Originally Posted by Barrington south
I agree, .... and I think the Canadian model of banking is now the envy of the western world....and I don't consider them to be lefty at all, more conservative in there policies.... and in times previous it was to the chagrin of analysts and some investors
...but the thrust of my piece is that the energy crisis bled America dry,and finished the job that all the job loses had started.... hence the ever more risky measures taken by banks and investment bankers to make their quarterly earnings and get those juicy bonus's .....do you think America would have had so much bad debt without all that energy money leaving the country every day?....
ohhh and what is your responce to the part where I said that most economies in the developed world had ground to a halt 9 months before the financial market freezing, lending drying up and in general all hell breaking loose?
There isn't a lot to argue about that, except oil prices are going to go back up and up and up, so we have to find ways to continue to have an economy while weaning ourselves from oil/hydrocarbons.
I don't think the oil thing exclusively caused the economies to slow down. I think it was a perfect storm of some avoidable stuff, some not.
For us in Nova Scotia? Frig all this crap about wind power and tidal power, lets rebuild all the dams and spillways that were ever used to generate power (muncipal, and industrial/forestry) and also run the cables to Newfoundland. We have all the power we need, for no fuel cost at all, right here, right now.