Quote:
Originally Posted by WillowTheWhisp
I don't think it's as simple as that. This isn't just a UK problem. It's international and it's when banks DON'T loan money that we have problems. As long as they lend to people who can afford to pay it back they shouldn't have problems.
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True indeed. Canada has so far done well in this recession. The main reason is that Canada's banks are governed by a strong Bank Act. And, in general, banks here have been very conservative with loans and mortgages. Banks usually require a 10% deposit before lending money to buy a house. It is the ninja loans that got the banks in trouble.
Problem for our economy is that our biggest trading partner is the US
