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The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

Not to say that we’re not on heading toward recession, that the downturn in the US economy is doing anything to help our situation, or that everything is rosy and great.

BUT:

Do we really have a banking crisis in Canada? Just throwing this out there for thoughts… Peter Mansbridge, in his interview with Stephen Harper today, mentioned the banking crisis several times (watch). I’m not denying that we live in an interconnected world, that the US economy won’t drag ours down, or that our financial institutions stand alone, separate from the global banking system. But when no banks have failed, and the biggest issue they’re having seems to be that they’re stuck with (in CIBC’s case, very substantial) bad sub-prime mortgage debt from the US… When Canadian companies like Manulife are looking to scoop up American behemoths like AIG… (more…)