I’m really surprised by the blasé attitude of people I speak with and reporting in the Canadian media about the global financial crisis. It seems many feel that this happens from time to time and doesn’t really affect them.
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Owff – If you’re unconvinced about the extent of the financial meltdown
February 26th, 2009 · 2 Comments
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Go back 10 years or even 20 or 30. This correction is huge compared to last years record highs but after all that loss they only managed to erase 12 years of rising numbers it isn’t ‘end of the world’ as yet. CDN media is trying to find CDN banks with loses but they can’t… billion dollar annual profits don’t seem to an issue for Canada’s banking system even with write downs given the most recent numbers. Sure this will hurt Canada but our banking system is stable unlike the US and I think that alone, not stock numbers, are what is scaring the hell out of people in the US.
Tell that to the shareholders of the above companies.
A healthy Canadian economy doesn’t exist without a healthy US economy no matter the health of Canadian banks. Though I’m thankful that they aren’t in trouble too.
Canadian Banks shouldn’t be smug – if you never go up you never come down.