THE CANADIAN PRESS

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"People are scared and the only thing they're doing is selling." - Ryan Detrick, senior technical strategist at U.S.-based analyst firm Schaeffer's Investment Research.

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"You have to invent a new word to describe what we're in now. It's being driven through the financial markets into the real economy."-Bank of Nova Scotia chief economist Warren Jestin, at a financial conference Monday in Toronto.

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"The mood is kind of disbelief. Traders are just sitting there staring at the screens and going, 'Wow.' In this environment, nobody wants to step up to the table and buy a stock." - Ron Smith, strategist at Moscow-based Alfa Bank, after Russian markets had their biggest daily losses ever.

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"Canada's financial system has handled the persistent global market turmoil very well. Nonetheless, Canada's financial system is not immune to the ongoing turmoil in global credit markets. The deterioration of global credit markets is beginning to squeeze the ability of even the strongest of financial institutions to raise longer-term funds, which could limit the provision of longer-term credit in Canada to businesses and households." - Finance Minister Jim Flaherty.

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"I am concerned, clearly, but probably it will pass. It will be interesting to see how it plays out in the U.S. I think our economy is much stronger than the American economy." - Marti Messam, a Vancouver-area insurance broker, saying the market selloff is part of a down cycle that will eventually recover.

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"It's the domino effect We are going to be in the same soup as the U.S., although perhaps not as extreme." - Vancouver lawyer Ed Mortimer, adding that the stock market plunge and the current economic outlook are "very serious."

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"Markets tend to overreact both on the upside and the downside." - Michael Sprung, a Toronto money manager, explaining the big TSX drop.

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'The bailout plan was too late. The volatility will make it very difficult for investors to operate." - Paul Thornton, a Toronto-based money manager, assessing the market's current sentiment.

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"These programs are going to be effective, I believe. Shorter term, we're in a very challenging environment that's going to take a while." - Rob Lutts, chief investment officer at U.S.-based Cabot Money Management, about why markets seem to have dismissed the impact of the U.S. government's .

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"Let's be clear: the prime minister of Canada isn't going to go around the country predicting a recession when we're not in a recession now. I remain fundamentally optimistic about the Canadian economy, but optimistic, as I've said from the beginning, within the framework that we're now living in ... a period of economic uncertainty. We're in relatively good position compared to some other countries." - Stephen Harper, campaigning in Ottawa.