1:36:22 I think the idea was to facilitate industry consolidation. … Charlie’s not here, but an interesting factoid is, Chairman Bernanke’s 2nd most cited paper on the Great Depression is actually one that compares the business cycle in the United States and Canada in the 1930s. And the contraction activity was much more gradual [in Canada]. The reason? Canada didn’t have bank failures, because Canada had a consolidated banking system. – AEI1 Resident Fellow Vincent Reinhart, Oct 2, 2008
So this is a bit of shameless self-promotion for Doom’s new transcript of 2 hours worth of battle chatter at the American Enterprise Institute a couple of weeks after Lehman’s collapse a year ago tomorrow.
Meanwhile the Mothership is patting itself on the back because Canada hasn’t lost any banks so far this time either, …
… but of course that had everything to do with the C$32 billion subsidy the banks got when retail and institutional investors (including Quebec’s main pubic service pension fund) got stuck holding the bag in Bay Street’s ABCP meltdown. The US equivalent, the $300+ billion ARS nightmare, got placed on the laps of financial institutions, courtesy of NY’s Attorney General.