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famousringo on 05 July 2009
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NJ5 said:

famousringo said:

Most of the trauma is from the general economic slowdown, the collapsing North American auto industry, and falling commodity prices.

Correct me if I'm wrong but I think all those things happened after it became clear the US had a housing bubble, which caused banks to become insolvent.

 

I guess I wasn't clear. I was speaking about the economic damage here in Canada, which yes, was a secondary effect of the housing bubble. There's no disagreement here.



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