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Today: 17.01.2018 - 14:29:44
   Canada Mortgage Hub Discussion Board -> Mortgage Rates Canada -> How does a recession effect me personally?
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pritygirl

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How does a recession effect me personally?
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Canada housing and mortgage
Post # 1.

nilandfam

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Roughly speaking one dollar today could be at half tomorrow and you will not realize that. And soon you will see that your work amount will be double at half price.
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nyarwe

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hello fellow Canadian.Well, it may affect you if and when hyper inflation comes into play, but I am not too sure what to believe. However I am over 98% sure the dollar will collapse in the USA (Canada also) and this will mean much change.However, you are going to see a lot of people suffering and having difficult times. It is going to be hard that wayPeace and light :)
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renie

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In some ways you are less likely to suffer than most however no-one in Canada or indeed the world community will not suffer some negative impact given the sheer size of the economic shock-waves we are suffering.Assuming your job cannot be lost because it is vital to the state then you are not going to suffer the unemployment that many of your local community will. You will however have less choice on how to spend your money as businesses fail and other are assimilated, resulting in less competition and therefore less long-term pressure to keep prices low.You lease your apartment so you will not be in danger of repossession and will not suffer negative equity. In fact if you have saving of sufficient value you may find the collapse in house-prices will enable you to buy in the future more easily, providing you present an impeccable credit rating as anyone with less will find mortgages and loans harder to obtain in the short to medium term. Should you ever plan to buy a vehicle then the recession is a good thing for you providing the motor-industry survives in relatively good order. At the moment anyone who wants to buy a car is a very rare commodity and the deals on offer are becoming historically unprecedented.You are however a tax-payer. You, me (a Brit btw) and anyone else in the West who pays taxes have now seen our money being spent on bail-outs for banks. This is not money we have at the moment but money we will need to repay over the next generation through higher taxes, lower investment and lower social provisions. In short we've mortgaged a portion of our future prosperity in order to survive the present.Long term the banks and investors (who are ensuring their bonuses still get paid from the tax bail-outs, a straight reward for failure) will go back to being as short-sighted as they always have been, especially now they are confident that the tax-payer will always foot the bill. This recession therefore has left you and everyone outside of this "magic circle" of politicians and their paymasters in a much weaker political position - if they can sell you wars based on fake intelligence, asset strip your nation and decimate your family and friends without any real sanction then they need fear the people no more.
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