Saturday, January 30, 2010
From the land of the laughing beaver
Where they like their donuts warm and their beer cold comes a report in the Financial Times about the country that didn't collapse with the Great Bush Depression, Canada. Krugman on his blog says the reason is a regulatory system that would not allow the excess required for a full scale Wall St. meltdown. That is true as far as it goes, but there is an attitude of fiduciary responsibility as well that was tossed out the window in this country.
Asked to account for the resilience of his country’s banking system, Carney started with the fact that “Canadian bankers are still bankers. They still – through the organisations and up to the top of the organisation – are proficient at managing credit risk and market risk … they have retained a banking culture through[out] the organisation.”Sounds stodgy, but when you don't lose your shirt, stodgy is good.
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