http://www.nationalpost.com/todays-paper/story.html?id=1471122
Excerpt:
Mr. Clark said he did not agree with the U. S. government's two-pronged approach of addressing the financial crisis and the recession.
"They have the view that you can't have the economy work if the banks don't; I would say the banks won't work if the economy doesn't work," he said. He added this period of reintermediation, which was fuelled by a "false boom" in consumer demand by artificially inflated credit markets, would hurt Canada, and he did not believe the country could lead the world in recovery.
"Just because our banks didn't collapse, Canadians are running around saying, wow, aren't we terrific. But the reality is this economy is going to get whacked just as hard as economies around the world."
Commentary: If Ed Clark (president and CEO of TD Bank) is right, Canada will not escape the global downturn.
I suspect he is correct.
Uppity Canadians love to view themselves as just a little more enlightened than their neighbors to the south, but dependency on the US market for over 75% of exports means we too will be affected.
In my March 25 post "Strategies Part 1" I shared my view that having 3 to 6 months of household expenses in cash was my #1 goal. In a future post we will examine an approximate timeline of important economic events and further coping strategies.
Excerpt:
Mr. Clark said he did not agree with the U. S. government's two-pronged approach of addressing the financial crisis and the recession.
"They have the view that you can't have the economy work if the banks don't; I would say the banks won't work if the economy doesn't work," he said. He added this period of reintermediation, which was fuelled by a "false boom" in consumer demand by artificially inflated credit markets, would hurt Canada, and he did not believe the country could lead the world in recovery.
"Just because our banks didn't collapse, Canadians are running around saying, wow, aren't we terrific. But the reality is this economy is going to get whacked just as hard as economies around the world."
Commentary: If Ed Clark (president and CEO of TD Bank) is right, Canada will not escape the global downturn.
I suspect he is correct.
Uppity Canadians love to view themselves as just a little more enlightened than their neighbors to the south, but dependency on the US market for over 75% of exports means we too will be affected.
In my March 25 post "Strategies Part 1" I shared my view that having 3 to 6 months of household expenses in cash was my #1 goal. In a future post we will examine an approximate timeline of important economic events and further coping strategies.
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