so what you belive is, the fraction of the 3 million subprime loans that were sold in the US that defaulted caused the whole entire world to slip into recesion.
to put into perspective there is like 200 million people in the US, and there was 3 millions subprime loans, where only a fraction defaulted not all.
there is like 6 billion people on earth..
PS its NINJA, not NINJ (No Income, No Job, or Assett), they also defaulted not becuase "the econnomy started to cool", but because the loans were sold with a 4 year honey moon period which started expiring in 2006, and 2007 was the year the story hit the media.
so you honestly belive that Australia, China, America, UK, Japan, and all the other places are now in recession because a the fraction of subprime loans that defaulted in the US?
