Canada still has food and resources to strip which is why they did not go into recession.
Actually, Canadian bankers have a tradition of prudence. When times are better, this tradition shows indirectly through all those complaints about "stingy banks" from a lot of Canadians.
In the worst of the Great Depression, when American banks were falling like ninepins, no Canadian bank went under.
Even though there was no such thing as a central bank in Canada until 1935, not a single Canadian bank failed in the 1930s.At the time, this glaring lack of failure was chalked up to size: Canadian banks were big, spread all through Canada, diversified through the Canadians economy, etc.
Nowadays, of course, that same tradition of relative prudence is ascribed to "better regulation" - even through Canada's answer to the Glass-Steagall Act went void
as of 1988.
So...us Canucks escaping "The Big One" provides a kind of Rorschach test of the times. Either that, or the Flying Spaghetti Monster has commanded us to give thanks and praise to Regulation...I think it's in the Gospel According to Max Weber.