The Economy At Home This Holiday Season

  • Quebec's consumer watchdog,  Options Consommateurs wants the province to make it illegal for credit card companies to solicit new customers. It might be a little nanny state, but the real problem is that some people do not have the life/economic skills required to deal with having credit. This usually leads to bad credit. I wonder if this is an over correction on their part to the credit crisis south of the border? What's needed is education for some and not taking something away from everyone else. Of course I don't think I would be alone in missing all the junk mail from credit card companies offering new cards we can't afford.

  • CBC News has an Econometer (that is updated daily) based on consumers confidence
    in the economy. Right now it's pretty evenly balanced from extremely worried to the worst is over. You can weight in on what your feelings are on the subject by completing the poll.

  • The OECD says that Canada will be hit by a recession and unemployment rates will increase. Finance Minister Jim Flaherty says that we're not in a recession but we may face a technical one. I'll say that politicians are proficient at double speak. I wonder if a technical recession will be easyier on low income families or people who have lost their jobs.
  • Since it doesn't take an economist to realize that spending will be down this holiday season, it will probabley mean better deals as retailers try to entice the few willing to part with their income. I wonder if stores staying open later on the weekends in downtown Montreal will entice more shoppers to spend? Even with the undergound city and extended hours I'm sure the cold and snow will keep a good number of people away regardless of the economy.

  • I've heard time and time again that during these troubled economic times, video games are a recession proof sector. The idea being that people are more willing to spend money to nest at home then venture out. It might be true… I've ordered a XBox 360 (as media extender first, game system second). It does certainly seems that the video game industry in Quebec is doing well.

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One thought on “The Economy At Home This Holiday Season”

  1. Re: Flaherty's remarks. I heard that sound bite regarding 'not a recssion but a technical recssion.' It made me laugh, double speak for sure! Dude, it's a recession or it ain't. Grow a back bone!The restirction of soliciting new credit card holders is an interesting one. At the very least, there is a problem with a system that sends you a product you don't request and then proceeds to say that unless you send it back, it's your responsibility. I mean, GM doesn't randomly drive trucks into your neighbour's driveway and then say, start paying up. (Not a perfect analogy, but you catch my drift.)[And thanks for setting up comments here!]

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