How Canada Avoided the Fiscal Cliff

. . . this is from an article by Pierre Poilievre, Canadian Member of Parliament.

A major factor in the U.S. fiscal crisis was the policies which encouraged banks to give out sub-prime mortgages. Canada did not impose such policies on their banks and thus avoided the crisis almost entirely. Not one Canadian bank had to be bailed out. The Minister of Finance ended all government-backed insurance of low down payments and low amortization periods for home mortgages. Taxpayers are no longer responsible for taking on risky debt.

A speech explaining the government’s view of this crisis can be viewed here.