Greenspan told Congress such powers were "essential for the financial stability and survival of the savings and loan industry." Congress agreed, but this first bit of financial deregulation spawned a crisis that nearly wiped out the industry, cost taxpayers more than $100 billion and landed Lincoln's top executive in prison.

"The extent of government intervention in markets to control risk-taking," he said, "is a trade-off between economic growth and its associated potential instability, and a more civil but less stressful way of life with a lower standard of living."

n a letter to Sen. John E. Sununu (R-N.H.), he reprises his view that there's nothing the government-sponsored mortgage lenders do that private banks couldn't do at less cost to taxpayers, with less threat to the financial system.

Harper said "We don't have the same situation here withthe mortgages as was the case in the U.S. with the subprime mortgages there.So, therefore, I think that our market is in a much stronger position."

The thing is, the Harper government is responsible for pushing the envelopeon deregulation both domestically and internationally despite cautionaryevents in the U.S. clearly indicating what could go wrong.

"A 40-year mortgage [on a $350,000 home] will save you $73 aweek on payments but cost an extra $254,000 in interest than if you hadopted for 25 years. It's a trade-off that works way better for the bank thanyour personal finances."

The headline RBC PMI - a composite indicator designed to provide a single-figure snapshot of the health of the manufacturing sector - posted 54.0 in December, up from 53.3 in November, and signalled a solid improvement in Canadian manufacturing business conditions.

Key findings from the December survey include: Strong increases in both new orders and production Job creation remains solid Rate of input price inflation slowest in 15-month series history

Canadian manufacturing firms raised production in December.

Reducing the amount of leverage financial institutions use will be more effective in averting future crises than banning some forms of trading, Canadian Finance Minister Jim Flaherty said on Monday.

He played down concern a surging Canadian dollar, which is nearly at par with the U.S. dollar, would make Canada's products less attractive in global markets because they would become more costly for foreigners.

Canada escaped the worst ravages of the financial crisis because of its more tightly regulated banking system.

The regulated taxi cartel within the city is about protecting the profit margin of the large taxi companies, not about serving customer needs.

Cities across Canada with this form of regulated cartel system tend to charge high prices and reduce supply.

Calgary only has 100 more cabs than the 1,311 they apparently had in 1986, even though the city’s population has increased to more than 1 million from 640,645 in 1986.

The European recession has a negative impact mainly through the financial and confidence channels since Canada’s exports to Europe are less than 10 per cent of the total. Indirectly, Canada’s trade with the U.S. and other trading partners will be jeopardized should those economies weaken or fall into recession due to Europe.

Industry GDP was flat in October compared to substantial increases in the prior three months.

Retail sales, another indicator of consumer activity, were up for the third month in a row to October.

The court specifically identified measures that deal with systemic risks to Canada's financial system, national data collection concerning the operation of Canada's markets, and the raising of capital and its allocation throughout the national economy.

It referred specifically to criminal law, banking, interprovincial and international trade and commerce, and telecommunications undertakings extending beyond the limits of a province.

It is open to Parliament to address systemic risks by focusing on markets generally, for example, regulation of stock and derivatives exchanges, trading on margin, capital requirements for brokers, dealers and advisors, short selling, other trading practices that can have a broad market impact, and urgent market developments like flash crashes.