Megan McArdle writing in The Atlantic suggests (among other things): "When you dig down, most of those [Canadian] explanations seem short on the actual regulations that accomplished this marvelous feat, or even an extraordinary risk management system, and long on glowering regulators putting the fear of God into snivelling bankers through sheer force of moral righteousness."
The image of snivelling bankers being glowered at gives me a certain er, comfort.