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Did you see this interview?

http://www.breitbart.com/article.php?id ... _article=1

Snip:

Prime Minister Stephen Harper delivered a grim forecast for the Canadian economy, saying in an interview with broadcaster CTV a depression is possible.

Not good.

   

I'm already depressed about this whole mess....so I think depression is not just possible, its probable...

   

It's funny because I was just watching that interview when this post popped up and that's not what at all what Harper was implying, quite the opposite. He was commenting on the worlds economy and he was actually saying that there were enough lessons learned in the 1930's that it is not very likely we (the world) would make the same mistakes that lead to the deprssion in 1930's. Talk about taking something out of context.

   

We all understand that the baby boomers are beginning to retire and this financial crisis is hitting at the same time. Logic tells me we are in for some serious problems. It feels like a plot to me. The timing. Anyone else?

Retirement funds
Health care demands

I think we're in trouble no matter what anyone says to the contrary. Give what I suggested some thought for a moment anyways.

   

Ummmmm, no. Tell ya what, take 2 asprin and get a good nights sleep, you'll feel better in the morning.

   

Anything is possible but if we rig for hard times and learn from the past we with be stronger for it. The thing about ressessions is the more people talk about it the more it becomes reality. Depressions are ressessions over years and we have had decades of growth and a huge spike in the economy since 2002 so a correction is long overdue.

Harper admitting that there are hard times ahead is not something to be afraid about. The 1st step in recovery is to admit there is a problem.

   

Anyone remember the wage controls we had back in I think the 70's?

5 and 7 or 3 and 5 it was called.That was the % of any wage increases in the federal govt.

I believe the interest rate was around 21% then but my memory could be wrong here.

   

Stayin alive on 6 and 5.

   

Your memory is right, but it was actually 1981 that Gerald Bouey attempted to curb inflation by raising interest rates to an uprecedented 21%.

This brilliant move caused numerous mortage holders to just walk away from their homes, much like the US today because they couldn't pay those rates on refinancing.

For interest's sake here's a link that shows the interest rates in Canada from 1935 till the present.

http://www.bcrealtor.com/d_bkcan.htm

   

Good to know I'm not the only freaking old guy that remember's that.
I bought my first house at 21% and the mortgage was cmhc approved,it had to be at my age,no one wanted to lend me money.

We toughed it out though without the huge bailouts,everyone took a hit and did their part.

Now it seem's greed has taken over and some dont realize there's more then their steady job with guaranteed pension at stake.

   

That's it,I t was in 1978 that I applied for my first mort. So I was there.
In 1981 things were much better or at least in my neck of the wood's they were with 2 new mines getting built.
I bought my second place at the top of the big spike on freakingoldguys chart.
$1.98 on the first principle payment and $980.00 on the interest.

   

I remember the skit they did on What's New with the Trudeau puppet singing that song to the Bee Gees tune of Stayin Alive

   

I know there is more to it. I've been prepping for a while to be honest. Not in the best shape, but better then most I'm sure.

   

still stocking your bunker and waiting for the end times?

   

I remember my new bride's first job was at a ceramics place making "screwdoughs" which were a wall mounted bust of PET with a huge woodscrew through it.
Wish I would have kept a few.

   

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