Canada can't avoid recession: U.S. economist

[jdobbin]

http://www.ctv.ca/servlet/ArticleNews/stor...?hub=TopStories

Gartman says with the interlocking economies of the two countries, the view is that as the United States goes into recession, so goes Canada.

"Canada can't avoid recession," Gartman said. "We are your biggest client, you are our biggest client and for the next six months or so we are going to drag Canada down with us. That's just a very normal circumstance."

No surprises there.

I think Flaherty should prepare himself for the advent of a recession. His sunshine optimism won't change the facts of what is happening around the world and how it will affect Canada.

[blueblood]

http://www.ctv.ca/servlet/ArticleNews/stor...?hub=TopStories

No surprises there.

I think Flaherty should prepare himself for the advent of a recession. His sunshine optimism won't change the facts of what is happening around the world and how it will affect Canada.

The conference board and the Bank of Canada have a different outlook.

[Bryan]

People who claim to be in the know have been predicting the doom and gloom for the Canadian economy every quarter for almost 3 years now. They've been wrong every time, so why would we listen to them now? The US economy has been in the toilet for quite some time, while ours was white hot. And that was when we lost almost 30% of our economic advantage with our high dollar.

Now that the dollar is lower again, we're in an even better position than we were a year ago.

[normanchateau]

The conference board and the Bank of Canada have a different outlook.

Their outlook was not based on the current, negatively accelerating world price of oil. Based on current oil prices which have dropped by more than 58% since July, 2008, the oil sands projects are now no longer viable.

Canada avoid the recession? We can only wish.

[Oleg Bach]

Why are we listening to an American economist? Our banks have a little bit of honour and that is why we are still above water. Maybe the American economist is suffering some envy and as we know misery loves company - I would not go for it.

[normanchateau]

Our banks have a little bit of honour and that is why we are still above water.

Our banks have no control over the negatively accelerating price of oil and the devastation it will create for government revenues.

House prices are tumbling across Canada and the number of Canadians with mortages greater than house values will increase as prices accelerate their drop in 2009.

http://www.cbc.ca/canada/british-columbia/...-recession.html

It matters not how strong our banks are as homeowners walk away from home debts which exceed home values.

The question is no longer will we escape the recession but rather will this depression exceed that of 1929.

[Oleg Bach]

Our banks have no control over the negatively accelerating price of oil and the devastation it will create for government revenues.

House prices are tumbling across Canada and the number of Canadians with mortages greater than house values will increase as prices accelerate their drop in 2009.

http://www.cbc.ca/canada/british-columbia/...-recession.html

It matters not how strong our banks are as homeowners walk away from home debts which exceed home values.

The question is no longer will we escape the recession but rather will this depression exceed that of 1929.

I will say it again - Fiat cash is an illusion - no gold standard.....so - you have no choice but to believe - money is a damn religion for god's sake - if you believe in God - god exists - If you do not believe then you are on your own - Humanity has the power of mind - mind over material! Seeing that there is no material in reality - then it is not a hard task to enforce our will on NOTHING...my mother said - "he who has no arms and legs is poor" - we are able - now pull yourself together before I bitch slap you.. It is about confindence and faith . don't probogate doom - or you will have it - Winston Churchill saved our ass - and he was a drunken believer...don't be afraid or you will be moved.......quote "young men you are strong for you have mastered evil" Translated - you understand evil which is stupidity - don't let stupidy rule....evil and doom are understandable - once you understand that stupid bully - He is vanquished - now be strong!

[normanchateau]

- Winston Churchill saved our ass -

Unfortunately Stephen Harper is no Winston Churchill. Churchill had principles. Harper panders.

[Smallc]

Their outlook was not based on the current, negatively accelerating world price of oil. Based on current oil prices which have dropped by more than 58% since July, 2008, the oil sands projects are now no longer viable.

The other day on CTVNN they talked to an Economist from the U of C. He said that as far as he knows, no oilsands projects are in danger as they base things on the long term rather than the next couple of years.

[jdobbin]

The conference board and the Bank of Canada have a different outlook.

Which they have revised a few times now.

[jdobbin]

People who claim to be in the know have been predicting the doom and gloom for the Canadian economy every quarter for almost 3 years now. They've been wrong every time, so why would we listen to them now? The US economy has been in the toilet for quite some time, while ours was white hot. And that was when we lost almost 30% of our economic advantage with our high dollar.

Now that the dollar is lower again, we're in an even better position than we were a year ago.

Commodity prices helped push the Canadian economy. That, and a later start on growth and better regulations helped Canada avoid a bubble.

The lower Canadian dollar will help exports as long as the world market improves enough that there is buying in happening. In the mean time, we are going to see inflation. That was something we were protected from with a higher dollar.

[blueblood]

Which they have revised a few times now.

.6 is still growth. I haven't seen any changes from very very slight growth, then at around 3.4 % at 2010. Where have they revised those numbers?

[jdobbin]

.6 is still growth. I haven't seen any changes from very very slight growth, then at around 3.4 % at 2010. Where have they revised those numbers?

That number you are showing was revised from earlier numbers showing higher growth.

[msj]

People who claim to be in the know have been predicting the doom and gloom for the Canadian economy every quarter for almost 3 years now. They've been wrong every time, so why would we listen to them now? The US economy has been in the toilet for quite some time, while ours was white hot. And that was when we lost almost 30% of our economic advantage with our high dollar.

Can you link to some of those many experts who have been predicting doom and gloom for the CDN econcomy every quarter for the past 2-3 years?

I'll even take experts who have been predicting doom and gloom for every half year for the past 2-3 years if that's easier for you.

[msj]

.6 is still growth. I haven't seen any changes from very very slight growth, then at around 3.4 % at 2010. Where have they revised those numbers?

Sure it's growth.

Of course, if Canada's population is growing by, say, 1% then it isn't growth on a per capita basis.

[drewski]

http://www.ctv.ca/servlet/ArticleNews/stor...?hub=TopStories

No surprises there.

I think Flaherty should prepare himself for the advent of a recession. His sunshine optimism won't change the facts of what is happening around the world and how it will affect Canada.

i'm sure he had. as we saw in Ontario back when he was finance minister, what he says about the economy/budget and what he does with the economy/budget are totally different

[Moonbox]

Flaherty was the only responsible finance minister we've had in Ontario for 20+ years.

I'm totally against his selling off the 407 but aside from that he was excellent and was needed in Ontario. Now we have cry baby McGuinty whining about a deficit after something like 16 Billion in spending increases. I'll take Flaherty over anyone else in recent memory thank you very much.

[drewski]

Flaherty was the only responsible finance minister we've had in Ontario for 20+ years.

I'm totally against his selling off the 407 but aside from that he was excellent and was needed in Ontario. Now we have cry baby McGuinty whining about a deficit after something like 16 Billion in spending increases. I'll take Flaherty over anyone else in recent memory thank you very much.

so excellent he hid a $5.6 billion deficit