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Thread: The Canadian Solution

  1. #1
    Hope guides me Senior Member Hosakawa Tito's Avatar
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    Default The Canadian Solution

    I read this story today, The Canadian Initiative , 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?
    "He is no fool who gives what he cannot keep to gain that which he cannot lose." *Jim Elliot*

  2. #2
    Arena Senior Member Crazed Rabbit's Avatar
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    Default Re: The Canadian Solution

    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
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    The poorest man may in his cottage bid defiance to all the forces of the Crown. It may be frail; its roof may shake; the wind may blow through it; the storm may enter; the rain may enter; but the King of England cannot enter – all his force dares not cross the threshold of the ruined tenement! - William Pitt the Elder

  3. #3
    Dux Nova Scotia Member lars573's Avatar
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    Default Re: The Canadian Solution

    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.
    Last edited by lars573; 02-20-2009 at 05:03.
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    Senior Member Senior Member Fisherking's Avatar
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    Default Re: The Canadian Solution

    Quote Originally Posted by lars573 View Post
    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.


    Education: that which reveals to the wise,
    and conceals from the stupid,
    the vast limits of their knowledge.
    Mark Twain

  5. #5
    Master of Few Words Senior Member KukriKhan's Avatar
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    Default Re: The Canadian Solution

    Quote Originally Posted by lars573 View Post
    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.
    Be well. Do good. Keep in touch.

  6. #6
    Enlightened Despot Member Vladimir's Avatar
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    Default Re: The Canadian Solution

    Quote Originally Posted by KukriKhan View Post
    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?


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  7. #7
    Master of Few Words Senior Member KukriKhan's Avatar
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    Default Re: The Canadian Solution

    Quote Originally Posted by Vladimir View Post
    Was this during the KukriKhan Canadian motorcycle adventure?
    Did I post about that? :eek:

    Yes it was.

    -edit-
    you have a long memory. :)
    Last edited by KukriKhan; 02-21-2009 at 03:21.
    Be well. Do good. Keep in touch.

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