US financial crisis

Ok ..... guys time to fave the facts ..... the US is currently in a financial crisis( I think recession is the correct term but it has not been officially announced yet so i wont use it) and thus i beleive it will affect the whole world sooner or later...... so I think it is best that we start saving money anyway we can ie dont waste money on unnnescary things......

Well the US finincial crisis is caused by , according to a STAR newspaper collumist(Wong Sai Wan), the sub prime (risky) mortage outbreak- banks providing loan to people who did not qualify for those loans to buy property at higher interest rate.... this caused people to lose confident to invest in those banks and hence the banks needed to recall all the loans the given and thus the start of the crisis tooday..

According to another article I read it will either be a rebalancing of the global economy- created by a slow drop of the vlue of the american dollar combined with a spike in foreign demand or the economy of the united states suddenly collaspe together with sky rocketing interest rates which would cause a global recession

If the latter happen it will affect the global economy like the asian economic crisis back in 1997 ..... Some of us may be too young to know about that or remeber anything about that but according to some adults i asked it will affect our lifestyle a lot... so guys i ask you again to save up on your expenses to cushion the effects

and if you guys think what the heck am I talking about the recession is in the United states and not in Asia let me remind you that USA is the top trading partner for most of the Asian country - Malysia included ....