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, didn t have anything like the same problems. So what s Canada s secret? Regulation, regulation, regulation. Much stricter limits on leverage, much stricter limits on unconventional mortgages, and an independent consumer protection agency for borrowers.
From Worthwhile Canadian Example - Paul Krugman Blog -

Someone should explain The Austrian Business cycle to the Canadians. Clearly their stability is impossible and is likely a commie plot.