A helpful guide as to why Canadian banks avoided the global financial collapse of a few years back spearheaded by the American banks disastrous mistakes. It also goes into detail as to how the American banks woes are affecting Canadian ones.
2010-08-20
This is straight up BS. Do your research, Canada bailed out its banks.
How Canada Avoided a Bank bailout. Nice Myth. Media sources including the Globe and Mail and the Vancouver Sun are reporting that Canada did not avoid a bank bailout as Flaherty and Harper would like you to believe. I urge readers to do more reasearch on this under reported story.
What surprises me is how much Canada envies the US that it doesnt also emulate its terrible banking regulations too. The U.S. has shown there is a lot of riches in less regulation and so you’d think lobbyists in this country would be very much on this and strip our system to make it more like those south of the border.
The Canadian bank system is indeed boring but it works.
Abolish them? The realtive few are making so much money with the consequences only that the American people will have to fork out another bailout to save the system. Why would they want that to end? And so they will continue to corrupt congress and pay them money to keep useful legislation from ever passing.
It’s all about the credit default swaps. Its a bad idea then and its a bad idea now. Why the US Congress doesnt abolish them is beyond me.