"Canada has a stronger system of regulation and we have a more activist regulator who meets with the major players in the financial sector. Most of our banks didn't actually test the limits of their ratios and were far less leveraged than their American counterparts. The sector was leveraged 18/1 in Canada, 30/1 in the U.S and 40/1 in Europe. We haven't had to to put any money in our banks or do any bailout. But Canada will make sure they stay competitive with banks with Government guarantees. We have no plan to nationalize our banking sector."
The last time I heard him speak was in 2006 during the Bay Street Massacre. He flip flopped and ended up taxing income trusts as corporations and the market crashed but that's another story. (link)
