Agreed the economy is in bad shape. The global recession has meant that large corporates worldwide are downsizing their staff, production and expenses. After hearing about all the recession news on the tv about certain countries in the world it is horrible to think how many people will be effected by this. so what you think about the topic , where it will end?
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That's true, and it seems like we have a long way ahead before this recession ends. Because of our present economic condition, people, from the poorest to the richest tend to cut back. The sad part is that if the wealthy would continue to spend cash, more jobs would be created, therefore actually helping our economy. The wealthy would spend more, but let's face it, they are struggling to.
I read this here: Recession cutback city: Even the rich people are doing it!
A lot of people see those out driving nice vehicles and spending cash when they want and think that this economy hasn't affected them, yet sometime it has effected them more than most. They quite often lose a huge part of their fortune with businesses failing in this market. Remember that those appearing to be financially ok, might have taken out one too many personal loans to look that way.
This is happening to America so what about third world countries. Imagine how affected they are with this. Pity those who went to America to better their lives and end up losing their jobs.
What bothers me is that it's the rich bankers on Wall Street that get paid millions of dollars per year that get bailed out, but it's the ordinary people that lose their shirts.
I really don't see any GOOD reason why American tax dollars have to bail out these banks. Maybe letting them go belly up would let those banks know that there are consequences to their actions. Then maybe they wouldn't be so willing to give half million dollar mortgages to people with no job, no income and no colaterol so they can buy a house they couldn't afford to live in under normal conditions.
We Canadians will fair better than most countries because our financial system is sounder than those of most other countries. Also, we have a lot of oil in Canada, and that's a commodity that's always in demand.
Lisa Ling's documentary on Oprah about the TENT CITIES was an[B] eye opener!!!![/B]Canadians are much more frugal then our US neighbours. The Cdn banks have tighter regulations and we tend to pay off our mortgages. We don't get the tax break as the US does on mortgages....so paying off debt is a plus in these times.
It will take some time to get back on the right track. Some countries will take longer then others.
I think it will take a very long time for the global recession to get back on the right track as alot people have been riding an the wrong track for too long,by living far beyond their means.
Canada is in a much better shape than our US. neighbours because our banks have much tighter regulations & it is not as easy to borrow which is a good thing.
The small country of Iceland is bankrupt .I wonder how many other countries this will happen to?
I watched Lisa Ling's special report on Oprah last week and was in shock when I saw the( TENT CITIES ) .These were hard working average Americans who had lost everything and had to leave all of their possessions behind because they had lost their jobs had used up all of their savings and had no where to go.
We are very fortunate here in Canada to have such a wonderful healthcare system(not perfect) but pretty good and a government that regulates financial institutions.
I have a friend who is in the financial end of the banking and she said that Canada has probably hit the bottom and should level out in a couple of yrs.
I cannot believe the greed & corruption that has been going out there.