While there are all kinds of attempts to place a brave face on the Canadian economy, it seems certain that Canada is headed for slower economic times. Suggests it is probably a good time for consumers to review their own personal financial circumstances, and financial plan.
Canada’s real gross domestic product – the broadest measure of economic health – shrank for the fourth month in half-a-year in May, falling 0.1 per cent, well below economist predictions of a 0.2 advance.
And Canadian exporters hoping for a resurgence in the United States received more bad news with the announcement the American economy grew at an annualized pace of 1.9 per cent in the April-June quarter – most due to the temporary-and-now-spent $170-billion government stimulus package that had many economists predicting a 2.4 per cent bump
But no amount of sugar coating can hide the fact that Canada’s economy remains at best stalled, and with little signs the engine will turn over soon.
1 response so far ↓
Tony Vario // October 11, 2008 at 4:25 am
Today marks one week of financial turmoil in the world markets, a fictitious and fabricated recession - only one problem with that specific wording - The only country that truly has any problems is the USA. All these financial institutes should get a grip on reality and themselves - they are no different than our own households. When things go bad with household income – the leader of the house or the person that runs the household, makes precise decisions in order to curb the losses sustained or the losses predicted to be sustained before they happen. This has not been evident with the US financial institutes – they have been mismanaged for years, and now the mismanagement has reached to the point of no return. Yes, many will say that banks and lending institutes from abroad have also contributed to take a loss – this is only because these financial institutes took risks as any business does – it could have been profitable and non of us would have heard of any repercussions when earning billions of dollars – but now that they have lost, and they ask for hand-outs, we now hear of the problems related to the hard economic times we now face. – well ladies and gentlemen “Business is Business”, and it is unfair for governments or countries (via “on the backs of tax payers”) to bear the brunt and contribute in order to keep these mismanaged companies afloat. If these financial institutes have made bad decisions – then they should be allowed to fail. Had any of us faced the same circumstances – the banks and governments would have ushered us to go into bankruptcy – the two scenarios should be no difference. These governments have absolutely no right in allowing any bailout programs.
The Canadian Government as well as the British, Italian, German, Iraqi and European governments should all band together and spell out that their counties do not share the same financial problems as the USA, and that these financial problems are solely that of the USA, and the USA should not drag other countries down with their financial worries
Stock markets around the world should not be reacting negatively, instead Canadian, Italian, British, German and most European countries should all be booming with indexes going up not down
The media has done an excellent job securing false and fabricated fears in the world markets
Facts – the USA has more debt than any other country
The USA continually spends billions on a war that they should not be involved with
The USA will never be able to pay off its debt in our lifetime
These are the facts