PM compares crisis to crash of 1929

- STEVE RENNIE, THE CANADIAN PRESS LIMA, PERU -- Prime Minister Stephen Harper said the current economic crisis could be as dangerous as the financial collapse that began in 1929 and the world must avoid repeating history by recognizing the Great Depression was caused by bad government policies.

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Harper's remarks came as leaders at the Asia-Pacific Economic Co-operation summit in Peru pledged yesterday to invoke a 12-month moratorium on new trade barriers in an effort to stabilize the present tumultuous global economy. "The financial crisis has become an economic crisis, and the world is entering an economic period unlike, and potentially as dangerous, as anything we have faced since 1929," Harper said in an address. The prime minister said policymakers back then erred in allowing their banking sector to contract. More...

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