RE: Bigger is betterI strongly disagree with your statement that bigger is better, growing bigger and better has only sense when you improve efficiency and not covering own past mistakes.
Probably, you didn't hear news from around the world. It is sad that people still stand behind the utopian idea, bigger is better which is nothing more than a monopoly.
Monopoly existing in any industry, including banking end up being inefficient and mismanaged.
If you just look at the biggest corporation in U.S.A., e.g. from the 50's or 60's, you will find that those who were biggest in the world, only few still exist. Few of those that still exist are straggling to survive in today's market.
Try to imagine, what could happen if A.I.G. or Merrily Lynch were holding our market. We would probably look like Iceland today. I believe our banking systems should exist in those regions of the country that provide services to the people and businesses, different banking system should be for those who want to venture to other countries.
Next few quarters, we will know how much it will cost us banking in U.S. We already know first pinch of cost of borrowing money from T.D. We will see the full picture 3 to 4 years from now.
I am curious if you ever counted how much it cost us Sept.11 or flooding in New Orleans, insurance that was passed on to the people.
Canadians live in a country with enormous resource sector, what we need is good stewardship of our resources which could give us wealth for many generations to come. We don't need any extremist left or right , just common sense politics.
Regards,
Felix56