While our banking system was certainly stronger at the time than the US, make no mistake there was indeed a recession in Canada in 2008/09. Although the effects on Canada were milder than on the United States and in Europe, the Canadian recession of 2008–09 was still severe enough to generate sharp declines in output and employment and to require significant responses by Canadian policy-makers.The TSX fell 35% in 2008 and the Canadian dollar fell sharply. Of course, no recession nor stock reaction are the same, and certainly GSY is not completely immune. Its stock fell 51% in 2008. But our point in the prior discussion was that it remained profitable: it earned 85c per share in 2008 (down from $1.14 in 2007) and earned 62c in 2009. Perhaps more important, its dividend was raised in 2008 and was not cut during the crisis.
5i Research Answer: