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Politics : Canadian Political Free-for-All
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To: Alastair McIntosh who wrote (34194)3/13/2025 6:05:15 PM
From: russet2 Recommendations

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longz
whistler3000

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Carney did what all the other central bankers agreed to do during the 2008 financial crisis. The different outcome for the Canadian economy had everything to do with our banks and little to do with Carney. Carney acted quickly to restore liquidity, but so did every other central banker.

Before Carney left for the Bank of England, there were calls to raise rates as Canadians were holding record-level debt and the housing market was overheated thanks to Carney's low interest rate policy.

Carney's reputation as British central banker was not so good.

Our banks are very conservative in taking risks with all types of loans, unlike the U.S. banks and many other financial institutions around the world.

The article you cite actually states this as I highlighted below.

Carney was new, and only followed what others told him to do.

Why Canada Avoided a Housing Collapse

Thanks to stricter regulations on banks and lenders, the reckless subprime lending hadn’t saturated the Canadian market with bad loans like it had in the U.S.

“Our banks were not taking the same level of risk as the U.S. banks were taking; they were not engaged in the same kind of lending practices,” said Carney in a 2009 speech

Canada did not need to bail out its banks. We did not experience a banking crisis because we have a system that is prudent by design and responsive when needed.”
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