Saturday 22 November 2008 Don't hesitate - it's time to stimulate Canadian economy
Canada can't afford to wait for a new U.S. administration before getting started on a major stimulus program to rescue this... The Harper government needs to announce the first steps toward a Canadian stimulus program within weeks, and such a program should be big - worth as much as $20 billion - Sherry Cooper, chief economist at the Bank of Montreal, said in an interview yesterday.
Friday 21 November 2008 The Lame-Duck Economy Everyone’s talking about a new New Deal, for obvious reasons. In 2008, as in 1932, a long era of Republican political dominance came to an end in the face of an economic and financial crisis that, in voters’ minds, both discredited the G.O.P.’s free-market ideology and undermined its claims of competence. And for those on the progressive side of the political spectrum, these are hopeful times.
Wednesday 12 November 2008 OTTAWA: COMMODITIES BOOM SAID DONE
The Bank of Montreal has issued a report claiming that the resources boom of recent years has past and that prices won't restart to rise for at least a year. BMO's commodity price index dropped 16.7 per cent in October, with all commodity groups suffering major losses. Oil prices dipped by 26.2 per cent in the month and show no signs of recovery. The bank predicts that the price of a barrel of oil will average US$70 next year, down from an average of US$102 this year.
Wednesday 12 November 2008 OTTAWA: BLEAK ECONOMIC WINTER FORECAST FOR CANADA
The international economic consulting firm Global Insight predicts a hard winter for Canada economically. The firm says the country is already in a recession and will lose 100,000 jobs in the first three months of 2009. Global Insight says the economy will shrink by 1.4 per cent in current quarter and by a further 1.2 per cent in the first quarter of next year. The firm's managing director, Dale Orr, says the job losses will affect particularly the auto and forestry industries, as well as construction for housing, tourism and financial services. Mr. Orr also predicts a rise in the jobless rate from 6.2 at present to 7.2 by the end of next year.
Tuesday 11 November 2008 OTTAWA: BUSINESS CONFIDENCE DROOPS
A survey of Canadian businesses indicates they were much less confident, last month than this summer. The Index of Business Confidence fell to 78 points, in the first three weeks of October, down 13.5 points from the Conference Board of Canada's third-quarter survey and the lowest level in seven years. Almost 70 percent of respondents said they believed the economy would be in worse shape in six months time, compared with 12 percent who expected improvement.
Saturday 08 November 2008 Obama to tackle economy 'head-on' US President-elect Barack Obama has pledged to confront the economic crisis "head-on" immediately after taking office in January.
Saturday 25 October 2008 Some Currencies Plunge as Stocks Sink Worldwide WASHINGTON — Fear that the financial crisis is infecting once-healthy economies created another white-knuckle day for investors Friday, causing stocks to tumble from Tokyo to New York.
Saturday 18 October 2008 OTTAWA: BANKS DETECT RECESSION
The Bank of Montreal and the Bank of Nova Scotia have stated that Canada's economy is likely now in a recession. In a note to the bank's clients concerning tumbling commodity prices, BMO chief economist Sherry Cooper writes: "The boom has turned to bust." The note warns that the economy either has shrunk or is set to shrink because of the worsening manufacturing slump and dwindling demand for Canada's commodities, including oil. However, Mrs. Cooper says the Canadian recession will be less severe than those of countries like the U.S. that had housing bubbles burst. The economist also forecasts that the federal government will be forced into deficit spending. Meanwhile, Scotiabank has released an updated economic forecast which predicts that the economy will contract by .2 per cent in 2009.
OTTAWA: SLUMP SAID TO THREATEN CENTRAL, WESTERN CANADA
The Toronto Dominion Bank says that the economic recession in the U.S. will hurt the economies of both central and Western Canada. A report by the bank says that the manufacturing-based economies of Ontario and Quebec will likely shrink by one-per cent because of the slump in the U.S. The American downturn will adversely affect such exports as cars, auto parts, lumber, machinery and furniture. According to the report, recovery next year in the two provinces will be only slight. The bank says the U.S. recession will similarly affect the grain, mineral and energy exports of the West and provinces west of Ontario will struggle to achieve growth of two per cent.
Tuesday 14 October 2008 This year's Nobel Prize for Economics has been awarded to American Paul Krugman for his analysis of trade patterns and location of economic activity. The award is the last of the six Nobel prizes announced this year and is not one of the original Nobels. It was created in 1968 by the Swedish central bank in Afred Nobel's memory, the Swedish businessman who established the annual prizes in 1895. Last week, the five Nobel Prizes for Medicine, Physics, Chemistry, Literature and Peace were awarded.
Tuesday 07 October 2008 TORONTO: ECONOMISTS ARE DISMAL
Economists representing Canada's five "big" banks expect little or no economic growth in the near future, expressing that forecast in remarks before the Economic Club of Canada. Bank of Nova Scotia chief economist Warren Jestin says says the present situation is different from a typical recession in that the structural problems affect everything from the U.S. housing market to Canada's oil industry. Doug Porter of the Bank of Montreal predicts that commodity prices will continue low over the next year, putting a major dent in Western Canada's economy. After Mr. Porter spoke, the TSX lost 1,200 in the course of the morning, with commodity prices in particular tumbling. Mr. Porter also says that the future of Canada's economy depends on whether the turmoil in the U.S. financial sector subsides. Don Drummond of Toronto Dominion Bank predicted no growth in Canada until the end of 2009, and even then little.
Larry Dignan: The economy is mired in a slowdown, Wall Street
allegedly needs a bailout and stocks are on a roller coaster that
is mostly headed down. What's less clear is how all of
this turmoil is impacting the tech industry and your
personal economy.
Sunday 21 September 2008 The downturn in facts and figures The panic in world financial markets has led to sharp falls in share prices and led to the contraction of credit markets. BBC News looks at how key indicators around the world have moved as recession fears grow.
Friday 12 September 2008 OTTAWA: TRADE SURPLUS DROPS
The country's trade balance fell 14 per cent in July due to a strong increase in imports, which increased more than exports. Statistics Canada reports that the surplus fell by $4.9 billion, compared with the $5.6 billion which economists had forecast. Imports rose for the fourth straight month by 4.6 per cent to $39.5 billion. The rise affected all economic sectors, particularly cars. Exports rose only two percent to $44.3 billion because of a fall in deliveries of energy products, the first such drop in a year. Trade with the U.S. allowed Canada to maintain a trade surplus, trade with the rest of the rest of the world continuing to show a deficit.
Saturday 30 August 2008 OTTAWA: ECONOMY AVOIDS RECESSION
Statistics Canada reports that the economy grew by .3 per cent in the second quarter. The news means that the country has avoided for the time being a formal state of economic recession, growth having dropped .8 per cent in the first quarter. The federal agency says gains were recorded in the public sector, finance, insurance and the retail trade. There were declines in the energy sector, particularly in natural gas production. Federal Finance Minister Jim Flaherty commented that the country is feeling the effects of global economic factors, particularly the struggling U.S. economy.
Thursday 28 August 2008 OTTAWA: GOVT. SAFE FROM DEFICIT
The Conference Board of Canada has ruled out the possibility that the federal government will record a yearly deficit because of the slumping economy and will almost definitely record a higher surplus than it has predicted. The private researchers say that inflation is pushing up salaries and therefore tax revenues, a development offsetting slower economic growth and the effect of tax cuts that were implemented in January. Finance Minister Jim Flaherty predicted a $2.3-billion surplus in his last budget. The Conference Board doesn't venture a figure in its report on the matter, but its chief economist says a $5-billion surplus would be unsurprising.
Wednesday 13 August 2008 OTTAWA: TRADE SURPLUS UP
Statistic Canada says the country's trade surplus in June grew by 11 per cent compared with the previous month on the strength of energy exports to the U.S. Exports south of the border which comprise three-quarter of Canada's exports increased by five per cent to $32.5 billion, bring the country's trade surplus with the Americans to $9.6 billion. However, StatsCan also reports that Canada trade deficit with the rest of the world increased from $2.9 billion in May to $3.9 billion in June.
Sunday 03 August 2008 Can Paulson Save the Economy?
The Treasury Secretary made his reputation as a Wall St. dealmaker, but heading off a recession will be a tougher job It is late on a summer afternoon, and Treasury Secretary Henry Paulson is sipping a Diet Coke in his giant corner office a patch away from the White House and doling out career advice. His secret to success? "You define your job expansively."
Friday Aug 1, 2008 Canadian economy still in good shape Last year, the Canadian and U.S. economies appeared to be headed in sharply different directions.
Tuesday Jul 22, 2008 Economy 'losing steam'
The weakening U.S. economy, the strong Canadian dollar and competition from offshore companies are draining the energy out...
Wednesday Jul 16, 2008 Stocks, oil fall on fear of inflation
The TSX closed down more than 383 points yesterday after the Bank of Canada warned that inflation will...
The TSX closed down more than 383 points yesterday after the Bank of Canada warned that inflation will rise a lot more than expected, even as economic growth slows.
That warning was echoed by U.S. Federal Reserve Board chairman Ben Bernanke, who said there are risks to growth and more signs that consumer prices will continue to rise: "The possibility of higher energy prices, tighter credit conditions and a still-deeper contraction in housing markets all represent significant downside risks."
Oil prices plunged by $6.44, the biggest dollar amount in 19 years, after Bernanke's remarks. The drop also curtailed the loonie, which closed up 29 basis points, at 99.77 cents U.S., after briefly soaring above parity with the greenback.
Wednesday Jul 16, 2008 Dark cloud inflates over Canadian economy
The Canadian dollar soared briefly above parity with its U.S. counterpart yesterday and the stock market plunged more than...
Wednesday Jul 16, 2008 Fannie, Freddie downgraded despite rescue effort
Investors unloaded shares of Fannie Mae and Freddie Mac again yesterday after a credit agency cut their financial strength..
Saturday 12 July 2008 Worst Fears Ease, for Now, on Mortgage Giants Bush administration officials had worked into the early morning hours on Friday drawing up contingency plans to rescue the companies, Fannie Mae and Freddie Mac, should their financial plight worsen. And when both companies’ stocks fell 50 percent initially, some investors feared the worst.
Tuesday 01 July 2008 OTTAWA: ECONOMY RALLIES MILDLY
Statistics Canada reports that the economy grew by a slight .4 per cent in April, in all likelihood keeping the economy out of recession. The result exceeds economists' predictions and reverses two previous months of negative growth. Most of the growth came in the troubled manufacturing sector, with motor vehicle production up by seven per cent. Most economists are now forecasting a growth rate of under one per cent in the second quarter and about the same for the rest of the year.
Sunday 29 June 2008 OTTAWA: CENTRAL BANK PESSIMISTIC
The Bank of Canada has issued an essentially pessimistic quarterly report on the state of the country's economy. The report reversed its previous economic prediction of better times in the present quarter and now forecasts growth of only .3 per cent for the quarter. However, the Bank predicts a rebound of 1.8 in the second half of 2008. The report says that the international credit crisis that began in the U.S. last summer with the turmoil of subprime mortgages will continue for two years, with the result that Canadian businesses and consumers will continue to pay about three-quarters of a percentage point more to borrow. Exports will decline. On the positive side, the Bank predicts that the economy won't lapse into recession because of high commodity prices, strong employment and robust consumer confidence.
Monday 23 June 2008 What Happens if We’re Wrong? IN 1995, home prices in the United States rose by 1.7 percent. They kept climbing over the next 10 years at an accelerating rate. The climax was in 2005, when the increase was 15.7 percent, putting home prices at more than double their 1995 level. Except for the early years after World War II and during the great inflation of the 1970s, home prices in the United States had never doubled in the short space of 10 years.
Our monthly round-up of noteworthy articles published on CFO.com, a source of news and insight for senior finance executives
Tuesday 10 June 2008 Risk of US downturn 'diminishes'
The threat of a major decline in the US economy has waned, says Federal Reserve boss Ben Bernanke.
Playing down recent unemployment rises, he said a series of interest rate reductions combined with tax cuts was helping the US offset its difficulties.
Earlier, Democratic presidential candidate Barack Obama attacked his rival John McCain's economic policies.
Friday 30 May 2008 TORONTO: TRADE SURPLUS UNEXPECTEDLY UP
Statistics Canada reports that the country's trade surplus in the first quarter amounted to $5.6 billion. The figure is almost twice as high as what analysts had predicted. The Canadian Press cites an economist with the Bank of Montreal as saying that the chief explanations are higher commodity prices, particularly oil, and a lower travel deficit. StatsCan reported the first trade deficit in eight years in the fourth quarter of last year, but revised its evaluation on Thursday to a small surplus.
The house-price bust has a long way to go
(The Economist) SOUNDING more like a cartographer than a central banker, Ben Bernanke this week showed off the Federal Reserve’s latest gizmo for tracking America’s property bust: maps that colour-code price declines,
Friday 09 May 2008 Wed1365 page2 for a good report on the The economy
Thursday May 1, 2008 Economy weakens more than expected
Canada has edged closer to a recession, while the United States appears to have skirted one - at least for now.
Sunday 27 April 2008 Wall Street, Run Amok
How did all of the mechanisms operated by the mind-bogglingly well-paid men and women of the Street go so wrong?
Tuesday 22 April 2008 OTTAWA: GOVT. COULD FALL INTO DEFICIT
The Dominion Bond Rating Service says that the federal government could incur a deficit for the first time in more than a decade. The government recorded its 11th straight budget surplus in the 2007-2008 fiscal year. But DBRS says that Finance Minister Jim Flaherty's prediction of 1.7 per cent growth and a $2.3 billion budget surplus could be too optimistic. The rating service says this is because of "a deteriorating growth outlook" combined with major tax cuts over the past year. Two weeks ago, the International Monetary Fund predicted that growth in Canada would slow to 1.3 per cent in 2008 because of the economic difficulties of the country's biggest trading partner, the U.S.
Wednesday 16 April 2008 U.S. Economy
"I guess I've always lived the glamorous life of a star. It's nothing new - I used to spend down to the last dime." - Freddie Mercury. Standard and Poor's warned that Fannie Mae (FNM) and Freddie Mac (FRE) could cause the U.S. to lose its triple-A rating if the government were forced to rescue them. These government sponsored enterprises enjoy implicit government guarantees. S&P wrote, "Even though...credit damage from GSEs is unlikely, the greater risk to the U.S. lies with them than with broker-dealers." The cost in such an event could be as high as 10% of GDP (about 2.5x the annual U.S. defence budget)
while the Fed's bailout of Bear Stearns (BSC) and other credit facilities to brokers has cost less than 1% of GDP. Freddie and Fannie have been expanding their exposures to housing of late, adding to the risk. "These potential risks are not a prediction, but a risk worth mentioning," said S&P.
Tuesday 15 April 2008 OTTAWA: CANADA'S COMMODITIES SEEN AS BUFFER AGAINST RECESSION
One of Canada's big banks says the country's booming commodities sector will act as a buffer against being dragged into the recession which it predicts for its biggest trading partner, the U.S. CIBC World Markets has issued an economic forecast in which it predicts a recession for the U.S. in the first half of 2008 due to that country's worst housing slump since the Great Depression of the 1930s. But the report says that although there are parts of the Canadian economy that will be affected, the resilience of Canada's resource markets, particularly energy, mean a "new measure of economic independence..." However, the bank predicts that the national economy will grow by only 1.6 per cent this year, down considerably from 2.7 per cent in 2007.
Tuesday 15 April 2008 EDMONTON: PORK FARMER PAID TO CULL PIGS
The federal government has announced it will pay pork farmers $50 million to slaughter 150,000 of their animals in an unprecedented measure to stave off the industry's collapse. The target is a 10-per cent reduction of the numbers of swine. Most of the meat will be turned into pet food but some will be made available to food banks. Pig farmers are struggling with the effects of low prices, increasing feed costs and the high value of the dollar. The farmers also face higher costs because of new country-of-origin labelling rules for meat products that will go into effect in the U.S.
Monday 14 April 2008 World Bank tackles food emergency
The World Bank backs emergency measures to tackle rising food prices around the world. 100 million people in poor countries could be pushed deeper into poverty by spiralling prices.
The crisis has sparked recent food riots in several countries including Haiti, the Philippines and Egypt.
Sunday 13 April 2008 Greenspan, Volcker square off on U.S. woes
The more Alan Greenspan whines about his tarnished legacy since leaving the helm of the U.S. Federal Reserve, the more his predecessor Paul Volcker looks to claim the title as the ``greatest central banker who ever lived.''
Sunday 13 April 2008 Billionaire sees trouble
His doom-and-gloom forecast on economy may actually have found the mark this time.
"I consider this the biggest financial crisis of my lifetime,'' George Soros said during an interview last week in his office overlooking Central Park. A "superbubble" that has been swelling for a quarter of a century is finally bursting, he said.
Friday 11 April 2008
At the age of 77, Mr. Soros, one the world’s most successful investors and richest men, leapt out of retirement last summer to safeguard his fortune and legacy. Alarmed by the unfolding crisis in the financial markets, he once again began trading for his giant hedge fund — and won big while so many others lost.
Friday 11 April 2008 OTTAWA: CANADIAN TRADE SURPLUS RISES SHARPLY
Exports rose and imports fell as Canada's merchandise trade surplus grew by more than $2 billion in February--to $4.9 billion. Statistics Canada says it was the largest monthly surplus since last May. Bank of Montreal Deputy Chief Economist Doug Porter said Thursday the jump in the trade surplus was a surprise and he called it nothing short of shocking. He said the real eye-opener was that the improvement was driven by volumes and not booming commodity prices. He said the rise comes at a time of weakening US spending, the parity of the US and Canadian dollar that dampens Canadian exports, and still-robust Canadian spending trends. Statistics Canada said exports climbed 3.8 per cent from January to $39.3 billion and imports slid two per cent to $34.4 billion. The trade surplus with the US soared to $8.1 billion, the biggest in more than a year. Canada's exports to the US increased by 3.6 per cent. Imports dropped by 3.4 per cent.
Friday Apr 11, 2008 Trade surplus skyrockets
Canada's trade surplus jumped an unexpected 78 per cent in February to $4.9 billion from a revised $2.8 billion in January... Canada's trade surplus jumped an unexpected 78 per cent in February to $4.9 billion from a revised $2.8 billion in January, Statistics Canada said yesterday. This was the largest monthly surplus since May 2007 and the biggest rise since June 2004.
Thursday Apr 3, 2008 Our market may come up short
This week's wild party on U.S. stock markets ran out of steam yesterday as Fed chairman Ben Bernanke admitted for the first... But spirits remained much higher in Canada, where shares of resource producers managed to keep the market rising, despite a gloomy reaction among financial issues.
Such Canadian outperformance has become a pattern over the past several months, National Bank market strategists Pierre Lapointe and Clément Gignac say, but it might be unwise to think that it will continue.
Tuesday 01 April 2008 Economy bounces back
January saw Canadian economy grow 0.6 per cent, recovering from a dismal contraction in December
Sunday 23 March 2008 Split Is Forming Over Regulation of Wall Street WASHINGTON — As Congress and the Bush administration struggle to contain the housing and credit crises — and prevent more Wall Street firms from collapsing as Bear Stearns did — a split is forming over how to strengthen oversight of financial institutions after decades of deregulation.
The US economy is on the brink of recession, according to the Organisation for Economic Co-operation and Development (OECD).
The OECD has slashed its growth forecast for the US economy and hardly expects it to grow at all in the first six months of 2008.
But the OECD says it is "premature" to say the US is in recession.
Thursday Mar 20, 2008 TD Bank predicts federal deficit
Ontario's economy will be pushed into a recession and Canada's to the brink by a prolonged slump in the U.S. economy, driving... ...Canada's economy will grow by just 1.1 per cent this year, down from the 1.9 per cent expected three months ago, but will post a modest recovery to 1.8 per cent in 2009, while U.S. growth will be a stagnant 1.1 per cent this year and next, it forecast. The Canadian economy will shrink 0.4 per cent this quarter, but start to recover in the spring quarter with marginal growth of 0.2 per cent.
Wednesday 12 March 2008 Fed Hopes to Ease Strain on Economic Activity
By EDMUND L. ANDREWS
The Federal Reserve offered to let the biggest investment banks on Wall Street borrow up to $200 billion in Treasury securities.
Wednesday 12 March 2008
Wednesday 12 March 2008 OTTAWA: TRADE SURPLUS REBOUNDS
Canada's trade surplus rose by 3.6 per cent in January from December to $3.3 billion, up from $2.3 billion in the former month. Exporters sold $38 billion worth of goods. The January figure reverse a downward trend that had persisted through most of 2007, due in part to the strong Canadian dollar.
Tuesday 26 February 2008 WASHINGTON: IMF LOWERS GROWTH PREDICTION FOR CANADA
A weakening U.S. economy has prompted the International Monetary Fund to lower its economic growth forecast for Canada. In its October forecast, the IMF predicted economic growth of 2.3 per cent this year. On Monday, it reduced that forecast to 1.8 per cent. The IMF says that growth in Canada slowed toward the end of last year and will slow down even more, reflecting a sharp downturn in the United States.
Thursday 21 February 2008 The Federal Reserve has revised downwards its prediction for economic growth. Minutes of a closed-door meeting between Chairman Ben Bernanke and his associates on Jan. 29-30 expressed worry over the continuing housing slump and the credit crisis. The Federal Reserve at that meeting lowered a key interest rate by one-half a percentage point, having lowered the same rate by three-quarters of a point eight days prior. According to the minutes, apprehension was expressed that even these aggressive step wouldn't be enough. The Fed now estimates yearly growth at between 1.3 and 2 per cent, down from a previous estimate between 1.8 per cent and 2.5 per cent.
Sunday 17 February 2008 OTTAWA: MANUFACTURING SECTOR IN FREEFALL
Statistics Canada reports that sales for manufacturing sector fell to their lowest level in three years in December. The agency says sales amounted to $48.6 billion, a drop of 3.4 per cent from November. The drop is mainly due to the closure of several auto plants. The chief economist for J.P. Morgan Securities Canada, Ted Carmichael, explains that the effect on Canadian manufacturers of the slowdown in the U.S. has been more rapid than foreseen and that therefore the perspective of a recession in Canada have increased.
Thursday 14 February 2008
George Bush signed an economic stimulus package that will supply $168 billion—$152 billion of it this spring. The measure forms part of a government endeavour to stave off a recession in America. It ensures that rebates of up to $1,200 will be posted to households and also provides businesses with new tax breaks. Earlier, Hank Paulson, the treasury secretary, announced another initiative to help struggling homeowners by placing a 30-day freeze on certain kinds of foreclosures. RealtyTrac, an online property firm, said that foreclosures in America's largest urban areas rose by 78% last year, to 1.8m. See article
Feb 7th 2008 | WASHINGTON, DC
From The Economist print edition George Bush’s fiscal plan will set off an epic fight
APART from its record-breaking size—over $3 trillion, for the first time ever—the most memorable novelty of George Bush’s budget proposal was the method he used to submit it to Congress. On February 4th Mr Bush held up a tablet PC and showed off his 2009 e-budget. “It saves paper, it saves trees, it saves money. I think it’s the first budget submitted electronically,” he noted. All the easier for the Democrats to drag it to the recycling bin.
BUSINESS Thursday 07 February 2008
US economy plan fails in Senate
The US Senate fails to agree on a different version of the White House-backed economic stimulus plan.
US chain Macy's to cut 2,300 jobs
US department store chain Macy's is to cut 2,300 jobs, as it announces a 7.1% fall in sales in January.
Friday Jan 25, 2008 Canada Federal surplus running at $6.7 billion The latest monthly report on the government's finances suggest it easily has the cash to cover the cost of other tax measures - such as the GST cut, which kicked in on Jan. 1 - and meet its commitment to provide $1 billion in relief in the upcoming budget to help offset the impact on manufacturing and forestry industries of the strong dollar and weakening U.S. economy.
In November, however, the surplus was just $100 million, down from $400 million a year earlier, suggesting that the flow of cash into government coffers may be slowing with the economy.
Thursday 24 January 2008 OTTAWA: CANADIAN ECONOMY SHOWING WEAKNESS
Canada's economy showed no growth in the last three months of 2007, the longest continuous period of weakness in six years. The composite leading index had zero growth in October and November, and a dip of .1 per cent in December. Statistics Canada blames the dip on unusually heavy winter snow that prevented housing construction. Consumer spending was mixed. Some increases were seen in sales of furniture and household appliances. Auto sales were weak, but appeared to rally in December. New orders in the United States for Canadian manufactured goods remained low, another sign of a slowdown in the U.S. economy.
Wednesday 23 January 2008 OTTAWA: PRE-CHRISTMAS SALES STRONG
The value of retail sales in Canada in November hit $34.8-billion, a rise of 0.7 per cent. Statistics Canada attributed the increase to strong sales of gasoline, along with a recovery in general merchandise store sales. It was the third month in succession that retail sales rose. Looking ahead, Ritu Sapra, an economist with TD Bank, says "while gathering economic storm clouds in the U.S. and the elevated loonie (Canadian dollar) will continue to give non-resource exporters in Canada serious migraines, the domestic side of Canada's economy, including the household sector, should continue to bear up well."
anuary 19, 2008 The Education of Ben Bernanke (NYT Magazine) Ben Bernanke’s first exposure to monetary policy was reading the works of Milton Friedman, the Nobel laureate. That was 30 years ago, when Bernanke was a graduate stud
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Can Paulson Save the Economy? 
