Just in case anyone thought the economic problems were limited to America, this past Tuesday Canada's largest media company successfully went bankrupt. According to the New York Times article, Canwest Global Communications was granted bankruptcy protection in a Toronto court yesterday.
The main subsidiaries of the conglomerate are its newspaper, The National Post, and its national television network. This ruling will most likely result in a sale of the company, the article states. The focal point in the reason for filing for bankruptcy is the company's debt; 4 billion Canadian dollars owed and counting. The family that owns the business said that they would provide 15 million of the 65 million required to get the company back up and running, but Canadian law states that no one outside of the country can acquire ownership of Canadian media properties and holdings, according to the article.
The article clearly provides a perfect example of how the economic crisis isn't just a U.S. problem, it's an 'us' problem, per say, meaning it's beginning to involve everyone in the world more and more. It went from the housing market, to just plain greed, to just plain bad business owning practices. Are the wrong people in control of the wealth in the world? Opinion reserved, the facts should speak for themselves.
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The economic crisis has never really been a U.S problem. It's happening world wide. It might be most affected in the U.S but many people have lost their jobs and stuff. It's sad though to hear about companies going bankrupt.
ReplyDeleteThe economic crisis is definitly a worldwide problem. I really liked your article and found it very interesting. I never thought of the economic problems as the wrong people having control over the wealth in the world. Good point.
ReplyDeleteWe are definitely in a global economic crisis, possibly the first of its kind. At this point, I think everyone, with the exception the governments, are thinking "why are all the big corporations getting bailouts instead of us?"
ReplyDeleteIf they want to boost the economy, give the money to all of the working class people so we can go spend it, putting money back into the corporations, and in turn, back in to the economy. Is it really that hard to figure out?