IS ANOTHER DEPRESSION LOOMING?

The analysts have long ago raised concern about the real estate prices becoming all-time high in the majority of countries. However, the chattel mortgage system postponed a crash. While the banks loaned money to the people who needed dwelling, the apartments and houses continued to be sold. And as a result the housing crisis turned out to be the debt crisis. This summer happened something that had to happen sooner or later. On a mass scale the Americans ceased to pay off the mortgage debts. Unlike Russia where the market was in 1998 wrecked by the officials, in the USA the citizens themselves did so. The outcome was the same – the banking crisis burst out. Shares have fallen and the exchanges began to fluctuate feverishly.