Let the good times (almost) roll

[KrazyHorse]

Not necessarily. In fact, there is considerable variance to the upside in recessions. I just read a paper about that this afternoon.

Nobody really knows where employment growth is going to be a year out.

[DaShi]

It is too early to start selling jobs?

[Kidlicious]

Nobody really knows where employment growth is going to be a year out.

No one really knows what it will be next month.

[Dauphin]

http://www.telegraph.co.uk/news/newstopics/howaboutthat/6670653/Leeds-University-advertises-for-lap-dance-research-officer.html

http://hr.leeds.ac.uk/jobs/ViewJob.aspx?m=all&JId=785

You will work on an ESRC funded study on the rise and regulation of lap dancing and the place of sexual labour and consumption in the night time economy. The post will involve qualitative and quantitative data collection and analysis. It is based in Leeds, although some travel to other cities may be necessary.

You will have, or be about to complete, a postgraduate qualification in the social sciences or relevant subject and some appropriate research experience. You will be mainly responsible for access and fieldwork. Good interviewing, communication and organisational skills are essential as is the ability to work independently and as part of a team. Experience of interviewing and conducting surveys is essential, as is prior experience of conducting research in the female sex industry.

It is anticipated that interviews will take place on December 14 2009
Salary: Grade 7 (£29,704 - £35,469 p.a)
The appointment will be made at £31,513 p.a or below since there are funding limitations which dictate the level at which the appointment can start.

[Drake Tungsten]

Why couldn't you have linked to that before they stopped accepting applications? ****...

[KrazyHorse]

Great recession my ass (as far as Canada is concerned; should also go under "decoupling")

[Dinner]

I think Canada is buffered by raw materials prices and with the rise of Asia Canada's economy has some what been decoupled from the US. The US isn't the only buyer in town any more.

That and the Canadian financial system is in much better shape then the US's since they didn't have a bubble nor deregulated to help inflate the bubble.

[KrazyHorse]

I think Canada is buffered by raw materials prices

This makes no sense whatsoever. Pay attention: when the global economy enters a downturn, commodities prices are strongly negatively affected (outside of gold, which is driven upward by morons proclaiming the end of the world).

This was seen earlier this year and at the end of last year when oil prices (the most relevant commodity for Canada) dove off a cliff from 150$/bbl to 50$/bbl.

How the hell does that "insulate" Canada from recessions?

Secondly, I've continually heard the meme that Canada's financial regulations somehow protected our banks from the financial crisis. While our banks weren't very negatively affected by the crisis, I have no idea what "regulations" were supposed to have protected them. In fact, unlike in the US, there are NO capital requirements for banks whatsoever. Despite that, our banks chose to leverage less than US or especially European banks did.

The only regulatory difference I'm aware of which had any real effect was that our version of the FHA requires higher down payments than the US version does in order for it to insure loans. I wouldn't call this "deregulation" as the FHA is a GOVERNMENT AGENCY.

[KrazyHorse]

The fact that you think our banking sector is more regulated than in the US is hilarious. Our banks are virtually unregulated compared to those in the US. We had national banks in Canada LONG before such a thing was even allowed in the US, and as far as I know there was never any version of Glass-Steagal to contend with.

[Dinner]

China seems to have entirely escaped the recession and is setting new all time production records for all sorts of things (like cars) so there is certainly still relatively high demand compared to other recessions. Hell, oil is still up around $80, gold is at a record high, while wood and most metals remain higher then average. I'd say it is a relatively good time to be a commodities producer.

[Dinner]

The fact that you think our banking sector is more regulated than in the US is hilarious. Our banks are virtually unregulated compared to those in the US. We had national banks in Canada LONG before such a thing was even allowed in the US, and as far as I know there was never any version of Glass-Steagal to contend with.

I honestly don't know the particulars but have seen several threads saying Canada has kept several important banking laws in place which the US loosened such as the maximum amount banks can leverage themselves vs assets. That would help explain why Canadian banks are among the healthiest in the world while US banks got burned so badly in the property bubble. Also did Canada allow "liar's loans" with no money down, no income verification, interest only, etc...? I don't know but I think not.

[KrazyHorse]

I'm not saying commodities aren't high relative to periods earlier in time. What I'm saying is that primary producers are the MOST affected by global recessions, followed by durable goods producers and then service and consumption goods producers

[Dinner]

I agree. I'm just saying that since Asia, especially China, is still going like gang busters commodity producers are getting insulated from the worst parts of the recession. The EU and US are no longer the only game in town so with 50% more costumers demanding raw materials it is a good time to be a raw materials producer. Canada, Russia, Australia, etc... are all doing better in this recession then during previous ones largely because of Asian demand.

[KrazyHorse]

I honestly don't know the particulars but have seen several threads saying Canada has kept several important banking laws in place which the US loosened such as the maximum amount banks can leverage themselves vs assets.

Every article I've seen claiming that fails to go into any specifics, and the informed Canadian commentators seem utterly confused by those claims. As I previously said, there are NO leverage restrictions in Canada. Our banks just chose not to leverage themselves.

In general, our banks are laggards compared to banks in Germany, the US, the UK and Japan in terms of financial innovations. This isn't due to any regulatory differences I'm aware of, but rather a difference in corporate cultures. My feeling is that this contributed to our banks riding out the crisis relatively well, as it was concentrated in structured products and other exotics.