Fabulous!! Thank you VHF!

We Canadians had better take a page from Congresswoman Marcy Kaptur's justifiable tirade.

WAKE UP CANADIANS! We are following directly in the footsteps of the U.S. We do not have as serious a problem with subprime but our housing sector is now starting to turn and cracks are appearing in our banking system. Mark Carney is not making a public appearance today because he is confident, although that will be his pitch. Where have we seen that before in the last year as the parade of bottom callers stomped through our living rooms courtesy of BNN and the CNNs. Mark Carney can say enythng he wants as he is posted in his job for 7 years and can't be fired by our federal government. So what if he makes a few overly optimistic statements. He just threw the first salvo of $4 billion at our banks. Think about what Marcy Kaptur just shouted...but it is too late.

RBC is not as sound as we are all led to believe as they make a deal with U.S. SEC officials looking for blood. TD, CIBC and the others are on deck. That is just the first opening crack of many to come as hidden "assets" are flushed out and the real leverage exposure is "discovered" as Canadians fall victim to degrading asset prices and credit contraction. Canadian households are overextended...as much or moreso than both the US. and Britain....with growing debt representing 6.4% over net income. Yes, our banks are in "better shape" than those in the U.S and Britain, for today...compared to what? Our banks are lending against assets at 13% as the "assets" lose value... unsustainable in the face of depreciating value.

Meanwhile, Mr. "in-charge-of-the-Bananas" Monk of Barrick is tooting gold's horn now that the gold markets have been nicely suppressed for years with his/Barrick's help...screwing their own shareholders for years. This was admitted years ago in the Blanchard law suit. So he smugly announces in the Post today that Barrick will have billions in the tool chest to take out grossly undervalued miners/developers...a plan that has been in the works for ten years. He didn't mention the massive hedge Barrick still has on their books or it's connectio to the U.S. vault's "deep storage gold". Barrrick is/was one floor up from TD in the same Toronto high rise by the way.

Where is our "Marcy Kaptur"?

Meanwhile the lying just continues unabated in the face of all the uproar. The news couldn't have been worse today, again for the U.S. with GE, manufacturing, housing and more. The DOW is up, gold is down in the face of a falling dollar, oil is down...blah, bla, blah. The culprits continue their scam with their finger in our faces. Absolutely unbelieveable.

I suspect though that this is the last hurrah for the PM shorts to get out before the take off to the upside in bth the bullions and the JPMs takes off. There I go...calling a bottom. How silly is that?