http://news.bbc.co.uk/2/hi/business/7164898.stm
This is a very well written article where even I could understand how the banking industry fudged the rules and caused the housing collapse.
The author says that since the actual value of the collapse is about $200 billion, the effect will be equivalent to a $2 trillion loss in the marketplace. That's quite a wallop.
Happy New Year!
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