Monday, January 18, 2010
Hands Up
Those of you who agree with Robert Silver that we should invite bankers from Wall Street and London to come here and make our financial sector the world beater (destroyer?) that theirs are.
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Depends.
ReplyDeleteAs there was a similar state of affairs in the 1930s (fewer Canadian bank failures), when the various countries' regulatory schemes were quite different, I'm inclined to chalk this one up to culture, and willingness to incur risk.
Canadians are (small-c) conservative, therefore fewer risks, fewer major gains, and fewer spin-outs.
So if the money-people of the world flee to stodgy, safe places to stash their money, go Canada! If not... well, I don't think that much else would change. Unless Canada wants to abandon its stuffy old bank culture...