At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
In terms of the economy, look, I inherited a recession, I am ending on a recession.
This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined.
In a global economy, the Bush doctrine of unilateralism - going it alone - has been disastrous. It's becoming increasingly clear that we're all in this together. Your happiness is my happiness, your suffering is my suffering, your recession is my recession.
In the immediate postwar years, the whole of Europe was in a recession. So first of all, it helped us step out of a recession; it gave a certain amount of speed to the economy. But that was the first step.
There are times when a market such as housing, transportation or the stock or mortgage market keep rising and people with capital want to join in this growth. Soon the markets become overheated, partly because of the abundance of investment money and speculation. This is when the government should raise interest rates and increase the cost of borrowed money. Governments are shy about doing this because it could cause the very recession. Yet this is the best time to do this so that the inevitable recession never reaches the magnitude of the recent Great Recession.
A recession is predominantly for the middle class. Where I come from, the majority of people have always lived in a recession.
A Recession is predominantly for the middle class. Where I come from the majority of people have always lived in a recession.
When I entered into office mid-recession, my No. 1 focus was Utah's economy. We set bold goals, and we've built one of the best-performing economies in the nation.
We don't tell New Zealanders we can stop the global recession, because we can't. What we do tell them is we can use this time to transform the economy to make us stronger so that when the world starts growing again we can be running faster than other countries we compete with.
Clearly, high energy prices will have a large negative effect on the California economy and could possibly drag the rest of the nation into a recession.
If oil prices will go too high, it will slow down the world economy and would trigger a global recession.
I have always believed that this idea of having a nation go through this very painful five or six years of continuous recession with high unemployment would be detrimental for the economy and the society.
It wasn't necessary to speak on the recession, you know what I mean, but I just though it made a lot of sense. I was like, "okay, cool," I'm going to go with this approach for the name of the album [ The Recession].
Canadians know that the promise of a recession didn't happen because of anything we did here. If you look at all the causes of the recession, problems in mortgage markets, the problems in the banking sector, the problems in government finance in countries like Greece, none of those problems were in present Canada.
I said we are in a mental recession. We keep getting the steady drumbeat of bad news... it's become a mental recession. We don't have measured negative growth. That's a fact, that's not a commentary.