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Originally Posted by mistercorporate
IT services, financial services, consulting services, etc., etc. Unlike what some person said earlier finance is not a crutch, its a huge revenue generating service industry. For example, TD Bank has one of the largest branch networks in the US, it gets revenues back in US dollars and its high value exports in terms of wealth management etc. are cheaper due to the low dollar.
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This part I don't get consulting and such, were these companies not doing any business with alberta companies? I understand that dollar makes us more attractive but I do not understand how that magically offsets a huge lack of money coming in from a large portion of the country.
It's not just oil that is getting hurt, any retail relying on american goods is obviously gonna get hit hard etc etc.
Quote:
Originally Posted by mistercorporate
Suddenly billions of dollars are flowing here due to the weaker dollar and we're not even mentioning manufacturing and tourism which are indeed growing. Ever driven around the GTA? These thousands of manufacturing plants you see are producing hundreds of niche and differentiated goods, its not just cars as the stereotype goes..
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Again things like tourism and Manufacturing are hit hard by people with less money. This the stuff that makes no sense. Say what you want about oil workers that money goes right back into the economy. Tourism(bars' resturants etc, are the kinds of place that you can see this directly)