Canadian Banks and The Great Depression

Published: September 5, 2007, 9:38 am

Tags: housing bubble, depression, banks, wall street, mortgages, housing, bank of canada, capitalism, economy

I found this informative post at Market Oracle which made reference to a little known fact about how Banks in Canada and the U.S. faired differently during the great depression.The comments from Market Oracle about Americas current Housing Bubble crash, once again remind us that American Exceptionalism includes massive market failures due to speculation.Greed is as American as apple pie.A Letter from a former Banking President Discussing the Housing Bubblean article that came out in the Saturday Evening Post in November of 1932 from a former bank president in New York, three years after the crash, highlighting the economic situation of a post bubble world. This is a shameful and humiliating exhibition. It is uniquely bad. Across the border in Canada, there was not a single bank failure during our period of depression, and one must go back to 1923 to find even a small one. Nowhere else in the world at any time, were it a time of war, or of famine, or of disaster, has any other

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