Housing bust goes worldwide: ``A global recession is headed our way, right on the heels of a worldwide housing bubble bust. Let's start with a quick look at housing in Australia, the UK, Spain, Ireland, and India.''

Anyone still harping about "subprime" clearly does not get it. The subprime crisis is way past peak. The Alt-A, pay option ARM, and walking away problems are just now brewing. There is also a commercial real estate implosion that has not yet hit full force.

By focusing on "subprime", the IMF is looking at the wrong thing. And they are not paying full enough attention to the global property bust.

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