>Iceland did pretty well for itself in the aftermath, even having let the bad behavior slip past them. And Canada apparently never let the bad behavior begin in

>Iceland did pretty well for itself in the aftermath, even having let the bad behavior slip past them. And Canada apparently never let the bad behavior begin in the first place. Iceland did it by stiffing creditors. That's a short-run gain, long-term pain solution. With regards to Canada, there are specific laws that have inhibited a housing crisis, but we don't know if we have avoided anything yet. Our housing in major centres is as frothy as the peaks of almost anywhere else in the world who suffered a bust. It's too early to say.