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Update from the Country

I notice that Freddie and Fanny appear to be lurching towards a buyout by the US Federal Government. The shares of these two hybrid companies are sinking as it is unlikely that the equity holders will be rewarded in any way.

In Canada, the ABCP mess is also lurching towards a resolution as the Ontario Court of Appeal has turned down the appeal by dissident note holders. The new target date is September 30 for the restructuring. Stay tuned.

The commodity price retreat continues apace and so inflation concerns are ebbing rapidly. The credit crunch shows no sign of going away so we are looking at more defaltionary pressures. 



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