Bank of Canada: The "Recession" is over!

[blazespinnaker]

Re: Bank of Canada: The "Recession" is over!

Interesting, so you guys all confidently believe that the recession isn't over? Do you mind if I quote you for posterity?

I guess ECRI is a bunch of morons too?

I wish I had the crystal ball everyone else seems to have. I'd be rich!!

[LargoWinch]

Re: Bank of Canada: The "Recession" is over!

All I can say is I am glad I live in Western Canada. When the inflationary poom inevitably becomes so visible even the blind can see it [and yes, it will be a "big surprise" to Carney, Flaherty, and the MSM] at least the core resource industries around here [what's left of them] will be able to pass on their price increases to consumers. Until Ottawa mandates price controls that is...

You can be sure that Dalton McGuinty will find a way to tax Western Canada via the TSX [harmonized tax anyone?] and you can bet that it will be even easier for Ottawa.

Everytime I take the subway to work, I think about the brand new GM car I was forced to pay for but will never enjoy driving.

Oh and since we are at it, note that if someone's looking for a job, simply apply here. :rolleyes:

[GRG55]

Re: Bank of Canada: The "Recession" is over!

What a bunch of morons.

LOL.

From the Bank of Canada's April 2008 "Monetary Policy Report"...

"...The Bank projects that the Canadian economy will grow by 1.4 per cent this year, 2.4 per cent in 2009, and 3.3 per cent in 2010. The emergence of excess supply in the economy should keep inflation below 2 per cent through 2009...There are both upside and downside risks to the Bank's new projection for inflation; these risks appear to be balanced..."

Remember how much flack Carney took at the time? Remember the robust public defense he made of these forecasts in the face of that criticism? Remember our idiot Finance Minister's defense of the defender?

Three months later the party line had not changed much:

Canada will dodge recession, central bank says

By Jacqueline Thorpe, Financial Post
July 18, 2008

The Bank of Canada continues to expect Canada to escape a recession in the first half of 2008, and has slightly raised its projection for second quarter growth. The bank also downplayed the rise in inflation expectations among many Canadian businesses, saying they could reverse quickly if volatile energy prices stabilize.

The bank forecasts the economy to grow an annualized 0.8% in the second quarter, up from an earlier forecast of 0.3% in April. The economy contracted 0.3% in the first quarter. Two back-to-back quarters of negative growth are required to meet the widely accepted definition of a recession...

As for "...inflation below 2 per cent through 2009..." the latest from StatsCan...

Latest release from the Consumer Price Index

Friday, July 17, 2009
Released at 7:00 a.m. Eastern time

...Excluding energy, the CPI rose 2.1% in June...

All I can say is I am glad I live in Western Canada. When the inflationary poom inevitably becomes so visible even the blind can see it [and yes, it will be a "big surprise" to Carney, Flaherty, and the MSM] at least the core resource industries around here [what's left of them] will be able to pass on their price increases to consumers. Until Ottawa mandates price controls that is...

[LargoWinch]

What a bunch of morons.

Recession is over: Bank of Canada

Challenge is to now make our economy healthy once more

BY PAUL VIEIRA AND DEREK ABMA, CANWEST NEWS SERVICEJULY 24, 2009


Canada's first recession in nearly 20 years has come to an end, according to the Bank of Canada, with the economy set to return to growth in the coming months as business and consumer confidence improves.

Canada's economic downturn, which had been ongoing for three-quarters of a year, is giving way to renewed growth in the current quarter as a result of improved credit markets and higher levels of consumer confidence, the central bank said in its monetary policy report on Thursday.

...

Full article here.