My wife’s Messenger is still set to Canada, so on occasion I see the news thing that pops up or see Canadian news through her homepage (which is also set to Canada).

This is how I came across the article ‘Why Canada is not in the subprime mess’. The crux of it being, don’t over borrow – you will not go bankrupt, and don’t let financial institutions lend recklessly. As they put it:

Both federal Finance Minister Jim Flaherty and the Bank of Canada have recently worried aloud about the growth in long-amortization and no-down-payment mortgages. Forty-year mortgages now represent up to a third of new mortgage business at some institutions. And because such a large portion of our net worth tends to be locked in our homes, many Canadians certainly are exposed to risks if house prices plummet or interest rates soar.

Still, for once, we can take heart in the fact that our more boring, prudent ways will likely save us from the disaster down south.

True enough.