Posted by: msundermier | January 26, 2011

Learn From Our Neighbors

I read an interesting article in the Sacramento Bee the other day about the health of Canada’s current banking and housing markets.  It was enlightening since most media has casted the recent economic collapse  as a global meltdown.  To the contrary, Canada avoided the housing depression that the United States is still wading through.  While more than 300 banks went belly up in the States in recent years, not a signle Canadian bank failed.  WOW!

Canadian banks were recently named the best in the World by the World Economic Forum. The U.S. should look north to learn from their achievements, and our mistakes.

I encourage you to read the artice (click here).  But, if you want the Cliff’s Notes, our neighbor’s economic stability in housing has been a result of their commitment to prudent, traditional underwriting.   A Canadian bank CEO was quoted saying “…we are in the business of making loans to people who will pay them back.”  How profound, right? 

Give it a read, and consider how we should always try to learn from our neighbors.  From fixing sprinklers to avoid economic crises, neighbors often face the same dilemmas with very different tactics.  When you don’t get it right, take notice and learn from the neighbor who did.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: