The Canadian Solution

[Hosakawa Tito]

I read this story today, The Canadian Initiative (http://www.newsweek.com/id/183670) , and thought I'd share. It's good to know there is still some financial sanity and intelligent banking practices occuring somewhere. So how can we get our government to take notice?:helloo:

[Crazed Rabbit]

One thing during the Great Depression that made the US more vulnerable was the regulations on banks. Until recently, banks couldn't expand nationally (Why, I don't know, maybe some long standing anti-business idiocy) in the US, as they could in Canada. So banks were dependent on the fortunes of one region, and couldn't hold out during bad times in one region using the money banks in the other parts of the country made. Canada had much fewer bank failures (any?!) in the Great Depression, IIRC.

The legacy remains, because the rules changed about a decade ago, and most banks haven't become truly national.

CR

[lars573]

Rabbit you gotta understand that in Canada the only governmental body that can issue a charter to financial institution to call itself a bank is the federal government. And always has it been so. Provinces can only issue a charter for credit unions. Besides the 5 major banks we have (TD, CIBC, BMO, RBC, and Scotiabank) were created from the mergers and aquisitions of small regional banks over the last 150 years.

Hosakawa I was watching Obama's interview on the CBC last night. He's noticed, but he doesn't really know how to get your banks on a similar footing.

[Fisherking]

Hosakawa I was watching Obama's interview on the CBC last night. He's noticed, but he doesn't really know how to get your banks on a similar footing.

I am sure he doesn’t . After all the guy he hired as Treasury Secretary was deeply involved in the current ruin the US is in to begin with.
:juggle2:

[KukriKhan]

Rabbit you gotta understand that in Canada the only governmental body that can issue a charter to financial institution to call itself a bank is the federal government. And always has it been so. Provinces can only issue a charter for credit unions. Besides the 5 major banks we have (TD, CIBC, BMO, RBC, and Scotiabank) were created from the mergers and aquisitions of small regional banks over the last 150 years.

Hosakawa I was watching Obama's interview on the CBC last night. He's noticed, but he doesn't really know how to get your banks on a similar footing.

I opened a savings account in 1971 at Toronto Dominion Bank with $100. I wonder if it's still there.

[Vladimir]

I opened a savings account in 1971 at Toronto Dominion Bank with $100. I wonder if it's still there.

Was this during the KukriKhan Canadian motorcycle adventure? :pirate2:

[KukriKhan]

Was this during the KukriKhan Canadian motorcycle adventure? :pirate2:

Did I post about that? :eek:

Yes it was.

-edit-
you have a long memory. :)