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PostHeaderIcon Canada Is Doing More Right Than Just Hockey

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Like many of you, I have really been enjoying the Winter Olympics up in Vancouver. What a beautiful city! Although I do tend to enjoy the Summer Olympics more. I have a hard time relating to many of these winter sports. Cricket? Is that really a sport?  One of the Cricket players was 5 months pregnant! I am guessing that if you are 5 months prego and competing, it probably ain’t a sport…

But anyways, I wanted to talk about finances up in Canada. You may not agree with the Socialism, but they are definitely doing something right. Canada is the only developed nation on Earth that did not get pulled into the bank failure crisis and the subsequent government bail-outs. Amazing if you think about it. How did they do it?  Well, they have specific rules set in place to avoid problems like we are currently facing. Here are some of the big ones:

  • Canada requires their banks to set aside a large amount of meaningful capital to deal with financial disasters. In the U.S., it is a total joke how little money banks have to set aside to deal with tough times.
  • Canada does not allow ‘non banks’ like AIG, Goldman Saks, Lehman Brothers, etc, to be bailed out by the people’s money. Businesses are on their own to make wise decisions.
  • Perhaps the most important thing that Canada does right has to do with mortgages. As a Canadian, you have to have real money to make a down payment on a home. What a novel concept! If you don’t have money for a down payment you are out of luck. The result: The default rate on mortgages in Canada is less than 1%.

Perhaps we can learn something from our friends to the north! Comments?

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