I know very well what sub prime was, I also know the banks were also betting on them failing at the same time they were selling them so they also made a fortune with CDS.
But it didnt kill the housing market!!!!, the housing market was crashing BEFORE subprime started losing money!!!
Do you not understand you can sell a house on a defaulter without losing money if prices are going up or the same. They were not losing money until housing was falling.
Subprime selling did not cause the housing crash not when they were selling more subprime house's than selling them!!!!! it sure may have added to it a year or so later but it didnt cause it!!!
You simply wont believe any fact that suggests Australia is not immune to a housing crash. Every other country is different in your eyes. Believing american house prices just failed because they were too expensive is not a option for you. It has to be something else that cant happen here so you can stick your head in the sand. And your just going to yell and scream and abuse anyone who wont share that fantasy.
