bushwacked Posted June 21, 2010 Share Posted June 21, 2010 I wasn't aware of this stuff: The 20 world leaders at an economic summit in Toronto next weekend will find themselves in a country that has avoided a banking crisis, and where the 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 in the recession have been recovered. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted June 21, 2010 Share Posted June 21, 2010 No chance of us following suit. We are incredibly bad at looking elsewhere for solutions to anything. Quote Link to comment Share on other sites More sharing options...
Avernus Posted June 21, 2010 Share Posted June 21, 2010 (edited) No chance of us following suit. We are incredibly bad at looking elsewhere for solutions to anything. ...especially Canada... they're supposed to be following us Edited June 21, 2010 by Avernus Quote Link to comment Share on other sites More sharing options...
bushwacked Posted June 21, 2010 Author Share Posted June 21, 2010 ...especially Canada... they're supposed to be following us If Obama announced we are going to utilize some ideas on a regulatory level from Canada's banking system the reaction from the righties on this board would be more than predictable. Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted June 21, 2010 Share Posted June 21, 2010 And they have universal health care to boot. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 21, 2010 Share Posted June 21, 2010 If Obama announced we are going to utilize some ideas on a regulatory level from Canada's banking system the reaction from the righties on this board would be more than predictable. I would be absolutely against the Canada way. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 21, 2010 Share Posted June 21, 2010 I finally read the article and amazingly the things that Canada is not doing are some of the things many of us crazy conservatives have said we should not be doing here in the states: 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. The Conservative Party government of Stephen Harper that took over from Martin's Liberals in 2006 broadly stuck to his predecessor's approach, although Harper cut taxes and, when recession struck, pumped stimulus money into the economy, with the result that Canada again has a large deficit. (though I'm still not a big fan of the US "stimulus", I'm not sure of what the Canadian "stimulus" consisted of so I don't know whether I would be against it before I'm for it...) But the nation is recovering from the recession faster than others, and the International Monetary Fund expects Canada to be the only one of the seven major industrialized democracies to return to a budget surplus by 2015. Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted June 21, 2010 Share Posted June 21, 2010 I finally read the article and amazingly the things that Canada is not doing are some of the things many of us crazy conservatives have said we should not be doing here in the states: So Canada is doing things that conservatives say are horrible to do . . and yet they are doing pretty well during the recession? Is that correct? Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 21, 2010 Share Posted June 21, 2010 So Canada is doing things that conservatives say are horrible to do . . and yet they are doing pretty well during the recession? Is that correct? No, re read, I'll make it easier to understand: Conservatives on this board have stated quite often that the sub-prime mortgage market should not have been created, that it was doomed ot failure, that too many loans were being given to people who simply had neither the means nor the future prospects to be able to handle these mortgages. Canada realizes this and never gave that easy of access to mortgages to dead beats. Conservatives have stated that we need to cut taxes to grow the economy. Canada has done this with the conservative party in charge. The only difference really is that I was not in favor of the US stimulus bailing out the banks, evidently Canada imposed some sort of stimulus plan, I'm not sure what that stimulus contained, so I'm not sure if I would have been comfortable with the Canada stimulus plan or not. But I would certainly have been in favor of a tax decrease. These are just two examples of what Canada has done that many conservatives in the US would agree with, and one thing where the jusy could still be out on. As i am sure there is a lot more than just these things that have gone into the growth in Canada, these are labeled as some of the main drivers of their growth. These main drivers are things that conservatives in the US would be in favor of. Quote Link to comment Share on other sites More sharing options...
bushwacked Posted June 21, 2010 Author Share Posted June 21, 2010 I missed the part when all the conservatives here were wanting new and expanded regulations on the banking and mortgage industry. Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted June 21, 2010 Share Posted June 21, 2010 I missed the part when all the conservatives here were wanting new and expanded regulations on the banking and mortgage industry. Me too . . . Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 21, 2010 Share Posted June 21, 2010 I missed the part when all the conservatives here were wanting new and expanded regulations on the banking and mortgage industry. Oh, christ.... Did you read my post? Did you, really, and that is what your gonna come back with, really, that is what you are going to argue? Since I do not have a clear understanding, nor do you, of the regulatory differences between Canadian and US banks I can not say specifically whether I agree with the regulations or not. I can say for certain that I am vehemently against the government dictating what the CEO of a bank, or any company for that matter, makes. The only regulations, that I could point out that I am in favor of that the Canadian system evidently has in place, and it doesn't really sound like a regulation, is that there is no subprime mortgage market. And that is specifically what I was speaking to, if you read my post you would know that. And for you to say that conservatives on this board haven't been wholly and totally against the sub-prime mortgage market then you haven't been paying attention. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted June 21, 2010 Share Posted June 21, 2010 (edited) Conservatives on this board have stated quite often that the sub-prime mortgage market should not have been created, that it was doomed ot failure, that too many loans were being given to people who simply had neither the means nor the future prospects to be able to handle these mortgages. Canada realizes this and never gave that easy of access to mortgages to dead beats. Where Canada differs is in the fact that banks do not bundle mortgages up and sell them on. Banks therefore have to keep their own risk, thus they are more likely to pay attention to who they are lending money to. This might be chicken and egg, perhaps, but it is a critically important point - banks here were able to lend to anyone with a pulse (and probably a few without) knowing that they would not be taking the risk. That is why there was no sub-prime market. That principle was lost here in the mad race to see who could be the fattest greedy bastard - yet more ammo for the government to use as it walks through yet another door left yawning wide by stupid business people. Edited June 21, 2010 by Ursa Majoris Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted June 21, 2010 Share Posted June 21, 2010 If Obama announced we are going to utilize some ideas on a regulatory level from Canada's banking system the reaction from the righties on this board would be more than predictable. their financial system is probably freer than ours. and they didn't have government policies driving a housing bubble. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted June 21, 2010 Share Posted June 21, 2010 this is a pretty good read Quote Link to comment Share on other sites More sharing options...
bushwacked Posted June 21, 2010 Author Share Posted June 21, 2010 their financial system is probably freer than ours. and they didn't have government policies driving a housing bubble. Well, I'm not sure what you mean by "free " but the article I posted makes it pretty clear their banking systems were more regulated than ours. Quote Link to comment Share on other sites More sharing options...
bushwacked Posted June 21, 2010 Author Share Posted June 21, 2010 Oh, christ.... Did you read my post? Did you, really, and that is what your gonna come back with, really, that is what you are going to argue? I'm just trying to remember when conservatives were onboard with putting more regulations on the banking industry as you claim? Quote Link to comment Share on other sites More sharing options...
Cyclones Posted June 21, 2010 Share Posted June 21, 2010 Well, I'm not sure what you mean by "free " but the article I posted makes it pretty clear their banking systems were more regulated than ours. What I do know is that for as long as I can remember, there have been only 5 banks in Canada - TD, Royal Bank of Canada, Scotiabank, CIBC, and Bank of Montreal (plus some credit unions.) In Lexington where I live, I'm going to take a wild stab and say there are 50 different banks. I'm sure its easier to regulate 5 companies than it is to regulate hundreds or thousands like here in the US. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 21, 2010 Share Posted June 21, 2010 I'm just trying to remember when conservatives were onboard with putting more regulations on the banking industry as you claim? Where did I claim that COnservatives were calling for more regulation? Quote Link to comment Share on other sites More sharing options...
bushwacked Posted June 21, 2010 Author Share Posted June 21, 2010 Where did I claim that COnservatives were calling for more regulation? Ooops sorry, I misread your previous post. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted June 21, 2010 Share Posted June 21, 2010 Where Canada differs is in the fact that banks do not bundle mortgages up and sell them on. Banks therefore have to keep their own risk, thus they are more likely to pay attention to who they are lending money to. This might be chicken and egg, perhaps, but it is a critically important point - banks here were able to lend to anyone with a pulse (and probably a few without) knowing that they would not be taking the risk. That is why there was no sub-prime market. That principle was lost here in the mad race to see who could be the fattest greedy bastard - yet more ammo for the government to use as it walks through yet another door left yawning wide by stupid business people. Who bought up most of the subprime mortgage packages? Who has received more bailout cash than any other mortgage institution? I don't think you will find a conservative on this board that would be against banks having to keep the loans they originate as long as Fanny and Freddie have to play by the same rules. Quote Link to comment Share on other sites More sharing options...
Tford Posted June 21, 2010 Share Posted June 21, 2010 What I do know is that for as long as I can remember, there have been only 5 banks in Canada - TD, Royal Bank of Canada, Scotiabank, CIBC, and Bank of Montreal (plus some credit unions.) In Lexington where I live, I'm going to take a wild stab and say there are 50 different banks. I'm sure its easier to regulate 5 companies than it is to regulate hundreds or thousands like here in the US. Not true at all. http://en.wikipedia.org/wiki/List_of_banks...nions_in_Canada Quote Link to comment Share on other sites More sharing options...
evil_gop_liars Posted June 22, 2010 Share Posted June 22, 2010 I'm just trying to remember when conservatives were onboard with putting more regulations on the banking industry as you claim? Next thing you know they are going to say some conservative governor came up with and implemented a universal healthcare system... Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 22, 2010 Share Posted June 22, 2010 Ooops sorry, I misread your previous post. NP, it's not like it hasn't happened to me before. Quote Link to comment Share on other sites More sharing options...
Cyclones Posted June 22, 2010 Share Posted June 22, 2010 Not true at all. http://en.wikipedia.org/wiki/List_of_banks...nions_in_Canada I've been out of Canada since 1996 and I swear in the 21 years I was there I never saw a bank other than these 5 in Sudbury. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.