The National
November 2008: TSX record low!
Broadcast Date: Oct. 6, 2008
As the U.S. credit crisis deepens, the rest of the world finds itself hit hard by the financial fallout. Stock markets are down across the globe and banks are teetering on the edge of failure. Canada is similarly hard hit, and the country's biggest stock exchange, the TSX, experiences the biggest one-day drop on record, making only a partial recovery before the day's end. In this 2008 report, Havard Gould sheds some light on the global financial crisis and its impact north of the border.
November 2008: TSX record low!
• The worldwide financial crisis that developed in late 2008 was fuelled by subprime lending in the U.S., a situation where high-risk, or "subprime" borrowers - people with poor credit ratings, a history of bankruptcy or an existing high debt load - are granted further credit at high interest rates. Subprime mortgages became big business for U.S. financial institutions, but a spike in loan delinquencies and foreclosures in 2008 devastated the U.S. economy, ruining many big banks and other lending institutions.
• As mentioned in this clip, Iceland was especially hard hit during the financial meltdown that began in earnest in 2008. The country's three largest banks all filed for bankruptcy protection, the country shut down its stock exchange and foreign banks stopped trading in the Icelandic Krona, making the currency essentially valueless. In November 2008, the International Monetary Fund approved a US $2.1 billion loan for the troubled country.
• Stock market statistics indicate the very volatile nature of the market in 2008. The Dow Jones Industrial Average posted seven of its 10 biggest single-day point gains in 2008 ... and six of its 10 worst. Nine of the top 10 single-day point swings in history came in 2008, with eight of those occurring in a five-week span from October to November 2008.
November 2008: TSX record low!
Medium: Television
Program: The National
Broadcast Date: Oct. 6, 2008
Guest(s): George W. Bush, Alistair Darling, Ross Healy, David Henderson, Paul Miller, Conn Quinlan, Emmanuel Tize
Host: Peter Mansbridge
Reporter: Havard Gould, Alison Smith
Duration: 5:20
Last updated:
Dec. 14, 2009






National, The
November 2008: TSX record low!.
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Canadian Broadcasting Corporation.
Last updated: Dec. 14, 2009.
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