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global recession

Jennabutala's picture
Jennabutala

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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DarleneA's picture
DarleneA

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.

sarina's picture
sarina

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.

Nestor_Kelebay's picture
Nestor_Kelebay

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.

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