interest in embedding with the Canadian Forces in Afghanistan. Please find below some basic information on our program for consideration.
Due to the number of requests we receive on a weekly basis, and the level of interest in the program, we may not be able to respond immediately to your submission. We are currently scheduling 2 months in advance, based on the priority list below.
The following information should provide some basic details on the program.
Please note that media organizations traveling to Afghanistan should budget
approximately $8,000.00 for planning purposes, which includes everything
from travel to/from Canada to Afghanistan, purchase of personal protection equipment, and other miscellaneous fees.
If you wish to proceed with your request, please provide a letter of
broadcast with a media organization, dates as to when you would like to embed, an idea of the stories you are interested in covering, and confirmation that you are able to support the above mentioned costs. We will then consider your request based upon the priority list below and advise as to whether we can support.”
Robert’s reaction:
It would appear that we have hit the brick wall concerning my coverage of the Canadian Armed Forces in Kandahar. … Regardless, it is my job, and my duty to cover the Kandahar region, with the help of our Forces or not. So, we will now be making arrangements to travel to the region and to stay in a Kandahar guest house that was recommended by some Dutch colleagues. … There appears to be a great flaw in the DND’s understanding of what journalism is. It is not the exclusive property of the industrial media giants solely, but it is also the the right of the freelance, independent journalist to have the same access, without being bowled under by unrealistic requirements or the threat of some outrageous financial investment. They seem to have forgotten this and built this wall, but then it may also be a political initiative….
Editor’s note:
L. Ian Macdonald column of 22 October on the limits to federal spending and reduction of barriers to inter-provincial trade:
Liberals will have a struggle with PM’s decentralizing ways
Dion is portrayed as a centralizer, but he has shown flexibility in the past
There’s a vision thing in the Throne Speech, and it’s the Harper government’s proposal to limit the federal spending power in areas of exclusive provincial jurisdiction.
It’s also a guided missile that might splinter the Liberal caucus, between Quebec and the rest of Canada like nothing since Meech Lake.
In philosophical terms, Stephen Harper is very comfortable with what he’s proposing. He believes strongly in classical federalism and the division of powers between Ottawa and the provinces. This is the bargain struck by the Fathers of Confederation - the powers of Ottawa in Section 91 of the constitution, and the powers of the provinces in Section 92. Until the Charter of Rights came along in 1982, the division of powers was the heart of any federal question, from federal-provincial conferences to Supreme Court rulings.
IS THE $100 barrel of oil on the way? In the coming week analysts will, as ever, monitor the oil price, which has been nudging up to around $90, back up to levels last seen in the early 1980s. Tight supply, expectation of a chilly winter in the northern hemisphere, anxiety about more conflict in the Middle East, a weak dollar and hopes that America’s economy will avoid recession have all helped push the price up. In addition speculators may be inflating the price. So far the world’s economy has endured higher costs well, but there must come a moment when they begin to hurt.
Postscript to Jacques Clément’s predictions
US dollar touches a new euro low
The euro traded as high as $1.4348, breaking its last record set on Friday when one euro bought $1.4319.
Diana's page
Notes by Editor: Diana Thébaud Nicholson OWN
Radio, the long-lasting treasure
Thursday 25 Apr 2007 To day NYT Podcast | Menu
Radio
Like the report of Mark Twain's death, reports of the death of radio –at least FM – are greatly exaggerated.
Real estate
intro Wed1337 | Wed1337 slide show
Oil
Note
Wednesday-Night creates charts and follows stocks, including timely related financial news items, in which Wednesday Nighters are interested and in order to demonstrate a service that could eventually be developed and marketed. Wednesday Nighters are invited to participate and help to test the service.
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BBC
; "DTN Chair by Robert J. Galbraith")
; "DTN Chair by Robert J. Galbraith")
; "click for Diana Nicholson OWN")
 "Louise des Trois Maisons")
; "click Jacques Clément OWN")
 "click for Diana T. Nicholson")
Stephen S. Poloz
Wed1336 report 
Wed1338