Quote: And of course on top of that there's the mortgage/ credit crisis to boot
REALLY....I thought the whole mortgage issues was in the states...seems like our lenders went ape nuts for a couple years and now the poops hitting the fan.
Oh, no, the Subprime mess has spread almost globally, because overseas banks like UBS (Union Bank of Switzerland) and Royal Bank of Scotland were heavily invested in the US real estate market. UBS posted a loss in the neighborhood of $11-14 BILLION within the last 2-3 weeks, which is unheard of for a Swiss bank due to their normally very conservative investment practices. Needless to say, it did NOT go over well when the news came out.
