With the federal election heating up, we’ve been hearing more and more that Canada is in recession, even if that hasn’t been made official, but we’ll see.
I still maintain that what goes down, must come up again.
Recently, we’ve seen the price of oil go down, then it went back up again and then back down.
The sentiment hasn’t changed here in Alberta. I’ve talked to a lot of people who admit that it’s not as busy in the oil patch, therefore there’s not enough work for everybody.
Oil ran at such a high, fast pace for so long, that people think that as long as it doesn’t go on for too long, this is a correction. It will get back to $100 a barrel one day, but let’s get it up to $60 or $70 dollars. Few people are hoping it gets back to $100 by next February.
I find that Alberta is the land of entrepreneurs who believe that if it goes on for too long that they might have to re-invent themselves and look for some other avenue, but I don’t see any panic right now.
Through the current federal government’s time in office, there have been a couple of blips, so it’s going to become a political question during an election. Any party that has been in power for six or seven years would have had a tough go of it at times.
During the meltdown of 2008-2009, what made me proud was the way our banking system came through. We were lauded around the world for how stable our economy was. even though we were going through a recession.
When times are good, it’s easy to let controls go and let people mortgage 95 per cent of their homes or whatever. We saw a lot of our trading partners get into trouble by pushing the envelope, but we had checks and balances under this and previous governments.
The older I get, the more I’ve seen. I’ve been through a lot of tumultuous times to realize that we bounce back and survive. In good times, you need to be prepared because things can turn on a dime and in bad times, you need to realize that we can weather the storm.