Well your explanation makes a lots of sense and I would like it if someone could provide us with factual data references.
I guess that has to do when commercial and industrial development is left unchecked and with a short term view. Imagine the day the US needs most of the fresh water in the great lakes! There are no trade agreeements nor reasonning that would stop them from taking it. Even if it was to be devastating to the Canadian St Lawrence Seaway.
Andre
Some bank wouldn't care if you loose your job and cannot pay anymore, not with 30% down payment. They would foreclose your house and sell it for a nice profit. Of course they would have made sure that of the market value before they made you that loan.
Democrat
Are you implying that the global economy has little to do with the present situation in countries like England, Greece, Portugal and many other countries around the world?