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Justin Godscock posted:The Canadian banking system really is the envy of the world because the government found a great balance between regulation and freedom on that one. Market failures are going to happen, it's inevitable, but having solid regulation means that the waves can crash against the rocks but nothing will happen to the house built way above. Not one Canadian bank even came close to failure back in 2009 because regulation meant they couldn't do any of the shady poo poo that American banks were up to for decades. It also helps the banks here actually like the regulation so you don't have lobbyists being paid by them to whine to Parliament about "hurt opportunities" or whatever poo poo.  I know this is 4 years out of date, but prices have only risen since then. In response to the global financial crisis (which was ultimately caused by the collapse of housing bubbles in the USA, Spain, Ireland, etc), the Government of Canada was guaranteeing 40 year, no money down mortgages for a while in 2008/2009. We didn't avoid crisis, we're just waiting for it. Also the Canadian government bailed out our banks with $114 billion in 2009. That's ten times what we gave the auto industry. Congratulations on buying into Stephen Harper's propaganda.
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Sep 26, 2015 08:45
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| # ¿ May 9, 2024 10:08 |
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