Those who blame the Fed for keeping interest rates too low too long have to explain why Canada, which basically had the same interest rate experience we did, didnt have anything like the same problems. So whats Canadas secret? Regulation, regulation, regulation. Much stricter limits on leverage, much stricter limits on unconventional mortgages, and an independent consumer protection agency for borrowers.
Someone should explain The Austrian Business cycle to the Canadians. Clearly their stability is impossible and is likely a commie plot.