ECON 2000 Lecture Notes - Mark Carney, The Global Mail, Financial Stability Board

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During the 2008 recession, many countries went through a very difficult time. Major banks in the united states had given out enormous loans to companies and people that they were not receiving back. Canada on the other hand had taken this crisis better than other countries. Economists believe that there are both micro, and macroeconomics related causes to the recession. 66. 2 to 69 percent over a six-year period. This is because people in united sates were buying second homes, vacation cottages, and retirement homes that they could not afford. The macroeconomic issue that brought down the economy was due to a global economic strategy that was made in the 1990"s that stated every country should benefit from importing low priced goods from other countries. This had a major impact on companies within that country, and in this case united states was affected the most. Canada"s economy took a tumble due the united states crisis.

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