The Economic Crisis and Canada

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Essay #: 072972
Total text length is 7,128 characters (approximately 4.9 pages).

Excerpts from the Paper

The beginning:
The Economic Crisis and Canada
In October of 2008, there was an economic crisis spurred on by American banks overextending their loans in the sub-prime real estate market. There was a dramatic increase in
mortage
failures, which to a dramatic drop in the New York Stock Exchange and spread to other exchanges and affected
the global
economy shortly thereafter leading to a severe global recession. A large part of the crisis was due to the loss of confidence in existing financial systems (International Monetary Fund, 1). The collapse of what was known as the “housing bubble” in the United States was only the catalyst. Many economies had overextended themselves with household debt increasing dramatically in many countries in recent years...
The end:
.....ousehold Debt Raises Eyebrows at the
IMF.
October 5, 2011.
The Globe and Mail.
Retrieved on December 4th, 2011 from http://www.theglobeandmail.com/report-on-business/economy/economy-lab/daily-mix/canadians-household-debt-raises-eyebrows-at-imf/article2191848/.
Statistics Canada.
The Daily, Tuesday September 13th, 2011
National Balance Sheet accounts second quarter. September 13th, 2011. Retrieved on December 4th 2011 from http://www.statcan.gc.ca/daily-quotidien/110913/dq110913a-eng.htm
MapleLeafWeb
.
Federal Fiscal Policy in Canada: History,
Operation,
and Trends in the Global Recession.
2011. Retrieved on December 4th, 2011 from http://www.mapleleafweb.com/features/federal-fiscal-policy-canada-history-operation-and-trends-global-recession