No Land 3,
You asked how many mortgages we are talking about, I could only come up with this from Wikipedia ''During 2007, nearly 1.3 million U.S. housing properties were subject to foreclosure activity, up 79% from 2006.''
The forcast rate for 2008 is higher still. I believe this stat indicates a minimum of 3 missed mortgage payments.
White Knight, you asked if I thought Obama was a better bet than McCain.
Abso-frickin-lutely !! It concerns and scaries me quite frankly, that you think otherwise. When we have a significant proportion of individuals who vote for the likes of Bush (twice) and McCain (hopefully not once), then disasters like the Iraq War and this financial crisis........... are to be expected.
I am open to debate about most issues, but not the disastrous Presidency of GWB.
If the bubble bursts in Dubai, it will be due in part to the financial crisis or at least accelerated by it. (there are other factors). The financial crisis is due to bad government. Bad government is due to people electing bad leaders. People electing bad leaders is due to ignorance and a lack of education, which is in large part due to bad leaders. This cycle is next to impossible to break! It has reached the point in the USA when either they completely altar the way government operates, or their fall from economic, political and military dominance will accelerate. Based on my observations, I think the latter is more likely, but I am ever hopeful that it won't. In any other democratic country on the planet, that government would be kicked out on their arses, to send a very clear signal. Stop the insanity.
My personal defence against these likely events, was to get out of the markets,with respect to any investments tied to the US, limit my exposure to the USD and sit back. It the carnage continues, then I have made a wise choice. If things miraculously change for the better, then I have lost a couple of years of investing time. Even now though, I am much further ahead than if I had done nothing.
I am hoping that miracles do happen. I do not wish ill-will upon anyone, even those who started this cycle. But when I see a $700Billion bill being passed, that has attached to it, 100's of millions of dollars being thrown away to Puerto Rican rum exporters, children's wooden arrow suppliers etc, I have my doubts.