BBC's Economics Editor Stephanie Flanders gushes about Canada:
The more you look at this country's numbers, the more you understand why Gordon Brown relegated Canada to “second tier” status in the diplomatic preparations for the Summit. It was the only bit of one-upmanship with the Canadians he could still win.
Next time the prime minister talks about every country being brought down by this crisis – or the chancellor suggests that everyone made the same mistakes – remember Canada. Nowhere is immune, but by most key measures, the Canadians are coming out of this crisis in a league of their own …
Didn't they pay a price for that boring banking – the distinct lack of securitisation and innovation? Well, it's true, Canada didn't have a nationwide house price bubble in the lead up to this crisis. And they didn't have the same kind of rise in personal debt. That's one reason the IMF used words like “resilient” and “well-placed” in its latest survey of the country's prospects.
You can see the results of this rather old-style approach in Canada's boringly consistent rate of growth. On average, between 2001 and 2007, its economy grew by 2.6%.
Across the ocean, the City was a hotbed of global financial innovation, and we were riding a heady stock market and housing boom on a sea of debt. The result? Average economic growth between 2001 and 2007 of, er, 2.6%…
So while the international community is fully aware who helped put Canada's banking sector on a safe, regulated course, when will the media tip its hat and press Harper to also recognize the people who led that charge? One of their names would happen to be Martin.
And, sadly , you are gushing about the BBC's gushing.
Dan O Undere Martin's Watch. Several large bank mergers were approved and CMHC lending standards were relaxed to feed the sub prime market. Don't get fooled by the MSM spin.