Can the U.S. Actually Learn Something About Finance from Canada

The subtitle of an article in BusinessWeek, of all places, describes the issue clearly: While America’s bailed-out banks lobby against reform, Canada’s profitable banks are asking for more.As the article relates, more than a billion dollars in goods crosses that invisible boundary every day, but the U.S. and Canada are leagues apart when it comes to financial reform.  BTW, Canada did not have to bail out its banks.Canadian banks did not fail because they didn’t play the mortgage game.  Mortgage refinancing is expensive and the tax law doesn’t permit the deduction of mortgage interest in Canada.  Wow! That would be a shot to the gut for us homeowners in the U.S.While American banks are lobbying against reform, Canadian banks are urging the government to pass still more reform.  The banks aren’t interested in a full-blown bubble and the resulting mess like our banks are . . . still going through.Dare I think it?  This is what Vocker, Krugman and Obama have been urging.Well. . . go figure for yourself.  Here’s the article.
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