Canada: Bank System Regulation means avoiding financial catastrophe?

Canada's regulated banking system may be what will keep us alive during a Global Crisis

TORONTO - High banking standards have kept Canada's financial institutions afloat and out of the kind of trouble that has sunk many of their international peers, Finance Minister Jim Flaherty said Wednesday.

Economies around the world have been battered by a banking crisis, a crumbling housing market and a credit crunch that has dried up borrowing. Canada has not been hit nearly as hard as others, Flaherty said, citing an International Monetary Fund report released Tuesday shows Canada will lead G-7 economies in 2009, with growth of 1.2 per cent, though overall global growth will slow down.

Full article can be found here.

I don't think this specific article has been talked about here on ATS yet, (and my search function isn't working right now) but I believe that it could be a light to some Canadians here.

Because of the tight banking regulations imposed by the Government here in Canada, it could mean that we will be facing a much less (yet still real) extreme amount of a financial crunch. I'm not about to say that we're going to be immune, yes, times are going to get tough, but maybe things will be a lot better off here than every wheres else. However, maybe I'm being a bit to optimistic. But being the leader in growth in the World for 2009 does sound pretty positive to me in these dark times.

What does scare me is the unwillingness of the Conservatives to discuss any financial plan for our future. Either they've got something good, or they don't have anything at all. I'm thinking that it's the latter option, but I hope I'm wrong. Discuss.

[edit on 113131p://555 by For(Home)Country]

Canada's big banks are lowering their prime lending rates in response to an announcement Friday from Finance Minister Jim Flaherty that the federal government will buy $25 billion worth of mortgage debt to help free up credit markets. TD Canada Trust and CIBC said it will lower the rate by another 15-hundredths of a point to 4.35 per cent, effective

More here: Banks trim prime rate as Ottawa offers mortgage relief

[edit on 11-10-2008 by BugByte]

Seems like there buying up all the real estate with our own money.

I always wondered why Steven Harper had the look of a worried man, as though he knows the people will hang him for treason.

They are employees of the people, legally. So "we" are buying it up technically.

So on this I have to disagree, but I do agree with the perpetual worried look and the treason. I personally think all those secret deals are getting to him, because he knows full well what is done in stealth doesn't mean anything, unless he's planning to reveal. And thats where he will lose. Canadians unite pretty fast.

[edit on 11-10-2008 by mystiq]