Though, at the time, our government was telling us the problems in the stock market were just a temporary thing, and Americans were absorbed in the one upmanship of their presidential election, it was really a historical event that was in progress. The banking system of the United States was crumbling and their government had already begun a process of pouring mountains of public money (debt) into these failing institutions. Essentially, that act and those that would follow, heralded a change in capitalism, of the same scale as the collapse of the Soviet Union. The free market economy self imploded. However, it was not until the new year that two of the major automotive companies took to declaring bankruptcy and the largest, General Motors is now mostly owned
by the government of United States. So much for capitalism as the solution to the economic prosperity of the planet.
What we need to do now, long before the historians have an opportunity to mull this one over, is consider how we as individuals and as a Canadian society did.
The first thing we need to realise is that everyone in one way or another suffered a loss when the stock market plunged. Those with stock portfolios lost more than others and even though slowly, the market has shown some recovery, the losses occurred and most people with investments are poorer because of the stock market decline. Because Saskatchewan is a resource and commodity based economy, the
crash did not hit nearly as hard as it did in Ontario and Quebec, but the boom we were experiencing at last Thanksgiving froze in its tracks, as our provincial government went from surplus to deficit. Across Canada, through the United States and for much of the world, the main issue has been the loss of jobs. In parts of California unemployment is now between 50% and 60%. Though economists may describe what looks like a recovery from the recession, for those out of work, these are hard times.
What we, who are a little older know, is that the economy is not a measure of how we as individuals and families are doing. Coping with tough times is something everyone can do and being Saskatchewan people and Canadians,
we know we are insulated from the really bad stuff. That's because of the lessons taught our parents by the dirty 30s. Medicare, Unemployment insurance and a welfare system, came from that depression and we need to be thankful that these things are offering some help today. The really sad thing is that those with money and resources were not hurt badly enough in this recession to realise why those safety nets were put in place. Let us be thankful, that so far in this recession, we have avoided soup kitchens and desperate migrant workers clinging to moving trains. There are some political parties who believe that having lots of poor people makes the voter willing to put up with less and less, but so far, they are still a minority group, most Canadians want this to be a just and fair society.
This thanksgiving, consider the good things we still have in our lives and reset your sights on making the lives of everyone, no matter what their ethnic, or cultural background is, let us all share in a good life with each other here in Canada, for we lead the world in so many ways as being at the top, or nearly at the top, of a good way of life, Be thankful for that and resolve to make it even better.
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