Because it's different here / this time / etc.

Via the comments at Vancouver Condo Info, here's a funny article from the CBC on how B.C. is protected from any fallout from the economic problems, with the biggest concern being that people might lose a little confidence because they see all the negative headlines.

"On Tuesday morning the main Canadian index, the S&P/TSX composite, was up 337 points to 12,467 by 11 a.m. ET after it had tumbled 605 points on Monday, while the U.S. market opened with a nosedive after being closed on Monday for a holiday.

Mutual funds and other investments are taking a hit, but B.C.'s economy is relatively protected, say economists.

"We have this commodity and construction boom of epic proportions which is keeping the western provinces essentially at full employment," Aron Gampel, the deputy chief economist of Scotiabank told CBC on Monday."

So the U.S. is going into (is already in) a recession, but it won't affect B.C. because of the commodity boom (and these commodities are being sold to who, exactly?).

Meanwhile, how long will 'a construction boom of epic proportions' last when house prices drop in B.C. like they did in the U.S.?

Consider this chart of U.S. housing starts.

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"SFU business professor Lindsay Meredith sees no black clouds on B.C.'s economic horizon. And he predicts consumers — especially cross-border shoppers — might actually benefit if retailers in the U.S. begin slashing prices."

So, if people cross the border to do their shopping somewhere else, that will be *good* for the B.C. economy? OK then.

I've heard of 'every cloud has a silver lining', but sometimes it seems like the media in B.C. thinks that clouds are actually made of pure silver. The fact is, sooner or later we'll see the impacts of a U.S./global slowdown here in B.C.

For example: Canfor closing two mills in Fort Nelson, B.C. ... "The PolarBoard oriented strand board mill and the Tackama plywood mill are closing indefinitely, with the firm blaming poor wood product markets"