Prince George, B.C.- The stock markets are up and there is room for optimism says Dan McLaren of Commonwealth Financial. Speaking on the Meisner program this morning on 93.1 CFIS, McLaren says there were some investors who were “throwing the baby out with the bath water, and that was just what some investors on the sidelines were waiting for. They have now stepped in and started buying up some very good buys.” The Dow Jones saw its greatest gain in history on Monday, and today the Toronto Stock Exchange was up about a thousand points at one point.

UNBC Economics Prof, Paul Bowels, says things are going to change, the days of 10-20% gains in growth are over. “The more modest gains of 2-3% are more likely, and while there are some who would like to think you can see growth of double digits, well, you can’t.”

The weekend efforts by the G7 nations have had a major positive effect, however, the trillions of dollars promised to bail out and shore up businesses, could result in large government deficits,  so Bowels says   we aren’t out of the woods  “We are, potentially storing up problems for the future”. He says the chances of a full blown depression are greatly reduced, but it is likely there will be a recession in North America.

“In June, the TSX was at 15,000, today it climbed back up to 9,000 and people are feeling good because it’s only down 30% from where it had been. But we aren’t going to see that 15,000 for a long time” added Bowels.