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Published byArchibald Manning Modified over 9 years ago
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The Economic Crisis March 25
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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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Canadian Real GDP, Annual Change (%) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 3 4.1 5.4 7 3.7 1.8 5.2 3.5 4 3.8
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Canadian Real GDP, Annual Change (%) 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 2.2 3.5 -2.9 2.7 5.8 4.8 2.4 4.3 5 2.6
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Canadian Real GDP, Annual Change (%) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 0.2 -2.1 0.9 2.3 4.8 2.8 1.6 4.2 4.1 5.5
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Canadian Real GDP, Annual Change (%) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 5.2 1.8 2.9 1.9 3.1 3 2.9 2.5 0.4 -2.6
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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.
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Financial Crises Financial crises have happened frequently in the history of capitalism and certainly in the era of neoliberalism. 1982 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
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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.
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2008 Financial Crisis The Warning http://www.pbs.org/wgbh/pages/frontline/warning/ The battle over regulating the derivatives market: Alan Greenspan, Fed Reserve Chair 1987-2006, Robert Rubin, Treasury Secretary 1995-1999 Larry Summers, Assistant Treasury Secretary 1995-1999, then Treasury Secretary 1999-2001. Now working for Obama. Arthur Levitt, Chair of Securities and Exchange Commission 1993-2001 Brooksley Born, Chair of Commodity Futures Trading Commission 1996-1999 “Financial Overhaul Is Next Priority of Democrats,” New York Times. March 24, 2010.Financial Overhaul Is Next Priority of Democrats
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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.
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