I've been traveling all week and the one thing I've noticed, there's little spending going on out there. Consumerism is at such a low point right now, it seems like there's no hope for change in sight. I visited a very posh mall in the Chicago area, replete with beautiful stores like Burberry, Max Mara, Coach, Neimans...and no surprise really - the place was dead!
Stephen Harper, just on the heels of his big re-election win, refuses to admit that we're in the same boat as our American cousins on the sea of imminent recession.
He says that the Canadian economic system and our banks are sound, but I honestly can't believe that this is true, considering how the US is faring and how incredibly frightened people are to buy pretty much anything these days. The number of seats occupied on my flight home was uncharacteristically low, as was the traffic in the airport itself - a bizarre thing to remark, since O'Hare is one of the busiest in the world.
Harper actually said that he refuses to "speculate" on the Canadian economy but given the volatility of the world market, as it stands right now, I think it pretty much means one thing, a national deficit and higher taxes for us all. I've read that the Canadian government have taken measures to secure our financial institutions and that we can't end up like the US...sorry, I'm not convinced.
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Great stuff, Monica. I wait for someone I know to admit that this financial crisis has completely ruined their life, and it never happens. It's like a paranoia inside of our minds, planted and nurtured by the media. I can't help but think that it's some type of plot being played out by those in command. It should make for an interesting black friday.
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