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Reflection on the year 2009

by admin on December 6, 2009

Looking back on the year 2009 does not resonate with thoughts of optimism.  This year has been one of recession, reflection and rebound.  The three “R”s as we see it.  The year started off with sounds of doom and gloom for businesses, governments and consumers alike.

Since the last recession in 1991/1992, we have been on this whirlwind ride of profits and good times.  The usual ten-year cycle lasted longer than we expected, but the excess spending habits, profit taking and rampant credit seeking had no limits.  Then came October 2008 and all went down in our industry; financial institutions and private lenders all pushed the pause button.   Rates changed, policies changed, values changed, and attitudes changed.  The recession was full blown and the markets, employers and government were affected.  The effects of the recession hit hard, especially in the United States.  Here in Canada we learned that because of our checks and balances in place, the effects would not be as devastating.  Slowly we have recovered, with the U.S. lagging behind.  This recession allowed government, employers and consumers to reflect, not only on their spending policies and habits but also on their goals and ability to stay solvent.  Reflection is a good thing for all.  It allows one to understand, evaluate and make the necessary changes needed.

Coming to the end of 2009, the rebound is beginning and the optimism is growing.  Markets are reacting to this stabilization in the economy; inflation intact, employment numbers reflecting a bounce back and profit margins are growing.

We at Maple Leaf Mortgages wish everyone Seasons Greetings and a safe, healthy and happy New Year for 2010!

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