The worst recession in 70 years???

I have been hearing a common selection of words being spoken in the Commons recently by the opposition; "the worst financial crisis in 70 years". This is factually incorrect and the statement needs to stop being uttered in the House of Commons. I'm not even sure this was the worst crisis since Bob Rae! Back when the stock markets were free falling last year, experts were warning that it had the potential to become another Great Depression, but not that it was. Then in the spring markets began to recover and the worst was put behind us. And yet, I am still hearing the Liberal party say it was the worst crisis in 70 years?

Financial institutions loaned too much money to people who would not be able to pay it back, they packaged the toxic credit into asset investments, it created a bubble, the bubble popped, and we have experienced a market correction. That's what this was. The most important metric when determining the virility of an economy is employment. The Unemployment rates in this recent downturn never surpassed the downturn of 1990, and thanks to the stewardship of the Tories, we are back on track. Could you imagine the carnage that would have been reaped upon the Canadian economy had Bob Rae been in charge during this downturn? I still have "night terrors" of Bob Rae's Ontario where I wake up in the middle of the night in a cold sweat screaming. Thank God we had a Conservative government to get us through this.