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121-493: InterTAN Canada Ltd. was a Canadian consumer electronics retailer based in Barrie, Ontario , that operated stores under the banner " The Source by Circuit City " and a single "THS Studio" location. The Rogers Plus chain was previously operated by InterTAN on behalf of Rogers Communications ; the chain is now managed directly by Rogers. As well, conversion or closure of all UpClose and G-Wiz stores, as well as all but one THS Studio,

242-612: A bedroom community for the City of Toronto , which is approximately 90 km (56 mi) south of Barrie. In recent decades however Barrie's economy has diversified, and the local population's reliance on commuting to Toronto has decreased. The city's economy is rooted in retail , education , healthcare , services, manufacturing and technology . Major employers in the city include the Simcoe County District School Board with 6,000 employees along with

363-748: A bank. By 1869, Barrie became the county seat of Simcoe County, flourishing with a population of over 3,000 people. With this population increase came the establishment of prominent businesses and landmarks. In 1850, Edward Marks had established the Barrie Hotel (now called the Queen's Hotel), the oldest continuously running hotel in Barrie, James and Joseph Anderton established the Anderton Brewery in 1869, which would go on to be one of Barrie's largest employers for years, and Edmund Lally opened one of

484-658: A chain of stores under the Rogers Plus banner, using InterTAN's point-of-sale systems and knowledge of retail operations for the day-to-day management of the stores. This partnership was renewed as part of the Circuit City acquisition, and was set to expire in January 2007. In April 2002, InterTAN, already one of Canada's largest battery retailers with its RadioShack stores, acquired certain assets and locations of Battery Plus and merged it into its retail operations. In

605-478: A crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within feminist economics and ecological economics that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as

726-547: A few of the disciplines of the talents on display. Barrie is home to Kempenfest ; one of the largest outdoor arts and crafts celebrations in Ontario. This festival occurs annually over the August long weekend and features over 300 artisans, an antique show, food demonstrations, children's activities and live entertainment, including an indie-music stage. Since 2021, Barrie has held Open Air Dunlop, in which Dunlop Street downtown

847-544: A lawsuit in Canada stating that since the purchase by Circuit City Stores, Inc. was for only 80% of InterTAN, the latter was still a viable company and thus entitled to keep using the name RadioShack . InterTAN and RadioShack came to a temporary deal by which InterTAN is banned from using the former moniker since July 1, 2005, and as such, all corporate retail consumer electronics stores, and most dealer stores, formerly known as RadioShack are known as The Source . The matter

968-490: A minimum, there's a little 'froth' [in the U.S. housing market]...it's hard not to see that there are a lot of local bubbles". The Economist , writing at the same time, went further, saying, "[T]he worldwide rise in house prices is the biggest bubble in history". Real estate bubbles are (by definition of the word "bubble") followed by a price decrease (also known as a housing price crash ) that can result in many owners holding negative equity (a mortgage debt higher than

1089-660: A number of performing and fine art venues. There are a number of live performance companies including Theatre by the Bay, Talk Is Free Theatre and the Huronia Symphony. Grove Park Home is the practice hall for On-Stage Performance Group which performs in Cookstown . The Strolling Youth Players and the Kempenfelt Community Players also all perform in Barrie. In addition, an annual live concert series

1210-572: A resolution preventing CFTC from regulating derivatives for another six months — when Born's term of office would expire. Ultimately, it was the collapse of a specific kind of derivative, the mortgage-backed security , that triggered the economic crisis of 2008. Paul Krugman wrote in 2009 that the run on the shadow banking system was the fundamental cause of the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating

1331-618: A rezoning of the Park Place lands that was initially denied by the City of Barrie. Construction resumed in 2010. An explosion in the Royal Thai restaurant, housed in the landmark Wellington Hotel at the "Five Points" intersection in downtown Barrie, occurred at 11:20pm on December 6, 2007. The fire quickly spread to several neighbouring buildings and firefighters battled the blaze well into the following morning, requiring assistance from other Simcoe County fire services. Officials estimated

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1452-457: A series of raging fires that sequentially destroyed multiple landmarks, giving rise to the moniker that Barrie was "among the best burning towns in Canada." Many local businesses like breweries, tanneries and sawmills depended on fire to operate, endangering the ramshackle assortment of wooden homes and buildings that made up the city centre. One of the most destructive fires came in mid-1875 when

1573-770: A sharp drop in international trade , rising unemployment and slumping commodity prices. Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the Great Depression of the 1930s. Economist Paul Krugman once commented on this as seemingly the beginning of "a second Great Depression". Governments and central banks responded with fiscal policy and monetary policy initiatives to stimulate national economies and reduce financial system risks. The recession renewed interest in Keynesian economic ideas on how to combat recessionary conditions. Economists advise that

1694-510: A tool for taking excessive risks. Examples of vulnerabilities in the public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed " Too big to fail " institutions, monetary policy, and trade deficits. There are several "narratives" attempting to place the causes of the recession into context, with overlapping elements. Five such narratives include: Underlying narratives #1–3

1815-604: A tornado struck neighbourhoods in south Barrie, leaving several people injured and causing serious damage to property. Environment Canada categorized it as an EF2 on the Enhanced Fujita scale . Barrie is located in the central portion of southern Ontario, approximately 90 km (56 mi) north of Toronto within the Greater Golden Horseshoe subregion. It is accessible via Highways 26 , 400 and 11 and has convenient access to Highway 401 ,

1936-413: Is a hypothesis that growing income inequality and wage stagnation encouraged families to increase their household debt to maintain their desired living standard, fueling the bubble. Further, this greater share of income flowing to the top increased the political power of business interests, who used that power to deregulate or limit regulation of the shadow banking system. Narrative #5 challenges

2057-493: Is accessible to visitors year-round. In 1815, Treaty 16 was signed, which transferred 250,000 acres of land from the Chippewa people to the colonial government. In 1818, Treaty 18 was signed, which resulted in the surrender of an additional 1,592,000 acres of land. The British supply depot would continue to prove useful for portaging Europeans and settlers making their way to northern and western Upper Canada . The city

2178-469: Is also a wet month, receiving 88.9 millimetres (4 in) of precipitation in the form of both rain and snow. October remains relatively dry in comparison to the months preceding and succeeding it. Despite this however, October has the most precipitation days and rainy days out of every month with 15.6 and 15.5 respectively. The coldest temperature ever recorded in Barrie was −38.9 °C (−38 °F) on January 8, 1886. The hottest temperature ever recorded

2299-497: Is also the main venue for Theatre by the Bay and the Talk Is Free Theatre Companies. The venue features a flexible stage area with lighting and sound for professional theatre, music, dance, and other presentations, an automated riser/seating system with capacity for 120-200 seats and a sprung performance floor. The Georgian Theatre is a professional performing arts facility located in Barrie's north end on

2420-468: Is becoming well known for its fashion boutiques, local art, live theatre, indie-music and nightlife scenes. In addition, downtown Barrie is home to several annual festivals and events such as The Barrie Waterfront Festival, Barrielicious, Winterfest, Celebrate Barrie, Ecofest, Jazz & Blues Festival, Promenade Days, Ribfest and Craft Beer Show, Caribfest, Lawnchair Luminata, Kempenfest , The New Music Festival, Barrie Film Festival , Santa Claus Parade and

2541-735: Is hosted by Georgian College. There are two main performing arts venues in the city: the Five Points Theatre, and the Georgian Theatre. Originally, the Five Points Theatre was known as The Mady Centre For The Performing Arts, but it was renamed in January 2018. It is located in Barrie's downtown at the Five Points intersection and was completed in 2011. This modern facility is home to many professional and amateur cultural productions, film screenings , theatrical plays , concerts, dance recitals and other performances. It

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2662-529: Is temporarily pedestrianized to attract visitors to the downtown area. Some of the main arts and culture groups in the city include: Great Recession The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it

2783-466: Is the timing. Subprime lending increased from around 10% of mortgage origination historically to about 20% only from 2004 to 2006, with housing prices peaking in 2006. Blaming affordable housing regulations established in the 1990s for a sudden spike in subprime origination is problematic at best. A more proximate government action to the sudden rise in subprime lending was the SEC relaxing lending standards for

2904-515: The American Enterprise Institute , which advocates for private enterprise and limited government, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies. They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. The legislation gave HUD

3025-492: The Commodity Futures Trading Commission , put forth a policy paper asking for feedback from regulators, lobbyists, and legislators on the question of whether derivatives should be reported, sold through a central facility, or whether capital requirements should be required of their buyers. Greenspan, Rubin, and Levitt pressured her to withdraw the paper and Greenspan persuaded Congress to pass

3146-597: The Great Recession . "The Source" was sold as a going concern to Bell Canada Enterprises. Barrie, Ontario Barrie is a city in Central Ontario , Canada, about 90 kilometres (56 mi) north of Toronto . The city is within Simcoe County and located along the shores of Kempenfelt Bay . Although it is physically in the county, Barrie is politically independent. The city is part of

3267-471: The Highway 407 Express Toll Route and to neighbouring Toronto. Toronto Pearson International Airport is less than a one-hour drive from Barrie via Highway 400. Barrie's historic downtown area is situated in a distinct curved or wrapped valley, surrounding the western edge of Kempenfelt Bay. Terrain is generally flat near the city's centre. Moving up the valley slopes toward the city's north and south ends,

3388-676: The IMF criteria for being a global recession only in the single calendar year 2009. That IMF definition requires a decline in annual real world GDP per‑capita . Despite the fact that quarterly data are being used as recession definition criteria by all G20 members , representing 85% of the world GDP , the International Monetary Fund (IMF) has decided—in the absence of a complete data set—not to declare/measure global recessions according to quarterly GDP data. The seasonally adjusted PPP ‑weighted real GDP for

3509-593: The Simcoe Muskoka Catholic District School Board with 3,400 employees, Georgian College with 2,500 employees and the Royal Victoria Hospital with 2,465 employees. Barrie has emerged as a growing tech-hub with several companies such as IBM and BMO constructing data centres in the city. Although not as prominent as cities like Markham or Waterloo in the tech industry, Barrie is considered one of

3630-571: The census metropolitan area (CMA) level in the 2021 census, the Barrie CMA had a population of 212,856 living in 78,540 of its 82,649 total private dwellings, a change of 8% from its 2016 population of 197,059 . With a land area of 897.26 km (346.43 sq mi), it had a population density of 237.2/km (614.4/sq mi) in 2021. As of the 2021 census Barrie was approximately 77.9% white, 17.1% visible minorities and 5.0% Indigenous . The largest visible minority groups in

3751-468: The "Art City" project, which has had many different large sculptures installed around the city. These can be found in parks and along the waterfront. Barrie is also home to many independent galleries and studios. A concentration of independent galleries, studios and boutiques is located in Lakeshore Mews. This area is located behind the downtown's Dunlop Street. Lakeshore Mews artists also organize

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3872-498: The 10th Sideroad. The annexation allows Barrie to meet its future population needs without having to extend into the countryside north, east and west of the city. Intensification and infilling are simultaneously being undertaken in and near the downtown core to foster a more active urban environment within the city. Barrie has a humid continental climate ( Köppen climate classification Dfb ), with warm, humid summers, and cold, snowy winters. Winters are cold with frequent snowfall,

3993-429: The 19th and early 20th centuries, the current banking panic is a wholesale panic, not a retail panic. In the earlier episodes, depositors ran to their banks and demanded cash in exchange for their checking accounts. Unable to meet those demands, the banking system became insolvent. The current panic involved financial firms "running" on other financial firms by not renewing sale and repurchase agreements (repo) or increasing

4114-416: The 19th century. Yet, over the past 30-plus years, we permitted the growth of a shadow banking system – opaque and laden with short term debt – that rivaled the size of the traditional banking system. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without

4235-722: The Canadian Bank of Commerce's original branches in Barrie in 1867. A line of the Northern Railway was opened in 1853, connecting Barrie with Toronto and several other municipalities in Simcoe County and Muskoka . The Hamilton and North-Western Railway (H&NW) also ran through Barrie, and the two railways would eventually reorganize into the Northern and North Western Railway in June 1879. Allandale Station

4356-544: The FCIC Republican minority dissenting report also concluded that U.S. housing policies were not a robust explanation for a wider global housing bubble. The hypothesis that a primary cause of the crisis was U.S. government housing policy requiring banks to make risky loans has been widely disputed, with Paul Krugman referring to it as "imaginary history". One of the other challenges with blaming government regulations for essentially forcing banks to make risky loans

4477-533: The Federal Reserve has been widely discussed, the main point of controversy remains the lowering of the Federal funds rate to 1% for more than a year, which, according to Austrian theorists , injected huge amounts of "easy" credit-based money into the financial system and created an unsustainable economic boom. There is an argument that Greenspan's actions in the years 2002–2004 were actually motivated by

4598-416: The Federal Reserve. Further, American International Group (AIG) had insured mortgage-backed and other securities but was not required to maintain sufficient reserves to pay its obligations when debtors defaulted on these securities. AIG was contractually required to post additional collateral with many creditors and counter-parties, touching off controversy when over $ 100 billion of U.S. taxpayer money

4719-639: The G20‑;zone, however, is a good indicator for the world GDP, and it was measured to have suffered a direct quarter on quarter decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level. According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months. The years leading up to

4840-458: The January average high temperature being −3.2 °C (26 °F), with a mean temperature of −7.8 °C (18 °F). Barrie is located in a snowbelt, a region that experiences regular lake-effect snow every year. Snow squalls are a common occurrence between November and January when the water temperature is often higher than the cold air passing over Lake Huron and Georgian Bay . The city averages 286 centimetres (113 in) of snow annually,

4961-615: The New Year's Countdown. In the summer months, the city has several beaches including Minet's Point Beach, Johnsons Beach, The Gables, Tyndale Beach, and Centennial Beach. Boating is also popular in Kempenfelt Bay and Lake Simcoe as it connects to the Trent Severn Waterway . In 2011, Barrie's waterfront was under redevelopment, with the relocation of several roadways to provide more greenspace and parkland along

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5082-573: The Sevigny Carriage Shop and the Anderton Brewery in 1916. During the First World War , residents of Barrie helped to construct Canadian Forces Base Borden (CFB Borden) as a means of additional support and to serve as a major training centre of Canadian Expeditionary Force battalions. The base would open on July 11, 1916, and since then has become the largest Canadian Forces Base in Canada, playing an important role through

5203-753: The Summit on Financial Markets and the World Economy," dated November 15, 2008, leaders of the Group of 20 cited the following causes: During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in

5324-497: The US, from $ 106,591 to $ 68,839 between 2005 and 2011. The US Financial Crisis Inquiry Commission , composed of six Democratic and four Republican appointees, reported its majority findings in January 2011. It concluded that "the crisis was avoidable and was caused by: There were two Republican dissenting FCIC reports. One of them, signed by three Republican appointees, concluded that there were multiple causes. In his separate dissent to

5445-546: The United States, and 21% in Denmark. Household defaults, underwater mortgages (where the loan balance exceeds the house value), foreclosures, and fire sales are now endemic to a number of economies. Household deleveraging by paying off debts or defaulting on them has begun in some countries. It has been most pronounced in the United States, where about two-thirds of the debt reduction reflects defaults." The onset of

5566-513: The academic definition, the recession ended in the United States in June or July 2009. Journalist Robert Kuttner has argued that 'The Great Recession' is a misnomer. According to Kuttner, "recessions are mild dips in the business cycle that are either self-correcting or soon cured by modest fiscal or monetary stimulus. Because of the continuing deflationary trap, it would be more accurate to call this decade's stagnant economy The Lesser Depression or The Great Deflation." The Great Recession met

5687-608: The annual "Arts ce Soir"; an all-night contemporary art event in celebration of visual, musical, theatrical and literary art. In addition, a studio tour in the Barrie/Orillia area takes place on the Canadian Thanksgiving weekend every year. It is called the Images Studio Tour and has over 25 artists on average. Potters , jewellers , painters , textile artists and fashion designers make up

5808-464: The bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014 . As of January 2018 , bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $ 626B was invested, loaned, or granted due to various bailout measures, while $ 390B had been returned to

5929-528: The bailouts. In 2008, TARP allocated $ 426.4 billion to various major financial institutions. However, the US collected $ 441.7 billion in return from these loans in 2010, recording a profit of $ 15.3 billion. Nonetheless, there was a political shift from the Democratic party. Examples include the rise of the Tea Party and the loss of Democratic majorities in subsequent elections. President Obama declared

6050-589: The banner RadioShack in Canada, as it had a licensing agreement with the RadioShack Corporation until 2010 to use the American company's trademarks. However, after a purchase of InterTAN by Circuit City Stores, Inc. in 2004, the RadioShack Corporation sued to have that agreement terminated. While that lawsuit was approved in the State of Texas , it was not legally binding in Canada. InterTan filed

6171-506: The best high-tech centres in the country for small markets. Tourism plays an important role in the local economy. Barrie's historic downtown and waterfront are at the heart of its tourism industry. Downtown Barrie has a number of older buildings that have been kept up over the years or given new facades that exemplify their historical importance. Several specialty shops, boutiques, pubs and restaurants are located throughout downtown Barrie, including along Dunlop Street East. Downtown Barrie

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6292-483: The brunt of which coming from lake-effect snow events. Alberta clippers and Colorado lows also generate ample snowfall in the region. Snow cover begins to build by the end of November, accumulating through December, and then lies through the end of February. March sees the spring thaw commence, with the snow cover being essentially gone by the beginning of April. Temperatures commonly drop to −20.0 °C (−4 °F) and occasionally drop to −30.0 °C (−22 °F) on

6413-416: The campus of Georgian College. The theatre features a proscenium stage, sound, lights, fly gallery and seating for 427 on the main level, with three pods that can be used to increase the seating capacity to 690. The Theatre is used both for theatrical and non-theatrical activity, including conferences and seminars. The prominent MacLaren Art Centre is located in Barrie. This is an art gallery that inspired

6534-474: The city had a population of 38,423; in 2006, Barrie had 128,430 residents living within city limits. The first larger scale developments would begin during this time, including high-density waterfront condos and the new Barrie City Hall which started construction in October 1985. On May 31, 1985, Barrie was struck by a devastating F4 tornado that killed eight people. Over 600 homes were damaged or destroyed by

6655-591: The city however the deadly F4 rated Tornado did strike Barrie. In July 2021, an EF2 Tornado also hit the city. Barrie's average frost-free period is from May 26 to September 16, allowing a growing season of 113 days. Precipitation falls year round but is typically heaviest in the summer months due to thunderstorm activity. The driest months are February through April, receiving around 60.0 millimetres (2 in) of precipitation each month per annum. The wettest months are August and September, seeing upwards of 90.0 millimetres (4 in) of precipitation each month. November

6776-656: The city were South Asian (4.4%), Black (3.9%), Latin American (2%), Chinese (1.6%) and Filipino (1.4%). The city's French-speaking population was notable, with 9,710 people (6.6% of the total population) capable of speaking French. However, a majority of the population (84.4%) spoke mostly English at home. According to the 2021 Census, Barrie was 52.5% Christian, down from 66.3% in 2011. 23.6% of Barrie residents were Catholic , 15.9% were Protestants , 8.2% were Christians of unspecified denomination, and 1.5% were Christian Orthodox . Adherents to other denominations of Christianity and Christian-related traditions accounted for 3.4% of

6897-403: The city's population is expected to exceed 200,000 people. To plan for the continued growth of the city, Barrie successfully annexed 2,293 hectares (22.93 km ) of land from the neighbouring Town of Innisfil to the south and southeast on January 1, 2010. The annexation comprised lands south beyond McKay Road and west of the 10th Sideroad, and as far south as Lockhart Road on the east side of

7018-505: The coldest nights of the year. Summers in Barrie are warm with sometimes short stretches of hot, humid conditions. The average temperature in July is 20.1 °C (68 °F).Thunderstorms are very common in the summer months in Barrie due to the city being in a Great Lakes breeze convergence zone . Also a result, there storms are occasionally severe, bringing with them torrential rain, very strong winds and hail. Tornadoes are generally rare in

7139-537: The company had closed unprofitable stores in many countries, including in West Germany. The French stores were bankrupt by the end of December 1993, shut down along with the Belgian stores and distribution centre. Carphone Warehouse bought the remaining British shops in 1999, one year after InterTAN had closed 69 of the 338 UK Tandy stores. In April 2001, InterTAN Australia Limited trading as Tandy Electronics

7260-569: The company's annual sales. It was decided to "spin off" the international retail operations and a separate corporation, InterTAN Inc., was created, with two subsidiaries InterTAN Canada Ltd. and InterTAN Australia Ltd.. The company became a separate entity from Tandy Corporation on 20 June 1986, with InterTAN Canada Ltd. to oversee 873 stores in Canada and 894 stores in Europe and InterTAN Australia Ltd. to oversee 350 stores in Australia. By 1988,

7381-729: The corporate entity, was not included in the sale (rather it was itself the seller), and is therefore now considered defunct. InterTAN Inc. was a wholly owned subsidiary of Tandy Corporation of Fort Worth, Texas, which owned retail operations in the United Kingdom , Australia , France , Belgium , the Netherlands , West Germany , Canada and the United States . Its name being a shortened version of Inter national Tan dy. It had estimated annual sales of US$ 400 million and assets of US$ 250 million and accounted for 13 percent of

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7502-453: The crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand. Further, the U.S. shadow banking system (i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a bank run . US mortgage-backed securities , which had risks that were hard to assess, were marketed around

7623-668: The crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a run on the shadow banking system that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as repurchase agreements or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as

7744-442: The current value of the property). Several sources have noted the failure of the US government to supervise or even require transparency of the financial instruments known as derivatives . Derivatives such as credit default swaps (CDSs) were unregulated or barely regulated. Michael Lewis noted CDSs enabled speculators to stack bets on the same mortgage securities. This is analogous to allowing many persons to buy insurance on

7865-572: The damages to be in the millions. The 100-year-old Wellington Hotel building collapsed later in the morning. On February 17, 2008, two people were charged in connection with the fire after the Ontario Fire Marshal's office concluded the explosion and subsequent fire were the result of arson. In 2013, Barrie was twinned with the English town of Harrogate as a result of Sir Robert Barrie's close connection to it. On July 15, 2021,

7986-402: The development (and name) of nearby Shanty Bay . In 1846, the population of Barrie was roughly 500, mostly from England, Ireland and Scotland. A private school, three churches, a brick courthouse and a limestone jail, (built in 1842), were in operation. Local businesses included three taverns , six stores, three tanneries , a wagon maker, a bakery, a cabinet maker and six shoemakers, as well as

8107-523: The downturn. In advanced economies, during the five years preceding 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138 percent. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. A surge in household debt to historic highs also occurred in emerging economies such as Estonia, Hungary, Latvia, and Lithuania. The concurrent boom in both house prices and

8228-619: The economic crisis took most people by surprise. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States: Dean Baker , Wynne Godley , Fred Harrison , Michael Hudson , Eric Janszen , Med Jones Steve Keen , Jakob Brøchner Madsen , Jens Kjaer Sørensen, Kurt Richebächer , Nouriel Roubini , Peter Schiff , and Robert Shiller . By 2007, real estate bubbles were still under way in many parts of

8349-405: The economic headwinds that slowed the recovery: On the political front, widespread anger at banking bailouts and stimulus measures (begun by President George W. Bush and continued or expanded by President Obama ) with few consequences for banking leadership, were a factor in driving the country politically rightward starting in 2010. The Troubled Asset Relief Program (TARP) was the largest of

8470-552: The emergence of the technology industry. It is connected to the Greater Golden Horseshoe by Ontario Highway 400 and GO Transit . Significant sectors of the city's diversified economy include education, healthcare, information technology and manufacturing. Barrie is situated on the traditional land of the Wendat and Anishinaabeg peoples. At its inception, Barrie was an establishment of houses and warehouses at

8591-423: The entire section north of Dunlop Street to Collier Street, bounded by Clapperton and Owen Streets, was reduced to ash, destroying around 20 local businesses. In the next century, the modern streets and buildings of Barrie began to take form in a massive rebuilding process. Other landmarks to eventually burn down over the years include the Queen's Hotel (1915) and two of Barrie's largest and most prominent companies;

8712-542: The extended urban area in southern Ontario known as the Greater Golden Horseshoe . As of the 2021 census , the city's population was 147,829, while the census metropolitan area had a population of 212,667 residents. The area was first settled during the War of 1812 as a supply depot for British forces, and Barrie was named after Sir Robert Barrie . The city has grown significantly in recent decades due to

8833-471: The fall of Lehman Brothers on September 15, 2008, a major panic broke out on the inter-bank loan market. There was the equivalent of a bank run on the shadow banking system , resulting in many large and well established investment banks and commercial banks in the United States and Europe suffering huge losses and even facing bankruptcy, resulting in massive public financial assistance (government bailouts). The global recession that followed resulted in

8954-745: The first two months of 2007, InterTAN underwent drastic changes. By closing all but one THS Studio location, as well as all but one Battery Plus location, InterTAN began to focus on its core operation: The Source By Circuit City. InterTAN continued closing underperforming locations through the end of February 2007, resulting in the loss of employment for almost 100 Canadians. The positions varied from sales associates, store managers, store assistant managers, district managers, service centre managers, even regional vice presidents. Circuit City announced that they had retained Goldman Sachs to explore selling off InterTAN in Q1, 2007. Circuit City USA went bankrupt in 2009, during

9075-454: The following recovery weaker. Robert Reich claims the amount of debt in the US economy can be traced to economic inequality , assuming that middle-class wages remained stagnant while wealth concentrated at the top, and households "pull equity from their homes and overload on debt to maintain living standards". The IMF reported in April 2012: "Household debt soared in the years leading up to

9196-533: The foot of the Nine Mile Portage from Kempenfelt Bay to Fort Willow , an indigenous transportation route that existed centuries before Europeans arrived in Simcoe County . The portage linked Kempenfelt Bay through Willow Creek, connecting Lake Simcoe to the Nottawasaga River which flows into Georgian Bay off Lake Huron . Barrie played an integral role in the War of 1812 . During

9317-473: The inflow of investment dollars required to fund the U.S. trade deficit was a major cause of the housing bubble and financial crisis: "The trade deficit, less than 1% of GDP in the early 1990s, hit 6% in 2006. That deficit was financed by inflows of foreign savings, in particular from East Asia and the Middle East. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis

9438-541: The kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect". During 2008, three of

9559-404: The lakeshore. There are a number of winter recreation activities and facilities in the surrounding area, including skiing, snow tubing and snowboarding resorts, snowmobile, snowshoe and Nordic skiing trails, and ice fishing. Recreational activities include skiing at nearby Horseshoe Resort , Snow Valley , Mount St. Louis Moonstone , Blue Mountain and Hardwood Ski and Bike . Barrie is home to

9680-568: The largest U.S. investment banks either went bankrupt ( Lehman Brothers ) or were sold at fire sale prices to other banks ( Bear Stearns and Merrill Lynch ). The investment banks were not subject to the more stringent regulations applied to depository banks. These failures exacerbated the instability in the global financial system. The remaining two investment banks, Morgan Stanley and Goldman Sachs , potentially facing failure, opted to become commercial banks, thereby subjecting themselves to more stringent regulation but receiving access to credit via

9801-537: The main headline is that all sorts of poor countries became kind of rich, making things like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it." Describing the crisis in Europe, Paul Krugman wrote in February 2012 that: "What we're basically looking at, then, is a balance of payments problem, in which capital flooded south after the creation of the euro, leading to overvaluation in southern Europe." Another narrative about

9922-466: The majority and minority opinions of the FCIC, Commissioner Peter J. Wallison of the American Enterprise Institute (AEI) primarily blamed U.S. housing policy, including the actions of Fannie and Freddie , for the crisis. He wrote: "When the bubble began to deflate in mid-2007, the low quality and high risk loans engendered by government policies failed in unprecedented numbers." In its "Declaration of

10043-662: The need to take the U.S. economy out of the early 2000s recession caused by the bursting of the dot-com bubble : although by doing so he did not avert the crisis, but only postponed it. Another narrative focuses on high levels of private debt in the US economy. USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990. Faced with increasing mortgage payments as their adjustable rate mortgage payments increased, households began to default in record numbers, rendering mortgage-backed securities worthless. High private debt levels also impact growth by making recessions deeper and

10164-544: The obligation and defaulted; U.S. taxpayers paid over $ 100 billion to global financial institutions to honor AIG obligations, generating considerable outrage. A 2008 investigative article in The Washington Post found leading government officials at the time (Federal Reserve Board Chairman Alan Greenspan , Treasury Secretary Robert Rubin , and SEC Chairman Arthur Levitt ) vehemently opposed any regulation of derivatives. In 1998, Brooksley E. Born , head of

10285-487: The origin has been focused on the respective parts played by public monetary policy (notably in the US) and by the practices of private financial institutions. In the U.S., mortgage funding was unusually decentralised, opaque, and competitive, and it is believed that competition between lenders for revenue and market share contributed to declining underwriting standards and risky lending. While Alan Greenspan's role as Chairman of

10406-427: The plane and destroying the tower and antenna. The station's 225-foot (69 m) auxiliary tower was also destroyed with damage to the main studio building. CKVR returned to the air on September 19 at a reduced power of 40,000 watts until a new 1,000-foot (305 m) tower was built in 1978. The 1980s and 1990s was a period of substantial growth for Barrie, with the population tripling in the span of 25 years. In 1981,

10527-595: The planet. Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016. For example, real GDP fell $ 650 billion (4.3%) and did not recover its $ 15 trillion pre-recession level until Q3 2011. Household net worth, which reflects

10648-471: The popular claim (narrative #4) that subprime borrowers with shoddy credit caused the crisis by buying homes they couldn't afford. This narrative is supported by new research showing that the biggest growth of mortgage debt during the U.S. housing boom came from those with good credit scores in the middle and top of the credit score distribution—and that these borrowers accounted for a disproportionate share of defaults. The Economist wrote in July 2012 that

10769-418: The population. 40.8% of Barrie residents were nonreligious/secular, up from 31.0% in 2011. All other religions and spiritual traditions combined make up 6.7% of residents. The largest non-Christian religions in Barrie are Islam (2.5%), Hinduism (1.5%), and Sikhism (0.8%). The following are some of the city's major employers: Notwithstanding these major employers, Barrie has increasingly been perceived as

10890-526: The power to set future requirements. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 a 56 percent minimum was established. However, the Financial Crisis Inquiry Commission (FCIC) Democratic majority report concluded that Fannie & Freddie "were not a primary cause" of the crisis and that CRA was not a factor in the crisis. Further, since housing bubbles appeared in multiple countries in Europe as well,

11011-410: The protections we had constructed to prevent financial meltdowns. We had a 21st-century financial system with 19th-century safeguards. The Gramm–Leach–Bliley Act (1999), which reduced the regulation of banks by allowing commercial and investment banks to merge, has also been blamed for the crisis, by Nobel Prize –winning economist Joseph Stiglitz among others. Peter Wallison and Edward Pinto of

11132-421: The province of Ontario. As one of the fastest growing cities in Canada, this designation aims to mitigate urban sprawl and concentrate higher-density development in areas specified by the City of Barrie. Its population growth can be attributed to the emergence of the city as a bedroom community for Toronto. In 1991, Barrie had a population of 62,728 and by 2017, Barrie had an estimated population of 147,000. By 2031,

11253-402: The recession have been described as a symptom of another, deeper crisis by a number of economists. For example, Ravi Batra argues that growing inequality of financial capitalism produces speculative bubbles that burst and result in depression and major political changes . Feminist economists Ailsa McKay and Margunn Bjørnholt argue that the financial crisis and the response to it revealed

11374-488: The recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case. This shift to a private sector surplus drove a sizable government deficit. However, the federal government held spending at about $ 3.5 trillion from fiscal years 2009–2014 (thereby decreasing it as a percent of GDP), a form of austerity . Then-Fed Chair Ben Bernanke explained during November 2012 several of

11495-486: The remainder of the war by training some 350,000 troops for deployment in Europe. During World War II, the Royal Canadian Navy named a Flower-class corvette HMCS  Barrie . On September 7, 1977, a private aircraft, owned by Falconbridge Nickel Mines Ltd, dropped altitude to 500 feet (152 m) in dense fog and struck CKVR's 1,000-foot (305 m) transmitter tower, killing all five people aboard

11616-461: The repo margin ("haircut"), forcing massive deleveraging, and resulting in the banking system being insolvent. The Financial Crisis Inquiry Commission reported in January 2011: In the early part of the 20th century, we erected a series of protections – the Federal Reserve as a lender of last resort , federal deposit insurance, ample regulations – to provide a bulwark against the panics that had regularly plagued America's banking system in

11737-499: The same house. Speculators that bought CDS protection were betting significant mortgage security defaults would occur, while the sellers (such as AIG ) bet they would not. An unlimited amount could be wagered on the same housing-related securities, provided buyers and sellers of the CDS could be found. When massive defaults occurred on underlying mortgage securities, companies like AIG that were selling CDS were unable to perform their side of

11858-518: The stimulus measures such as quantitative easing (pumping money into the system) and holding down central bank wholesale lending interest rate should be withdrawn as soon as economies recover enough to "chart a path to sustainable growth ". The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery . Income inequality in the United States grew from 2005 to 2012 in more than two thirds of metropolitan areas. Median household wealth fell 35% in

11979-663: The stock market meant that household debt relative to assets held broadly stable, which masked households' growing exposure to a sharp fall in asset prices. When house prices declined, ushering in the global financial crisis, many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. By the end of 2011, real house prices had fallen from their peak by about 41% in Ireland, 29% in Iceland, 23% in Spain and

12100-547: The system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions. Federal Reserve Chair Ben Bernanke testified in September 2010 before the FCIC regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off

12221-572: The terrain can be rather steep in some areas. The minimum elevation of Barrie is 175 metres (574 ft) around the shores of Kempenfelt Bay and the maximum elevation is 427 metres (1,401 ft) northwest of the Lake Simcoe Regional Airport . Barrie falls into Plant Hardiness Zone 5b. The city does not have any major rivers within its limits but does have numerous creeks and streams, most of which empty into Kempenfelt Bay. Barrie has been designated an Urban Growth Centre by

12342-457: The time, it was the largest marijuana grow-op bust in Canada's history. Barrie's Park Place (formerly Molson Park) was chosen to host Live 8 Canada on July 2, 2005. The overall success of the concert helped support a plan to convert the former Molson Park lands into a commercial district. Construction of Park Place began in 2008 but was temporarily interrupted by the Great Recession and an Ontario Municipal Board (OMB) appeal that proposed

12463-498: The top investment banks during an April 2004 meeting with bank leaders. These banks increased their risk-taking shortly thereafter, significantly increasing their purchases and securitization of lower-quality mortgages, thus encouraging additional subprime and Alt-A lending by mortgage companies. This action by its investment bank competitors also resulted in Fannie Mae and Freddie Mac taking on more risk. The financial crisis and

12584-565: The tornado, and of those roughly one-third were rendered uninhabitable. About 155 people were also injured during the storm, and the tornado remains today one of the most destructive and violent in Canadian history. The tornado caused $ 150 million (1985 CAD ), equivalent to $ 326 million CAD as of 2022. Between June 12–13, 1987, a sculpture called Spirit Catcher by Ron Baird was moved to Barrie from Vancouver , British Columbia , where it had been exhibited as part of Expo '86 . The sculpture

12705-465: The value of both stock markets and housing prices, fell $ 11.5 trillion (17.3%) and did not regain its pre-recession level of $ 66.4 trillion until Q3 2012. The number of persons with jobs (total non-farm payrolls) fell 8.6 million (6.2%) and did not regain the pre-recession level of 138.3 million until May 2014. The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016. A key dynamic slowing

12826-666: The war, the city became a supply depot for British forces and, in addition, the Nine Mile Portage was adopted by the British military as a key piece of their supply line which provided a strategic path for communication, personnel and vital supplies and equipment to and from Fort Willow and Georgian Bay/Lake Huron. Today, the Nine Mile Portage is marked by signs along roads in Barrie and in Springwater Township . The scenic path from Memorial Square to Fort Willow

12947-453: The word "recession" exist: one sense referring definitively to "a period of reduced economic activity" and ongoing hardship; and the more allegoric interpretation used in economics , which is defined operationally , referring specifically to the contraction phase of a business cycle , with two or more consecutive quarters of GDP contraction (negative GDP growth rate) and typically used to influence abrupt changes in monetary policy. Under

13068-562: The world, especially in the United States , France, the United Kingdom , Spain , the Netherlands, Australia, the United Arab Emirates, New Zealand , Ireland , Poland , South Africa , Greece , Bulgaria , Croatia , Norway , Singapore , South Korea , Sweden , Finland , Argentina , the Baltic states , India , Romania , Ukraine and China . U.S. Federal Reserve Chairman Alan Greenspan said in mid-2005 that "at

13189-454: The world, as they offered higher yields than U.S. government bonds. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007. The emergence of subprime loan losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and

13310-413: Was 38.9 °C (102 °F) on July 5, 1911. In the 2021 Census of Population conducted by Statistics Canada , Barrie had a population of 147,829 living in 55,316 of its 57,276 total private dwellings, a change of 4.5% from its 2016 population of 141,434 . With a land area of 99.01 km (38.23 sq mi), it had a population density of 1,493.1/km (3,867.0/sq mi) in 2021. At

13431-725: Was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecast probabilities, which were still well under 50%. The recession was not felt equally around the world; whereas most of the world's developed economies , particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developing economies suffered far less impact, particularly China , India and Indonesia , whose economies grew substantially during this period. Similarly, Oceania suffered minimal impact , in part due to its proximity to Asian markets. Two interpretations of

13552-421: Was called the subprime mortgage crisis . The combination of banks being unable to provide funds to businesses, and homeowners paying down debt rather than borrowing and spending, resulted in the Great Recession that began in the U.S. officially in December 2007 and lasted until June 2009, thus extending over 19 months. As with most other recessions, it appears that no known formal theoretical or empirical model

13673-478: Was completed in 2006. InterTAN filed for bankruptcy protection (under the Companies' Creditors Arrangement Act ) at the same time as its U.S. parent in late 2008. However, the Canadian division was not directly affected by Circuit City's liquidation process announced on January 16, 2009. Bell Canada subsequently announced an agreement to purchase the bulk of InterTAN's assets, specifically The Source. InterTAN,

13794-473: Was named in 1833 after Sir Robert Barrie , who was in charge of the naval forces in Canada and frequently commanded forces through the city and along the Nine Mile Portage. Barrie was also the final destination for a branch of the Underground Railroad . In the mid-19th century, this network of secret routes allowed many American slaves to enter Barrie and the surrounding area. This contributed to

13915-456: Was paid out to major global financial institutions on behalf of AIG. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was used to bail out banks. Economist Gary Gorton wrote in May 2009 Unlike the historical banking panics of

14036-624: Was permanently erected at the foot of Maple Avenue on the shore of Kempenfelt Bay and has since become a major Barrie landmark and tourist attraction. However, with the re-development along the waterfront and Lakeshore Drive, the city is considering moving the Spirit Catcher to a gravel outcropping at the foot of Bayfield Street. On January 12, 2004, the former Molsons plant was found to be home to an illegal marijuana grow-op housing an estimated 30,000 marijuana plants with an estimated street value of $ 30 million (~$ 46.4 million in 2023); at

14157-523: Was settled in late 2006; however, the details of the settlement were not made public. RadioShack made a token effort to re-enter the Canadian market in 2005 with nine stores, which it abandoned in January 2007. Remaining RadioShack-branded inventory began to appear in Liquidation World bins in Canada in 2007. Former InterTAN CEO Brian Levy later became an ER medical doctor. InterTAN had entered into arrangements with Rogers Communications to run

14278-522: Was sold to Woolworths Limited for A$ 112.6 million with 222 stores. InterTAN was reduced to being the parent company for the Canadian consumer electronics business only. Product offerings occasionally differed from the US chain; a 1989 decision to drop the Tandy Colour Computer in Canada drew a small-scale backlash and InterTAN often carried non-RadioShack items alongside the core Tandy line. Until June 30, 2005, InterTAN ran stores under

14399-571: Was the most severe economic and financial meltdown since the Great Depression . The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase

14520-630: Was the primary train station serving Barrie at the time. The Grand Trunk Railway purchased the original Northern Railway in 1888, and the line serving Barrie would become a branch of the Canadian National Railway (CNR). Throughout the latter of the 19th century, steamships ran from Barrie to the Muskoka Territory , Orillia and other communities and stages were taking passengers to Penetanguishene . The period of 1870 to 1890 defined Barrie's downtown development with

14641-402: Was the result." In May 2008, NPR explained in their Peabody Award winning program " The Giant Pool of Money " that a vast inflow of savings from developing nations flowed into the mortgage market, driving the U.S. housing bubble. This pool of fixed income savings increased from around $ 35 trillion in 2000 to about $ 70 trillion by 2008. NPR explained this money came from various sources, "[b]ut

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