Economic Club - Toronto

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Oct 7, 2008 4:37 pm

More from another perspective , I will quote some of the speeches:

 
" Economists from Canada's Big Five Banks expect little or no growth in the near future , warning Monday that the domestic economy's current gloom will deepen into something worse than a recession.
The word " recession " wouldn't describe the deep structural problems affecting everything from the U.S. housing sector to the Canadian oil industry, said Bank of Nova scotia chief economist Warren Jestin.
"You have to invent a new word to describe what we are in now " he said after the banks presented their perspectives at the Economic Club.
" it's being driven through the financial markets into the real economy. All of those things suggest it's entirely different than what you might expect from a typical recession".
 
Just a sampling ......and the public get to take this home with them.
Oct 7, 2008 8:55 pm

excellent point. When you have Ken Lewis at BAC saying he has never seen anything like this in his 39 years in banking and they have to go do a stock offering to raise capital this is different then in the past. Scary Stuff.