#1 ...no bank anywhere would have to be bailed out by American taxpayers if lenders were allowed to do their job on a sound financial footing, without politicians forcing them into the social welfare business.
As much as I love IBD's take-no-prisoners conservative Op Ed page, I have to call Bravo Sierra on this particular assertion. Our banksters were MORE than happy to belly up to the bar at the Subprime Lounge once it became clear there was a squatload of money to be made slicing, dicing and securitizing these trash mortgages. OTOH, Canada's banks have remained strong by steering clear of the excesses their American counterparts wallowed in. I read an article months ago in which a Canadian bank CEO related being asked by an American bank executive why he wouldn't bring his bank to the party. The Canadian replied, "I run a bank, not a gambling casino." |
We haven't heard any British, French or German accents expressing gratitude, though we'll keep listening. The truth is, no bank anywhere would have to be bailed out by American taxpayers if lenders were allowed to do their job on a sound financial footing, without politicians forcing them into the social welfare business.