Read: http://www.reuters.com/article/ousiv/idUSTRE4981X220081009?rpc=60There it is! In black and white. Unbelievable. When I think back to 90's and how the Reform party (now cleverly rebranded as The Conservative Party) were banging on in a very American free market way about how we were missing the economic boat I am so happy that Canadians stuck to their values and avoided the "fatten the rich so the scraps from their table will fall down and nourish the poor" philosophy. The Americans have gone through two massive boom and bust cycles since then. First there was the dot com bubble burst (which was easily predictable and did very little real damage) and now this. There was massive pressure to deregulate our banks and the argument was that the world's big boys were coming in and would snap up our institutions or drive them out of business. We couldn't compete it was said. Well all those banks are now out of business. The madness allowed by deregulation and the "make my bonus at any cost" seems to have lead to, quite possibly, the collapse of the global finance structure. Maybe it will be a good thing long term. Maybe we can fix things. As the system is remade I hope to God that it's built in a better way - that incentives are put in to improve our energy and environmental issues along with our wallets. We simply can not overuse every resource on the planet and survive. The crash will always be just around the corner whether it be an unsustainalbe banking system, energy resource or food supply. But that's just my opinion I could be wrong.
Strange. I never thought I'd be proud of a bank.
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