The Bank of Canada is cutting its trend-setting interest rate by another half point to uncharted territory - 0.5 per cent.
And the central bank says that likely won't be enough to spark the stalled economy.
The bank says with the overnight rate so close to zero, it likely will have to move to non-traditional measures like buying up credit to provide additional stimulus.
Bank governor Mark Carney also is withdrawing his controversial rosy outlook for the economy's rebound.
He now suggests the recession will last longer than this summer and could hang on the entire year.
Bank of Canada takes new grim view of economy, slashes rate to 0.5 per cent
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Published on
March 3, 2009
- Published on July 1, 2010
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The Canadian Press ~ The News
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Comments
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- Nasty
- - July 2, 2010 at 15:04:44
Hey Gord. Please direct those that are out of work into these high paying positions. Remember that as soon as your EI runs out you are no longer counted as being unemployed in this country.
So I ask again, where are the jobs, who will pick up the broken lives of families that fall through your cracks?
When you have thousands of people world wide with decades of experience looking at jobs with concession stand vendors, we have a little more then a recession.
Yes this is my job, to draw attention to the issues. Seems to be working very well thank you. -
- Gord
- - July 2, 2010 at 15:04:15
Nasty Nate.....not you by the looks of things. Seems like you do nothing only come here and bash everyone. Do you work? Do you have life? Are you doing anything to move the economy forward.....or do you fall in that special category that makes us Newfoundlanders like idiots?
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- what
- - July 2, 2010 at 15:02:46
Nasty Nate from St. Johns, NL writes: Time to stop the lies and face it. We are in a DEPRESSION. Nate, while I don't always rally for ya, I'll say this much.....If you want to be politically correct as as Finance minister Flatulence, you'll have to say a technical depression ....and yes I take the same view - depression.....No money, no jobs, can't sell imports, can't sell exports, bank rate so low that the next thing you know is they'll be paying you to borrow( I HOPE) 10's of thousands of jobs lost monthly and Mickey Dee still has help wanted signs up......1929 is not so very far away!!
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- Juannasmile
- - July 2, 2010 at 15:01:05
Dateline Somewhere in NL: On the flipside of all this doom and gloom, a citizen woke up on the right side of the sod this morning. And despite news reports that could make someone clinically depressed, that citizen is surviving. He may not have two pennies to rub together, but he's discovered that there's MORE TO LIFE THAN MONEY!!!
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- steve
- - July 2, 2010 at 14:50:52
Yeah !!! 2 more years off my mortage!!!!
I never thoought I would love a recession! -
- Nasty
- - July 2, 2010 at 14:46:28
But Stevie Harper told us all that the economy was just dandy to get elected. Was that a flatout lie, or is the Bank of Canada the ones that are making this all up?
Where are the jobs? (lots of fake ads, no employment from them)
Who will pay for people to eat?
Who will pay for peoples medication?
Who will pay the rent?
Time to stop the lies and face it. We are in a DEPRESSION. -
- scott
- - July 2, 2010 at 14:42:05
We are not in a depression at all as of right now and hopefully it doesn't get to that point. A recession is a better term. Here in St.John's we are actually still climbing. Last month the employment opportunities went up by +6.7% while the country as a whole went down -0.6%. We here in Newfoundland are more fortunate than most places because we do not have one major industry to depend on. I think we will be one of the least affected by these tough economic times.
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- Nasty
- - July 1, 2010 at 21:54:13
Hey Gord. Please direct those that are out of work into these high paying positions. Remember that as soon as your EI runs out you are no longer counted as being unemployed in this country.
So I ask again, where are the jobs, who will pick up the broken lives of families that fall through your cracks?
When you have thousands of people world wide with decades of experience looking at jobs with concession stand vendors, we have a little more then a recession.
Yes this is my job, to draw attention to the issues. Seems to be working very well thank you. -
- Gord
- - July 1, 2010 at 21:53:23
Nasty Nate.....not you by the looks of things. Seems like you do nothing only come here and bash everyone. Do you work? Do you have life? Are you doing anything to move the economy forward.....or do you fall in that special category that makes us Newfoundlanders like idiots?
-
- what
- - July 1, 2010 at 21:51:45
Nasty Nate from St. Johns, NL writes: Time to stop the lies and face it. We are in a DEPRESSION. Nate, while I don't always rally for ya, I'll say this much.....If you want to be politically correct as as Finance minister Flatulence, you'll have to say a technical depression ....and yes I take the same view - depression.....No money, no jobs, can't sell imports, can't sell exports, bank rate so low that the next thing you know is they'll be paying you to borrow( I HOPE) 10's of thousands of jobs lost monthly and Mickey Dee still has help wanted signs up......1929 is not so very far away!!
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- Juannasmile
- - July 1, 2010 at 21:49:21
Dateline Somewhere in NL: On the flipside of all this doom and gloom, a citizen woke up on the right side of the sod this morning. And despite news reports that could make someone clinically depressed, that citizen is surviving. He may not have two pennies to rub together, but he's discovered that there's MORE TO LIFE THAN MONEY!!!
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- steve
- - July 1, 2010 at 21:33:56
Yeah !!! 2 more years off my mortage!!!!
I never thoought I would love a recession! -
- Nasty
- - July 1, 2010 at 21:26:33
But Stevie Harper told us all that the economy was just dandy to get elected. Was that a flatout lie, or is the Bank of Canada the ones that are making this all up?
Where are the jobs? (lots of fake ads, no employment from them)
Who will pay for people to eat?
Who will pay for peoples medication?
Who will pay the rent?
Time to stop the lies and face it. We are in a DEPRESSION. -
- scott
- - July 1, 2010 at 21:19:05
We are not in a depression at all as of right now and hopefully it doesn't get to that point. A recession is a better term. Here in St.John's we are actually still climbing. Last month the employment opportunities went up by +6.7% while the country as a whole went down -0.6%. We here in Newfoundland are more fortunate than most places because we do not have one major industry to depend on. I think we will be one of the least affected by these tough economic times.
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