Canadian Politics

[Deepvoid]

Bank of Canada slashed the benchmark interest rate to 0.5%
Dollar plunged to 77.54 US cents.

I guess we can thank Harper for sticking all of his eggs in the Alberta oil sands.
Weak dollar would technically mean increase in exports but with an abysmal manufacturing sector, exports have decreased and imports have increased.
I don't like the look of this...

**Edit**

TD is the first major bank to announce a cut of 0.1% of their prime rate.
In other words, since the Bank of Canada cut the benchmark rate by 0.5% since January, the banks only cut their prime rate by 0.25% (.15% in January and now .10%).
Once again, the big banks cashing in over the consumers. This is so frustrating because we can't do anything about it.