Professor Elam

The Banks in Canada did not go bust as they have in the US. The housing market did not go bust in the spectacular fashion of the US, though it is way up now given their resource based economy and the strength of the loon versus the buck. This article by the Cleveland FED examines the differences in the Canada versus the US approach. 

We will be studying liabilities in Intermed II this semester, well we do every semester in Intermed II but 

it is important to understand the regulations regarding off balance sheet debt and how companies try to conceal their real liabilities. We will be reading this article in the spring.