"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'
Abstract: Good Booms, Bad Booms
Canada has a population total similar to California's and yet California's GDP is +/- 1.3 times that of all of Canada's (Wikipedia). Canadians don't produce as much stuff as Californians do and with the energy and resource sectors deflating, I suspect Canada's "information regime" is going to change abruptly if it has not not already. Loans officers are going to be actually looking at the collateral underlying the loan instead of green lighting every manic bid this rising market proposes.
HAT TIP to Jason Kirby, Macleans.ca for his "The most important charts for the Canadian economy in 2016" and the following two charts that underscore the risks of the "bad boom".
Canada needs stronger business investment
Global GDP is slumping
Bob Dylan - Things Have Changed
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense