financial/economic crisis in Canada

[Zephyr]

Do you think Canada will be hit worse by the financial/economic crisis comparing to US? If yes, why?

[Canadian]

Do you think Canada will be hit worse by the financial/economic crisis comparing to US? If yes, why?

I think the Canadian recession will be of the same magnitude as the US one. Maybe a little worse, but not much. Don't forget that Canada had 27% unemplyment at the height of the Great Depression, while US had "only" 25% :)

[bullish]

I think the Canadian recession will be of the same magnitude as the US one. Maybe a little worse, but not much. Don't forget that Canada had 27% unemplyment at the height of the Great Depression, while US had "only" 25% :)

I think you are making up these numbers! Where did you get them from? I believe the unemployment in Canada was much lower during the Great depression.

[Canadian]

I think you are making up these numbers! Where did you get them from? I believe the unemployment in Canada was much lower during the Great depression.

I guess you believe in fairy tales too? Here is my source, and before speaking next time, try to do a little research and don't waste everybody's time:

http://www.canadianeconomy.gc.ca/English/economy/1929_39depression.html

[Steven]

I didn't know that the unemployment in Canada was higher than US during the great depression. This is very worrisome fact if you ask me.

[heyjude]

I think the Canadian recession will be of the same magnitude as the US one. Maybe a little worse, but not much. Don't forget that Canada had 27% unemplyment at the height of the Great Depression, while US had "only" 25% :)

These numbers are very distressing. I hope we are not heading for another Great Depression. I know that in the States a lot of people lost their jobs and more will. The unemployment is already high. Everyone is keeping their hopes on Obama to miraculously fix everything…

[Canadian]

These numbers are very distressing. I hope we are not heading for another Great Depression. I know that in the States a lot of people lost their jobs and more will. The unemployment is already high. Everyone is keeping their hopes on Obama to miraculously fix everything…

I don't think we are headed for Depression, but a very severe recession yes. Obama can't fix anything, only free markets can.

[trent]

I hope that it will be a little better here in Canada, compared to the US, but I doubt it. Saving anything you can is the order of the day.

[Canadian]

I've been saving for quite a few years now, but it's never enough.

[Steven]

The main thing that worries me is job security. If we have enough jobs, it will be easier to get through this. If on the other hand, we see significant job losses, the economic downturn will only get worse.

[Canadian]

The main thing that worries me is job security. If we have enough jobs, it will be easier to get through this. If on the other hand, we see significant job losses, the economic downturn will only get worse.

If there were enough jobs, then the economy would be much stronger. When people have jobs, they have confidence and they spend. Consumer spending has become really important for developed economies today.

[trent]

Confidence will be the last thing to return, after the economy has started recovering.

[Canadian]

Confidence will be the last thing to return, after the economy has started recovering.

There is no confidence, whatsoever. All I see is mounting job losses, pay cuts and bad economic news.

[trent]

Even the Bank of Canada revised its economic numbers for 2009 and 2010 downwards. I suspect they'll have to do it a few more times...

[Ranana_veitty]

Ummm how are we supposed to comment if we dont even know what Maingears Take on the Financial Crisis Announcement is?