Worthwhile Canadian Example - Paul Krugman Blog - NYTimes.com:
"And so it is with finance. Those who think that “too big to fail” is
the essence of the problem have to explain why Canada, with basically
just five banks, has avoided crisis. Those who blame the Fed for
keeping interest rates too low too long have to explain why Canada,
which basically had the same interest rate experience we did, didn’t
have anything like the same problems.
So what’s Canada’s secret? Regulation, regulation, regulation. Much
stricter limits on leverage, much stricter limits on unconventional
mortgages, and an independent consumer protection agency for borrowers."
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