Economic Club - Toronto
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.
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.