The Economy and the Recession

[KnowItAll]

bahhh

recession, depression, inflation, deflation, etc

as long as I got food on my table, they can call it whatever they want. Life goes on. So does the beat.

[Toppy Vann]

While many in Canada are still feeling the pain of the economic downturn, some positives in all of this. Bank of Canada declares recession over.

David Frum - a right wing leaning Canadian and lover of all things George Bush who coined the term axis of evil to help the war effort and demonize Iraq has written an interesting piece on the differences between the US and Canadian economies.


ECONOMY | Recession ends in Canada, says upbeat central bank
> OTTAWA (Reuters) – The Bank of Canada declared Canada 's recession to be virtually over on Thursday and raced ahead of a cautious central banker pack with a mostly upbeat view on the world economy.

Entire Article http://news.yahoo.com/s/nm/20090723/wl_ ... _economy_5

ECONOMY | David Frum: Canada, beacon of enterprise and limited government
> Canada and the U.S. are experimenting with two radically different responses to the great recession of 2008-09.

The Obama administration has opted for a massive increase in government spending and government debt.

Canada, by contrast, adopted a much more modest and short-lived stimulus plan — $40 billion, almost all of it to be spent within a single year — and has held the line on spending in the medium and long term.


http://network.nationalpost.com/np/blog ... nment.aspx

[Robbie]

I created this thread just over a year ago at this time. According to certain sources, the U.S. recession is over. Could that be really true?

http://www.calgaryherald.com/business/r ... story.html

Let's take a look at the markets from a year ago:

Dow: 8,451.19 -> 9,885.80
NASDAQ: 1,649.51 -> 2,139.14
S&P 500: 899.22 -> 1,076.19
Russell 3000: 520.97 -> 631.07
DJ Wil 5000: 9,120.78 -> 11,108.37

[Robbie]

2010 Vancouver Olympic Games have injected $1 billion into economy!

http://www.vancouversun.com/travel/2010 ... story.html

It found the Games has generated between $684 million and $884 million in gross domestic product to B.C. and an additional $170 million in GDP to Canada. The report also found that investments related to the Games have produced up to 20,780 jobs in B.C.

[Robbie]

So much for the recession being over.


Canada's unemployment rate rose slightly in October, with the economy shedding 43,200 jobs in the month.

The rate was up two-10ths of a percentage point to 8.6 per cent in October from 8.4 per cent the previous month, Statistics Canada said Friday.

The jobs lost were all part-time. That means employment is now down a total of 400,000 jobs, or 2.3 per cent, since a year ago.

[Lions4ever]

So much for the recession being over.

I read a story recently that apparently during the Great Depression newspapers frequently ran stories declaring the Depression to be over.

Wishful thinking.

[Robbie]

Furthermore, B.C.'s unemployment rate jumped nearly a full percentage point last month to 8.3 per cent, but the province's minister of economic development minister says there is still reason for optimism about the provincial economy.

B.C. lost 13,000 jobs last month, second only to Alberta, which led the nation with 15,000 lost jobs, according to the latest figures released by Statistics Canada on Friday.

[Robbie]

Two popular attractions in Vancouver over the last century will close.

The Vancouver Park Board voted to shut down the Stanley Park Children's Farmyard and the Bloedel Floral Conservatory.

The board also voted to cut funding to community centres and sports and recreation programs across the city in order to make up for a multimillion-dollar budget shortfall. The park board was ordered to cut $2.8 million from its operations by Vancouver city hall, which is also facing more than a $60 million budget shortfall of its own, mainly due to declining tax revenue linked to the economic recession.Libraries, community and recreation centres also facing cuts to hours and staff.

And they can afford to support the Winter Olympics and a new roof for BC Place.