Should we be more like Canada?

In virtually all things political I would shy away from the direction of our continental brothers and sisters to the North. However with our novice President and socialist ideologue Barack Obama savaging the banking industry does anyone recall any Canadian bank failures? While virtually any American problem would ripple up into Canada, the bank failures didn’t. Now I confess that I didn’t really notice until Mark Steyn pointed it out.

Why did our financial industry implode but Canada’s didn’t? What specifically is the difference? Is socialism safer? No, it turns out that Canada doesn’t require banks to make bad loans. Canadian banks don’t make subprime loans. Canada doesn’t have the equivalent of the Community Reinvestment Act (Jimmy Carter) and they didn’t have the adjustments that Bill Clinton made to that act that substantially increased the number of subprime loans as a percentage of the housing market.

Another side note – we had a “housing bubble” but we didn’t have a “commercial real estate” bubble. So real estate wasn’t the problem and lending wasn’t the problem, it was once again sub-prime lending that was directed by, intensified by, and protected by the government. You may recall seeing the clips of Barney Frank furiously defending the Government Sponsored Enterprises Fannie Mae and Freddie Mac as being entirely sound a couple of months before they crashed.

It made me crazy seeing Barney Frank recently lecturing an international financial body about financial regulation. He and his cronies prevented the Bush administration from heading off our financial crisis with his sanctimonious and entirely false assertions that everything was fine as the sub prime mortgage train was just about to run off the rails. Now the ones who broke it are going to fix it?!? I can hardly wait.

Massachusetts – save us from more Barney Frank . . . . . Please.

Conservative Resistance – Day 455

Days until we exorcize liberals from our government - 273