Because of Canada's conservative nature we were able to make it through while American banks are collapsing. You'll hear about Canada's sub-prime crisis but our banking system is so different and because our loans are recourse loans we simply can't just walk away from our mortgages. Sure we were exposed but NOTHING like what happened down south.
So many U.S. banks have collapsed or shrunk that 4 Canadian banks are now among the continents largest banks. It reflects globally that Canada is a safe haven during times of economic uncertainty; which bolsters trading with Canada and of course positively influences our economy.
"Canadian banks have remained profitable, outperforming their peers, because of tighter government restrictions on lending and capital requirements," Bloomberg in a report on its website.
Even Barack Obama has praise for our banking system.
"In the midst of the enormous economic crisis, I think Canada has shown itself to be a pretty good manager of the financial system and the economy in ways that we haven't always been," Barack Obama
We are more than pretty good. We are great.
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