Just when you think you’ve seen the worst of the wild ride on the stock markets, there’s another breakneck plunge to the bottom of the roller-coaster.
As much as we don’t want to believe that our members, guests or public golfers will be holding on to their cash and credit cards a little tigher than usual, we can understand why they would be careful in their spending because we’re quite likely to be doing the same outside of our places of employment.
Concern on our part and that of our clients isn’t limited to our investments these days. If you’re really self-abusive, you may be listening to news of a double-dip recession coming down the pike.
Call it negative reporting if you like, but the media is talking to economists and watching very real indicators that the world might be thrown back into the pit that we thought we were emerging from since the last downturn in 2008-2009.
Nearly every day, we’re getting a report or two that highlights the trouble the American economy is in and Europe isn’t exactly a refuge from all of this economic gloom, but Canada seems to have escaped the worst of it – so far.
Our banking system seems solid. Our housing market is still hot. Unemployment and inflation appear to be relatively under control, at least compared to other parts of the world, so we’re in pretty good shape, right?
Or are we?
How big a factor will external pressures be on the Canadian economy, going forward? Can we legitimately expect to escape unscathed when so many other parts of the world, including our largest trading partner in the United States, are having difficulties?
That’s the question in this week’s GNN Poll.
Will Canada soon fall into recession?
- It’s unlikely we will. (41%)
- It’s likely we will. (38%)
- Yes, it can’t be avoided. (12%)
- No, it won’t happen. (9%)
Don’t be shy about adding your own comments.
If you think we’re in for a recession, how hard will it hit golf? How long will it last? If it does hit, does the timing hit at a good time for golf, which is coming to the end of the season? In your mind, would a recession last until spring, when golf operations are opening in Canada?
If you don’t believe a recession is coming, what factors are unique to Canada that will stand in the way of a downturn? Even if a recession doesn’t take place, do you expect consumers to slow their spending at all due to the economic conditions.
Once you’ve made your vote in the GNN Poll, we invite you to add your opinions on this subject in the Comments section below this blog. Actually, feel free to add your comments on anything written on GNN.
Tom Vanderlip says
Hutch …really???? You expect anyone to have an answer to this? We just came through the worst years since the freaking depression and none of the eXperts saw it coming. We don’t need more media scare. Just lets see what happens
Tom…Judging by the response, there are people who do have opinions on this. I don’t see it as media scare…I see it as reality when countries around the world are facing debt crisis after debt crisis and the stock market is fluctuating so wildly. I don’t agree that we didn’t see the last recession coming — if we didn’t, then we were sticking our heads in the sand and that leaves our rear ends out to be kicked if and when it does happen. Not talking about it doesn’t make it go away and talking about it doesn’t bring a recession on. There’s always a tendency to shoot the messenger with bad news.
Tom Vanderlip says
My feeling is that things are improving….slowly,but it is getting better and I think Canadians are a little better off than some other parts of the world. What upsets me is that we contiue to watch these experts and take their advice when they really have little clue as well. I heard the head economist from Scotia Bank on the radio yesterday and he was flat out asked what the market was going to do and he gave the old….”It is tough to predict” answer.
If it is tough to predict don’t give us the doom and gloom. Let it happen…people are beginning to come back and play a little more, corporate play is up, stay and play’s are up….it’s not like it was 20 years ago, but its getting better. This is just MY opinion….take it for what its worth!
Alos, when I was referring to media scare I wasn’t pointing the finger at your golf writers, I meant the Fox News, CNN, MSNBC, CBS, NBC etc that need to get attention and create headlines.
Now I must get back into my bear costume and stand on the highway and wave people into the course…..like i said things are better, but its still a challenge. Who doesn’t like a challenge??
Tom, your opinion is always worth a lot — even if it comes from a guy in a bear suit