Jerry,

This makes me feel good that I live in Canada. Our banks have always remained very conservative in their loaning practices. This is why our banks are in very good shape, some took a hit because of dabbling in the US market. Overall it is harder to get credit in Canada because the banks here carry most all mortgages on their books, they don't wrap them up and sell or swap with other financial institutions. So what this means is the banks will make damn sure that the credit they extend is going to make them money, that is how they grow which is much, much different than the US or most of the world for that matter. Luxembourg and Australia are right behind us making the top three countries with secure banks. There is no Fanny May or Freddie Mack here, just six major banks, yes six! We all know how these two socialist style companies pushed the gov't and banks into extending credit to people who could not afford to buy homes and now look at the mess that it has caused. Many senators and congressman are to blame for quite a bit of this mess. They believe that everyone should be able to have a home, no matter what your credit is like, or whether you could afford it or not. They pushed to get the banking rules changed and made this mess. Barney Frank and others like to say the Bush administration started this but in fact it was Frank and his buddies who controlled congress and pushed through the legislation to help people with bad credit to get houses that they simply couldn't afford. The US could learn a lot from our banking system if they truly want to get their banks in a position where they will continue to be healthy. Without the banks being in a position to extend credit the overall economy will not recover.

This has been a very hard lesson to learn for most everyone, we all knew that there would be a day of reckoning, it just happened before anyone thought. All I can say is that I hope there is a plan by the US administration to get this money back from the banks, auto manufacturers etc. The US debt has grown to astounding heights and must be looked at once this crisis is over. The debt must be paid down or the US will go through this all over again. No matter what President Obama says, taxes will have to go up or the debt will never be paid down. I see taxes more in line with Canadian taxes, especially if he wants to bring about change in the health care system, educations, social system etc. etc.

Enough soap box for me for one day! lol