The package and repackage of thousands of crap loans cost Europe and Asia alot. It was a pyramid scheme of highest proportions. America falls down as the money stops. It will come back but the greedy damage is done.
“America falls down as the money stops”
Ironicly, that’s not true. Money is fleeing TO the safety of America right now. Which must really be eating the craw of some America-hating Eurolibs.
Look at the Bond markets!
http://www.investinginbonds.com/marketataglance.asp?catid=34
Sorry, your sympathy is misplaced. Asia and Europe bankers participated materially in all this. They were not innocent victims.