IMF: 25% chance of global recession
Look at these chicken littles at the International Monetary Fund:
The world has a 25 per cent chance of tipping into recession this year and next, and countries in trouble should pull out all their policy stops to make sure it doesn’t materialize, the International Monetary Fund says.
The global expansion which has endured for years is now at risk because the U.S. slowdown will likely stick around well into 2009, the IMF projects in its latest global economic forecast.
Canada’s economy will muddle through, however, with sub-par growth, the forecast suggests.
“The global expansion is losing speed in the face of a major financial crisis,” the IMF warns in its global economic outlook, released Wednesday morning in time for this weekend’s high-profile meeting of economic policy makers in Washington.
You know what you need to do. Go out there and buy more stuff! Take on more debt, get all the credit you can and together we can keep this thing from falling off the rails. Why are you just sitting there? Get out there and buy something!!
RSS 2.0 comments feed. Both comments and pings are currently closed.
April 12th, 2008 at 8:19 am
So the mortgage brokers have been a major player in the run up in RE prices in Van… He explained to me that there are so many applications that they can’t possibly check them the way they should… “Get in and you will gain equity fast”
April 11th, 2008 at 7:41 am
“Hopefully our government won’t bail out the babies after the bottom falls out…”
I suspect it will be the people who filed fraudulent mortgage applications who cry the loudest. Personally I hope the government has a full investigation and makes those people realize that they were committing a serious crime and in some instances (those with multiple cases) they should see the inside of a jail.
“honest mortgage broker”
Don’t use those words around a computer in Vancouver! It’s logic circuits might explode.
April 10th, 2008 at 3:18 pm
We need to need to hear from an honest mortgage broker on how they are fudging the numbers to allow for these huge mortgages they are not fundamental. This is what is leading to the meltdown in the US and the bubble we are currently experiencing. I have a story that my mortgage broker told me… I was unemployed and did have 25% to put
down on an E van home but no income other than EI. He said no prolem we can say your self employed and they probably won’t even ask for any info. If they do I will help you abtain some documents.
April 10th, 2008 at 2:54 pm
Hopefully our government won’t bail out the babies after the bottom falls out…
April 10th, 2008 at 12:16 pm
I have no love in my heart for the various salespeople that have pumped up this market, but in the end I believe there’s only one person to blame: the buyers. These are the people that will get burned in the crash, just as it should be.
April 10th, 2008 at 12:01 pm
Dream on.
I just thought it would be fun, hence the plea for a pro bono legal team.
April 10th, 2008 at 11:52 am
I would love to launch a class action lawsuit against this POS when things come tumbling down in Vancouver.
Dream on. None of the dot-com cheerleaders were ever successfully sued either in Canada or the US, and these were people who were actually employed by the securities industry and had some legally defined responsibilities, not some radio talk jockey.
Remember also that realtors are fiduciaries of the seller, not the buyer (always), so don’t expect anyone to get a pound of flesh from them either.
April 10th, 2008 at 11:44 am
Somebody should give Bill Good a kleenex so he can wipe his face off!
April 10th, 2008 at 11:27 am
Me,
For sale signs are on back order. Please be patient, it’s coming.
April 10th, 2008 at 10:33 am
Sorry my US/Canada growth forecasts are for 2008.
April 10th, 2008 at 10:32 am
Hi guys,
I’m well aware of the developing world’s growth potential. What is not mentioned is that China’s 12% (or whatever) growth rate due to the US growing at 3%. so what happens when the US craps out? Canada’s growth in 09 is forecast at 1.2%, US is somewhere in the negatives. I agree that using the USD as the world’s economic scale really messes with the numbers when the USD has a big value swing.
Bill Good is quoting his boyfriend Rennie on the radio right now. News flash from Bill: Downtown is for the rich only, prices will never go down. East Van prices will continue to rise. Vancouver is world class.
Michael Levy (CKNW’s financial guy) is more realistic. He didn’t make a specific prediction, but mentioned that we are in an unsustainable period of growth.