Today's economy

Today’s economy media pack – 2009.09.11

By Kevin Press,

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Mark Carney sees recovery, Jim Flaherty sees deficits and you should see The Big Picture.

  • The Globe and Mail. Carney sees recovery on the horizon. “The evidence supporting a global economic recovery is gathering force faster than governments and economists were expecting.”
  • The Globe and Mail. Flaherty sees deeper deficit. “Putting the best possible pre-election gloss on forecasts of deeper red ink for Ottawa, Finance Minister Jim Flaherty is assuring Canadians the light at the end of the deficit tunnel should be visible by 2015.”
  • National Post. Bank of Canada buoyant on economy: economist reaction. “The Bank of Canada announced Thursday Canada’s economic recovery was gaining speed, with growth in the second half of 2009 possibly exceeding the 2.15% previously forecasted.”
  • National Post. No quick end to the recession. “Declaring the end to the economic recession in light of the sharp fall in consumer credit conjures up images of former President Bush aboard the Aircraft carrier USS Abraham Lincoln in May 2003 declaring the end to ‘major combat’ in Iraq.”
  • CBC. Alberta could slow economic recovery. “An Alberta economist says the province is about to change from being an engine driving the Canadian economy to an anchor slowing recovery.”
  • Bloomberg. Canada Dollar parity ‘achievable,’ Rosenberg says. “Canada’s dollar may reach parity with its U.S. counterpart by year-end as economic growth in Asia boosts commodity prices, said David Rosenberg, chief economist at Gluskin Sheff & Associates Inc. in Toronto.”
  • Four Pillars. Refinancing your mortgage. Is it worth it? “Because of dropping interest rates – mortgage brokers have been falling over themselves this year to try to get clients to terminate their mortgages and get a new mortgage at a lower rate. Brokers of course make money from deals so this is a good deal for them. The idea of having a lower interest rate and being able to lock it in for a while is quite appealing for the home owner.”
  • Million Dollar Journey. Canadian bank accounts for kids. “A few years ago we took the kids down to our local RBC and signed them up for a Leo Account. I did some online research to find out which Canadian bank offered the best bank accounts for kids.”
  • Man Vs. Debt. 42 ways to radically simplify your financial life. “I’ve made this concept one of the pillars of my financial life in the last couple of years. I must warn you, though, this stuff is addicting. The more I explore this subtle art, the deeper the rabbit hole seems to go.”
  • DebtKid. Should you ever borrow money to invest? “I’ve been thinking quite a bit lately about why I was such a terrible day trader. I think the number one reason was that I was using money that was borrowed, and money that I couldn’t afford to lose. I also had no clue about risk management. But it got me thinking, should one ever borrow money to invest?”
  • News N Economics. New rankings on country competitiveness: Singapore is number 3! “The World Economic Forum released its Global Competitiveness Report for 133 countries. The top headline: US is out, Switzerland is in (number 1, that is); Singapore grabbed third place, pushing out Denmark.”
  • Forbes. China’s August economic data tops forecasts. “New lending by Chinese banks rebounded in August and M2 money supply growth accelerated as banks continued to pump money into the world’s third-largest economy, the central bank said on Friday.”
  • Shrinkage is Good. The impact of the recession on your age group. “These days, the words ‘the recession’ call to mind ubiquitous images of anxiety, hardship and worry. Bemoaned daily by our leaders and cultural spokesmen, the recession has become almost an abstraction, synonymous with generalized dread rather than specific problems experienced by specific groups of people.”
  • The Money Game. Economy will be back in recession by early next year. “We would like to believe that the economy is going to go roaring right back to steady 3%-4% growth. But we still haven’t seen compelling facts to support that view.”
  • The Big Picture. Recession job losses: 3 views. “If a picture is worth a 1,000 words, well then consider the following 3k words worth of info on the current recession (in size order).”

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