Why Canada survived the economic meltdown
“We are ‘peace, order and good government’. They are into the pursuit of happiness. The US banks were pursuing their own happiness, with sort of an ideological assumption that it would all work out fine.“
and
But Dickson believes it is rules and not individuals that account for her sector’s survival. She points to three specific restrictions: capital requirements, quality of capital and a leverage ratio. … Mark Carney at the Bank of Canada cited those same three rules, and this nearly word-perfect unanimity between the two speaks to a fourth, structural advantage — Canada’s uncomplicated and well co-ordinated regulatory framework.
From What Toronto can teach New York and London in the Financial Times. The piece goes on to talk about Canada’s regulatory system and the lessons they learned from their trust meltdown that kept them from making the mistakes that would cause a banking meltdown.