The Financial Times wonders “What Toronto can teach New York and London”. So much really.
Chrystia Freeland of the Financial Times with a great article on why Canada’s banking industry didn’t need a bailout, and still makes good money. Oh – and why it’s the envy of the world, which it is.
The article does waste some time considering whether our banks’ continued solvency is related to our notorious niceness. But it turns out that the temporarily-lucrative global practice of loaning truckloads of money to deadbeats just didn’t catch on here. In the 90’s, when the rest of the world was de-regulating to grow the banking sector – Canada didn’t. We kept better basic regulations on banking, and we held to them. Even when the International Monetary Fund explicitly told us to drop the regs and securitize more debt. We didn’t.
It’s so rare to feel this feeling about Canadian politicians. I think it’s called pride.
link: Financial Times
