tag:blogger.com,1999:blog-6244999628674918029.post7993988998626337521..comments2024-03-28T13:21:22.211-05:00Comments on Bayou Renaissance Man: Echoes of the 2007-08 financial crisis?Peterhttp://www.blogger.com/profile/10595089829300831372noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-6244999628674918029.post-75512279006195946202017-04-27T11:14:11.122-05:002017-04-27T11:14:11.122-05:00I, too, am glad to hear your mortgage is paid in f...I, too, am glad to hear your mortgage is paid in full, as is mine. There's nothing quite like it.<br /><br />To understand the crises in the United States, obtain a copy of "The Big Short" and watch it 2-3 times. It's not only an enthralling film, but it provides a great explanation of what exactly happened and why.<br /><br />Fred2: While your point is well taken, I remind you that the Titanic was unsinkable. It's fine to tell yourself that one or more Canadian banks won't be <i>allowed</i> to fail while they aren't failing. Let one go belly up and see just what is allowed and what is not.<br /><br />I'm reminded of the space shuttle Challenger, when some unidentified engineer said, "We were lucky with Mercury. We were lucky on Gemini. We were lucky on Apollo, and so far we've been lucky on the shuttle." I think this was just before the thing blew up about a minute after it launched.<br /><br />WL Emeryhttps://www.blogger.com/profile/00092583484828593165noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-89549693602487444872017-04-27T08:36:31.568-05:002017-04-27T08:36:31.568-05:00There's another difference, in Canada's ba...There's another difference, in Canada's banking system, there are like 6 banks in Canada, total, and aside form being decently run and profitable, they will not be allowed to fail ( it's almost inconceivable in the Canuck context)Fred2noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-81699353594615026862017-04-27T07:43:52.997-05:002017-04-27T07:43:52.997-05:00There's a big difference Pete. America's s...There's a big difference Pete. America's sub prime crisis, if I understand it correctly, was the result of loans being extended to people that essentially had no business borrowing large sums of money - which in turn lead to an artificially inflated market.<br /><br />My understanding is that Canada's mortgage laws forbade the types of loans bankers were making down in the US. That is not to imply that our laws are superior; Newt Gingrich aptly described American lending practices as 'suicidal'. Canadian lending practices would similarly be described as 'shooting yourself in the foot'. <br /><br />I thank God my mortgage is paid. I am not rich, but I am free.Glen Filthiehttps://www.blogger.com/profile/03256741311142364722noreply@blogger.com