Jimmy Wallace was a wealthy stock investor whose main priority was to spend all of his spare time with his wife and children. When Jim wasn’t at the batting cages with his son or horseback riding with his daughter he would spend countless amounts of time deciding on the latest stocks to invest. Jim had an eye for the market which some would call a god given talent. A day like every other, Jim woke up at 6:30 in the morning to the lavish sounds of his vintage grandfather clock. The day was harmlessly pushing the cold morning breeze against his face as he jogged down the street and back finishing his daily routine. That harmless morning was the last Jim would spend worry free as the day unfolded itself as a disaster. The stock market crashed and Jim went from a net worth of 5 million dollars to owing money he no longer possessed. Shocked and disturbed by the news, Jim franticly searched for an answer which no longer seemed like a gift but a chore. With the heavy fact of bankruptcy breathing down his neck Jim failed to succeed at his last quest to save everything he worked years for. Along with many other families, in the flash of a second, the Wallace’s reality changed for ever.
Recession is generally described as a period of time when a country’s economy is not as active as usual.
Recession is the measured by the value of the gross domestic product (GDP) and the employment rate. Usually a recession is defined to be two or more quarters of negative GDP growth. As well as the increase of unemployment more than 1.5% which is related to the recession cycle.
The last Canadian recession was in the early 90’s where the economy suffered greatly. In 1991 and 1992 the GDP decreased more than 1 per cent and the unemployment rate rose above 10 per cent. Economists speculate the recession we have entered will be one of the worst Canada has ever seen. Recessions greatly impact the citizens creating a feel of panic and insecurity. There are people... [continues]
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