Incidentally, one reason why Canada hasn't suffered as much from the fallout of the subprime mortgage bubble burst is that Canada's banking system is very tightly regulated, very trustworthy, and VERY conservative.
There are only 21 Canadian banks (although there are subsidiaries of foreign banks operating in Canada). There were 8,430 FDIC-insured commercial banks in the United States as of August 22, 2008. Many are essentially bankrupt, as their primary holdings are worthless mortgage notes (assets??).
Not one of Canada's 21 banks is in danger of insolvency.
Four of Canada's banks, Royal Bank of Canada (RBC), Toronto Dominion (TD), Scotia Bank and BMO are among North America's Top 10 banks and growing, largely by acquiring the assets of failing American banks.
Don't tell me fiscal responsibility, government regulation, and conservatism don't work ... Canada proved otherwise.
Bold emphasis mine
Of course, the Repugs are NOT interested if anyone else does things better. One of their philosophies (from evidence of their actions) is, "Why should we learn"?
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