I wonder...

Sometimes I sit and think about the financial crisis and wonder how big the bubble was that we (the United States) were in. Was the way the majority of Americans were living unsustainable? Then I read THIS ARTICLE about Canada. Here's just a snippet:

And he gives top marks to the Office of the Superintendent of Financial Institutions, Canada's banking regulator, for being more conservative than those in the U.S. or Britain. “I think that, from a regulatory point of view, you can say that the Canadian banks were more appropriately regulated.”

The final key is the structure of the mortgage market.

While U.S. banks sold a large proportion of their mortgages, Canadian banks held the bulk of theirs on their balance sheets, giving them an incentive to make sure they were good loans. Riskier ones are backed by government insurance. And the law here makes it tough for consumers to walk away from a mortgage because banks can go after other assets.

Still, the banks are wary of getting cocky when a careful approach has worked well.

“It's a good thing for us to recognize the things we do very well, but maybe do it in what is appropriately a Canadian way – with modesty,” said Bank of Montreal CEO Bill Downe.

If America acted like Canada, how much would the life of the average American change? Would they be less prosperous? I grew up in Canada, and from my experience I would say "No." However, something has to be said for American prosperity. America is the richest nation per capita in the world. But how much of that is merely buoyed up by the amount of billionaires and millionaires?

To Lisha, Tara, Mike (and Whit), Stephen, Emma, and Jeff. We need to get the thinktank together again.