US recession to hit Canada hardest


B00Mer
#1
US recession to hit Canada hardest

http://english.pravda.ru/business/fi...on_canada%20-0



The U.S. economy is already in recession and that will cause a slowdown in the Canada in the first half of this year, BMO Capital Markets said today in its forecast for the year ahead.

BMO economists aren't predicting a recession for Canada but expect the economy will grind to a halt by the second quarter before picking up momentum again in the second half. Growth for the whole year in Canada is expected to come in at 1.4 per cent compared to 2.6 per cent last year, Reuters reports.

The Canadian economy soared last year on a high-flying loonie and strong commodity prices while the U.S. economy sagged, and many economists now say the States is either in a recession or perilously close to one, for the first time since 2001.

The U.S. economy has been hammered by the credit crunch spawned by the collapse of the country's subprime mortgage sector and big writedowns in related securities, which reached its peak last August.

The Conference Board of Canada this week predicted real gross domestic product in the U.S. would grow by only 2.1 per cent this year, trailing Canada's expected growth of 2.8 per cent in 2008.

The slowdown prompted U.S. President George W. Bush to outline a plan Friday of about US$145 billion worth of tax relief to stimulate the economy.

But there are positives amid all the doom and gloom, said Doug Porter, deputy chief economist with BMO Capital Markets.

U.S. core inflation remains relatively low, he said, giving the U.S. Federal Reserve room to aggressively cut interest rates if it needs to.

"There's room for Washington to cut taxes or to increase spending," Porter said. "It's not as if policy makers' hands are tied."

But unlike the Fed, Canada's central bank may not feel the same urgency next week to trim its key lending rate as it tries to strike a balance between tempering an overheated economy and staving off a downturn.

The Bank of Canada last month cut its interest rate by a quarter point as expectations for the economy worsened.

The bank had raised its overnight rate to 4.5 per cent last July -- before the loonie reached parity with the greenback in September en route to a record US$1.10 in November -- to rein in Canada's booming economy.

Prime Minister Stephen Harper and Finance Minister Jim Flaherty have warned of an expected slowdown in the Canadian economy, signalling any major new tax cuts or spending programs in future budgets are unlikely.

Talk of a U.S. recession's impact on Canada has some north of the border worried about job losses, particularly within the manufacturing sector in Ontario and Quebec.

A U.S. recession would pinch Canada -- in particular the manufacturing sector -- since most of its exports of lumber, autos, machinery and petrochemicals are destined for the States, The Canadian Press reports.
 
china
#2
Quote:

US recession to hit Canada hardest

Wonder why? After all according the brain tank of this forum Canada has nothing to do with the evil US , it will take care of itself without any problems after all according to one of the "bright"ones of this forum ........Canadian dream is not like the American dream .Keep on dreaming ...
 
talloola
#3
Quote: Originally Posted by china View Post

Wonder why? After all according the brain tank of this forum Canada has nothing to do with the evil US , it will take care of itself without any problems after all according to one of the "bright"ones of this forum ........Canadian dream is not like the American dream .Keep on dreaming ...

That depends on 'what' one is dreaming china, mine are canadian, always have been,
and no one can change that. We don't all dream the same now do we.
 
B00Mer
#4
Quote: Originally Posted by china View Post

Wonder why? After all according the brain tank of this forum Canada has nothing to do with the evil US , it will take care of itself without any problems after all according to one of the "bright"ones of this forum ........Canadian dream is not like the American dream .Keep on dreaming ...

Actually, the American dream has all but evaporated. (south of the border)

What many people considered the American dream has moved north of the border. Universal Health Care, safe streets, good education and schools, a fairly sound economy, the opportunity for people to have a nice home, car...

Last I heard China actually cut off credit to the United States, which also shows the world power is shifting east.

I think the United States has survived on Credit to long... Canada fortunately has strong regulations which will shield us from some of the hardship the U.S. will face.
 
china
#5
BOOMer.
Quote:

Universal Health Care, safe streets, good education and schools, a fairly sound economy, the opportunity for people to have a nice home, car...

That's my point .Why a dream .Will you get far dreming about a fairly sound economy (why fairly sound ? .....why not the best?.....so Canadian)good education safe streets etc .Just do it !Don't dream or wish.DO it!

 
mabudon
#6
Living in the Niagara area, I'd be hard pressed to believe that there's even any jobs left to lose in manufacturing - I don't have the numbers but most of the plants we have left in various manufacturing capacities are down to single shifts, with more and more forced shutdowns/temp. layoffs than ever

And most of the original, good paying jobs are now (locally) in the hands of slave-wage Temp agencies. I honestly worked a few shifts on an auto parts line for 8 $ an hour, and that was a couple years ago- I also worked in a foundry for only a little bit more, so even if we did lose more manufacturing jobs it would mostly hurt the greedy scum-sucking temp agencies (local ones, they CAN't be like that Canada-wide I hope)
 
Zzarchov
#7
No, its like that canada wide.

Hurray for middlemen, doing nothing but taking half the money.
 
mabudon
#8
Seriously?? That sucks, but thanks for posting nonetheless. After my short time with them I came away with the desire to see some HEAVY regulation slapped on them suckers- hell, our town actually lost a friggin call centre- the "industry" that swept in to prey on the desperate about 10 years ago after plenty of our local economy had already collapsed
 
Avro
#9
Quote: Originally Posted by china View Post

Wonder why? After all according the brain tank of this forum Canada has nothing to do with the evil US , it will take care of itself without any problems after all according to one of the "bright"ones of this forum ........Canadian dream is not like the American dream .Keep on dreaming ...

You make no sense at all.

Learn english and then try that again.
 
Avro
#10
Quote: Originally Posted by B00Mer View Post

Actually, the American dream has all but evaporated. (south of the border)

What many people considered the American dream has moved north of the border. Universal Health Care, safe streets, good education and schools, a fairly sound economy, the opportunity for people to have a nice home, car...

Last I heard China actually cut off credit to the United States, which also shows the world power is shifting east.

I think the United States has survived on Credit to long... Canada fortunately has strong regulations which will shield us from some of the hardship the U.S. will face.

Wow, you're right and we offer something China dosen't, freedom and democracy and our heads don't get run over by tanks.

<snip - edited for content>
Last edited by Zan; Oct 5th, 2008 at 10:35 AM..
 
B00Mer
#11
Quote: Originally Posted by Avro View Post

Wow, you're right and we offer something China dosen't, freedom and democracy and our heads don't get run over by tanks.

<snip - edited for content>

Your comment makes no sense in relation to my post..

When you pull your head out of your ass and read it... nowhere did I put Canada down.


<snip - edited for content>
Last edited by Zan; Oct 5th, 2008 at 10:37 AM..
 
Zzarchov
#12
And there is something wrong with Gay behaviour now?
 
B00Mer
#13
Quote: Originally Posted by Zzarchov View Post

And there is something wrong with Gay behaviour now?

...that depends on the behaviour, what did you have in mind??
 
lone wolf
#14
Quote: Originally Posted by B00Mer View Post

Then why quote my post?

<snip - edited for content>


Newbie question I guess... but just an observation.

Two paragraphs = two different thoughts. Basic grammar....
Last edited by Zan; Oct 5th, 2008 at 10:42 AM..
 
Avro
#15
Quote: Originally Posted by lone wolf View Post

Two paragraphs = two different thoughts. Basic grammar....

sigh

I used your positive comment about Canada to a take a crap on China.
 
Zan
#16
Note - Canadian Content does not condone the use of language that can in any way be construed as racist. I've just edited a few posts in this thread removing such language, and a couple have been removed completely .
 
Avro
#17
Quote: Originally Posted by B00Mer View Post

FIXED

Say anyone hear listen to the news when they claim that if this 700 billion bail out, which turned into 850 billion was not passed, businesses would not be able to make payroll.

Any thoughts on that?

Haven't heard that, if it's true this is worse than I suspected.

Beave may get his wish.
 
B00Mer
#18
Quote: Originally Posted by Avro View Post

Haven't heard that, if it's true this is worse than I suspected.

Beave may get his wish.

Well I am sure you don't watch FoxNews (the Conservative talking head network) but they are the ones saying this..

Really, I personally think it's more fear mongering.

I mean, this whole bail out pushed on the American people, and I don't think it will help the economy much. It will take 6 to 9 months for the money to trickle down anyhow..

I mean, Bush coming on TV telling the public this is a must... what credibility does this guy have after the WMD's.
 
Avro
#19
Quote: Originally Posted by B00Mer View Post

Well I am sure you don't watch FoxNews (the Conservative talking head network) but they are the ones saying this..

Really, I personally think it's more fear mongering.

I mean, this whole bail out pushed on the American people, and I don't think it will help the economy much. It will take 6 to 9 months for the money to trickle down anyhow..

I mean, Bush coming on TV telling the public this is a must... what credibility does this guy have after the WMD's.

As much credibilty as Obama and McCain.
 
lone wolf
#20
Quote:

Quoting lone wolf Two paragraphs = two different thoughts. Basic grammar, which I have very little control....
FIXED

B00Mer ... I object very much to you editing that which is attributed to me. That is FRAUD.
 
B00Mer
#21
Quote: Originally Posted by lone wolf View Post

B00Mer ... I object very much to you editing that which is attributed to me. That is FRAUD.

Quit crying.... ROFLOL

 
lone wolf
#22
I wouldn't ecpect an idiot like you to understan anyhow. What ... is there a posse after you back home? We do have extradition treaties....
 
B00Mer
#23
Quote: Originally Posted by lone wolf View Post

I wouldn't ecpect an idiot like you to understan anyhow. What ... is there a posse after you back home? We do have extradition treaties....

The toxicity of the heavy metals you have injested over the years of living in the Sudbury area has affected your brain.
 
lone wolf
#24
Quote: Originally Posted by B00Mer View Post

The toxicity of the heavy metals you have injested over the years of living in the Sudbury area has affected your brain.

I have noticed in every one of your troll posts that you accuse others of that which you detest most in yourself. I'll accept this latest as more of your self diagnosis. Is that why you're up here? To get some of that free mental health?

The failing point of your *snicker* wisdom *choke* is I moved here two years ago....
 
B00Mer
#25
Quote: Originally Posted by lone wolf View Post

I have noticed in every one of your troll posts that you accuse others of that which you detest most in yourself. I'll accept this latest as more of your self diagnosis. Is that why you're up here? To get some of that free mental health?

Say this is Canada isn't it... free medical help is a given..

Quit drinking the water lone wolf.
 
B00Mer
#26
Quote: Originally Posted by lone wolf View Post

The failing point of your *snicker* wisdom *choke* is I moved here two years ago....

Oh come on!! Now you're defending why you're a retard? "I only moved here 2 years ago, so that can't be the reason.. must be genetics."



o.k. step away from the computer, slowly now, ease yourself back into the real world.

Later dude...
 
Kreskin
#27
Please don't alter someone's words in a quoted post. Replies of that nature are subject to deletion without warning.
 

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