America: The New Canada?

Will the U.S. model itself after Canada? Remarkably, these were the closing comments from Obama's chief economist Larry Summers at a luncheon today at the Economic Club of Washington DC. Summer said Canada has weathered financial crisis relatively well as opposed to the boom-and-bust of the U.S. He said the U.S. should analyze Canada's financial structure for ideas. WTF? While I have nothing against Canada, this seems like a joke. America has been the growth engine of the world, while Canada has had a free ride on our coattails. Now Obama wants to use Canada as an example for the U.S.? Ridiculous!

Also at the event, Summers said the "free fall" in the economy would soon end. Summers commented that considerable strain remains in the credit market, but said inventories have been slashed which sets the stage for a rise in production.

As is the new norm, Summers was interrupted by protesters critizising the government's bailout of financial institutions.

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