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Another question is: Will a recession in the housing market bring on a Global recession.

My answer would be not necessarily. There are a LOT of corporations that are sitting on mountains of cash eg have great balance sheets. Some are buying back their stock, but for the most part they are going to have to put that money to work at some point in time. Also where is all the Investment money in the world going to go, once tht U realize that both the Housing and Bond markets are depleted. If interest rates start to decline that will provide stimulus to the economy and business will revive. I don't simply believe that housing alone can bring the economy down when the fundlementals are so strong.