Let's get a few things straight about our financial system. First,
much to the surprise of everyone it weathered the global financial
Indeed, it did this so well, it is probably
best we stopped using that phrase and instead call it the North
Atlantic Financial Crisis.
Second, we have no real
idea why our banks and financial institutions came through this
scratch-free. The markets certainly didn't expect it and marked them
down with the rest of the economy for a long time.
be sure, we have theories. One theory is that our system of regulation
was superior to most countries and prevented our banks from engaging in
all of that subprime n [Read Full Text]
Professor of Management Innovation Research Program, Centre for Ideas and The Economy