[/QUOTE]Luckily for us, subprime crisis occurred in the US first, so our banks are not willing to continue with the same reckless lending practices.[/QUOTE]
It was hardly lucky for us that the sub prime crisis occurred there. We blindly copy the west anyway in most cases. Be it credit cards, fashion or whatever.
They were sitting on the sub prime time bomb for ever now. It just happened to explode in 2009. Was convenient that when the 10 years of foolish bush administration was ending he ended it with a bang of recession. His policies now haunt his successor and the rest of the world.
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