# 4th bank down (Icelandic economy mess) **URL:** \ **Category:** Miscellaneous and Personal Stuff I Must Share\ **Created:** [March 10, 2009, 2:27pm UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957 "2009-03-10T14:27:37Z")\ **Posts on this page:** 13\ **Page:** 3
**Author:** ![Northern\_Piper](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/northern_piper/32/5304_2.png) [@Northern\_Piper](https://boards.straightdope.com/u/Northern_Piper)\ **Post date:** [March 11, 2009, 4:31am UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/41 "2009-03-11T04:31:21Z")
> [@Declan](#): > > Piper ,whats housing and rentals like there, are we gonna see a redux of Calgary and Fort McMac if hordes of Ontarians cross over. > > Declan Rentals are tight - something like a 0.5% vacancy rate in Saskatoon, maybe 1% vacancy in Regina. There’s been several articles about it over the past six months. Housing is booming, but pricey. Lots of new houses and construction, but it can take a long while before you can get a new house built, because there’s so much demand. Older houses are selling well, although the market has cooled off since the really hot period about a year to 18 months ago. We’ve not been affected by the mortgage issue in the US, because our banks tend to be very conservative in their lending, as mentioned earlier, so the housing market is still strong. ---
**Author:** ![Northern\_Piper](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/northern_piper/32/5304_2.png) [@Northern\_Piper](https://boards.straightdope.com/u/Northern_Piper)\ **Post date:** [March 11, 2009, 4:34am UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/42 "2009-03-11T04:34:14Z")
and an update on the weather - Enviro Canada has issued a weather warning for Regina and the south-east corner of the Province for tonight. With windchill, the temperature is going to be below -40 until about noon tomorrow. ---
**Author:** ![WormTheRed](https://avatars.discourse-cdn.com/v4/letter/w/bbe5ce/32.png) [@WormTheRed](https://boards.straightdope.com/u/WormTheRed)\ **Post date:** [March 11, 2009, 11:34am UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/43 "2009-03-11T11:34:37Z")
> [@Freddy\_the\_Pig](#): > > **Worm** , What is the impact so far on day-to-day life? Is everybody out of work? Are the stores open? I mean, somebody must be working behind the counter of every shop, right? Are people planning to leave, like you seem to be? Can they _afford_ to leave, if their currency is near worthless? The main thing I’ve noticed is empty shopping windows d/t and lots more going-out-of-business-sales, so the next couple of months will be lethal for many, many shops if nothing happens. Unemployment has, as previously mentioned, increased about 10-fold since Janury -08 and most of those who still have a job (and work for private companies) have had to take pay-cuts of 10-15% to keep them. This means far fewer people are going abroad this summer and nobody is going to Copenhagen/Glasgow/Minneapolis for a weekend shopping spree like people did quite often, just two years ago. So there’s a lot less boasting of that aswell 😉 There was a poll that was done in November -08 in which more than 30% of Icelanders said they wanted to emigrate. The figure is probably lower now, and as you say, most people can’t move anyway since most of them are stuck with a far-too-high mortgage they can’t get out of unless they declare bancrupcy. I do, however, know quite a few people in my position (university educated, in their 20.s, childless, renting) who are getting ready to haul ass and leave for greaner pastures. And most of us have enough money to pay for the flight and the set-up in a new place, as long as there’s a job waiting for you. ---
**Author:** ![Sunspace](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sunspace/32/1250_2.png) [@Sunspace](https://boards.straightdope.com/u/Sunspace)\ **Post date:** [March 21, 2009, 7:10pm UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/44 "2009-03-21T19:10:12Z")
And the Icelandic tourism campaign continues: [Shopping on top of the world](http://www.theglobeandmail.com/servlet/story/RTGAM.20090321.travIceland0321/BNStory/specialTravel/home). > [@](#): > > The current economic crisis hit Iceland like a tidal wave, knocking out the nation’s banks, currency and, most recently, government. With the krona losing almost half its value against the dollar since last year, the island’s loss just might be the world’s gain. But Icelanders aren’t complaining. Any foreign currency that comes into the country is another brick to rebuild its collapsed economy. > > For locals, the crisis means the end of day trips to shop on London’s Oxford Street and weekend jaunts to New York for the latest electronics. For visitors, it means that Iceland’s innovative, otherworldly design — once available largely to moneyed globerati — is finally affordable for the rest of us. And it’s about to get easier to get to: Icelandair is re-launching direct flights from Toronto to Iceland on April 1. > > With direct flights and the krona at about 90 to the Canadian dollar, the only missing link is a guide to the best shopping in Reykjavik… ---
**Author:** ![Baron\_Greenback](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/baron_greenback/32/48_2.png) [@Baron\_Greenback](https://boards.straightdope.com/u/Baron_Greenback)\ **Post date:** [March 21, 2009, 7:51pm UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/45 "2009-03-21T19:51:36Z")
Hey **WormTheRed** , I haven’t followed all of your threads re the crisis and your wish to move abroad so I don’t know if you’ve already brought this up, but the UK allows Icelanders freedom to visit, live and work here. Scotland will have you: the economy is hurting a little but not too badly, the drink is cheaper, the countryside is a lot greener and it’s a similar climate but a bit warmer (and there’s not many places us Scots can say that of). ---
**Author:** ![WormTheRed](https://avatars.discourse-cdn.com/v4/letter/w/bbe5ce/32.png) [@WormTheRed](https://boards.straightdope.com/u/WormTheRed)\ **Post date:** [March 26, 2009, 1:00pm UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/46 "2009-03-26T13:00:46Z")
Thanks for the tips **Struan**! I’ve actually been looking into Scotland quite a bit, mostly the oil-biz around Aberdeen though. Any ideas on industries that might be hiring (I’m a logistics and purchasing guy)? And let me just say that I’m sooo glad to be out of the country for awhile 🙂 ---
**Author:** ![Quartz](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/quartz/32/267_2.png) [@Quartz](https://boards.straightdope.com/u/Quartz)\ **Post date:** [March 26, 2009, 4:36pm UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/47 "2009-03-26T16:36:42Z")
> [@WormTheRed](#): > > I’ve actually been looking into Scotland quite a bit, mostly the oil-biz around Aberdeen though. Any ideas on industries that might be hiring (I’m a logistics and purchasing guy)? My brother’s in the oil business in Aberdeen. They’re all cutting back there. His lot have to save 10%. ---
**Author:** ![Sunspace](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sunspace/32/1250_2.png) [@Sunspace](https://boards.straightdope.com/u/Sunspace)\ **Post date:** [March 26, 2009, 5:18pm UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/48 "2009-03-26T17:18:48Z")
Saskatchewan is still hiring. I wouldn’t try Ontario at the moment unless you’re in a guaranteed niche. I know all sorts of people who have gone through layoffs or pay cuts. Maybe things will pick up in six months with all the ‘stimulus’ funding (we have a lot of streetcar lines and subways and roads to build and fix.) ---
**Author:** ![Le\_Ministre\_de\_l\_au-dela](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/le_ministre_de_l_au-dela/32/12181_2.png) [@Le\_Ministre\_de\_l\_au-dela](https://boards.straightdope.com/u/Le_Ministre_de_l_au-dela)\ **Post date:** [March 26, 2009, 5:45pm UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/49 "2009-03-26T17:45:59Z")
And at this rate, you’ll be there just in time for the mosquitoes. We have told you about the mosquitoes, haven’t we? ---
**Author:** ![gonzomax](https://avatars.discourse-cdn.com/v4/letter/g/e8c25b/32.png) [@gonzomax](https://boards.straightdope.com/u/gonzomax)\ **Post date:** [March 26, 2009, 7:01pm UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/50 "2009-03-26T19:01:45Z")
> [@Le\_Ministre\_de\_l\_au-dela](#): > > And at this rate, you’ll be there just in time for the mosquitoes. > > We have told you about the mosquitoes, haven’t we? I thought it was the black flies. They drive the moose out to the highways for relief. ---
**Author:** ![Le\_Ministre\_de\_l\_au-dela](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/le_ministre_de_l_au-dela/32/12181_2.png) [@Le\_Ministre\_de\_l\_au-dela](https://boards.straightdope.com/u/Le_Ministre_de_l_au-dela)\ **Post date:** [March 26, 2009, 9:09pm UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/51 "2009-03-26T21:09:48Z")
Black flies are more of a Canadian Shield phenomenon - I’ve never been far enough north in Saskatchewan to run into them. Rainy River, Ontairo, on the other hand, is a nice place to see your own bones. Or the [Little Abitibi](http://www3.nfb.ca/animation/objanim/en/films/film.php?sort=director&director=Hinton%2C+Christopher&id=25968)… ---
**Author:** ![Sunspace](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sunspace/32/1250_2.png) [@Sunspace](https://boards.straightdope.com/u/Sunspace)\ **Post date:** [March 26, 2009, 9:42pm UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/52 "2009-03-26T21:42:16Z")
> [@Le\_Ministre\_de\_l\_au-dela](#): > > Black flies are more of a Canadian Shield phenomenon - I’ve never been far enough north in Saskatchewan to run into them. > > Rainy River, Ontairo, on the other hand, is a nice place to see your own bones. Or the [Little Abitibi](http://www3.nfb.ca/animation/objanim/en/films/film.php?sort=director&director=Hinton%2C+Christopher&id=25968)… This is why you never wear shorts into the bush, no matter how hot it gets. ---
**Author:** ![Northern\_Piper](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/northern_piper/32/5304_2.png) [@Northern\_Piper](https://boards.straightdope.com/u/Northern_Piper)\ **Post date:** [March 27, 2009, 10:07am UTC](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957/53 "2009-03-27T10:07:22Z")
In fact, things are booming so much in Saskatchewan that the Premier and the mayors of Regina and Saskatoon are going to a job fair in Ontario to attract young workers, and are offering grants to pay off student loans if they move here and stay for a certain number of years: [Premier Brad Wall heading to Ontario to lure workers to Sask.](http://www.cbc.ca/canada/saskatchewan/story/2009/03/24/wall-ontario.html) [Previous page](https://boards.straightdope.com/t/4th-bank-down-icelandic-economy-mess/488957.md?page=2)