The Big Winners and Losers of the Great Economic Shakedown
The Big Winners and Losers of the Great Economic Shakedown
By Bert Archer, Gerald Hannon, Kathryn Hayward, Jason McBride, Alec Scott and Courtney Shea; Illustrations by Antony Hare
At the height of the hysteria last November, there were proclamations of a new Great Depression and calls to lynch the CEOs of failing banks. The effect on Toronto, however, was mixed. We saw a spike in unemployment (the high was 11.5 per cent last July), eviscerated RRSPs, mass car dealership closures and reckless use of the term “staycation.” On the other hand, the housing market didn’t collapse, our banks launched an expansion spree, restaurants (give or take a few) thrived by seducing tightwads with lower-priced comfort food, and the Great Depression II was downgraded to a particularly nasty downturn. A year later, the Bank of Canada has declared the worst of it over. So where does that leave us?
Here, our look at who crashed and burned and who cashed in big—the have-nots and have-lots of post-recession Toronto
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