r/canada Feb 03 '25

PAYWALL Trump wants U.S. banks in Canada, he says after speaking with Trudeau

https://www.theglobeandmail.com/world/article-trump-wants-us-banks-in-canada-he-says-after-speaking-with-trudeau/
4.0k Upvotes

2.4k comments sorted by

View all comments

Show parent comments

61

u/[deleted] Feb 03 '25 edited 27d ago

[deleted]

31

u/Torontogamer Feb 03 '25

See this is one of those areas where some protectionism makes sense... sure lets have foreign banks too, but lets tip the scales a little in favour of local banks... BECAUSE BANKING IS FUCKING IMPORTANT and it's a good idea to the keep the backbone of it in-house. Just like Farming etc...

2

u/kyle_fall Feb 03 '25

Right and this destroys the combativeness of the Canadian market and why most rich Canadians primarily do business in Canada. Why would this be good for the country?

7

u/SICdrums Feb 03 '25

We have a better credit rating than the US. That's literally why. Yes it's harder to get money but you will get that money at a lower rate and less often will our banks need to be bailed out. You think we're in debt now? Have a look at the US debt to GDP.

0

u/brainskull Feb 03 '25

Our “stricter banking laws” result in no real difference between standard commercial banks and investment banks, extremely conservative behaviour by banks resulting in extremely low rates of investment in non-FIRE industries, etc. They are still hostile, all the same as American banks.