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  1. #1
    I am Sofa King!!! kendoiwan's Avatar
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    Default Canada: Score 1 for Socialism

    Canada's economy is suddenly the envy of the world - Yahoo! Finance

    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.

    In Canada's concentrated banking system, five major banks dominate the market and regulators know each of the top bank executives personally.

    "Our banks were just better managed and we had better regulation," says former Prime Minister Paul Martin, the man credited with killing off a massive government deficit in the 1990s when he was finance minister, leading to 12 straight years of budget surpluses.

    "I was absolutely amazed at senior bankers in the United States and Europe who didn't know the extent of the problem or they didn't know that people in some far-flung division were doing these kinds of things. It's just beyond belief," he told the AP.

    The Conservative Party government of Stephen Harper that took over from Martin's Liberals in 2006 broadly stuck to his predecessor's approach, though he cut taxes and, when recession struck, pumped stimulus money into the economy, with the result that Canada again has a large deficit.

    But it is recovering from the recession faster than others, and although its deficit is currently at a record high, the International Monetary Fund expects Canada to be the only one of the seven major industrialized democracies to return to surplus by 2015.
    http://www.typologycentral.com/forum...ml#post1161526

    "They the type of cats who pollute the whole shoreline. Have it purified. Sell it for a $1.25"

  2. #2
    Supreme High Commander Andy's Avatar
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    All hail good management.

  3. #3
    insert random title here Randomnity's Avatar
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    There is (was?) definitely a recession here, though it does seem to be considerably milder than the horror stories elsewhere, and I don't think the house prices have dropped much if at all really, though housing is historically fairly stable in my city anyway.
    -end of thread-

  4. #4
    Energizer Bunny Resonance's Avatar
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    I heard it's because we copy the U.S. but years behind, so that when something goes awry in their economy we can stop it before it starts for us.

    Of course, we're quite fond of giving ourselves pats on the back for not failing to do our jobs.
    The beauty of a living thing is not the atoms that go into it, but the way those atoms are put together. ~ rCoxI ~ INfj ~ 5w6 so/sp

  5. #5
    I am Sofa King!!! kendoiwan's Avatar
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    Quote Originally Posted by Blairvoyant View Post
    I heard it's because we copy the U.S. but years behind, so that when something goes awry in their economy we can stop it before it starts for us.

    Of course, we're quite fond of giving ourselves pats on the back for not failing to do our jobs.
    You'd have to give me examples of such because from my side of the border we're behind you guys in terms of Healthcare, Banking regulation, Drug laws, etc.
    http://www.typologycentral.com/forum...ml#post1161526

    "They the type of cats who pollute the whole shoreline. Have it purified. Sell it for a $1.25"

  6. #6
    Senior Member Pixelholic's Avatar
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    North Dakota has (mostly) avoided the recession too because the majority of banks in the state are state-owned.

    Funny how that regulation thing works out.

  7. #7
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    Hmm and they too had to pump in stimulus. I loled

  8. #8
    pathwise dependent FDG's Avatar
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    Well, take into account that Canada is a huge country with quite low population density and a high amount of natural resources. It's much easier to run a regulated economy in this kind of setting. Other countries (UK, for example) need to find a way to provide for their population with a lower level of resources per-capita (higher density) - unregulated finance is one potential way, since it's a high-level services sector which doesn't require natural resources. I'm not trying to promote this kind of approach, I'm just saying that some Euro countries (the US too) have somewhat fewer choices.
    ENTj 7-3-8 sx/sp

  9. #9
    Minister of Propagandhi ajblaise's Avatar
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    Canadian banks also pwned during the Great Depression, due to strong regulatory framework. Hail socialism!


  10. #10
    Senior Member Lateralus's Avatar
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    Regulation is not socialism. I know that most of the people who posted in this thread know this, but some rightists don't seem to.
    "We grow up thinking that beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

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