What's that so called Sub-Prime Crisis?

The sub-prime crisis, started in 2007 in the US seemed to have nothing to do with us here in Singapore. But the debacle has taken its toll on us today. Everyone's livelihood in the world today is affected. So what on earth is Sub-Prime??

It looks like we can never get away with the saying: "When Uncle US sneezes, the world catches a cold".

Nonetheless, here is a good video clip which has made a complex story very simple to understand:

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.