Our neighbor to the north has a healthy and growing economy. Here is an excerpt of an article that you might want to check out from Rob Gillies of the Associated Press.
"Canada thinks it can teach the world a thing or two about dodging financial meltdowns.
The 20 world leaders at an economic summit in Toronto next weekend will find themselves in a country that has avoided a banking crisis where others have floundered, and whose economy grew at a 6.1 percent annual rate in the first three months of this year. The housing market is hot and three-quarters of the 400,000 jobs lost during the recession have been recovered.
World leaders have noticed: President Barack Obama says the U.S. should take note of Canada's banking system, and Britain's Treasury chief is looking to emulate the Ottawa way on cutting deficits.
The land of a thousand stereotypes — from Mounties and ice hockey to language wars and lousy weather — is feeling entitled to do a bit of crowing as it hosts the G-20 summit of wealthy and developing nations.
"We should be proud of the performance of our financial system during the crisis," said Finance Minister Jim Flaherty in an interview with The Associated Press.
He recalled visiting China in 2007 and hearing suggestions "that the Canadian banks were perhaps boring and too risk-adverse. And when I was there two weeks ago some of my same counterparts were saying to me, 'You have a very solid, stable banking system in Canada,' and emphasizing that. There wasn't anything about being sufficiently risk-oriented."
The banks are stable because, in part, they're more regulated. As the U.S. and Europe loosened regulations on their financial industries over the last 15 years, Canada refused to do so. The banks also aren't as leveraged as their U.S. or European peers.
There was no mortgage meltdown or subprime crisis in Canada. Banks don't package mortgages and sell them to the private market, so they need to be sure their borrowers can pay back the loans."
To read more: http://www.google.com/hostednews/ap/article/ALeqM5hM5MvpNJ2D2tMn8sVqk_qKObY8DwD9GF5JBO0
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Comments: 84
You hit the nail on the head.
"The banks are stable because, in part, they're more regulated. As the U.S. and Europe loosened regulations on their financial industries over the last 15 years, Canada refused to do so."
The US is a sinking ship and all of you rats want off the boat.
I was only speaking from experience, and I've met many, mostly professional, people who have moved here from Canada, but not recently. Sorry to contradict you, Walter, but sometimes when you speak globally, it makes for untruths.
And, by the way, I am NOT one of the 64% who want to move to Canada. Never did, never will. Where did you get that number, anyway? Another one of those nameless, unable to prove, polls.
Personally, I love it! And I love Canadians too. :-)
Many countries are projecting a better control of the banks (through their balance sheets) wishing to low down the risk they use to take with the "support" of their clients assets.
Governments intend to raise the fees related to speculation.
IMO, this is far better than raising the VAT which is a jobless factor.
Health care have never been a jobless factor after the first year.
Every economic new rule needs at the least 6 months to start influence on the markets.
If Health Care ennhances productivity, should we conclude that only paranoiac and lazy people are afraid of it?
I agree pre-existing conditions are difficult to deal with. However costs are the number one problem, making pre-existing conditions so much more expensive.
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