HAHAHAHAHAHAHAHA
So the world economy is going to magically start getting better this year?
There are entire cities that are going under, in Mountain View, California, somewhere around 80% of the mortgaged homes are underwater, we've got a how-many-frikkin-trillions of dollars debt that we're adding trillions, TRILLIONS to before it's all over, the U.S. manufacturing industry no longer exists, a half-million jobs vanished in the last 30 days, and someone thinks this is all going to get better soon?
I think there should be a clarification here:
1. I live in Canada, and we have not been hit anywhere as hard as what you claim is happening in the U.S. Yes, our manufacturing sector is being hit hard, but it has been on the downward spiral for much longer than this economic crisis has been news.
2. The U.S. manufacturing industry has been slowly dying since China, Mexico and other third-world destinations has been able to provide an alternative to overpriced unionized labour in the U.S.
3. China owns the majority of the "trillions of dollars" of American debt, and has a vested interest in keeping the U.S. economy afloat as they depend on it to sell all the cheap products they produce for Wal-Mart and other American companies. The United States alone represents 25% of the total world economy, and as such represents 1/4 of all potential sales and exports to manufacturing countries such as China.
On the Canadian front, the Canadian Imperial Bank of Commerce's Chief Economist and Strategist Jeff Rubin predicts the TSX will hit 11,000 by the end of 2009. While this is a far cry from the unprecedented 14,666 reached on 6 May 2008, you must remember that that high was driven my a commodities boom based on Chinese demand and $123 USD oil. January of 2008 was the first time the TSX flirted with rising over 12,000, so Rubin's 11,000 estimate (if reached) would be quite extraordinary if all that has been posted in this thread is true.
With all due respect, I take more stock in what Canadian economists like CIBC's Jeff Rubin and RBC's CEO Gord Nixon have to say about the state of both the Canadian and world economies than I do you, Alex Jones or any other poster on this forum. As an employee of the Royal Bank of Canada, I would just like to point out that despite the dire 'gloom and doom' being posted here, RBC's net profit in the first quarter of 2009 was $1 billion CDN (a 6% slide from the same period 2008 ). As per your request, here's a dose of what I have been drinking:
CNW Group | RBC | Royal Bank of Canada reports first quarter 2009 results
Royal Bank of Canada reports first quarter 2009 results - Yahoo! Finance
Here is Canada's other banks statements for the fist quarter of 2009:
Toronto-Dominion - $712 million from $970 the same period 2008
CANOE Money: Sectors - TD Bank stays in the green
CIBC - $147 million from a loss of -$1,456 million the same period 2008
CIBC announces first quarter 2009 results - Yahoo! Finance
Bank of Montreal - $225 million from $255 million the same period 2008
TheStar.com | Business | BMO earnings dip to $225 million
Bank of Nova Scotia - $842 million from $837 million the same period 2008
Scotiabank reports first quarter earnings of $842 million and announces dividend of 49 cents per share - Yahoo! Finance
Obviously, the sky is falling.