Despite the turmoil of doom and gloom, the future for recovery in the financial markets, particularly in the major cities, is still intact.
However, another economist argues times may be worsening for Canada.
Several corporate scandals, combined with downgrading of companies by rating agencies, could potentially throw the market off, he says.
Evidence of this was obvious when the Dow industrials dropped 439 points and carried Toronto’s Standards and Poor/ Toronto Stock Exchange (S&P/TSE) to a low of 195 points.
Other banks see evidence of a constant steady shift toward economic recovery, with manufacturing improving and exports rising.
This gives the Bank of Canada reason to raise the interest rate in an attempt to give a reasonable pace to Canada's economic growth.
