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This is all true. What is also true is that Canada has never had anything like the S&L scandal in the 90s or the 2008 US financial crisis where massive swaths
by sbarre 5y ago
This is all true.
What is also true is that Canada has never had anything like the S&L scandal in the 90s or the 2008 US financial crisis where massive swaths of the working class lost much of their savings.
So sure, we have higher fees due to regulatory capture, but I'll take that trade to know that some unregulated finance bros aren't fucking around with my life savings.
- cal5k 5y agoNot just higher fees. Our GDP/capita relative to the US has been in steep decline. Cost of living is also higher across the board on everything from food to electronics, above and beyond what straight foreign exchange would suggest. Gas is more expensive too. Oh, and wages are stagnant (except for in tech), which is a real problem when inflation hits 5% (as it is now). Productivity growth has been basically non-existent for decades. Can I connect all of this to the banking oligopoly? No, but it's symptomatic of the larger problem: that Canada is a very difficult country to do business in. Ham-handed government regulation in every part of the economy is a huge drag on economic growth.