The Economic Crisis March 25. Canadian Real GDP, Annual Change (%) 1962 1963 1964 1965 1966 1967 1968 1969 7 5.3 6.5 6.4 6.6 2.9 4.9 5.

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The Economic Crisis March 25

Canadian Real GDP, Annual Change (%)

Canadian Real GDP, Annual Change (%)

Canadian Real GDP, Annual Change (%)

Canadian Real GDP, Annual Change (%)

Canadian Real GDP, Annual Change (%)

Booms and Bubbles After the recession of the early 1990s, the US and (to a lesser extent) the Canadian economies boomed. Economies and profits grew, unemployment fell, but stock markets soared. After the stock market (the dot.com or technology stock) bubble of the 90s burst, there was a relatively brief and minor slowdown in growth. A real estate bubble developed in the next decade.

Financial Crises Financial crises have happened frequently in the history of capitalism and certainly in the era of neoliberalism Third World debt crisis 1987 stock market crash 80s and 90s US Savings and Loan crisis 1995 Mexican financial crisis 1997 Asian financial crisis 1998 Long Term Capital Management 2002 Argentine financial crisis

The State and Financial Crises Governments and, in particular, the American state have repeatedly stepped in to prevent financial crises from spreading and becoming a general economic crisis.

2008 Financial Crisis The Warning The battle over regulating the derivatives market: Alan Greenspan, Fed Reserve Chair , Robert Rubin, Treasury Secretary Larry Summers, Assistant Treasury Secretary , then Treasury Secretary Now working for Obama. Arthur Levitt, Chair of Securities and Exchange Commission Brooksley Born, Chair of Commodity Futures Trading Commission “Financial Overhaul Is Next Priority of Democrats,” New York Times. March 24, 2010.Financial Overhaul Is Next Priority of Democrats

Canadian State Response In late 2008 (and again in the 2009 budget), the federal government acted to support the Canadian financial sector. Federal and provincial governments responded in 2009 budgets with significant fiscal stimulus.