"It’s important to remember that smaller independent brokers finance new enterprises."

Thomas Caldwell, chairman and CEO, Caldwell Securities, speaks to the Empire Club of Canada's 19th Annual Investment Outlook luncheon, in Toronto, Ontario, Canada, on Thursday, January 3, 2013.  Caldwell, who used the opportunity to attack over-regulation of the securities industry, holds two copies of the Ontario Securities Act, one a small book from the 80's and the newest edition, bigger than a phonebook. photographer: Norm Betts

Thomas Caldwell, chairman and CEO, Caldwell Securities. Photographer: Norm Betts

Thomas S. Caldwell: The Canadian economy is regulated to death. National Post