Canada's Central Bank Governor says "We'll be back on course by 3rd Q 2009."

After recently dropping our interest rate to the historic low of 1%, Bank of Canada Governor Mark Carney said today that Canada will return to positive growth by the 3rd quarter of 2009.

www.cbc.ca...

This announcement contradicts most other economists predictions that I have heard or read for Canada. Also, our jobless numbers are climbing, like a lot of other places around the world. He also seems to downplay the global reach of this recession and feels Canada is insulated enough to bring us out quicker than the rest.

This forecast also comes just before our Federal Budget is tabled, which is predicted to bring us to about 34 Billion dollars in the red for this fiscal year and another 30 billion or so in 2010. Most Economists that I have heard or read agree that this isn't the way to go and won't help our economy out of this mess. Am I missing something then? Is this just the BoC stating what the masses want to hear?

Reinhardt says 3rd or 4th Q, I can't remember. We sure have had a dramatic fall so I think maybe we will hit bottom a little early and then markets will WAY oversell. Somehow I have to get some scratch and play some stocks that look solid and promising.

reply to post by GAOTU789



Maybe in Canada. But central bankers are liars as they only answer to the all mighty share-holder. Remember that we have Paulson saying the same thing despite the fact that ALL economic data points to consistent losses and prolonged recession throughout the next 2 to 5 years.

I won't get into the specifics here, there are many..But when a banker speaks, he's not talking to you.

Originally posted by GAOTU789
Bank of Canada Governor Mark Carney said today that Canada will return to positive growth by the 3rd quarter of 2009.

LOL

second line

Originally posted by GAOTU789
Is this just the BoC stating what the masses want to hear?

Exactly.
Wishful thinking .