Toronto Stock Exchange Surges At Prospect Of Continued Tax Payer Funded 'Corporate Welfare' In The USA
Those Masters of the 'unfettered' Free Market system were jubilant on Bay St. in Toronto today. News came that the US Federal Reserve will continue to infuse tax dollars into the bank accounts of Corporate America! Yeah for the Rich! Yeah for Corporate Welfare!!!
The Toronto stock market and the Canadian dollar were sharply higher Thursday after U.S. Federal Reserve chairman Ben Bernanke offered reassurances that stimulus measures aren't going away any time soon.
The S&P/TSX Composite Index soared 186.33 points, or 1.5%, to close at 12,493.26, pushing the TSX back into positive territory for the year.The Canadian dollar climbed 0.7 cents to 96.26 cents U.S.
Gold prices have enjoyed a sharp increase in recent years as a result of quantitative easing by the Fed and other central banks worldwide because QE involves printing more money to finance bond purchases.
But prices have fallen sharply in the weeks since Bernanke initially indicated that the Fed could move towards tapering those purchases.