NPR says, "Problems with U.S. subprime mortgages are reverberating worldwide. Traders are trying to decide whether recent cash injections by the Federal Reserve and other central banks are enough to ease worries about the economy." Great, we probably broke Europe. [NPR]
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The current state of the market has much more to do with how debt securities are sold and on just the sub-prime market "meltdown" -- The Economist has a very good article in this week's edition: [economist.com]
We broke Europe?
Hey, that means we're still #1!
WOOOO! USA! USA! USA!
Ben Stein said it best on this past weekend's CBS Sunday Morning, "There's a reason these mortgages were called sub-prime. They're higher risk" so it's not unlikely for there to be people defaulting.