Is it Really that Big Deal?

Lets put things into perspective here. I know the whole world is talking, sleeping, eating, shiting, working, crying, bitching about the subprime woes. But lets take some time-out and evaluate the situation and study the statistics.
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We have a source from above that showed just how much of what is in where. Take a look. The US subprime mortgage loans represents only a small portion of the entire mortgage loan market.
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I will not try to talk you out of the seriousness of the situation. You have the faculty to analyze and evaluate. Do the maths. Is it really that big a deal? I don't know. Maybe we will find out as the following months unfold.