Quote:
Originally Posted by Kiopa_Matt
For example, take the 2008 crisis. If that should have devastated another economy, it should have been Canada's, due to our close ties. It didn't though. It hurt Canada's economy, but nowhere near on the scale as what it did to the US. And that's because Canada has a heavily regulated financial industry.
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I see where you're coming from, but it's really not an accurate comparison.
The reason it didn't crush Canada's economy is that CA didn't have
direct exposure to the bullshit that was happening here. The subprime risk exposure was right here in the US. Canada's banks never jumped into the Festival of Fraud, thus they stayed fairly stable while we burned to the ground.
BTW, i think it's a tribute to Canada's financial governance that they stayed out of this shit. Unlike the US, Canada's government hasn't whored out its country to huge money interests.