The world banking system could come crashing down around our heads again – even worse than in 2008. Giant banks apparently learned very little from the earlier collapse. Many of them are carrying on the same overly risky and even illegal activities that led to the earlier crisis.
If Canada’s banking regulations are not substantially toughened by the time the next global financial crisis hits – yes, there will be another crisis – our Big Six banks may very well find themselves in serious trouble. Again.
Throughout the Great Recession, Finance Minister Jim Flaherty and the financial community managed to keep secret the fact that our largest banks were in financial difficulty. Had people known the reality, they might have wanted their money back.