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It's a valid enough point that a lack of regulation caused many of the current woes in the US, regardless of whether or not I happen to agree with it.

Hell, I'll even give you supporting evidence: Canada. Not a single bad bank.



Did Canada push its banks to give mortgages to people who could not afford them?


Actually, if you look at the history, you'll see that many in the Canadian government and the banks themselves felt that they were missing out on all the great action that US banks were able to get in on. It was the prudence of the government of the time that saved them. If it was left up to them, the banks up here would be in the same state as American banks.

To suggest however that the government somehow forced American banks to lend to people that didn't deserve it against the bank's better judgment is garbage. That doesn't explain half of the EU's current problem.

No, the one exception between Canada and the rest of the world right now is that we have tighter regulations on our banking sector.


Incidentally Bank of Montreal actually ran a profit on interest from bailing out the US' system.

A considerable amount of money spent in the US bailout of banks actually ended up in Canada, Europe and Japan due to debts the US banks had already accumulated.




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