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Message Subject calling U canucks-Canada's economic collapse begins Friday
Poster Handle Anonymous Coward
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The crash will not be this Friday. The bubble has already started to burst all across Canada when the government decreased the max mortgage years to 25. All of Canada saw a drop after this occurred. Here us why it will burst here.

1. Canada is an export nation - take away our exports and we are nothing more than a second or third world country. Exports are decreasing as world economy slows down.

2. 1 out of 3 jobs are related to US exports alone. As the US worsens we will get worse.

3. Massive personal debt rates. We have the highest personal debt rate in all of the world.

4. Job loss: aground 37,000 jobs were lost in July 2012 and around 35,000 in August. I haven't heard septembers report yet.

5. Most young people have around a 400k to 500k mortgage. One interstate rises it will be the perfect storm.

So doom off for Friday, but we are already in the down fall. It could take months or many years to bottom out, but bottom out it will.
 Quoting: Anonymous Coward 22783636


I heard if things get really bad, the government will change the max mortgage years back to 30.

Also, interest rates will not be going up significantly any time soon. People are trying to lower their debt before rates go up. They have been low since 2008 and will remain low fow the next few years. That gives people time to pay off as much debt as they can. I can't see the rates going up anytime soon.
 
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