A recent poll of Americans indicates they feel the bad times might last as long as five years. Here are some ways to ensure the recession lasts that long:
1. Fewer Customers? Raise Your Prices.
Toronto's international airport is the most expensive in the word, in terms of fees charged to airlines and passengers. To offset the smaller number of passengers expected this summer, the Greater Toronto Airports Authority is increasing the exit tax (aka airport improvement fee) from $20 to $25 per passenger.
2. Paid Too Much Income? Spend Less of It.
NBC's Brian Williams makes $10 million a year, but he is going to help extend the recession by keeping his millions in the bank, and reducing support for struggling businesses. "I've had no desire to walk into any store but a grocery store for months."
3. Bank Unhealthy? Micromanage Them Globally
The (unelected) prime minister of English declares that banks are suffering globally, and so they are in need of a global regulatory agency: "There is a global banking collapse that we're dealing with consequences of in every country" -- not! He hasn't been to Canada (clearly), where the Royal Bank of Canada last week announced $1 billion in profits, and it's not even the largest bank we have. Canada doesn't have the American-made, European-mimicked banking problem, and I wonder how many other countries also don't.
In any case, a global regulatory agency would be as (in)effective as the UN in handling the world's woes. Money is the ultimate corrupter, and much effort would be spent by the moneyed types to avoid detection by the agency, even buying off its agents (cf. UN-run Oil-for-Food program) -- rendering it pointless, except for those who preen themselves for being part of the globe-trotting, 5-star-hotel-staying superagency.