Canadian banks bought US assets for pennies on the dollar in 2008.

While that's true, there's a not-so-visible side effect. The AMCB (TD US) segment of the bank has very significant influence on decisions at TD Canada. The bank that was TD in 2008 is a much more American style operation today. Have insider info on this. Also its US side exposes it to the American meltdown-to-be, unlike the situation in 2008.