Failure is healthy.
That’s what you hear if you’re an executive, venture capitalist, or entrepreneur in Silicon Valley. Failure teaches smart people great lessons that will come in handy “next time.”
Maybe that’s what the Fed was thinking when it continually relaxed banking, mortgage, and financial services policies and rules. Maybe it’s what the cavaliers at Goldman Sachs and the myriad of failed banks in the U.S. thought. We’ll get a bailout if we fail, and we’ll “learn.”
With pride colored with a pinch of regret I have to applaud Canada: Not a single Canadian bank or trust has failed since the Economic Crisis began 3+ years ago; the Canadian dollar, having dipped sharply, is almost at parity again with the USD; and the Bank of Canada has signaled strongly that it may soon raise interest rates.
Canada is out of the Recession. Real estate is climbing, employment is…
View original post 121 more words