this post was submitted on 15 Jul 2024
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One thing that's crazy is during 2008 Canada was one of the only countries where were no housing busts or bank failures. It was explained at the time that they didn't deregulate like the US did in the 90s, and didn't go crazy with Eurodollar and derivative speculation like the European banks.
The takeaway was that in Canada banking is still a boring business managed by professional adults, overseen by stern but fair regulators who would ensure that things don't get out of hand.
So what the hell happened? Seemed like the Canadian government and finance people took the lesson that they missed out on a hell of a party and they're going to have their own housing bubble with blackjack and whatnot.