Markets need to let off some steam. Current correction is a very healthy phase in an ongoing bull market.
U.S. sub prime problems are related to a small sector of the market. Remember that the underlying asset is still a house and it still has substantial value (maybe reduced in price by 10% or so). So the mortgage note holder may suffer a small loss. There may be some issues with derivatives or exotic products built around sub prime mortgage packages BUT the problems relating to sub prime blew up six months ago (into public view) and the underlying market would have started correcting at that time ANd in any event the size of these products would be very minor when compared with the total US mortgage market.
US economy is doing very well, look at Boeing which is a barn burner and doing the best in its history. Even GMH managed to pull out a profit. Major deals are still being done. To-day Murdoch bought Dow Jones WSJ to name one deal.
We are seeing a very healthy retrace in a booming world economy.
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