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The dollar amount of defaulted mortgages in the U.S. is about $1.2 trillion, which seems like a princely sum, but it's not nearly enough to drag down the entire civilized world.

$1.2 trillion is far more than enough to "drag down" the economy of the United States. If you want to know what caused the crisis, it is this. Over one trillion dollars has been lent to people who did not pay it back.

And then they voted for "change we can believe in". They are bums. Their masters, President Obama and Nancy Pelosi now want to borrow over a trillion dollars and put it into Great Society 2.0, because version 1.0 was such a success (/sarc).

The porkulus bill is a travesty. The economy is in a flat spin and the crew in the cockpit does not know how to fly a plane.

Read the article...this is certainly not enough to bring down the world economy...the precious ‘free marketeers’ who were not really free market at all. Stop trying to excuse these bastids because we don’t buy it. It was market manipulation all the way. The Wall Street crooks did this with the help of our government...and now they are crying about just let the free market work...when hell freezes over I say. We should assume these guys to be criminals and regulate accordingly.

You want to excuse Bush I, Clinton and George Bush...I don’t. Two out of the three presidents were GOP and when the bucket laws were thrown out, the GOP controlled Congress...this is not a partisan issue...All our elected official-Dem or GOP- played their role and destroyed our economy and possibly the world’s economy.