What just happened to your retirement savings? Blame coronavirus — and Donald Trump, too – by Heather Scoffield (Toronto Star – March 12, 2020)


No basketball, no hockey, no baseball. And to top it off, no money — or at least, a lot less of it after Thursday for pretty anyone who has investments.

We thought the market carnage of Monday was bad, when stock prices took their biggest dive since the crash of October 1987. Thursday was worse: the Canadian dollar hit a four-year low, the Toronto Stock Exchange fell 12 per cent — its worst day since 1940 — and the price of oil dropped another six per cent.

Billions of dollars have evaporated in the blink of an eye — $830 billion in market value since the TSX peaked on Feb. 20 — zapping retirement savings and children’s education funds.

In times of crisis and financial turmoil, politicians are supposed to at least try to make things better. Around the world, we see many a leader — ours in Canada included — working around the clock to hash out plans, dedicate resources, communicate aggressively.

While we can haggle about whether they’re overreacting or too complacent, or about whether their initiatives miss the mark, we probably believe they have the public’s best interest at heart.

For the rest of this article: https://www.thestar.com/politics/political-opinion/2020/03/12/what-just-happened-to-your-retirement-savings-blame-coronavirus-and-donald-trump-too.html

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