Another "America is Wrong" post from someone who doesn't know what he is talking about ... Zakaria didn't mention the CMHC or the recent $25 Billion (in a country whose population is 1/10th the USA) in non-bailout bailout money.
Aside:
Southern Ontario, especially, depends on Detroit for much of its industrial base.
Along the Highway 401 corridor from Whitby/Oshawa area on to Windsor there are many factories that produce one part or other that goes into your minivan.
It is reasonable to believe that Canada will only start feeling the effects this year of the US spending slowdown.
In addition to that, with oil prices lower (affects Alberta mostly) and construction down (affects Canadian lumber producers), one can expect that Canada will see some of the same problems that are already affecting the USA.
See http://www.cbc.ca/money/story/2008/10/10/flaherty-banks.html
Aside: Southern Ontario, especially, depends on Detroit for much of its industrial base.
Along the Highway 401 corridor from Whitby/Oshawa area on to Windsor there are many factories that produce one part or other that goes into your minivan.
It is reasonable to believe that Canada will only start feeling the effects this year of the US spending slowdown.
In addition to that, with oil prices lower (affects Alberta mostly) and construction down (affects Canadian lumber producers), one can expect that Canada will see some of the same problems that are already affecting the USA.